Swapping without an account or using an exchange: an honest comparison
Each has its place. When an instant swap is the best tool and when a traditional exchange wins.
We run a swap service, so the easy thing would be to tell you a swap is always better. It is not. Here is our honest view.
When an exchange wins
- Fiat money. Buying crypto with euros or dollars, or withdrawing to your bank account, is exactly what exchanges are for.
- Active trading. Limit orders, charts and many trades a day need an order book.
- Very large trades in liquid markets can be cheaper on a big exchange's order book.
When a swap wins
- No account. No sign up, no documents for a normal swap and no password to lose.
- No custody. Your coins go from your wallet to your wallet. Nothing sits on a platform that can freeze, get hacked or go bust.
- Coins exchanges have delisted. Monero is gone from many large exchanges, but it is easy to get with a swap.
- Speed and simplicity. One step instead of deposit, trade and withdraw.
The middle ground, plainly
Swaps are reviewed too. A flagged deposit can be held. The difference is that a normal swap only asks you for two addresses. Many people use both: an exchange to get in from the bank, then a swap to move into the coin and wallet they want. Start on the swap page or read how it works.
Questions
Is an instant swap more expensive than an exchange?
Often a little, because the margin and network fees are included in a single rate. In return you skip the deposit, trade and withdraw steps, and your coins never sit on a platform.
Can I exchange fiat money on Swapea?
No. Swapea only does crypto to crypto swaps. To go from money in the bank to crypto you need an exchange or another on ramp.
