Swapzone Full Tutorial For Beginners [Interface & Your First Swap]

Swapzone Full Tutorial For Beginners [Interface & Your First Swap]

By yourmitchy | CryptoTips | 28 Jul 2020


In this platform review, I will go through the price aggregator Swapzone in detail and will show you step-by-step how to conduct swaps through the service. From choosing the best prices to conducting the entire swap, I will guide through each process to make sure you do not miss anything important, or worse yet - lose any of your cryptocurrency.

But first, why Swapzone? 

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Swapzone describes itself as a cryptocurrency exchange aggregator that makes it easier for users to see all of the best exchange prices and fee schedules in one single interface. The platform allows you to compare the exchange rates which are collated from a wide range of exchanges and choose the best option at that specific time.

You see, over the years, the entire cryptocurrency industry has grown to a $250 billion sector. This type of wealth is pretty substantial and, therefore, there are hundreds of cryptocurrency exchanges such as Binance, Coinbase Pro, Bittrex, and HitBTC that have opened services across the globe.

However, now that there are hundreds of exchanges to choose from, it becomes extremely difficult to find the best prices with the lowest fees. In addition to this, not every exchange offers every cryptocurrency on the market which means that you are always signing up for new exchanges if they don’t currently offer the cryptocurrency you desire.  It can become very cumbersome passing every KYC process for the new exchanges that you sign up to and even harder making sure you manage each individual portfolio safely.

This is where Swapzone changes the game.

The platform aggregates all of the best exchange rates for cryptocurrency swaps from the majority of exchanges. On one single interface, you can now see which exchange is the best option to swap your tokens with the best rates and lowest fees.

The best part about it all is the fact that it is non-custodial.

This means that Swapzone NEVER will have control of any of your cryptocurrency throughout the entire process. Instead, you conduct the exchange directly from your own personal wallet and enter a desired destination wallet address for the cryptocurrency you wish to receive.

To understand Swapzone a little better let me take you through an analogy.

Imagine you were flying off to an exotic island in the Philipines. Having USD banknotes in your wallet you will need to exchange them for the local currency which is the Philippine Peso, PHP.

Now, let me ask you this: would you head over to a FOREX exchange and sign up, deposit your USD and trade it for PHP, and then withdraw that to your bank account and lastly get PHP via ATM?

The answer is obviously no.

Instead, you would just head into a currency exchange service nearby, right?

Now, imagine had a service that allowed you to find the best rates for all of these individual currency converters in the whole country for you. 

That is what Swapzone is all about.

Swapzone can find the best exchange rates for cryptocurrency swaps.

Let's see the platform in detail:

The dashboard is extremely intuitive and easy-to-use. It breaks down the best offers with the best rates by default, however, users also have the option to choose to sort by either the fastest swaps or the best-rated exchanges also.

Once the best rates are aggregated, the platform suggests the “Best Rate” and a “recommended” exchange to use. It also shows how many, in my example,  LINK you would get for 1 BTC along with an estimated time for the swap to be completed and finalized. 

I have broken the dashboard down for you in the following image;

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  1. Select which cryptocurrencies you would like in the swap
  2. Sort by “Best Rate”, “Fastest” to complete, or “Best Rating” by TrustPilot and user reviews.
  3. Shows the best rate for your selected swap
  4. Shows the exchange name and the 5-star rating scale for that particular exchange
  5. Shows the estimated time for the swap to complete and the number of reviews for that exchange
  6. Shows how much crypto you will receive in the swap
  7. Hit this to start executing the swap
  8. If you are unhappy with the presented options you can find some more deals

As you can see, the interface is pretty straightforward.

In fact, let us go ahead and conduct our first cryptocurrency swap on the platform.

Conducting The Swap

First, we will do a swap between the two biggest cryptocurrencies on the market; BTC and ETH. So, in section 1 from the image in the last section we will select our desired cryptos- in this case, BTC to ETH;

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Above, you can see that for 0.01 BTC I should receive 0.34958466 ETH in return. However, we must remember we will be choosing the best rate in the next step so this might fluctuate at the end result.

Obviously, the best rate to choose here will be at the top. In this case, it is Fox.exchange that has only 4 stars with just 7 reviews. For the 0.01 BTC, I would receive 0.34958466 ETH over at Fox.exchange. 

However, although this is the best rate, it might not be the best location for a swap as it is still a relatively unknown exchange. Instead, we will choose the “Recommended” option which is ChangeNOW;

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Here, we can see that we will receive 0.34580130 ETH in exchange for the 0.01 BTC and it should take around 23 minutes. This is actually the fasted option available and it also has the highest number of reviews. To start the swap, we click “Exchange”

This should bring up the following window;

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You can see that the ChangeNOW Partner has been selected. On this screen, the middle exchange box is where fill in the details to execute the exchange;

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  1. This shows you the estimated amount of ETH you will receive for the swap. NOTE: it states that the price can fluctuate by the final amount.
  2. This is the address you would like to receive the ETH to. It has to be your personal address as you would like to access the coins.
  3. This is the refund address to return the coins just in case anything goes wrong during the swap. If an error does occur, the BTC would be returned to this wallet so make sure you have access to this.

After filling in these details, simply hit “Proceed The Exchange” to get started. This should bring up the following window;

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This is the juicy part - sending the money for the swap.

Box number 1 shows us the address to send the cryptocurrency to. We must either scan the QR code or copy the address underneath.

Box number 2 shows you the status of the transaction. You can see that we are currently waiting for a deposit. You can also see your individual order ID for this particular trade at the bottom of Box number 2.

So go ahead, copy the address in box number 1 and send the 0.01 BTC there. 

After you have sent the transaction, you must wait for it to be seen by the network. Once it has been seen, box number 2 will look like the following;

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This means that the transaction has been seen and we are just waiting for a certain number of confirmations before the swap occurs. Typically, we need three confirmations for Bitcoin and will vary for different blockchains. That's why the estimated time to process the swap was at 23mins, as Bitcoin network was a bit clogged at the time I performed the swap. 

Once the transaction has been confirmed, the screen will change to the following;

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Now we are just waiting for the swap to occur. Once complete, you will see the following screen;

Woho! I managed to do that in just 16mins, far lower than the estimated time. 

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This officially completes the trade and the ETH should be in your wallet. It shows you the time spent during the trade and asks you to rate ChangeNOW to help others.

Pros:

  • Extremely easy to use
  • Intuitive interface
  • Non-custodial
  • Finds you the best rates
  • Large selection of coins to swap between

Cons:

  • Only dark mode available 
  • Prices can slightly differ during the swap process, because of the market volatility 

Hope you enjoyed that quick tutorial!


yourmitchy
yourmitchy

doge is no joke


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