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Where to Swap Crypto in 2022

As cryptocurrencies are on the rise, more and more people are looking to dive into this world for various reasons. Some of them like to use these digital assets as a payment method, while some of them want to trade them and make profit. 

When it comes to using cryptocurrencies as a payment method, stablecoins are the best choice because as the word itself suggests, their value is always stable. On the flip side, highly volatile cryptocurrencies are the best investment choice if you are looking to make money. 

The good thing about both stablecoins and highly volatile cryptocurrencies is that if you want to trade stablecoins for a highly volatile digital asset, you are more than free to do so. This process is completed at exchange platforms. There are two types of exchange platforms – centralized and decentralized. 

In a centralized exchange, the ownership of the coins is solely held by the exchange itself. That is not the case with decentralized exchanges. Here, there aren’t any third parties that interfere with the transactions and their system is built on blockchain. 

As cryptocurrencies are expected to rise a lot in 2022, many traders, both new and experienced ones, are looking for the best crypto swap apps where they can have the best service. We decided to weigh in on the debate by checking out three rather reputable exchanges and using the information to determine which one is the best. Without any further ado, let’s start breaking down the details. 

Bisq

Bisq is a decentralized exchange and is considered by many as the best swap app for the world’s most popular cryptocurrencies. Thanks to the fact that it is decentralized, its users can enjoy massive security while they swap crypto. Moreover, the app does not have any geo-restrictions, meaning that you can trade cryptocurrencies, regardless of your current location. That’s a decent benefit as it provides you with great trading flexibility. 

Bisq’s code is open-source and the project strategy is openly discussed on GitHub and Keybase. Not only that, but as a decentralized network, you don’t have to verify your identity – once you access its platform, you will be able to use it instantly. Considering the fact that your data is locally on-disk, it is never sent to a central server, hence, you are in control of everything. 

To get started with Bisq, you just need to complete the following steps: 

  1. Download the app
  2. Add your accounts
  3. Create a new offer or take up on an existing one
  4. Follow the guide to finalize the trade 

Thanks to the simple use, the process of trading can be completed within 10 minutes making Bisq a very efficient solution for your crypto swap deals. 

Moving on to one important part of every exchange, you will be pleased to know that the featured fees on the Bisq platform are rather low. The fees are the following: 

  • 0.001 BTC create offer fee
  • 0.001 BTC take offer fee
  • 0.0003 BTC Bitcoin mining fee
  • 0.1 BTC security deposit
  • 2 BTC arbitrator’s security deposit (only for arbitrators)

Pros and Cons 

Every crypto swap app has its advantages and disadvantages. This is something that Bisq is not immune to as this app has its own pros and cons. We are more than happy to provide you with those, so feel free to keep reading. 

Pros

  • Low fees 
  • No verification needed 
  • No geolocation restrictions 

Cons

  • Prone to frauds 

Now, we talked about Bisq’s biggest advantages earlier on and there’s no need for further explanation. As for the cons, the reason why Bisq is prone to fraud is that this platform is extremely attractive to newbie traders as it is simple to use. The problem is that new traders have no knowledge of how the system works and they might get scammed. Considering the fact that Bisq is a decentralized exchange, security falls upon you and any bad step that you may take is your responsibility, no one else’s. 

ChangeHero

Moving on, we got ChangeHero, a reputable platform that supports more than 100 cryptocurrencies. Aside from the fact that it supports a lot of digital assets, its customer service team is always on standby and ready to answer your inquiries 24/7. Furthermore, since ChangeHero does not have any limitations or restrictions on exchanges, you can enjoy the flexibility as you will be able to trade both huge and small amounts of crypto each day. 

Similar to Bisq, ChangeHero is a decentralized platform, meaning that you are not required to register an account in order to gain access to all of its services. Trading on this app is rather simple as you just need to complete the following steps: 

  1. Choose the cryptocurrency you want to exchange 
  2. Receive an estimate within seconds
  3. Double-check the details and confirm the transaction
  4. Wait for the transaction to be processed
  5. Receive crypto within seconds

Thanks to the fact that ChangeHero is hailed as a platform that processes all types of transactions within seconds, you can rest assured knowing that your experience here will be amazing. 

There are two types of fees that are charged on the ChangeHero network. First, we have a 0.5% fee for Best Rate Transactions. The second fee is the Fixed Rate Transaction fee, which is 0.7%. As you can see, the commissions are more or less, standard/average. 

Pros and Cons  

There’s no denying the fact ChangeHero is a rather reputable crypto swap app. After all, that is why we decided to feature it on our list. But, just like any other platform, it does come with a few pros and cons, which are listed below. 

Pros 

  • Supports numerous cryptocurrencies 
  • Transactions are processed really fast
  • 24/7 customer service
  • Registration-free service

Cons

  • Limits to crypto swaps 

ChangeNOW

Finally, we have ChangeNOW, a rather new crypto swap service that has caused a lot of fuss in the crypto market. Even though it is a rather new crypto swap platform, many users are loving the fact that it is extremely simple to use and provides traders with tons of benefits. First off, if you decide to trade crypto here, you will have over 350 crypto assets at your disposal. As a decentralized network, ChangeNOW does not require you to register nor verify your account and in doing so, it saves you time and makes the trading experience far more enjoyable. It supports over 55 fiat currencies and its app allows you to have access to your assets at any time and place. 

Crypto swapping at ChangeNOW is done within a blink of an eye. To successfully execute a swap, you just need to follow these steps: 

  1. Access ChangeNOW’s platform
  2. Select the crypto that you want to swap 
  3. Confirm the transaction 
  4. Wait for the transaction to be processed 
  5. Finalize the process 

Considering the fact that the average processing time at ChangeNOW is just 5 minutes, you can rest assured knowing that each swap transaction will be fast and hassle-free.

When it comes to the fees, ChangeNOW is very flexible and that is why it always makes sure that it finds the best deals on the current market for its traders. With that being said, the fees of this exchange vary depending on the currency and the exchange amount. On their website, ChangeNOW advertises a no-extra-fees policy, which, to our understanding, means that all fees are included in the spread.

Pros and Cons 

Before we conclude everything, it is worth sharing a few words on the advantages and disadvantages that ChangeNOW has. They are listed in the bulleted list below, so feel free to take a look at them. 

Pros 

  • Transactions are processed within 5 minutes
  • 350 cryptocurrencies available for swapping 
  • No upper limit on exchanges
  • DeFi-based

Cons 

  • No special desktop app 

Conclusion

When it comes to choosing the best crypto swap app, you must always make sure to take your personal preferences into account. After all, you are the one that needs to have the best trading experience and your opinion matters a lot.

If you are looking to choose one of our listed swap apps, compare the advantages and disadvantages and determine which one has the most irrelevant con to your trading experience. That will help you determine where you should continue your trading journey. The time to dive into the crypto world is now as many experts are confident that cryptocurrencies will experience massive expansion in 2022.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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