SpiritSwap Review
Cryptocurrency trading has been made easier with the rise of advanced cryptocurrency exchanges. Both new and expert traders can now trade without any restraints or fear of compromising their security. Over the years, the different centralized exchange has emerged as a major alternative to the fiat currency. While these centralized exchanges are known for their amazing features and speed, it has limitations which the emergence of Decentralized Exchange (DEX) has provided solutions to. SpiritSwap Exchange is a decentralized exchange with the aim of ensuring that users enjoy more trading experiences. This SpiritSwap Exchange Review has everything you need to know about SpiritSwap exchange as regards security and liquidity.
Cryptocurrency exchange enhances high-performance trading and also ensures that traders enjoy a seamless experience. However, decentralized exchanges have encouraged the advancement of crypto trading. Trading with a decentralized exchange allows you to enjoy total authority over your funds. Funds can’t be withdrawn without your prior approval and users also get to enjoy advanced trading solutions.
Many centralized exchanges focus on ensuring that their users are not vulnerable to security risks. Decentralized exchange security is built on open-source smart contracts and this will help secure your funds. Trading has been made more profitable with decentralized exchange; you can stake and earn for contributing to the liquidity pool. Decentralized exchanges are expanding to a lot of blockchain networks to facilitate trading.
The emergence of a new generation of decentralized exchanges has guaranteed instant execution of trades by encouraging swaps of tokens. Order books are no longer the primary determinant of the price of assets or trade instead the liquidity pool protocols help to decide the price of assets.
There is no doubt that the centralized exchanges have dominated the activities in the crypto market and they are well known for their high security and regulatory control. Decentralized exchange protocols have grown in influence with the prominence of Decentralized Finance (DeFi). Decentralized exchanges have improved security by operating on open-source blockchain, encourage a peer-2-peer contract, and they also have a simple user interface. In this SpiritSwap exchange review, you will understand how decentralized exchanges swap work.
| Exchange Platform | SpiritSwap Exchange |
| Website | https://swap.spiritswap.finance/ |
| Account Needed | None |
| Payment Method | Cryptocurrency |
| Language | English, French, Española |
| Trading Volume | 24h |
| Trading Platform | Web-based |
| Customer Support | https://twitter.com/Spirit_Swap |
What’s SpiritSwap Exchange?
SpiritSwap is among the new generation of decentralized exchange (DEX) developed on the Fantom Opera network. Fantom is known for its unmatched speed, security, and high performance. Most of this new-generation DEX is built on Fantom because it is an open-source smart contract platform with high speed. While it executes transactions instantly, its gas fees are low and more decentralized. While other Automated Market Maker (AMM) exchanges like SushiSwap are also built on Fantom, they have limitations when liquidity on Fantom. However, SpiritSwap has provided a solution to that.
Automated Market Maker allows users to create a market for a token regardless if it is a new one. So, a user becomes a liquidity provider by making deposits of a new token and a market is automatically created for that token by an algorithm. Traders transact easily through the smart contract by swapping tokens in the AMM and they get good rates for the swaps. Traders that create markets earn a particular percentage for being liquidity providers. Also, if you have the SpiritSwap token you will also earn a particular percentage with every swap done on the SpiritSwap exchange.
The SpiritSwap exchange platform allows users to trade on the FTM network. It also encourages staking and traders are rewarded for staking tokens on the Fantom (FTM) network and also get to secure their network. The benefit is that you get to pick your preference and then your earning starts after a few clicks.
The Fantom Opera are used to develop decentralized platforms and networks while ensuring that it has high speed and reliability. It is known to help develop applications that are decentralized and also works with the Ethereum Virtual Machine. Also, the Opera network supplies unrestrained smart contracts through Solidity. Users do not have to worry about delay or congestion and traders have full autonomy. The network does not require any permission and it is open-source.
SpiritSwap is known as the biggest decentralized exchange built on the Fantom Opera network with no limitations on Fantom. SpiritSwap has all-encompassing features from the low fees, fast transaction, decentralized networks, Ethereum Virtual Machine compatibility, high liquidity, yield farming, and stake. You get to earn a percentage of every trade when you stake the Spirit token. If you choose to hold the Spirit token for long, it will increase in value over time, and then you have great gains to yourself. Hence, you are able to build your trading portfolio.
Traders can swap tokens easily on SpiritSwap and they will be charged 0.3% with every swap done on the available liquidity pools on SpiritSwap. In SpiritSwap, it is easier to create liquidity for tokens. So you can choose to create a new liquidity pool or contribute to the existing liquidity pool and you will get to have 83% of the fees as a liquidity provider. SpiritSwap also has farms and they are used to encourage liquidity on the decentralized exchange. In addition, users get revenue by staking the Spirit token.
As a user, you get the chance to build your portfolio through your earnings from yield farming and through staking tokens. The Fantom is a blockchain network and the SpiritSwap ensures that at least 80% yield farming, 10% airdrop, and 10% development fund are properly distributed. Also in the long run, if you become a holder of the inspirit token which is the governance token then you will have access to making governance decisions and also enjoy increased farming rewards.
SpiritSwap has total value locked across all farms and pools which rate is never static and the circulating supply is also increasing. Since it is a decentralized network, you do not need to create an account instead all you need is to ensure that you are able to send FTM by connecting a centralized wallet like the MetaMask.
SpiritSwap Trading Services
Every exchange platform has its trading view that helps traders to make informed decisions. The trade view has everything you need to know about the exchange such as the price chart, order history, and the present price. The order history helps you know the past executed transactions done on the exchange.
The order book helps you place an order of the assets you want to trade with. However, unlike centralized exchanges, the decentralized exchange does not necessarily work with the order book. Just like other crypto trading activities, there is a taker and maker on the SpiritSwap exchange. SpiritSwap exchange also has trading pairs which traders can choose from. So, if you do not want to create a liquidity pool for others traders to trade against then you can take from the liquidity pool.
Some of the things you also need to know about an exchange include; the price of the token, market cap, market cap dominance, trading volume, and market cap rank. SpiritSwap is an active exchange. You may also need to know the rate of the exchange all-time low and an all-time high. This is to help you make informed decisions when choosing an exchange platform.
SpiritSwap exchange guarantees unrestrained trade and you can always swap tokens. However, you need to connect to a wallet. Since SpiritSwap exchange does not accept wire transfers or cash deposits, you need an existing crypto wallet that has funds in it to get connected to SpiritSwap. MetaMask is one of the crypto wallets that are accepted on the SpiritSwap exchange.
You also get to enjoy full control of your assets and you can access your account without a third party and security is highly maintained. Liquidity providers are also rewarded.
SpiritSwap Trading Fees
Here we are concerned with all the necessary fees that will be charged in all transactions done. It includes the withdrawal fee, deposit fee, and the fees charged on every swap done on the exchange platform. The Automated Market Maker (AMM) is a major determinant of the price of a swap; the actions of the liquidity provider who create the liquidity pool and the taker who trades against the assets available on the liquidity pool. In Automated Market Maker, the liquidity is supposed to be constant.
SpiritSwap exchange charges trading fees and every trader is charged a 0.3% trading fee after a swap. For instance, if a trader is swapping a token for another token, they will be charged 0.3% and 0.3% of the token they are deposit will be deducted to ensure that liquidity is constant. The fees charged for every swap done are towards rewarding the liquidity providers and the 0.3% deducted from the value of every deposit done is to ensure that the liquidity pool reserves keep increasing.
Fees are not incurred directly on the SpiritSwap exchange but the fees are directly stored into the liquidity pool. You will be charged 0.3% of the token you are swapping which then will be added to the liquidity pool to increase its value. Liquidity providers earn 5/6 percent of the 0.3% charged as their reward. The liquidity providers earn 0.012%. The protocol fee vault gets 1/6 percent of the 0.3% swap fee. The protocol gets 0.05% of every swap fee charged.
The aim of yield farming is to ensure that liquidity increases. After a liquidity provider joins the farm contract, they will continue to earn a 2.5% Spirit token as a reward. On SpiritSwap anyone can be a liquidity provider because of its AMM. So, you can choose to create liquidity or add to liquidity.
Withdrawal and Deposit Fees
Since this is a decentralized exchange, prices are not always determined by the market average instead it is majorly determined by the exchange itself. Still, it is crucial that you are aware of the payment method used and the number of fees charged. SpiritSwap does not accept fiat currencies so you need to first buy a cryptocurrency like Ethereum (ETH) to get things started.
Since assets are not stored in the SpiritSwap wallet, you are not required to pay any withdrawal fee on the SpiritSwap exchange. However, your crypto wallet might charge you for withdrawal fee; Metamask will. Wire transfer or cash deposit is not allowed on the SpiritSwap exchange, cryptocurrency is the only accepted deposit method and you can only do that after you have accessed a crypto wallet.
After you have successfully connected your wallet then you can sell tokens, swap, stake tokens, join the farm contract, create and add liquidity. In MetaMask you will definitely be charged the gas fee. In fact, users are advised to hold the FTM token in their MetaMask wallet for the gas fee. When joining the farm contract, you are expected to pay a 1% deposit fee with every deposit.
SpiritSwap Wallet
One of the features that have made decentralized exchange distinct from is the wallet. Your wallet and keys help you have control over your funds. The wallet helps you store your cryptocurrency. Although SpiritSwap does not have a direct wallet, it allows users to connect the wallet to start trading. The exchange still works towards ensuring that users own their cryptocurrency and manage their wallets and keys without any interference. SpiritSwap works towards ensuring that users are able to trade independently and easily. This it tries to achieve through the Fantom Opera network.
Although there is no SpiritSwap wallet, you can connect wallet so you can start trading and also store your cryptocurrency. You need the MetaMask wallet to confirm transactions. You need to ensure that you have the Fantom token (FTM) in your MetaMask wallet. So, you can only trade, exchange, and swap after you are connected to your MetaMask wallet. Even after you have processed the swapping of tokens, you can confirm it on your MetaMask wallet.
You need to have an account with MetaMask if you don’t have one and also ensure that it is funded. Download, install and add the application to your browser extension.
SpiritSwap Portfolios
SpiritSwap is aimed at ensuring that every user is able to build their portfolio with its amazing features. You can start focusing on how to build your portfolio the moment you have successfully connected your wallet.
You can become a liquidity provider and get rewarded 0.012% of every 0.3% fee charged on every transaction. You can stake to get more Spirit token. There is also a 10% airdrop and when you join the farm contract there are also rewards to earn. All these are to ensure that traders get to build their portfolios and gain profits.
SpiritSwap Limits and Liquidity
There is no limit to the number of transactions done daily and also you get to trade tokens in an instant. Liquidity is to be maintained and constant. SpiritSwap aims to incentivize liquidity through yield farming. Liquidity is created very easily. You get the value of what you contribute if you are adding to the liquidity pool. If you are creating a trading pair, 0.25% will be given to you with every transaction done in that pair.
The liquidity pool is to remain constant and fees are constantly added to the liquidity pool to ensure that the value keeps increasing.
Cryptocurrencies Available on SpiritSwap
SpiritSwap have trading pairs which users can trade with and their cryptocurrencies available on the platform. While the SpiritSwap token is available on the exchange platform, other cryptocurrencies available include SpiritSwap WFTM/SPIRIT, SPIRIT/DAI, SPIRIT/BNB, UNIDX/SPIRIT, SCREAM, REAPER (Grim), SUPRA, SUSHI, TOMB, XSTEAK, YEL, WOOFY, Wrapped Ethereum (WETH), and so on.
Since it is a decentralized exchange, SpiritSwap does not restrict anyone from trading. US investors are also included in trading and they are not obligated to any Security Exchange Commission (SEC).
SpiritSwap User Interface
SpiritSwap is aimed at ensuring that its users enjoy a seamless experience. Through the Fantom network, SpiritSwap provides unmatched speed and security. The interface is user-friendly and can be accessed by both professional and amateur traders. While SpiritSwap ensures that users enjoy fast transactions and low fees, it also focuses on providing new experiences for users.
The aim is to ensure that trade is made easy; you can trade, stake, and hold assets from your wallets without interference from any external party.
How Secure Is SpiritSwap Exchange?
The Fantom Opera network provides security in all transactions that will be done in the SpiritSwap exchange. There are validator nodes that make up a global proof-of-stake network that is autonomous and reliable.
Transactions are done on open-source smart contracts to ensure that users are not prone to risk. Your information cannot be manipulated. SpiritSwap does not have any access to your wallet directly and your personal information won’t be required.
Customer Support
There are means you can stay updated on SpiritSwap through the website and social media to ensure that complications are avoided. The aim is to ensure that users enjoy a seamless trading experience.
You can reach SpiritSwap on Twitter through https://twitter.com/Spirit_Swap
SpiritSwap is also available on discord; https://discord.gg/8FGd4nFQdT
Conclusion
SpiritSwap is regarded as a progressive exchange ever built on the Fantom network. It has amazing features and also provides maximum security. It is a decentralized exchange aimed at providing a more decentralized control. It is fast, reliable, and secured.
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