In the world of crypto, it’s common to want to sell one asset to then purchase another. But some methods are more efficient than others. For example, converting your crypto to fiat currency (such as AUD), then using that to purchase another token can be very time consuming.
A crypto-crypto swap however, allows you to get straight to business, mitigating the need for additional steps.The concept of a crypto-crypto swap is exactly what it sounds like - you swap one token.
Crypto swapping works following similar principles as trading. However, where trading is often restricted to specific trading pairs, crypto swaps allow you to change your crypto to any other token on the platform.
Crypto swapping has become one of the biggest selling points for crypto exchanges. Both centralised (CEX) and decentralised (DEX) exchanges offer a variety of incentives to ensure super fast and secure swapping transactions.
CEXs have a big advantage in crypto swapping because they can offer peace of mind. Since they are heavily regulated, there is a lower risk of losing funds in these types of transactions. On the other hand, DEXs tend to have a larger inventory of tokens such as newly released altcoins. This is where you are likely to find new projects launching their ICOs. However, DEXs also allow anyone to create and market their own crypto token, which means you may find yourself swapping your hard earned coins for one that is simply just a scam.
Since CEXs like CoinSpot always vet the tokens featured on the platform, you will not run into this kind of trouble on a centralised exchange.
There are also services called Over the Counter exchanges or OTCs. These are services that integrate with mainstream CEXs to offer simplified, direct swapping services. CoinSpot’s OTC service allows individuals to trade high volumes with low fees with the assistance of an account manager.
Compared to crypto trading, crypto swapping offers many benefits including speed, simplicity, affordability, and security. Without having to swap crypto back and forth through exchanges and wallets, it becomes convenient for beginners and experts alike.
If you would like to try crypto swapping yourself, you can try it at CoinSpot here. We make swapping your crypto simple.