London - The Swap Cryptos service is now live and in beta format. It aims to help crypto holders swap their cryptos using their own Binance account. Currently, Binance lists over 2,500 tradable crypto tokens, most of which can only be traded using BNB, USDT, or USD.
The traditional issues with crypto swaps are related to lack of liquidity in decentralised or decentralised exchanges and blockchains connectivity. This means that it is strictly impossible even for the largest centralised exchange like Binance (with an average daily volume of 2 billion dollars and over 1.4M transactions per second) to keep enough liquidity for all possible pairs. For instance, Solana the 5th most traded presently in 2021 can only be traded for ETH, BTC, BNB and USDT, or 4/9 of the top 10 possible pairs in the top ten.
There are many ways to transfer cryptocurrencies, crypto trading or swaps allow instantaneously exchange of one cryptocurrency to another without having to first undertake a crypto-to-fiat exchange. Over the last few years, we have seen the launch of prominent platforms like Changelly, ShapeShift, and AirSwap. These platforms charge at least 5% in fees and still are able to support a limited number of pairs available. For instance, Changelly at present has around 250 pairs.
Swap Cryptos is a free web interface that allows for easy research with the Binance exchange. The interface is launched in December 2021 in beta and relies on donations to operate.
With Swap Cryptos now investors are able to know the best and optimal way to swap AAVE (popular for its non-custodial protocol) for CRV (a decentralised exchange and automated market maker protocol). This means that they might need to sell AAVE to get ETH and use ETH to buy CRV. Whereby, going via USDT as a traditional option might not be the cheapest and most efficient path available. Furthermore, not all cryptocurrencies can be purchased with fiat. Investors might need to complete an extra step and convert fiat into a stable coin like BUSD, which is pegged to the US dollar before they can purchase your desired crypto.
The Swap Cryptos tool helps analyse over 6.2M crypto pairs to find the smartest way to exchange crypto using the investor’s own Binance account. Unlike other decentralised exchanges, it does not use third-party assistance to store and manage the funds of the traders.
How Swap Cryptos works:
- Select the cryptocurrency pair you’d like to exchange.
- Connect to Binance and perform the Buying and Selling function using market, not limit orders.
Swap Cryptos is essentially a smart engine that performs real-time price calculations to find the best deal for its users, it supports Binance with the aim to expand to other exchanges like Coinbase and Kucoin in Q2 of 2022.
Media Contact
Company Name: Swapcryptos.co
Contact Person: SAMUEL VALDEZ
Email:Send Email
Address:157, Archbishop Street
City: Valletta
Country: Malta
Website: www.swapcryptos.co
