How Instant Exchanges Work
Instant exchanges streamline trading by eliminating the need for order book system. Unlike spot trading platforms that rely on order book system for matching buy and sell orders, instant exchanges facilitate immediate transactions. They use internal systems for aggregating liquidity and for instant matching of orders. This enables fast trade execution at current market prices.
Once traders choose a specific crypto pair and cryptocurrency they want to purchase, they can select fixed rate or floating rate. After entering the amount to be purchased, the user confirms the transaction. The instant exchange platform then processes the trade, executing it quickly and recording it on the blockchain. Internal systems handle the trade execution and charge a specific fee.
Usually, instant exchanges charge higher transaction fees compared to traditional crypto exchanges. Platforms like ChangeNow also supports mobile app, providing a beginner-friendly interface for swapping cryptocurrencies.
Top 5 Instant Exchanges
When selecting an instant exchange, ensure the platform has robust security, a good reputation, a wide range of supported cryptocurrencies, and a user-friendly interface. Although instant exchanges typically charge higher fees, some platforms offer competitive rates.
While most of the exchanges do not require user account, some of them may require KYC process. You can connect your crypto wallet or directly purchase crypto using the payment methods available on the exchange to get started.
- SimpleSwap
It is popular instant exchange specifically developed to simplify the swapping of cryptocurrencies. It allows swapping of over 500 cryptocurrencies at both fixed, and floating rates. With its user-friendly interface, beginners can easily swap cryptocurrencies. Being a non-custodial platform, it does not store users’ crypto but only processes the transaction. By joining the loyalty program, users can also earn BTC cashbacks for every exchange they make.
Unlike traditional crypto exchange, it does not require any sign up. Users only need to connect their crypto wallet to the platform to start swapping crypto. Additionally, you can also purchase crypto using multiple payment methods such as credit, debit cards, or bank payments. SimpleSwap is suitable for both beginners and expert investors.
- ChangeNow
It is a non-custodial instant exchange used for swapping cryptocurrencies. ChangeNow uses the liquidity provided by 10 CEXs and DEXs to facilitate trades and ensures competitive rates. It supports around 700 coins and a wide range of trading pairs. Users can start swapping crypto without any sign up. ChangeNow also provides mobile app for android users.
You can also utilize the Pro service which offers 3 plans which can be used for earning cashback rewards. Free plan is also available offering 0.1% cashback rewards and unlimited crypto loans.
- StealthEx
It is a beginner-friendly crypto exchange that allows instant swap of cryptocurrencies. StealthEx also does not require any account registration or KYC process. Users can exchange any amount of crypto but are required to pay network fees. It supports swapping of over 1400 assets. The vast range of supported cryptocurrencies makes this platform worthy for exchanging crypto.
In addition to the swapping services, StealthEx provides educational resources to help users understand the process better. For any issues or queries, they also provide customer support via email.
- Changelly
It is one of the oldest instant exchanges used to swap cryptocurrencies. Both desktop platform and mobile app are available to facilitate swapping of coins. Changelly supports wide range of crypto assets and allows instant exchange of these assets through its user-friendly interface. It is non-custodial platform which means crypto are not stored on platform. Just like all instant exchanges, it also charges network fees although it does not charge any additional fees. This platform aims to provide seamless experience for users looking to exchange crypto efficiently.
Unlike traditional crypto exchanges that may offer advanced trading features, Changelly focuses on instant exchange service.
- SwapSpace
It is another user-friendly instant exchange that supports a diverse range of crypto assets and pairs. For instance, it supports 1750 coins at best market rates. Interestingly, SwapSpace also displays swap offers with competitive rates and time duration. It aggregates liquidity from 30 partners which includes popular centralized exchanges, and other instant swap services. Both fixed and floating rate options are available. SwapSpace is a convenient and secure platform for users looking to swap cryptocurrencies quickly and without the hassle of account registration. Its non-custodial nature and support for a wide range of digital assets make it an attractive option for both beginners and seasoned traders.