One of DeFi and Cryptocurrencies Biggest Problems

One of the most expensive, time-wasting, and research intensive aspects of DeFi and cryptocurrency investment is trying to exit or enter a position with any but the most popular coins - especially if you live in the United States, or other countries where government restrictions limit your access to many of the best exchanges, and decrease your options for being able to trade obscure currencies. 

This limitation continues to stymie DeFi, as independent traders need access to relatively unknown cryptocurrencies in order to buy at the best prices, before internet influences tweet the coin to the moon. Our returns are limited by our ability to get in ahead of the general public driving up the price.  

Incomplete Existing Solutions 

While aggregators like 1inch have addressed some of this need, it's services are limited to specific blockchains, you have to pay gas separately, and the interface isn't very user friendly.  

More polished exchanges like ChangeNow, which I reviewed previously, utilize aggregation on the backend, but their range of available currencies is limited and constantly changing. I've had a lot of issues with them accepting only unidirectional trades of some flavors of token in the past (for instance, BAND) while offering no support for the more high demand items. I suspect this is because some of their profit model relies on them staking high reward tokens they receive through trades, but this causes unnecessary confusion and frustration on the user end. The upside with them is that they include gas in the exchange price, which simplifies things - but sometimes their minimums for certain currencies are quite high.

I still use these services from time to time, but have long wished for something which married these two models together - a user-friendly aggregator which provided a range of options on the front-end, included gas as part of the exchange, featured a wide range of currencies, with low minimums. 

A Newer, Better Solution

SwapSpace (please note, this hyperlink directs you to an affiliate link) offers a new solution to this ongoing problem. SwapSpace features a centralized aggregate interface that allows you to compare and trade 450 different cryptocurrencies and tokens through multiple exchanges - including some you might not be familiar with. At this time they offer 14 exchanges, and have a vetting procedure that increases user safety.  There are a few options for small volume trades with a variety of different currencies. Rates between these exchanges are competitive and, depending on your currencies of choice, different exchanges will provide the best rates.

The interface is straightforward and clean, and the entire procedure takes only four steps. It is similar to ChangeNow in format, but also provides the security of a refund address, which ChangeNow does not employ. The site warns that there may be some exchange options that may implement selective KYC if a red-flag is triggered, but I have yet to encounter this.  Gas fees are included in the trade so there is no need to worry about having extra ETH or other currencies on hand. 

SwapSpace is very similar to ChangeNow in how exchanges are handled - you input the recipient and refund addresses (which, again, isn't part of ChangeNow's process), then send the currency to an address provided after this step. Unlike old school swap exchanges like Uniswap, you don't need to utilize walletconnect or metamask, which can prevent some technical headaches. They offer both fixed and floating rates. The four-step process can be reviewed in greater detail here. Using the exchange does not require registration, and the whole process is non-custodial. 

Unlike ChangeNow, which is also an aggregate, but on the backend, SwapSpace is upfront with your options and you get to pick who you want to do business with. They also provide information on their website about the exchanges they use and their vetting process. 

Some Caveats 

I did note that for some hard-to-get currencies, like BAND mainnet, there was just one option for exchange (ChangeNow, which can be fickle when it comes to currency support). They need to expand their options - though it's also true that there are, currently, only a few exchanges that allow for trading BAND mainnet.

I also noted that Binance, which they offer via third-party access, was not among the options to trade this mainnet token. As I was utilizing an IP address  located in the US, I suspect that this means that for US customers, there is only binance.us access, which is expected but disappointing. Unless you are accessing the site from an IP address outside the US, it seems you will not have access to Binance's full range of currencies.

There were a few pages on the website itself where navigation wasn't intuitive and information was outdated. This didn't seem to be the case for the exchange, but if you access other areas of the website, you might notice this. It's easy to find something cool or interesting and then not be able to find it again because of this. 

A Few Extra Bonuses

SwapSpace also operates a blog on their website as well as on Publish0x. The content on each blog is different, and both are worth a look. They are both focused on providing traders and investors with exposure to newer currencies. They also have a few articles about different DeFi technologies that can help beginning investors and traders learn more about concepts which may help them make some wiser choices while using their exchange. More informed users are happier users - I suggest you check out their content. 

They also have an affiliate program which pays out a 50% revenue share when people make a trade using your referral link. 

They also utilize TrustPilot, where you can see reviews from other users before you take the plunge. 

Verdict

SwapSpace is a worthy successor to swap style exchanges and exchange aggregates that makes several improvements upon the existing model. Assuming they continue their momentum by continuing to expand their exchange offerings, this aggregator will be a one-stop go-to for swamping cryptocurrencies and tokens for quite some time. Use this and all other exchanges at your own risk.