▶️ Crypto Swap Exchanges - Easy Conversions | EP:383

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.

This is a LBRY first video meaning it shows up on LBRY at least 1 hour ahead of anywhere else.

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.

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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#swapexchanges #crypto #decentralized

[ScottCBusiness]

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!

[plargyle]

It's refreshing to see such transparency in discussing market volatility.

[GusWraps]

Great video . Thanks man . Love from Dallas

[freemygrandma]

How do i bridge USDC from Smart chain to USDC ETH? so I can transfer it to my coinbase

[codylinley]

You are doing a great job, well I have a problem with my blockchain, I mistakenly swap my btc into the US dollar and I was unable to swap it back to btc cause anytime I click on the US dollar on my blockchain it doesn’t just go through, can you help

[newguy]

What should I do with $1000 to create a lucrative income?

[nostromo]

I tried to exchange usd1000 worth of BTC for ETH using my Exodus wallet and I didn't get a very good deal. after the trade I penciled it out and I paid a little over 5%... $54 ... I thought it was supposed to be cheaper than banking transactions!

[age_of_reason]

If it takes you 13 minutes to explain this then you don't understand it yourself. 🙄