Several people who want to trade cryptocurrency usually get stuck up at first, contemplating the best instant crypto exchange to trade cryptocurrencies. why? The fact is that there are a lot of crypto exchanges, and these crypto exchanges operate differently.
As a newbie going into trading, it might be very difficult to spot the best instant crypto exchange to trade cryptocurrencies, this article is a breakdown of what instant crypto exchange is and the best instant crypto exchange with the best rates.
What are Instant Crypto Exchanges
Instant crypto exchanges are swap services that aggregate price and liquidity from a custodial exchange. In this scenario crypto can easily be swapped as the name implies, On the other hand, Instant crypto exchange does not store cryptocurrencies for users, unlike custodial exchange.
They only facilitate crypto transactions as middlemen. their exchange interface is mostly beginner-friendly, beginners can easily purchase cryptocurrencies and deposit them directly to their crypto wallets.
Unlike other exchanges that require registration and KYC before trading, on instant exchange users can trade without registration or the KYC process, only a few requires registration which might just be with your email address or phone number.
When you swap your crypto, you take one coin from the liquidity pool of the exchange and replace it with another coin, this exchange aim at maintaining the liquidity.
Can You Instantly Trade Cryptocurrency?
Trades execute immediately. The exchange works in a way that you don’t need to wait for your orders to be filled, all trades are instantly processed – this saves a lot of time with full automation.
To trade on instant crypto exchanges just requires you connect to the Internet, you can swap from crypto coins to crypto coins e.g Bitcoin to Ethereum and some other instant crypto exchanges allow swapping from fiat to crypto or crypto to fiat using a visa debit card
Instant crypto exchanges aggregate prices and liquidity from other custodial exchanges, this typically means that – you get the best rate from multiple custody exchanges, this comes with in-depth liquidity and fewer risks of slippage.
A newbie who wants to trade on the instant crypto exchange must have prior knowledge of how cryptocurrency works and blockchain networks as funds sent to a wrong wallet address can’t be restored, which means the funds will be lost forever.
Instant crypto exchange doesn’t have features like derivatives, stop-limit order, leverage, and margin trading, this should be put into consideration before moving on to start trading cryptocurrency on instant exchanges
How Does Instant Crypto Exchanges Work?
When swapping on instant exchange, you don’t need to store your asset on the exchange, all that is required is to check the rate, if it meets your standard, you simply set the quantity you want and swap easily.
You can’t see instant crypto exchanges on coinmarketcap top exchanges unlike custodial exchanges like Binance exchange and other popular cryptocurrency exchanges.
Instant cryptocurrency exchanges are similar to a dex exchange but there’s a little difference which is a dex being built has a decentralized app.
You don’t need to connect your wallet to the blockchain network before being able to swap as dex exchange requires you to connect your wallet with a blockchain network is built on before being able to swap.
Meanwhile, instant crypto exchanges receive and deposit funds directly to your wallet, meaning you retain custody — as opposed to custodial trading exchanges that hold your assets for you.
This exchange gives the best rate at a particular market price either above or below the current market price as crypto is volatile, instant exchanges don’t have the order book features of a custodial exchange, and users can swap or buy cryptocurrency at a given market price on the exchange through a floating price or a fixed price.
Individuals can also swap their coins through a fixed price which means, individuals, buy at a fixed price that might be above or below the current floating price depending on the market volatility.
List of Best Instant Crypto Exchanges
There are a lot of instant crypto exchanges which vary depending on their features or method of operations, finding the best can be very difficult for a beginner. I’m going to be providing you with the best instant crypto exchange, the full list of them with the best rates
Changelly is an instant cryptocurrency exchange with over 200+ crypto assets, it requires no registration and the interface is beginner-friendly. Users can buy cryptocurrency with their visa or master card, it has up to a 4.7 rating on Trustpilot
Swapzone is an instant cryptocurrency exchange that doesn’t require you to register before making a swap, it doesn’t store cryptocurrency but aggregates prices from over 15 crypto custodial exchanges with the best rate for anyone to easily swap coins. It has more than 300 crypto assets with no upper limit, has great customer service, and has over 4.5 rating on trustpilot.com
Fixedfloat is an instant cryptocurrency that has a lightning network incorporated, its service is fully automated that also doesn’t require registration before anyone can assess the platform. The platform is transparent with its fees both with fixed rate and floating rate – the fixed rate has up to 1%+ on fees while the floating rate has 0.5%+ fees which the rate is good. Thus, the fixed float has no upper limit and has up to 5 stars with a good rating on trustpilot.com
Godex is an instant cryptocurrency exchange with over 300 assets at a fixed rate, they don’t require registration, and users’ data are safe with no upper limit, transaction can be rejected if fraudulent activities are suspected. It is beginner-friendly with nice interfaces, it currently has up to 5-star reviews.
StealthEX is an instant cryptocurrency exchange with over 400 assets, no registration is required before swapping on the platform which means users’ data are safe. Anyone can also use their visa or master card to buy cryptocurrency from the platform, it allows cross-chain swap – users can swap from Uniswap and Pancakeswap. It has no upper limit fee and has up to 4.4 start ratings on trustpilot.com
Swapspace is an instant cryptocurrency exchange with over 600 cryptocurrencies and over 60k exchange pairs, this instant exchange aggregate price from multiple exchanges to suit their customers with the best rate from those custodial exchanges. It doesn’t require registration and user can swap easily with stressing to create an account, it has no upper limit and it has up to 4.4-star reviews on trustpilot.com
ChangeNow is an instant cryptocurrency exchange with over 200+ supported assets and it is very popular with partnerships with some other companies, it doesn’t require any registrations process and it doesn’t have maximum amount users can swap No mass system fail has been reported but it may require some KYC at some point, it is beginner-friendly with its interfaces and has up to a 4.8-star rating on trustilot.com
Exolix is an instant cryptocurrency exchange with 436+ crypto assets, it doesn’t require a signup process before users can use the platform but it might require KYC for suspected fraudulent activities, has excellent customer reviews There is no upper limit and it has up to 4.7 stars rating on trustpilot.com However, these are the best instant cryptocurrency exchange with the best rate.
Are Instant Crypto Exchange Platforms Safe?
Are instant cryptocurrency exchange platforms safe?
Can instant crypto exchanges be hacked?
A lot of people often ask these questions but here is an answer to those questions.
Before jumping to conclusions if they are safe or not, it best to know that these instant crypto exchanges act as middlemen, funds aren’t stored in their custody – users are in full control of their funds unlike custodial exchanges like Binance that secure user’s funds, instant exchanges don’t operate that way
Back then 2019, about 12 exchanges were hacked with funds stolen up to $290million, and in the case of instant cryptocurrency exchange, this can’t happen and you can avoid the centralized exchange hack risk without the fear of moving your crypto from one exchange to another.
As the popular crypto saying “not your private key, not your crypto”. Instant crypto exchanges are safe as they don’t have access to user funds or store crypto on their custodial.
Instant exchange swap Is easy to use, as a beginner with little knowledge of crypto trading can navigate and swap with ease.
You can check out the best of the best instant crypto exchange that suits you but note that if you have no prior knowledge of how crypto works and the difference between all networks, it is better to stay off to avoid loss of funds
As funds sent to a wrong network can’t be restored, as it is lost completely, this article is just for educational purposes and not to be considered as investment advice.