Instant swap or exchange account? A fair look at both
Each one is the right tool for some jobs. Here is when a swap without an account makes more sense, and when a regular exchange is the better pick.
Since we run a swap service, telling you swaps always win would be the easy line. It would also be wrong. So here is a fair view of both.
When an exchange is the better choice
- Fiat money. Exchanges are built for buying crypto with dollars or euros and for cashing out to your bank.
- Frequent trading. If you want charts, limit orders and many trades a day, you need an order book.
- Very big trades in liquid markets can come out cheaper on the order book of a large exchange.
When a swap is the better choice
- No account at all. No sign up, no documents for a normal swap and no password you can forget.
- No custody. Coins travel from your wallet straight to your wallet. Nothing waits on a platform that might freeze it, get hacked or shut down.
- Coins exchanges have dropped. Plenty of big exchanges have delisted Monero, yet a swap gets it to you easily.
- Fast and simple. A single step replaces deposit, trade and withdraw.
Somewhere in between
Swaps are screened as well, and a flagged deposit can be held. The difference is that a normal swap asks you for nothing beyond two addresses. Plenty of people use both: an exchange to come in from the bank, and a swap to get into the exact coin and wallet they want. Try it on the swap page or see how Swap1337 works.
Quick answers
Does an instant swap cost more than an exchange?
Often slightly more, since the margin and network fees are built into a single rate. What you get for it: no deposit, trade and withdrawal steps, and your coins never sit on a platform.
Does Swap1337 support fiat?
No. Swap1337 only swaps crypto for crypto. To turn bank money into crypto, you need an exchange or some other on ramp.
Ready to swap? See the live rate. No account needed.
