For quite some time I had been searching for a reliable (and admittedly cheap, relatively speaking) cross-chain exchange site. Living in the United States and more particularly New York State, my options are extremely limited. But I had Ethereum assets that were just sitting in a wallet gathering dust, and I refused to spend more Ethereum in gas fees than the amount of the asset I wanted to swap. So my search continued, and continued, and continued....
Well, my search came to an end with the announcement of the SWAPSPACE contest on Publish0x. Not wanting to rush into anything, I knew I needed to do my homework. I needed to look into what SWAPSPACE was all about and what kind of reputational history it had. So I did what everyone else in the universe does when they need information, I turned on my laptop and fired up the internet.
I entered 'SWAPSPACE PROS AND CONS' into my search engine and was pleased to find multiple listings for this exchange. Let me briefly summarize my finds here:
PROS:
- SWAPSPACE is an exchange aggregator that presents options for instant swaps.
- The user is presented swap options and has the final decision on which to choose.
- The user's private key is safe and not needed to use the site.
- More than 14 exchanges are interfaced into one site for user convenience. (Changelly, SimpleSwap, ChangeNow, etc.)
- This service offers a simple and registration-free crypto-to-crypto exchange service.
- Any device may be utilized to access SWAPSPACE.
- No mandatory KYC procedure is required to use the service.
- SWAPSPACE currently offers more than 500 cryptocurrencies to be exchanged, truly a wide variety of available swaps.
- Both fixed and floating exchange rates are available.
- SWAPSPACE shares in the fees charged by the listed swap exchanges so there are no extra fees. This makes swaps much more profitable.
- SWAPSPACE doesn't store the user's funds so it is fully non-custodial.
- 24/7 support is available if needed.
CONS:
- Founded in 2019, SWAPSPACE is a fairly young company (but who in this space isn't young?).
- SWAPSPACE does not offer fiat to crypto trading (I wasn't looking for that anyway).
DIRECTIONS ON USING SWAPSPACE:
So far, I'm liking what I see. So next I wanted to know if the site was easy to use. I found a great article that detailed the steps involved in making a (what turns out to be simple) SAFESWAP swap. These four steps are:
Step 1:
Choose a pair and select the rate – To buy Bitcoin with Ethereum, select ETH on “You send” and Bitcoin in the “You get” sections on the SwapSpace homepage. You can either type them manually or pick from the drop-down menus. Enter the amount of Ethereum you want to exchange. Press “View offers” and then pick up the crypto exchange service which meets your requirements.
Step 2:
Enter the recipient address – Provide the Bitcoin wallet address where you’d like to receive your funds.
Step 3:
Transfer funds – Send the exact amount of ETH to the provided address and receive Bitcoin in your wallet within minutes.
Step 4:
Wait until the exchange is finished – You will get Bitcoin in your wallet in a few minutes! The exact time is a subject of various parameters: blockchain network workload, transaction time, processing speed, etc. Concerned about your transaction? Check the swap tracker or contact the support.
[AK, Q. SwapSpace Exchange Review: Safe For Trading and Storing Crypto? (Accessed July 18, 2021)].
MY PERSONAL EXPERIENCE WITH SWAPSPACE:
Needless to say, after weighing the pros and cons, and after reading how easy it was to use, I was sold. Maybe, just maybe, I have finally found the swap utopia I have long been looking for. Could it be my search for a workable swap site that met my needs and limitations (I'm not rich by any stretch) was within my grasp. The only way to know for sure was to give SWAPSPACE a try. And that's exactly what I did.
I had some AMPLEFORTH just sitting in my Metamask wallet doing absolutely no work for me. This was a prime asset for me to use giving SWAPSPACE it's first (and only) shot. So I carefully followed the directions I found on the internet:
- Using the drop down menu I entered AMPLEFORTH in the "You send" window and entered "ETHEREUM" in the "You get" window. I was slightly dismayed as I was only presented one option, but hey, I was only testing the site so I decided to proceed.
- After choosing the only option available (by simply clicking on it) on the next screen, I entered my Metamask address as that is where I wanted my Ethereum sent to. (Yes, I was lazy, I copied and pasted the address).
- Next I went into my Metamask and sent the amount of AMPLEFORTH I originally specified to the address provided (again with a copy and paste job). And then I began the anticipated long and nervous wait to see if the swap in fact was completed.
Well. well, well. Much to my pleasant surprise the swap transaction was completed in about seven (7) minutes, fantastic for an Ethereum transaction. But, even better yet, the whole transaction cost of swapping a little over $100. AMPLEFORTH to ETHEREUM was under $7.00. I was jumping for absolute joy, I had found my swap nirvana.
Since this first transaction, I have used SWAPSPACE four more times, each time without any problem whatsoever. Well, that is not entirely not true, but the error turned out to be my fault in not adding an asset to my Metamask wallet before the swap so I erroneously believed the assets were lost. I tell you this because this situation occasioned my contacting SWAPSPACE Support. It was approximately 23:00 Eastern US time when I first contacted Support, and someone was back to me within five (5) minutes of my contact. I had already fixed the problem I was having and the assets were received. SWAPSPACE Support though appeared to be more than willing to help me as much as possible in a very friendly fashion.
CONCLUSION:
It is without a doubt that I am a new fan of SWAPSPACE. While I do not need to make cross-chain transfers very often, when in the future I do need to, SWAPSPACE will be my go to place to conduct such swaps.
If you'd like to try SWAPSPACE, I fully encourage you to do so - after you do your independent research on it. As with anything cryptocurrency related DYOR is paramount. But should you decide to give SWAPSPACE a try, I would greatly appreciate it if you would use my affiliate referral link to give it a go. My link is: https://swapspace.co?ref=2aa7aa7096a9dcc0872cb8e4
Thank you for reading this and good luck to you in your crypto endeavors.
[AUTHOR'S NOTE: This article was originally published on PublishOx https://www.publish0x.com/kev-nag/swap-space-i-tried-it-and-i-liked-it-xknywey as a submission for the #SwapSpaceExplained Contest and Giveaway].