My personal experience with SwapSpace...

My personal experience with SwapSpace...

By qsyal | qsyal | 25 Jul 2021


Introduction:

Being in the crypto world is supposed to mean freedom, anonymity, and independence. These are the virtues that Satoshi Nakamoto invented Bitcoin for in 2009 in the first place. That said, if we look at the crypto space nowadays, we'll find the exact opposite.
A handful of centralized exchanges that are highly regulated by governments are controlling more than 90% of crypto trades.

Trading on those traditional exchanges means that you have to undergo strict rules about withdrawal limits, high fees, IP addresses, KYC documentation, and everything related to that boring traditional bureaucracy. They're literally offering a crypto service that is ironically like anything but crypto.
While I understand that these measures are sometimes necessary to mitigate criminal activities, I still can't shake the feeling that they are imposed by governments to exercise censorship on regular people too.
Last year has witnessed an explosion of decentralized exchanges (DEXs) such as Uniswap, Pancakeswap, Sushiswap ...etc in an attempt to provide a more decentralized crypto exchange experience to the crypto community. Now, despite how revolutionary these DEXs really are, they are still lacking to support the cross-chain transactions. For example, if you want to conduct a BTC/ETH trade, you have two ways:

  • Go to a centralized exchange (e.g Binance) where you have to give up custodian of your cryptos and often provide personal information
  • Trade with "wrapped tokens" which many traders avoid, as you don't really own the "real" token or coin you're trading with

These limits on decentralized exchanges have created an urgent need for an alternative that offers the crypto trading service as it's meant to be: transparent, safe, secure, and limitless.
And that is where exactly SwapSpace comes in...

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What is SwapSpace?

It is a non-custodial crypto exchange aggregator that collects offers from major exchanges around the crypto world and puts them in one place in an instant, safe, and convenient manner, so you can choose the most fitting one.
The team behind Swapspace seems to be serious about their work and seeking day by day to improve the trading experience for the crypto community.
So far, they've integrated the functionality of 15 instant exchanges making it possible to exchange over 500 coins and tokens without charging any extra fee beyond the rate provided by the exchanges they work with. Moreover, they mentioned that they're negotiating with their partners in order to present more profitable trades to customers. They have a solid roadmap already and seem to be on the right way to achieving it. If you want to conduct a crypto exchange, you don't have to run around the internet in search of fair a trade. Just go to SwapSpace, compare the offers available there, and choose the most profitable&safe one. That's it.

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SwapSpace's roadmap

 

My personal experience:

Well, I've been in crypto for several years and I'm fully aware of the wide differences between reality and theory that you could see when it comes to new crypto tools or projects. That's why I've decided to do my own personal experience with SwapSpace to see and show you guys whether it really delivers on its promises.
For the purpose of this publication, I wanted to buy BNB for XLM. These are two cryptocurrencies with different chains, so you can't do this type of exchange on a regular DEX (e.g Uniswap or Pancakeswap...etc)
Firstly I needed to head to https://swapspace.co/
There is a self-explanatory user interface as there are two boxes. The left box is for setting the currency you want to sell, and the right one is for setting the currency you want to buy. You can either type in the name of the currency or simply choose it from the dropdown menu that pops up when you click the down arrow...

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After setting the amount you want to exchange, click on "View Offers".
You'll be directed to another page where there are several offers from multiple exchanges with a "trust score" next to each of them. This score represents reviewer satisfaction, based on all the service and location reviews a business receives on Trustpilot.

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You may also notice that there are two types of rates: Floating rate & Fixed rate. And in case you're asking about the difference between these two notions, floating rates mean that you will be offered the best rate on the market, but it can be volatile according to the market fluctuations. In contrast, fixed rates mean will know exactly how much you are going to receive, but you will need to pay a higher fee for this stability. The pros and cons of floating/fixed rates are outside of the scope of this publication, but I highly recommend you to read this blog on the official website, which explains them in some detail:
https://swapspace.co/blog/understanding-fixed-and-floating-exchange-rates

SwapSpace highlights the offer with the best rate in yellow, but you can still choose whatever offer you want based on your personal criteria.
I chose the first offer, then another window popped up...

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As you can see, the first box is for setting the address where you want to receive the currency you're buying, so I put my BNB address.

The second and the third boxes are optional where you can put your "refund address" which might be used in case your exchange hasn't been conducted for some reason. Then, you should click "NEXT"

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After that, another window will pop up showing the address you should send your coins to. In my case, I had to send 131 Stellar (XLM), which I really did from my Atomic Wallet. And in order to cover any spikes in network fees, I actually sent 131.5 (0.5 more than the initial amount)
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At this point, I prepared myself to wait half an hour or so because I know that this type of exchange usually takes some time, but you can imagine my surprise discovering that my BNB transaction has arrived in just a matter of a few seconds. It didn't even take a minute, which is really impressive. Big thumbs up to Swapspace for such quick service.
p.s: I used BNB and XLM on my exchange, and these are two cryptocurrencies with very high speeds. However, if you are using some old coins like BTC or ETH, your exchange may take a little longer, depending on the network congestion.

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My transaction has arrived :)

Some pros of using SwapSpace:

 

1) No registration, no KYC:

Privacy has always been seen as the backbone of crypto where every human on earth can use and benefit from it. However, we're in an era where major centralized exchanges have broken this advantage by asking their clients to apply to KYC documentation and imposing some rules depending on their locations or countries. They sometimes set limits on trading and withdrawals, which goes against the very core of crypto freedom.
With SwapSpace, however, of all that is gone, as you can use it with no accounts, no verifications, and KYC. All you need is your wallet address. Whatever you are or whenever you live, you are eligible to limitlessly use Swapspace. In all fairness, I believe that this is the way that represents the soul of cryptocurrency.
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2) A strong support team:

There is nothing more infuriating than having a question and not having any customer support to help you. This is very prevalent in crypto, even among major exchanges such as Binance, where sometimes you have to wait days, weeks, or even months before getting a reply to a query you may have.
Now, the good news is that SwapSpace has a 24/7 support team standing behind the project. This is not just a routine claim that is stated on the official website. I'm actually speaking from experience here...
When I was writing this publication, I didn't really get the point of the "refund address box" that you should optionally fill when making an exchange and didn't find an explanation in the FAQ section either. So simply, I pitched my question on support, and "Bob is your uncle", I've got a reply within a few minutes...

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3) Easy to use:

If you ask a crypto newbie about the hardest obstacle they see in the crypto world, the most common answer would certainly be "complexity" and "difficulty". And in my opinion, that is true.
There is no denying that the crypto community does need more simplistic tools to handle the different blockchains.
Indeed, If we look at Apple's success, they have done exceptionally well by making complicated technologies super easy to use for a regular user...
This is something SwapSpace seems to be aware of and is attempting to do the same with cryptocurrency, which makes a lot of sense to me.
Just take a look SwapSpace's UI, and see how they've made it clean, straightforward, and easy to use. No unnecessary options or gimmicks that may confuse users. Just two boxes are what you need to fill to make your exchange completed.
I really believe that simplicity is the missing link for crypto mass adoption, and I hope that SwapSpace is going to contribute to finding that link.

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4) Affiliate program:

Another positive point with SwapSpace is that it has a lucrative affiliate program through which clients are eligible to get a 50% revenue share on SwapSpace's commission for each trade conducted through their referral links. Very fair rates in my humble opinion. Oh, and here is a top-secret tip: If you are one of the participants in the publish0x contest, you can increase your profits from 50% to 65% for three months! Just Contact SwapSpace, send them your affiliate data, and mention this contest

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5) No hidden fees:

In order to avoid users paying any additional fees, SwapSpace has negotiated with its partners to share the commission with the exchange services with which they are working. That basically means that you won't be charged any extra fees for using SwapSpace. Moreover, SwapSpace is negotiating with its partners to provide clients some sort of fee cuts, so using SwapSpace will probably be even cheaper than using a regular exchange in the future.

Our service does not charge an extra fee over the rate provided by our partners. Vice versa, we negotiate the opportunity to provide profitable terms to our customers with our partners.
Source

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6) Wide range of supported coins & tokens:

While there are other competitors such as ChangeNow and SwapZone that are offering similar services in the crypto space, none of them level up to the number of coins and tokens that Swapspace supports. Over 500 coins are supported here, which means that unless you are a hyper gambler trying to go to the moon with some micro-cap sh!t coins, then the chances are that the crypto you want to exchange is available on Swapspace.

 

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7) High trust score among reviewers on Trustpilot:

Trustpilot is a website that enables clients of many websites, tools, or companies around the world to express their opinion based on their personal experiences. You can go there to get a first impression of any service before trying it yourself, which is really useful, especially when it comes to crypto stuff.
Well, SwapSpace is one of a few services that have over 4.4 TrustScore on Trustpilot with about 84% of reviews giving it the "Excellent" grade. The vast majority of comments are positive, while the negative minority is apparently a result of a mistake by some newbie users in using the site. What really impressed me is how serious SwapSpace is about the opinions of reviewers. You can see that they are replying to almost every single comment, something that gives it a further vote of confidence.

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Conclusion:

Cryptocurrency has been created for several reasons - the most prominent of which is to establish an equal financial world where everyone has access to the same rights no matter what they are or where they live and to do away with the traditional financial systems that are controlling people's money. That said, cryptocurrency nowadays has been largely undermined by traditional centralized exchanges that impose the same old bureaucratic systems on their clients. However, we are now seeing a product that offers a cryptocurrency exchange service in a way that meets all our desires. Safe, secure, confidential, accessible to all, and easy to use. While many of us still use traditional centralized exchanges as it supports more options, I honestly can't shake the feeling that some governments in unstable or underdeveloped countries may try to crack down on crypto trading in an attempt to impose further financial censorship. In such a case, the likes of Swapspace would be the only way to go when comes to crypto exchange.
So yes, I believe that it is vital to have Swapspace for the crypto community and I hope it thrives more in the future

What do you guys think about Swapspace?
If you like it, feel free to support me through my referral link.

Oh, and one more thing, don't forget to follow Swapspace on their social media accounts. They are constantly improving their product and presenting some good news every day, so it might be interesting to get them on your radar.
publish0x: https://www.publish0x.com/swapspace-blog
Twitter: https://twitter.com/SwapSpaceCo
Medium: https://swapspaceco.medium.com/
Reddit: https://www.reddit.com/user/SwapSpace_co/
Youtube: https://www.youtube.com/channel/UCSGMJ0ZgGtj--Nyflwx5JPg
Telegram Channel: https://t.me/SwapSpace
Ofiicial Website: https://swapspace.co/



Thanks for reading :))

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qsyal
qsyal

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