On July 8, 2021, Elon Musk pointed out his concerns on some of the world’s largest crypto projects.
Ethereum and Bitcoin developers, he said, were concerned more about building multilayer transaction systems. They had forgotten to resolve the high network costs and scalability issues of their respective base layers.
The result: Centralized exchanges were now de-facto secondary layers.
The innovator might be correct.
Centralized exchanges form a big part of crypto but are hoarders of data and can be weak links. Billions of dollars pass through these ramps and are the pulse of the industry.
But it doesn’t have to be this way.
The rise of DeFi must be applauded, and respective projects ought to be given maximum support to wean off the dependency on information-hoarding CEXes. Ultimately, this independence would buttress the crypto-system just in case there are unexpected external shocks opposing governments.
There are tons of projects forming DeFi, inclined to user custody. Standing tall amongst peers is InstaSwap.
So, what exactly is InstaSwap’s value proposition, you may ask?
Well, for a new trader, this protocol means freedom, flexibility, and security.
What is InstaSwap?
InstaSwap is a non-custodial swapping platform where traders can exchange some of the leading tokens and coins, including Bitcoin.
A distinguishing feature here is that Instaswap bears various attributes, including traders’ ability to connect through their bank account without giving up control.
The creator of InstaSwap is Blocktech Private Company which is registered, complying with Hellenic Capital Markets Commission.
Compliance with regulators translates to better user security. On the other hand, continuous audits deter any attempts of practices that may disadvantage the end user.
InstaSwap accepts traders from the U.S., supporting over 40 fiat currencies, including the USD, GBP, JPY, and others listed by their fiat-providing partners.
As of mid-2021, InstaSwap supported over 130 cryptocurrencies.
All of them could be exchanged at the best market prices, with minimum slippage, without users giving up control of their wallets to any third party.
The platform positions itself as a gateway exchange. It allows onboarding since the support for fiat makes it possible for users to purchase any listed cryptocurrencies. This is a massive development in the sense that while crypto is widespread, most traders and traditional investors are not owners.
InstaSwap works by aggregating orders from other exchanges. The platform’s algorithms would automatically scour the order books of linked exchanges for the best rates, liquidity, and fees for the convenience of the transactor.
All that is required from the user is to specify the amount needed, and this would be executed.
How to Use InstaSwap
Getting started with InstaSwap is also simple.
Using an email or your Twitter/Facebook profile, one can begin swapping exchanges. Besides an email address, a user need not submit any other document to start. InstaSwap needs these details for verification purposes.
Once this is submitted, a trader can begin swapping tokens straight from InstaSwap’s web browser. Wireframing is simple and easy, even for new traders.
On the middle left, a trader can toggle between three buttons. They can exchange cryptocurrencies and buy using fiat. Soon, InstaSwap plans to activate the ability to sell any of their listed coins/tokens. A trader can choose which coins they want to receive, send, or buy in all these sections.
When swapping coins, a recipient’s wallet address must be specified. At the same time, a trader must indicate the refund wallet address of the original coin/token as a precaution just in case the execution fails, and a refund has to be made.
Presently, all fiat transactions are executed via InstaSwap’s partners, Moonpay and Coinify. However, traders should know that there might be minor restrictions from the partner’s end. For example, one can buy a minimum of $/€60 when using Coinify.
Additionally, traders wishing to buy or sell cryptocurrencies using fiat for any amount over $150 must agree to submit personal details as part of KYC and AML checks. Also, a selfie image might be asked. In all, Instaswap said verification takes a maximum of 30 minutes.
InstaSwap recently included Marketplace, where traders can trade cryptocurrencies for fiat at the best rates. Fiat portals accepted are Visa, MasterCard, and Bank Transfers.
All crypto-to-fiat exchanges attract a 5.5 percent charge, while fiat-to-fiat swaps attract a 0.25 percent fee.
In all, trading with InstaSwap is simple, straightforward, and comfortable for new traders. Partners set exchange rates with the platform aggregating the best rates at low fees.
The swapping feature and low requirements make the platform attractive. Traders with fiat can also trade without limitations in a non-custodial manner and minimum compliance checks.
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