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SushiSwap Review – Is SushiSwap Scam or Legit?

SushiSwap Exchange Rating
Conclusion
Read our SushiSwap review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this SushiSwap review before you sign up with the exchange.
Account Types
8.9
Trading Speed
9
Customer Service
9.4
Safety
8.5
9

SushiSwap Review

SushiSwap logo

The cryptocurrency market has evolved to be largely proliferated and highly demanded with the rise of new cryptocurrencies. Being a highly decentralized market without central control by the government or any financial institution, cryptocurrency is a big development the financial industry has been waiting for. The crypto market has continued to witness the emergence of new investors and traders. Anyone you wish you to be, this SushiSwap Exchange Review will guide you on how to buy, keep, and sell your cryptocurrencies with ease while also ensuring that you stay active in the trading of cryptocurrency.

Cryptocurrency is majorly influenced by the factor of demand and supply. It is a very volatile market whose value depends on the rate at which it is demanded. So, either you are entering the crypto market to be a trader or investor; the main aim is to make a profit. Cryptocurrency trading is far beyond speculating prices and planning gains, it has to do with your smart involvement in the buying and selling of cryptocurrency.

Before you can be a trader, there must be a contract between you and the trusted brokerage that you have chosen. Then you will be given a Contract for Difference (CFD) account which will help you get familiar with the market. You can view the prices of the cryptocurrency through your account. You can also view the price of the cryptocurrency you want to choose, help you see the value and the order history.

Before you choose to be a trader, it is important that you decide if you want to trade for a long term or a short term. If you are considering trading for the long term, then you must trade at the rate of the buy price which is usually above the market price. if you are going to trade for a short time, you are expected to trade at the selling price which is below the market price.

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SushiSwap website

For new traders, it is not advisable that you chose to leverage due to the risks attached. Although leveraging helps increase profits and expose you to a wide variety of digital currencies, you can experience losses. This makes it important that you choose a reliable platform to work with. Trading can be risky but choosing a trusted reputable platform will help you manage those risks.

Exchange Platform                       SushiSwap Exchange
Websitehttps://app.sushi.com/swap
Account NeededNo
VerificationNo
Trading PlatformWeb-based
LanguageEnglish
Payment Methodcryptocurrency
Trading Volume24h

What’s SushiSwap?

SushiSwap began operation in September 2020 as a decentralized finance exchange platform. SushiSwap has succeeded in ensuring that the automated market maker (AMM) is more diversified in order to help users. The purpose of the automated market maker is to ensure that there is a market for any tokens including the emerging tokens through the use of the smart contract. So, SushiSwap is built on Ethereum with the aim of creating a platform where users can easily buy and sell any digital asset through a gathering network of users.

SushiSwap is a subsidiary of Uniswap but over time has integrated new features that are not included in Uniswap.  While SushiSwap was created by Chef Nomi, a pseudonymous entity, it has the CEO of FTX; a derivatives exchange has its de facto owner. Just like other platforms like Balancer, SushiSwap tries to ensure that crypto traders can sell and buy crypto assets through the accumulation of liquidity pools which makes it easier for users to swap one token for another.

SushiSwap is a very unique platform that is aimed at ensuring that all its users are impacted with a great trading experience. SushiSwap focuses majorly on cryptocurrency traders and other DeFi entities that desire to create liquidity. So if you are a DeFi trader or organization that wants to trade a token while creating liquidity? SushiSwap is a better option.

In order to ensure that new traders are not vulnerable to risks, SushiSwap ensures that the network is secured through smart contracts. While SushiSwap does not have order books like other AMMs, it ensures that there is no liquidity issue, a very big limitation to other exchanges. Through the smart contract, every user can lock their crypto assets ensuring a high level of security.

SushiSwap has other amazing features like the SushiSwap Farms. The farming software allows you to lock two different tokens into a smart contract. There are also 2x reward farms. SushiSwap also allows users to migrate Uniswap liquidity. Also, SushiSwap also offers liquidity provides rewards. Through the liquidity provider rewards, traders gain 0.25 % on all trade fees, which will then be added to their individual pool and can withdraw later.

So, in SushiSwap you are swapping Ethereum (ETH) to another type of token. In addition, if you wish you can also lend your assets to earn more gain without having to worry about experiencing losses. With the help of the lending market, the risks are reduced since you are an asset lender. If you also desire to get liquidity without selling your assets, SushiSwap is going to help with that. Although, you need collateral before you can borrow and you only have the chance to borrow 75% of your collateral.

SushiSwap wants to ensure that its users benefit enormously by trading with them.

SushiSwap Trading Services

SushiSwap has a trading view that is different from other exchange platforms. It contains everything you need to know when trading. SushiSwap order book is different from other exchange platform and the way traders make or take orders also differ. Automated Market Makers orders are settled through the market price. SushiSwap order book is more of a limit order and anyone can create a limit order, which has to be the amount to sell and the least price.

SushiSwap allows you to trade and swap cryptocurrencies, but you need to create an account. There are amazing offers to help you earn more and also increase your liquidity. There are discounts when you make a transaction which is about 0.25%.  SushiSwap also ensures that risks are reduced whenever you make any transaction, which includes lending, leveraging, and borrowing.

SushiSwap Trading Fees        

While you are considering the type of exchange platform to trade with, it is important that you are informed about the trading fees. Some exchange may require that you spend a lot because it is expensive to maintain. As a trader, you need a platform that charges considerably while ensuring that its users earn and build their portfolio.

In SushiSwap, users are expected to lock their crypto assets on the smart contract. However, in cases where users trade locked assets, they are charged a particular amount which is then distributed among all the liquidity makers based on the amount they contribute to liquidity. Also, through the liquidity provider rewards, users that make liquidity are given protocol fees and also compensated with 100 Sushi token daily. SushiSwap has a token known as Sushi. Sushi is created through a blockchain and 100 Sushi is created per block. With every 100, 000 blocks, there is a block reward of 1000 Sushi.

SushiSwap is not like other order book-driven exchanges. In SushiSwap, there is a limit order whereby anyone can place an order of an asset and set a minimum price. Just like Uniswap, SushiSwap offers a wide number of fees. For swaps, SushiSwap charges 0.3%, liquid providers are given 0.25%, and holders of the SushiSwap token Sushi are offered 0.05%. SushiSwap charges its users directly in every transaction. If you are making the limit order then you are the maker so SushiSwap charges 0.30%. The takers are also charged 0.30%. Users are allowed to make the limit order and the gas fees are charged separately and very low.

SushiSwap makes use of the Ethereum wallet and its token is available on the wallet. You can also get the Sushi token from other crypto wallets. SushiSwap offers deposits to traders to ensure that they achieve their aim; make a profit.

Withdrawal and Deposit Fees           

There is no doubt that the crypto markets comprise a wide variety of exchange platform and they all charge differently. The withdrawal fee, deposit fee, and method of deposit are factors that you need to consider before you commence trading. SushiSwap does not charge a withdrawal fee; it is 0.00%. This is because users’ assets are stored in the Ethereum wallet so withdrawal fees are not charged directly. However, when assets are transferred to an external wallet, you will be charged.

The procedure for withdrawal and deposit is the same. If you are going to deposit assets into SushiSwap, you will have to use the Ethereum wallet. However, you need to be connected to your Ethereum before you can make any transaction, and that includes; trading, staking, or making deposits.

SushiSwap Wallet

Unlike other exchange platforms, SushiSwap does not have a wallet. SushiSwap is more concerned with creating a market where people can buy and sell crypto assets. It also ensures that other organizations get access to decentralized projects. There is no doubt that the crypto wallet is important to help traders and investors keep their cryptocurrency. You may be wondering how SushiSwap is aimed at achieving that?

SushiSwap allows you to lock your assets through the smart contract and it is only accessible to you; so, you don’t have to worry about security. SushiSwap does not have a crypto wallet, however, it uses the Ethereum wallet to ensure that that your cryptocurrency is stored and also ensure that you can trade easily. SushiSwap also allows you to make use of other crypto wallets like Coinbase, MetaMask, and Portis.

Before you can start trading on SushiSwap, you need to connect to a wallet and SushiSwap accepts over six wallets. If you have chosen to make use of the MetaMask Wallet, you might decide to open the application on your mobile phone, desktop, or personal computer. You can also connect your SushiSwap with the Portis wallet. It is important to understand that all these wallets SushiSwap accepts are well secured and is aimed at ensuring that there is high decentralization. Other crypto wallets include; WalletConnect, Lattice, Fortmatic, and so on. You are also allowed to trade the Sushi token on these platforms as well.

SushiSwap Limits and Liquidity

Most of the time, exchange platforms try to ensure that there is a particular amount that can be withdrawn or deposited within the 24h trading volume. SushiSwap has limited orders and we are not aware of the withdrawal and deposit limit. On the order book, you will find the limited orders that traders have created. So, you can create a limit order and the minimum price which other traders will fill in so they can meet the minimum price that you have chosen.

SushiSwap has high liquidity and it also ensures that its users do not experience liquidity issues like other exchange platforms. SushiSwap has those who provide liquidity and also ensure that liquidity is maintained. Through the SushiSwap farms and also by locking two assets into the smart contract, traders create liquidity. SushiSwap also allows other liquid assets including the emerging cryptocurrencies in order to increase liquidity. The trading volume of SushiSwap is $295,406,559 USD. The price of the Sushi token is $8.25 USD. The percentage of the SushiSwap within 24h is 3.09%. SushiSwap is ranked 74 on the Coinmarket cap with a rate of $1,050,166,327 USD.

SushiSwap Portfolios

SushiSwap is aimed at ensuring that its users increase their portfolios after they have successfully connected their Ethereum Wallet to the SushiSwap. SushiSwap gives a discount to its users and ensures that liquidity providers are rewarded. SushiSwap also provides its users with amazing features that enable them to create liquidity hence

SushiSwap allows its users access to some features so they can build their portfolios. There is yield farming where traders get 2x rewards. You are supposed to keep the reward for at least six months so you can get more Sushi. There is also the SushiBar that allows you to stake your assets for higher returns. You don’t necessarily need to open an account with SushiSwap all you need to do is connect your Ethereum wallet which will have all your details.

Cryptocurrencies Available on SushiSwap 

In order to ensure that there is enough liquidity, exchange platforms ensure that there is a large number of cryptocurrencies. SushiSwap allows both old and new tokens and it also allows users to swap from one token to another to ensure that there is an active and wide trading pair.

Users have a wide variety of options to choose from when they want to swap. SushiSwap supports 100 tokens with the Sushi token inclusive. It supports tokens like Ethereum (ETH), Bitcoin (BTC), Sushi, BAL, DELTA, NAO, BNT, DFX, SWAG, LINK, and a lot more.

SushiSwap does not restrict any company from trading. It is completely decentralized and it is opened to any users all around the world. Just ensure that you have your secured internet and your wallet then you can get started.

SushiSwap User Interface

While it may seem quite confusing for you to make use of other crypto wallets; you have nothing to worry about. SushiSwap ensures that the platform is easy to use and easily accessible. Even if you are a new investor, when you visit the website there is an icon that tells you to connect your wallet. After you have successfully done that then you can proceed with trading.

SushiSwap makes use of the English language. The SushiSwap is also easy to operate so you can decide to use your mobile phone, just ensure that you have access to a secured internet.

How Secure is SushiSwap Exchange?

Like other decentralized finances, SushiSwap is highly concerned with security. Although there have been security issues in the past, SushiSwap is working hard towards ensuring that its users are not liable to any risks. Security is enhanced through the smart contract and to ensure anonymity.

The crypto wallet is only accessible by traders. For liquidity, SushiSwap also supports the use of the cold wallet. The Ethereum wallet has your details and your signatures are required before transactions.

Customer Support

Customer support is a major part of the SushiSwap to ensure that users do not face any complications and to ensure that any issues are quickly solved. SushiSwap is an active platform that provides forums that are easily accessed by traders. You can always visit the SushiSwap page on Twitter and through their email.

Conclusion

Since the time it was launched, SushiSwap has witnessed the rise and fall. However, it has continued to work towards ensuring high-level performance and reliability. It is also making headways in decentralized finance. While SushiSwap has always been compared to Uniswap, they are different and there is no particular one that is best. SushiSwap is an independent platform providing traders with lots of options to ensure that they have a good trading experience.

There are new innovations that are aimed to benefit users and ensure that they make a profit. It supports many countries like the United States, Hong Kong, India, Australia, Canada, Kuwait, Saudi Arabia, Italy, United Arab Emirates, Denmark, Germany, and many more.

SushiSwap Exchange Rating
Conclusion
Read our SushiSwap review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this SushiSwap review before you sign up with the exchange.
Account Types
8.9
Trading Speed
9
Customer Service
9.4
Safety
8.5
9

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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