How did you get started with crypto? How often do you swap your tokens? How easy is swapping your tokens on exchanges? First, swapping on exchanges is difficult, especially for a beginner who's yet to understand using decentralized exchanges.
Navigating the crypto space is quite complicated for a beginner. Understanding the many terms, interfaces, and various trading conditions is a lot to deal with. But, of course, the most significant feature of cryptocurrency is trading, which primarily entails the swapping of one token for another for profit.
When you start investing in cryptocurrency, you're likely to buy tokens due to hype around the project or the fear of missing out (FOMO). Unfortunately, every cryptocurrency beginner's experience is similar because it can be challenging to distinguish between legitimate projects with real use cases and pump and dump tokens.
Undoubtedly, centralized exchanges were my first stop when I started purchasing crypto assets to add to my portfolio. Naturally, they guarantee the safety of my assets and act as a trading platform. Nevertheless, it was challenging to switch tokens quickly despite the advantages of using these exchanges. Before dealing with swapping a token for another asset of my choice, I first have to go through the fiat-to-crypto conversion process.
The Difficulties of Centralized Exchange Swapping
Interestingly, there are various reasons to swap my token for another. By swapping tokens, I can better navigate the market's volatility and position myself for quick gains when I notice opportunities for profit in another token. Therefore, I frequently swap tokens to densify my portfolio to shield it from price fluctuations and sharp drops. In addition, I occasionally convert my tokens to stablecoins to hedge against inflation and have enough money to time the market.
However, most centralized exchanges do not allow for direct token swaps. As such, I can only swap tokens on the spot market, which necessitates the presence of a buyer at the other end of the trade. Unfortunately, order book methods are used in spot markets to match buyers and sellers. This means that to exchange my token for another, I must create a sell order that will be matched by an identical buy order. As a novice, I found it difficult to understand the order book, and because of the spread's complexity, I usually lost money when selling.
Apart from the complexity of the order book for a beginner, swapping on an exchange is costly due to transaction fees and time-consuming due to the need to first convert your cryptocurrency assets to fiat before using the fiat to purchase your desired token. So, without conducting a crypto-to-fiat exchange, I needed to easily exchange my cryptocurrency assets for their equivalent value in another token.
Is Decentralized Exchange Better?
With the difficulty of swapping tokens directly on centralized exchanges, it was inevitable not to try out a decentralized exchange. After all, there is no intermediary, and the swap is done in a peer-to-peer exchange. However, despite the direct swapping possibilities on decentralized exchanges, they still had drawbacks. Here are some of the most common problems I encountered when using a decentralized exchange.
- Low liquidity: Swapping requires enough liquidity on the exchange; however, once there is not enough liquidity to carry out a swap, there will be a low spread, leading to significant slippage and a loss of tokens.
- Complex interface: Unlike centralized exchanges, which are still user-friendly, using a decentralized exchange as a beginner is challenging and completely confusing. At first, carrying out a swap was discouraging because it took some time to understand the complex interface. This turned me off because I wanted a quick way to exchange my tokens.
- Slow swapping process: The swapping process takes time as transactions are first confirmed by blockchain miners.
- Lack of fiat payment: Decentralized exchanges do not allow the use of fiat to purchase a token. So, I cannot swap from fiat currency to digital currency without first owning a crypto asset.
Overcoming Exchange's Drawbacks
Following the difficulties with exchanges, it is only appropriate to seek out instant crypto providers that execute transactions quickly. As a result, these platforms overcome the shortcomings of standard exchanges while offering essentially identical possibilities. Therefore, regardless of whether they are on the same blockchain, I could effortlessly switch my token without technical expertise. So after researching, I found a platform that offers the best of both exchanges and gives the leverage to monitor transactions by setting an acceptable slippage tolerance.
Interestingly, no sign-up procedure is needed, as all that is required is to start linking my telegram account; there's no KYC procedure or other verification process.
So, I seamlessly carry out my token swaps using the Cwallet telegram exclusive bot. All I needed to do was to use the bot command, and instantly, the swap was completed.
For example, when swapping BTC for USDT, I specified the amount of token to be received, E.g., Swap BTC to 1000 USDT: /swap BTC 1000 USDT.
So, what's unique about the Cwallet swap? CCSwap does not charge a network fee. And you can cancel a swap and will not be charged until your order is confirmed.
Using the platform's swap functionalities provided by Cwallet;
- Liquidity to ensure instant swapping
- Remove the two-step trade process.
- There are no transaction fees on any chain transfer.
- A simple chat interface for carrying out the switching process
One of the best things about swapping on Cwallet is that you don't have to do extra work to convert your token into fiat or any other popular crypto asset. Furthermore, you are not compelled to pay the double fees, and Cwallet does not charge fees but instead divides commissions with exchange providers.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using the Cwallet is absolutely FREE!
So, what are you waiting for?
Swap your tokens cheaply and easily on Telegram.