Why Cryptocurrency Swap Services are Crucial for Crypto Investors?
Be prepared when the inevitable bull run comes around
The cryptocurrency market can be a very unpredictable place. The volatility of prices and the speed at which drastic changes can take place make investing in crypto assets exciting and at the same time very stressful.
There is no worse feeling than seeing massive bullish action at play and being unable to create a cryptocurrency exchange account to take advantage of the buying opportunity since the verification process is ground to a halt due to the unprecedented spike in user activity.
We’ve seen this exact scenario play out in 2017 when the exchanges simply were not able to keep up with the user demand. Consequently, the verification process at popular exchanges, such as BitStamp or Kraken, took more than a month to complete. The scenario repeated once more earlier this year when Bitcoin’s rise to its all-time high was accompanied by exchanges not being able to onboard all the users in a timely manner.
During the so-called Black Swan-type events, such as the recent May crash, even some of the biggest exchanges were negatively affected. Coinbase users, for instance, were not able to use the exchange for more than an hour due to a massive cryptocurrency plunge.
Market conditions described above show the importance of cryptocurrency swap services, which offer near-instantaneous exchanging of one digital currency to another and of the fastest ways to buy tokens with fiat currencies.
Exchange cryptocurrencies almost instantaneously using crypto swap services
As one of the leading European non-custodial instant cryptocurrency exchange platforms, InstaSwap offers buying, selling and swapping at the best rates. InstaSwap’s suite of services is a godsend for those who are looking for the fastest way to swap between various coins or to buy digital currencies using cash funds.
InstaSwap supports exchanging between more than 130 cryptocurrencies, with plans of additional tokens being added in the future. All the major cryptocurrencies, including BTC, ETH, LTC, BNB are obviously available as well as the most popular stablecoins, such as USDT and USDC, which can be useful when the market is particularly unstable.
Using InstaSwap is a very straightforward and simple process. First, choose the crypto pair you would like to exchange (for example Bitcoin for Ethereum) and the exact exchange amount. After you have made the selection and decided how much BTC you would like to spend, you need to provide the wallet address to which you would like to receive the funds (in this case ETH). The “Exchange” section can be seen in the image below.
After the initial part of the process is complete, InstaSwap will send a Bitcoin address to which you need to send the amount of BTC you would like to spend on buying ETH. When the transaction clears, you will receive ETH in your specified Ehtereum address.
In order to find the best rates, InstaSwap uses rates provided by cryptocurrency exchanges, such as Binance and Kraken.
The transaction processing speed ranges from just a couple of minutes to 30 minutes. Keep in mind that the final amount of funds received can vary slightly depending on the price volatility of the crypto asset during the swapping process. Transactions carry a 0.25% fee, which is taken from the amount deposited in each currency.
In addition to crypto swapping options, USD, EUR, GBP and 40 other fiat currencies can be used to buy crypto. However, opposed to the crypto-to-crypto service, the fiat-to-crypto feature requires proof of identity, which varies depending on the country you are resident in. The verification process usually takes between two and thirty minutes. The minimum purchase price for buying crypto with fiat is €150.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.