Swapspace as a crypto Noob

By lasthero | Everyday Father | 17 Jul 2021

So this is my look at swapspace and taking a look at what service does this offer the crypto space.

What is it?

So lets start off with the what, swapspace offers essentially an aggregator service for different rates between different cryptocurrencies when you want to swap 1 crypto currency for another. As an example if I had 1 BTC and I want to swap to 1 ETH or 1000 TRX to BNB, it'll list numerous exchanges and will show which exchange gives me the best rates.

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Why?

A few reason why someone would want to use this service, one of the main reasons it it stops you from having to create numerous accounts across multiple exchange platforms saving you the headaches of passwords and leaving you less open to hacking opportunities across all the exchange platforms. Second reason is these rates are fixed for a certain amount of time and thus not forcing you to make a hasty decision that could cost you in the long run. The final reason one would want to use swapspace is its an aggregator and what is an aggregator's greatest strength? You can see all the exchanges and pick the one that gives the best.

Is It Worth It?

Worth is hard to judge in this case, if you're like most people in the crypto space and already have access and created a few profiles with some of the more popular exchanges (ie. Binance/Coinbase) it may or may not be worth it depending on what you're exchanging. I chose in the above examples BTC/ETH and TRX/BNB to test how the rates would look like vs directly trading on binance. Here are the results:

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Essentially a mixed bag, the rates offered for the BTC/ETH is way better on swapspace, while when using it for TRX/BNB I would end up getting more on Binance. So is it worth it at the end of the day? I would say "probably" especially if you're a new user in the space or one who just doesn't want to create so many different exchange profiles. If you already have a few exchange profiles, I would still use this service just to see if I could get a better deal somewhere else.

The final word I'll leave here is this, while it looks like KYC is not needed, this is subject to each of the different rules from the exchange and please read this fine print if this was the main reason you're using swapspace.

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