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Comparing Crypto Swap Exchanges

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Given Metamask just came out with the ability to perform swaps through their wallet, I wanted to take some time to review swap exchanges and compare them. The key things to keep in mind are the cryptocurrency prices and the network fees on each exchange.

A swap exchange is a decentralized exchange that doesn’t have a fiat on-ramp meaning you can only swap cryptocurrency for other cryptocurrency and 99% of the time, only Ethereum and ERC20 tokens with some allowing you to trade NFTs. The benefit is that you do not have to KYC verify or make an account, you simply use a smart contract. The cryptocurrency provided for these trades are put up by liquidity providers who then earn some of the fees for doing and it gets deposited directly into your wallet. Whereas centralized exchanges have all your funds and give you true ownership only when you withdraw.

 

The exception for this is SimpleSwap which allows you to swap any cryptocurrency, but not through a smart contract and thus is subject to errors and issues. I’ve had a transaction fail and had to go through support to get my money back which is stressful and takes time, but that’s the price to pay to be able to trade cryptocurrency in a decentralized way.

 

To save you some time, Metamask is the worst exchange I could find with network fees anywhere between 30-60x the fees. For example, 1inch.exchange charged about $0.50 for a transaction, Uniswap charged about $1, and then Metamask was charging between $30-$111. While these fees will vary based on network usage for Ethereum, Metamask charges you well beyond anything reasonable. They also take a 0.875% fee for the “service” of quoting other exchanges and getting you the “best price.” Not only is their price worse, but their fees are insane.

 

Instead of going on and on about Metamask whom I expected much more from, let’s look at some swap exchanges that are good and that I do recommend. After checking out the exchanges quoted by Metamask I compared them and also looked at Kyberswap. I found that there were 3 ETH-based swap exchanges that stood above the rest. Namely, Kyberswap, 1inch.exchange, and Uniswap. They all offer different benefits and drawbacks.

 

https://simpleswap.io/ - Allows you to trade any cryptocurrency, but doesn’t use smart contracts.

https://kyberswap.com/swap/eth-knc - Offers the best prices, but has the highest gas fees.

https://1inch.exchange/#/ - Offers the lowest prices, but has the lowest gas fees.

https://app.uniswap.org/#/swap - Offers a happy medium of a great price, with a modest gas fee.

 

The only reason you would be using a high gas fee swap exchange is if you were trading in a very high volume and thus the gas fee wasn’t as important as getting the best price, so you would use something like KyberSwap. If you are trading a very small volume, then a low gas fee may get you the best value and you could use 1inch. When I use swap exchanges, my go-to has been Uniswap as I don’t do very small or very large trades and am fine to pay a modest gas fee around $1 or so.

 

Keep in mind gas fees are always changing and different exchanges have varying amounts of liquidity for each token, so I recommend comparing the costs between a few before going ahead. I really enjoy swap exchanges for the ease, speed, privacy, and control they offer you. I don’t have to wait a long time to withdraw because the smart contract executes, and the cryptocurrency shows up directly in my wallet whereas, with a centralized exchange, I may have to wait a long time and or go through a holding period of say 1 week before I’m allowed to withdraw after depositing money into the exchange.

 

What do you prefer to use? What’s your favorite decentralized and your favorite centralized exchange? Where do you trade? Which is better? Let me know in the comments below and don’t forget to like, share, and subscribe as well!

 

PS. Let me know your thoughts on the new backdrop! :)

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Comments

This is interesting

$ 0.00
3 months ago

Check on fixedfloat swap too.

$ 0.00
3 months ago

I actually use Uphold because it has been the easiest from fiat to crypto sending out and it also ties to my brave browser. It also serves as a zero transfer fees if I am sending to another Uphold account user, so it is a lot simplier when I do that between my friends and local community in Malaysia.

Otherwise if there's no swap needed, internal person-to-person trade locally. 😁

$ 0.00
3 months ago

I have Uphold but not using it yet.

$ 0.00
3 months ago

It is very easy to buy, but not for withdrawals in SEA yet.

$ 0.00
3 months ago

I'm using Uphold and faucetpay to exchange my crypto. Thank you for sharing Sir.

$ 0.00
3 months ago

I'm using Uphold and faucetpay to exchange my crypto. Thank you for sharing Sir.

$ 0.00
3 months ago

I have no idea about other crypto wallet but I used coinbase and Trust wallet

$ 0.00
3 months ago

I was curious about uniswap. so today I tested it by connecting my atomic wallet through wallet connect.

$ 0.00
3 months ago

J'utilise en fait Uphold car il a été le plus simple d'envoi fiat à crypto et il est également lié à mon courageux navigateur. Cela sert également de frais de transfert nul si j'envoie à un autre utilisateur de compte Uphold, donc c'est beaucoup plus simple lorsque je le fais entre mes amis et la communauté locale en Malaisie.

$ 0.00
3 months ago

whenever i tried to swap some cryptos they claims much fee and they claims fees for two times .some times the fee is higher

$ 0.00
3 months ago

This very good and helpful post for all.thanks for the post.

$ 0.00
3 months ago

thanks for those information sir ,hope this will may help many

$ 0.00
3 months ago

This is wonderful

$ 0.00
3 months ago

actually I didn't understand it

$ 0.00
3 months ago

Wow . Great article . Bitcoin cash is very helpful for us

$ 0.00
3 months ago

Interesting article

$ 0.00
3 months ago

very good article. it's helpful for us, bitcoin is a great shorce for us. I have work bitcoin. I will have trade Nomadtask earning site. I also trade ibo iit site. thanks

$ 0.00
3 months ago

Very good article it helps for us thanks a lot for this post I would have paid normal tax earning sites also through its side thanks both helpful to us

$ 0.00
3 months ago

T

$ 0.00
3 months ago

I've been a fan of Uniswap since day 1. You could say maybe because it was the first exchange I know or was first introduced to following my journey into the Crypto world. Even though I was unable to claim their airdrop due to some reasons unknown, I still enjoy trading there every time. But I'll take my time to check out the other two exchanges you recommended.

$ 0.00
3 months ago