Which instant crypto exchange is the safest?

A serious question pops up for those of us who have already become cryptocurrency adopters – how to exchange one coin to another rapidly, conveniently, and, most importantly, securely? Cryptocurrency exchange safety is something that gets questioned quite often. When it comes to large custodial platforms, hacks occur, the funds can be managed without the owner’s permission, the service can, after all, just close down and take the user’s funds down with it.

AInstant cryptocurrency exchanges take it a step further by allowing customers to swap crypto without the lengthy registration process and the need to store the coins on the platform itself. Crypto exchanges of this kind not only simplify the overall crypto management process but also make it more secure. Let’s take a closer look at the security of instant cryptocurrency exchanges and the ways to keep and swap your coins safely.

Exchange crypto without registration

There are quite some platforms on the market, allowing users to enjoy their services without the need to verify one’s identity, most of them being instant cryptocurrency exchanges. Not having to register on the platform is a great plus from the point of decentralization and consensual data sharing – if you are concerned with the matters of privacy and anonymity, no-registration crypto swap platforms are a way to go. When it comes to the services offering no registration or verification, some people get alert. Is this something illegal? Is it possibly connected to dirty Bitcoins? Silk Road, maybe? Of course, the whole thing does not work like this. Usually, the no-registration policy comes together with non-custodial storage, which means that the security of the platforms is, actually, higher. Once compulsory verification takes place, the chances of user information leaks and deanonymization increase. Secondly, instant exchange services do have the KYC/AML policies – the procedures of customer checks and anti-money laundering protocols – the crypto space is more secure than one might think in the beginning!

Crypto swaps without custody

There are two major types of services allowing us to interact with the blockchain – custodial and non-custodial. Generally, the crypto space talks about the differences in those quite a bit. Even if you already know the differences, we feel it is important to remind you of the differences between these two kinds. Custodial services are similar to the banking applications we are all used to – they are platforms managing the funds on behalf of their users. It comes with great perks – for instance, you can retrieve the access to your wallet in case something happens. However, to have this convenience, a user needs to give us their right for financial freedom and self-management. Non-custodial services, on the other hand, do not store any of the user’s data and provide full access to keys and storing cryptocurrency. The responsibility for fund management, in this case, also is on the side of the user.

Usually, it is the wallets that get all the questions on the pros and cons of custodial and custody-free cryptocurrency storage, but exchanges are really not that different. After all, the crypto giants like Poloniex or Binance all have hot wallets on board. It might be handy, but doesn’t all the handiness come with a price? We saw at least four major exchange hacks last year. Besides, there can be even darker cases – we’re tipping the hat for all of you remembering the Quadriga story (or even being involved in it). Yes, cryptocurrency exchanges are vulnerable. This is why custody-free instant crypto swap solutions grow in popularity – if there is no need to create an account and trust a third-party with fund management, the risks of being exposed to the hacking threats decrease drastically. All the crypto exchangers integrated into Swapzone interface are non-custodial. Hence, by eliminating intermediaries and offering decentralized cryptocurrency swap provides under one roof, providing a more extensive range of supported coins and the needed information of secure crypto storage, our team, too, says a word in the field of cryptocurrency security.

How to exchange cryptocurrency securely

Keeping in mind what we have said about instant cryptocurrency exchange services, it is quite logical that the safest, easy to swap one crypto to another is by using a registration-free, non-custodial service. There are many options available on the crypto market, so it is important to find the platform with the best crypto rates, full availability of the currencies you are interested in and the right working pace. So, how do you swap cryptocurrency instantly?

  1. Choose the right exchange service – as there are so many options available, it’s easier to use aggregators like Swapzone. to help you make a better choice
  2. Pick the currencies you are willing to swap. Our system will find all the available services. Once the best option has been found, all you need to do is create an exchange order
  3. Input the amount of currency you are exchanging and the receiving wallet address. A deposit address provided by our partners will be displayed.
  4. Send crypto to the provided address and wait a little as your exchange gets processed.
  5. You have successfully used instant crypto exchange to swap your coins!

Five ways to protect your crypto

There are many tips and tricks on how to make your cryptocurrency journey safer. Some of the ways have already been mentioned in the paragraphs above- Turn to registration-free, non-custodial services and pay close attention to the platform of choice, for instance. However, is there something else? Well, of course. The crypto world has come up with great solutions for keeping your Bitcoins safe. Here, we will list some of them:

  • Choose a secure crypto wallet

    We have already spoken about not keeping your cryptos in hot wallets belonging to popular exchanges. However, when it comes to non-custodial wallets, it is essential to be cautious too. First of all, it is crucial to find a suitable wallet for your own needs – you can read more about the types of wallets in this article of ours.
  • Beware of crypto scams

    If you are using a software wallet, make sure it is the legitimate version. There have been numerous cases of harmful dupes created for popular cryptocurrency wallets. Fake applications, websites, links – it is all there. Anything that can help the wrongdoers to get a hold on one’s crypto gets created in a day. Pay close attention to the website addresses, names of developers in Google Play and App Store and even social networks accounts. Remember, the first rule of the crypto space is “don’t trust – verify”.
  • Keep you wallet data safe

    Do not store your mnemonics or backups in a place that can be exposed to the public. Forget about Google Drives and Saved Telegram messages. You might be wrong thinking that nobody will ever gain access to these files! All the wallet data and private information is to be stored safely, preferably offline and, of course, never to be shared with anyone.
  • Pay attention to the strength of your password and its storage

    Use a password generator and a key manager. We often tend to forget about the simple things. Your crypto journey starts with a wallet password, so you should choose a good one. There’s no need to think about the birthdays of all your aunts and uncles – pick a random password generator programme and get a password that makes zero sense – both nostalgia-wise and dictionary-wise. Besides, do not forget to change it from time to time – keeping the same password for months and months of use increases the chances of it being exposed somewhere.
  • Do your homework

    This is the cockiest, but the most useful crypto-related advice. The field of cryptocurrency is hugely hype-based, rapidly changing and complex. However, there are some basic things that everybody should know. Usually, when it comes to crypto security, we all picture ourselves experts. Is it really like this? Most probably, no. We can all forget the password to a wallet, accidentally delete the backup, trust a shady application, participating is something we should not – all these cases are avoidable. The thing that matters is that we read, check, verify and preserve our critical thinking, no matter what happens. This is the real way to keep your coins safe.
safest instant crypto exchange

Conclusion

Exchanging cryptocurrency securely is not such a hard task to fulfill. However, with the information overload, countless promotions, lack of suitable materials on the topic and more it is sometimes challenging to make the right choice. This is precisely why we think it is vital to break everything in safe crypto swaps down bit by bit. Hopefully, this article sheds some light on instant cryptocurrency exchanges, the differences between custodial and custody-free services and cryptocurrency management security. Now, it’s your turn!