There have already, and will likely continue, to be articles that detail what exactly SwapSpace (SS from now on) is, but after the first one I think we all got it. So let's talk about something else, something that is probably just as important as it's inner workings. Is it safe, legit, good, useful or whatever other question you might have. I'm gonna explore the different opinions people have, analyses done by experts and crypto media as well as my own personal experience with the platform.
For anyone that may still be asking I'll do a short introduction to SS, anyone that want's to skip this part, go on ahead:
SS is an instant cryptocurrency exchange aggregator. Aggregator means that it groups up many different exchanges and puts them all into one place ("basket") so they can be compared to one another, mostly for their exchange rates on different currencies. It's purpose is to make finding the best deals and exchanges readily available for everyone. That's the gist of it, for more details check any other article written for this contest through the tag #SwapSpaceExplained.
Onto the important stuff!
Let's start from the titular question of this article, is SS safe. There is a very important feature worth mentioning when talking about safety, and that is whether or not your coins are being held on the site/app/... or not. And in SS's case, they are not. They do not hold any of your funds which makes it safe from hackers. The coins are instantly sent from your wallet and than back to your wallet afterwards. It's also important to note that you don't have to give out any sensitive information, or any information at all for that matter. So in that sense, SS is completely safe for your crypto. The exchanges partnered are also all legally certified and reliable with ensured security features and private keys.
There is however a con that some might dislike, which is that it's necessary to have a digital wallet where the crypto is stored so one can't use a hardware wallet until after they've finished the swap. It's not a deal breaker really but it's still something to note.
Well, that was easy to answer, there's really not much to explain as far as safety goes but we can look further onto whether the site itself is actually giving you the best deals and how many options you have.
So, this is one con that I've noticed most experts and media report and it's one that is inevitable since it is quite a young platform, it's new and not yet proven which restricts how many other projects or cryptos want to partner up with it for the time being. This is offset by the fact that there is actually still a solid number of exchanges partnered already and more incoming, PUBLISH0X being one of them. Another counter to this con is that the exchanges listed are some of the most reliable and leading exchanges of the world, so it's a definite plus on that side.
Fees are something that can be extremely irritating on certain platforms and exchanges but since SS is an aggregator the site itself doesn't have fees, visible or invisible ones. The only fees applied are the ones by the exchange you decide to use. Another great thing is that SS doesn't require KYC (Know your customer) or any other type of verification, once again though the exchanges themselves may ask for this as well as AML (anti-money laundering) so it's not always avoidable.
A very important feature in my opinion is the supporting of fiat, which SS doesn't have. All you can do is swap crypto you've already bought and have in a wallet, otherwise you can't use your credit/debit card on the site. With this in mind, there is a plethora of coins and tokens to choose from, 450+ at the time of writing, with most of the essential currencies being available. SS is also available worldwide, at least in the countries where crypto is legal, so no real problems there either. There is also a minimum exchange limit for all currencies ranging from $2 to $20 which is pretty standard among exchanges.
The trust we put in projects also depends on other people and with a rating of 4.5 stars on Trustpilot, users seem to find the site quite useful and valid, I can also attest to the site doing exactly what is offered and helping out with the rates which can be significantly different between exchanges. Once the project develops further I've got no doubt that more exchanges will only improve the availability and diversity of crypto.
A final important thing to note is that the site is both extremely simple to use as it's clearly designed to make the process easy for the user. We also have the fact that their support is 24/7 so any transactions or problems that may occur can and should be remedied immediately with them.
I'd say that's about it as far as everything I wanted to talk about goes. If I were to write more I'd be going into more detail than I'd like to and that would just be wasting everyone's time so I hope this article was insightful and gave you a clearer picture of what SS is and whether or not you should use it. If not, I'll just say it now, you should use it.
Thanks for reading, hope you enjoyed it!
