Trading is a meticulous task and getting access to an instant exchange platform that lets its users trade cross-chain without any hassle could prove to be a boon for the traders. While there are a lot of centralized crypto exchanges, decentralized and non-custodial exchanges are gaining more popularity.
Instaswap is one such non-custodial crypto exchange that has established itself as a secure and easy-to-use platform for its users.
What is Instaswap?
Instaswap is an Athens-based non-custodial instant cryptocurrency exchange that allows its users to instantly buy, sell or exchange their cryptocurrency. They aim to act as an intermediary bridging the gap between users and exchanges and providing users with the best rates in the market. The platform comes under the umbrella of Blocktech Private Company.
The platform is registered with the Hellenic Capital Markets Commission (HCMC) which is a Greek legal entity that is put in place to make sure that efficient operation of the capital market is protected and remains crucial for the subsequent growth of the national economy. The HCMC itself is a part of the European Securities and Markets Authority.
How does it work?
Trading on Instaswap is quick and easy, users can choose the crypto pair they would like to exchange and mention the wallet address they would like to receive the funds in, then they can send the exact amount to the given wallet address and receive their crypto within a few minutes.
When a user transfers funds to the Instaswap wallet, the platform looks for the best rates that are available across their multiple exchange partners in real-time and executes the transaction at the highest rates for which they charge a minimal fee of 0.25%. Once the transaction is executed the funds are automatically transferred to the recipient wallet as per the user’s guidelines.
Safety and security
Ever since its inception in 2019, Instaswap has been constantly working on building trust with their users from around the world. In order to ensure that they offer the best possible rates for their users, Instaswap collaborates with only the most reliable services providers in the ecosystem. This includes the likes of Binance, Kraken, KuCoin, Bequant, HitBTC, STEX, SumSub, Coinfirm, Bithumb, and many other cryptocurrency exchanges.
In order to make the registration process easy yet safe, Instaswap allows users to make an account using their email, Twitter, or Facebook which they are then prompted to verify using a 4-digit verification code. Once this is done, users can get access to the features of the platform and acquire information about their transaction history, the amount discounted from their transaction fees, and other account settings.
Wallet and transactions
Wallet addresses are a set of randomly generated numbers and letters that act as a digital space wherein users can store their cryptocurrencies. As Instaswap is non-custodial they do not provide users with a wallet address, however, if a user has an existing wallet address, the platform allows them to provide the platform with its details so that they can receive or send their exchanged currency or a refund in case of a failed transaction.
Since transactions on a blockchain include network costs, a user needs to make sure that the amount they send covers both the input and the output network charges otherwise their transactions might not go through.
The platform has over 130+ cryptocurrencies listed and accepts 40 fiat currencies including USD, EUR, and GBP using MoonPay which is a fiat on-ramp that helps users buy virtual currencies with their credit cards. It is used in over 160 countries by 300+ leading wallets and websites.
Instaswap and Moonpay
As mentioned earlier Moonpay is a fiat-on ramp that allows users to purchase crypto using their credit cards. After a user finishes signing up, they have a daily limit of 150€ set while after they successfully complete the verification process it gets increased to 2,000 $/€/£ for a day and 20,000 $/€/£ for a month. Both Instaswap and Moonpay charge a total fee of 5.5%.
Instaswap has also added Coinify as a fiat provider on their platform and plans to add 3 more in the next 2 weeks.
The upcoming marketplace
Instaswap is going to launch their marketplace soon which is going to be a unique place for users to explore various ways to purchase or sell cryptocurrencies using fiat directly by choosing from third-party providers. They will have wire transfer, apple pay, google pay, and debit/credit card options that can be used in the marketplace.
The platform seeks to enhance the way people buy, sell or exchange crypto in an all-in-one setting whilst also maintaining their custody. They are also working on adding different networks of currencies onto the marketplace.
Furthermore, once the marketplace goes live, Instaswap is looking to develop their mobile app so as to make buying, selling, or exchanging crypto easier for their users.
Instaswap was founded in 2019 and since then has built its reputation on trust and transparency. It has remained safe from hackers and any such adverse events and thereby proved its credibility as an exchange platform.
Users get to perform swaps easily on the platform and their upcoming marketplace will provide users to buy or sell crypto using third-party providers with fiat. The platform is constantly working on developing features and services for its users, and becoming a pioneer in the crypto ecosystem.
For more information check out their website.
Disclaimer: This is a paid post and should not be treated as news/advice.