Trading on cryptocurrency-based markets is becoming increasingly popular, which means several coins (ETH, DAI, USDC, etc) are available to be traded between different ecosystems. By bringing a different approach to how people interact with DEXs, Switcheo reunites key aspects such as security, performance, and ease of use to deliver a complete exchange experience to its’ customers.
How Does Switcheo Works?
Switcheo is a non-custodial decentralized exchange that integrates three different blockchains, Ethereum, NEO, and EOS, supporting several ERC20, NEP-5, and EOS tokens.
The platform offers OTC (over-the-counter) services, meaning that users can operate off-exchange trading directly between two parties, also featuring Atomic Swap markets, so users can also do cross-chain trades without any sort of middlemen involved in the trading process.
Learn more: Use Shapeshift like a boss.
People interested in trading cryptocurrencies using Switcheo do not need to go through any KYC process, but instead, just create an account to start exploring the features. It has a remarkably intuitive interface, where both experienced and novice crypto traders can fit and profit together in the same place.
So far, there are up to 30k traders from all over the world using the services of this decentralized exchange regularly, performing cryptocurrency-based buy-and-sell operations.
Throughout all the processes, customers remain to hold complete custody of their assets/funds, as Switcheo embodies the vision of being a multi-chain exchange wallet.
Traders and investors have their belief backed because fund transfers and traders are done through smart contracts only. It also adds up a lot on the security aspect, as the inexistence of a unique central wallet for the entire exchange makes it immune to potential attempts of hacking.
Opting to follow a full decentralized path, Switcheo has more and more users onboarding every day, as trading within the platform is considered highly secure.
Accessibility is the Key
Switcheo offers many ways for users to log into the platform, and so far, none of them requiring a KYC process.
Customers can just log in using an exclusive Switcheo Account or using their crypto wallet. There is also the possibility of logging in via Mobile App. If you choose to use the platform via a native account, you will be able to store and manage several crypto assets from a single place, despite not necessarily having a crypto wallet.
The platform uses mnemonic phrase technology to generate wallets for its’ users, storing an encrypted version of it on a native backend. Users have to be careful with their respective mnemonic phrases, saving them right after they create their accounts because, as the platform holds no control over the funds, if you forget your password you will only access your wallet through your phrase.
As the platform operates across three different blockchain ecosystems, users can use supported wallets supported by Ethereum, NEO, and EOS. Between the Ethereum-based wallets (most used between users) are MetaMask, Ledger, Trust Wallet, Trezor, and Coinbase, just to name a few.
To log in via Mobile App, users might use a third-party mobile wallet app such as an O3 wallet, for example.
Everybody Hates Fees
Switcheo’s policy on fees is remarkably acceptable for both advanced and novice traders. The platform has its SWTH token, so users that opt to pay their trading fees using the native coin have a 25% discount.
The platform has network fees that are used to cover the costs of transactions across the blockchain. These fees are charged depending on which market the user if trading on, also considering the load on the network.
Learn more: Shapeshift is a great way to exchange your crypto without fees.
Makers can have a clear advantage here, as withdrawals and trading fees for maker traders are not charged.
Speaking of withdrawal, both deposits and withdrawal processes are free of charges (only excluding network fees).
Deposits methods do not include any type of fiat currency (credit cards or cash), which can be a bit discouraging for new investors who did not hold any crypto yet.
Who Is Behind the Idea
Based in Singapore, the company was founded by Ivan Poon (current CEO), Henry Chua (current COO), and Jack Yeu (current CCO).
Conclusion
A well-designed DEX option for users who want to trade crypto across different blockchains, holding full control of their assets on an intuitive interface, Switcheo came to make a difference amid the scene.
The platform is empowered by cross-chain features, easy log-in processes, a vast number of supported cryptocurrencies available for trading and competitive fees.
It is important to remember the quick success of the platform has its’ roots on the guts the team had to take the blockchain philosophy of use seriously, opting to bring a fully decentralized exchange to life with no third-party control or censorship of any kind.