If you Google “Best Cryptocurrency Exchange” and go through the results, you’ll stumble upon pages, pages, and pages of pretty much the same content.
Let me break it down for you real quick. The search results go something like “Best Cryptocurrency Exchange 2020”, “Top 10 Bitcoin Exchanges”, “Best Crypto Exchange in India” and more. If you open the article themselves, the chances are that you’ll see numerous services, all 100% great and legit, just piled up in the paragraphs. Also, those reviews are not always unbiased. Don’t you just wish the search for a good swap service was as easy as shopping at Aldi (sorry if you prefer LIDL)? But don’t you also wish to have a choice?
So, how do we actually solve this? What if I need to find the best cryptocurrency exchange in India? Hopefully, we found a solution. Also, this solution was obvious from the very beginning. We have made an aggregator. It’s called Swapzone and you can try it out here, literally right now.
What are cryptocurrency exchange aggregators?
We should start with a disclaimer here — in the article that follows, we talk about non-custodial exchange services solely. Binance, Poloniex, and Kraken have their own aggregators.
Let’s start with the very basics. Non-custodial cryptocurrency exchanges. The difference between those and custodial exchange platforms lies in the policy of storing the funds and accessing the user’s private information. Custodial services store the funds for you, non-custodial exchanges do not — you come with your own wallet, you receive funds to your own wallet. AS simple as that. Non-custodial services have been quite a hype lately (especially as more and more people embark on a wonderful adventure of dating Coinbase Errors or spending time gardening while Bitmex is down).
There are great things about custody-free solutions: speed, security, ease of use, no registration, wide range of assets supported. The drawback is — it’s almost impossible to find a service that is just right. This is why aggregating both data and rates in one place is an awesome solution.
Aggregators (take a humble example of Swapzone) are services that provide the necessary data to the ones in search of best cryptocurrency exchange rates AND allow them to swap right from the interface, without the need to go back to the service providers. Hence, exchanges like this become a one-stop-shop for crypto enthusiasts.
How do exchange aggregators work?
To provide all the relevant data on the exchange partners, we have to do quite some research ourselves (compiling all these little partners cards you see on your right took a little time, yeah) and have some of the information delivered to us directly through the APIs of the services. API is a special type of computing interface that helps services (in our case) to interact with each other and exchange information.
Here is what happens:
- You go to the aggregation platform.
- You choose the assets you would like to swap as well as the sum.
- We ask for this information from the service providers along with the rates, sort the deals out and present them for you.
On these steps, you get exactly what was needed — the Choice. Compare all the different deals, read the information cards on the partners, check the reviews. It is all possible in one place. After you make a decision on the service, you can proceed to the exchange itself. A good thing here — you can do it without having to leave the interface. Plus, switching exchange partners is possible on the second step, too.
How do you exchange crypto?
Exchanging cryptocurrency with an aggregator is as simple as putting the orders in. The platforms work just like your usual exchange service — the difference lies only in the number of deals provided at once.
If you have followed the steps from a previous paragraph, it means that you are ready to proceed with the exchange.
Here are the steps to follow:
- Enter the recipient’s address. Make sure you have entered the information correctly. The exchanged currency you need will be sent to this cryptocurrency wallet address. (You can find out more on crypto wallets from this article)
- Check the information once again. Trust, bet verify. Even if it’s you putting the data in. If everything is correct, click Proceed to Exchange.
- You will see the deposit address. You’ll need to send the necessary amount of currency you want to exchange to this address.
- Allow the transaction some time to be processed.
- Basically, that’s it! You have received the coins.
The crypto field is vivid. Also, there are just SO MANY projects. Sometimes it is quite challenging to find a place to collect information, make your own choices and generally do good. Cryptocurrency exchange aggregators solve the problems of having to find the services and compare them manually, give users a platform to swap crypto coins and tokens in one place and through different services and provide the needed data. Seemingly, a great combination of factors. There is potential in aggregating services for custody-free exchanges. If 2020 is possibly the year of crypto self-custody, then it is the time to make ourselves seen.