By Shelly Melancon (Switzerland)
Swop.fi Review
The past few years have been about digital assets like Bitcoin. Institutions and individuals have practiced the evolution of these coins. However, you utilize these coins through a unique transfer and transaction system. To achieve this, an exchanger must be present as a middle man; this is where Swop.fi exchange comes into play. In this blogpost, we’ll be reviewing the Swop.fi exchange to give you knowledge on your cryptocurrency investment.
There are now many digital currencies present and a trusted source is needed to facilitate the exchange. The number of people involved in the crypto market has made it easier and profitable to buy, sell, store and exchange cryptocurrency. You need to have an account with a recognized and licensed cryptocurrency exchange, preferably one with an excellent reputation for fair exchange among users.
There are some prevalent features such as liquidity, support fees, transaction fees, security and privacy when dealing with cryptocurrency. The exchange type and a good strategy are all it takes for an investor to become a millionaire in cryptocurrency.
We will be reviewing Swop.fi exchange as a potential option for investors to turn to, when they need an exchanger. Thus, this article will give you proficient details on Swop.fi, as it is one of the most used exchanges available in the crypto world.
| Exchange platform | Swop. Fi |
| Website | swop.fi.com |
| Variety crypto | 14 |
| Account needed | Yes |
| Verification | Mandatory |
| Verification levels | 2 |
| Trading Platform | Web-based |
| Payment Method | Bank account, Swop. Fi USD wallet, Debit/Credit card, Email wallet, Wire transfer, Crypto Conversion |
| Customer Support | Email, Twitter, Phone |
What is Swop.fi?
Swop Finance (Swop.fi) is a decentralized system driven by Waves blockchain. It was launched in February 2021. The system is built on proper documentation, governed by their community and incentive liquidity provider (LP). Swop.fi is an Automated Market Maker (AMM), allowing users to make exchanges without relying on orders or execution.
Swop is driven by liquidity pools which are considered to be smart contracts. The algorithm pricing determines the exchange rate by the number of tokens available on the smart contract. Each token is calculated using a different suitable formula. Swop.fi adds all transactions to the blockchain in a few seconds and charges a smart contract fee of 0.005 Waves.
Recently, Swop price has gotten to $12.89 and a daily trading volume of $130,900. Swop has risen by 2.06% daily. There are 6,000,000 SWOP coins available, giving it a CoinMarketCap ranking of #3286.
Swop.fi Trading services
Swop Tech-savvy experts built the platform with many options to choose from, for both expert and novice trading. Transactions happen in less than a minute after opening an account and depositing funds.
Swop. fi fee
Transaction fees are a critical aspect of any exchange. People hate to be highly charged for transactions, especially when the returns are low. This is why people rush to the platforms with affordable transaction fees.
For successful marketing, you need to have at least 0.005 waves to remit to the network. 0.3% is charged on every exchange (0.05% for USDT-USDN and USDC-USDN). Liquidity providers receive 60% from the few, and the remaining 40% is used to buy SWOP in the SWOP-USDN pool. The reward is paid to SWOP token stakes as well.
The price may change as other users get involved in the exchange. However, you are expected to get an amount higher than that shown in the minimum receive field. The transaction gets canceled if the price becomes too high and the minimum amount becomes unachievable.
Note that it costs you zero coins to open an account with Swop.fi. Every account signing up is free. You are also allowed to store your assets in your Swop.fi accounts as long as you want, without having to pay a dime.
Withdrawal and Deposit Fees
Swop.fi has different withdrawal fees depending on your choice of assets and the network in use. The system does not charge any fee for depositing funds. And you are also allowed to withdraw as much as you want by returning all or part of your share token. This will reward you with a token from the pool, such as piled-up fees, depending on your share.
Swop.fi API
The system is built using Waves Exchange. This provides users with different assets for trading. The system also uses CCXT (CryptoCurrency eXchange Trading), which is JavaScript/Python/PHP. This programming is meant for cryptocurrency trading and it grants access to market data.
Swop.fi has a page meant for API, for those that can understand the program. The page contains all available data on your account, including exchange rate, market details, and APIs. The API is built to make the interface seamless for users to trade on the system without hard work.
Swop.fi Limits and Liquidity
Swop deals with daily and annual limits as well as minimum and maximum limits, per order. However, the maximum Swop limit depends on your verification level. Below is the limit for each level.
Silver offers an annual limit of $1,000. In contrast, Gold has a daily limit of $25,000 and a weekly limit of $100,000. As for the minimum and maximum limits per order, below are the calculations for each:
Minimum per Swap order: $5 + network fee (no network fee is charged when Swapping within the Trading Account)
Maximum per Swap order with Gold Level: $5,000*
*The maximum per-order limit for users living in the US is $2,000.
You can become a liquidity provider by investing in any chosen pool. This investment will earn you a reward in the form of a share token as your share in the invested pool. As earlier stated, when withdrawing your fund, you receive a portion of the fees accumulated in the pool, relative to your investment in the pool.
If you invest in the pool with staking rewards, below are fees set to insure the fees used in stacking and unstacking operations:
- For USDN-containing pools (except NSBT-USDN), the staking management fee is set at 0.27 USD.
- For the NSBT-USDN pool, the staking management fee is set at 0.54 USD.
- For EURN-containing pools, the staking management fee is set at 0.234 EUR.
- The network fee for the smart contract invocation is set at 0.005 WAVES.
Swop.fi Portfolios
It is the availability of many trading options that make a trading platform unique and attractive. With so many trading options, a platform with many trading options can become the best for users as they can trade in any choice of coins. Such a system will enable users to have a complete insight into the trade they are about to participate in.
A user trading experience is expected to be broadened by these available alternative trade options. Swop.fi does not lack such options as it can contest with the top exchange platform in its portfolios. Users can disburse their assets into different portfolios based on their strategy, their set goals, their expected earning/rewards, and the amount available for investment.
This feature is an added advantage for experts, in trading, and an opportunity for newbies to learn new trading techniques. The feature gives complete control to account owners to manage their funds and make investments anywhere they see fit. Don’t forget: this feature helps users manage risk as not all investments will be lost in case of poor investment.
Cryptocurrencies Available on Swop. fi
Swop.fi is designed to handle the trading of 14 cryptocurrency coins and tokens. This is a sign of high liquidity. The number of available trading volumes ranks a trading company. With high liquidity in a market, a user will be at ease as such a market is competent with low risk.
As mentioned above, Swop.fi trades in 14 different cryptocurrencies, some pegged to fiat currencies such as the USD and EUR. The popular trading coins on the platform include Bitcoin cash (BCH), Bitcoin SVSV (BSV), Ethereum (ETH), Ergo (ERG), Bancor (BSV), Bitcoin (BTC), Bon Appetit (BAG), DASH (DASH), CRV (CRV) and many more.
Swop.fi is designed to reduce slippage by using the initial flat formula to pair with stable coins. To minimize slippage, a stable coin is pegged to fiat currency such as the USD. Swop.fi supports coins that are pegged with the USD, such as BTC, ETH, and DIA.
Swop.fi has been made available in many countries, with different applications and regulations. The government of each locality sets the limitations. For instance, some coins are only available in some countries to trade with. It is advisable to constantly check with your locality to know the coins available in such a region.
Swop.fi Interface
A user-friendly interface is what all users want. To be successful, it has to create an easy and friendly interface for even a new user. When a platform is challenging to navigate, most users get frustrated and leave the platform. For an interface to be user-friendly, it must be seamless, be self-explanatory, and have suitable trading tools.
The Swop.fi interface consists of trading chart, account balance, possible rewards, liquidity rewards, trade history, changing prices for each coin, and many other needed icons. The interface is easy to use; with its navigational tools, you can track all actions happening on the site. Also, the interface comes with numerous tools for expert traders and newbies in the trading world.
The interface is designed with customizable tools for trading. It makes it easy to place your trade orders, and provides visible places to make trade orders such as Market, Limit, or Stop. The system has an outstanding interface for depositing and withdrawing funds; you just click a button, and an appropriate transfer is placed.
How secure is Swop.fi
Swop is one of the systems that have zero risks for token exchange. The fact remains that prices continue to change as other users make swaps before you. However, the amount you’re rewarded with cannot be lower than the amount shown on the minimum received field. This minimum amount depends on the Slippage tolerance, currently set at a default of 0.1%. There are conditions attached to investing in the SWOP token by giving liquidity to Swop.fi pools.
Every digital platform or physical system in the world is associated with some risk. Even saving money in the bank or under the ground is not risk-free. So to ask the risks associated with using Swop.fi and the extent of the risks, is a delicate question.
When it comes to digital currency, there is a particular risk associated with them, and this applies to Swop.fi also:
1. Non Strophic loss
2. SWOP Currency Price Risk
3. General intelligent contract risks
The most common risk is the impermanent loss of liquidity by the commercial provider, such as SWOP.Fi, UNISWAP, or PANCAKESWOP. The number of ratios is expected to change when there is a change in market prices, after adding liquidity. The value of such liquidity is lower even after you cancel as the market price has dropped. This risk is known as impermanent loss. However, a permanent loss is not associated with stabilizing coins. And also, as the prices change, the cost of the transaction increases as the swap transaction becomes more than usual.
The second risk is associated with the price of the SWOP token, which will eventually affect the APY of the liquidity supplier. In recent times, SWOP offers high prices for every pool, but this might change, depending on the SWOP prices which rely on the swap volume. A decrease in the SWOP will lead to a reduction in APY. Users are expected to notice the future of APY.
The third risk is evident to all dApps. Since people program the codes, some might include a bug when coding the software. However, the SWOP programmers have incorporated a principle known as the Ride programming language, to prevent developers from putting a bug on the software.
Swop.fi is known to have one of the most robust codes, 20% stronger than others such as Uniswap. This has lowered the chances of adding a bug to the software — the smart contract for Swop. Expert programs and more auditing is being done to reduce the rate of risks.
Swop.fi Customer support
Swop.fi has employed thousands of experts to work on its coding. These experts were adequately selected to achieve a compatible and outstanding team of workers. This effort has made it easy for customers to reach the platform for assistance when needed. The support team is made available 24/7 to attend to any complaints from users.
Swop.fi offers all types of trading advice for users and other related pieces for efficient trading with cryptocurrency. In addition, Swop.fi provides phone services in case of an emergency. This feature allows users to use their accounts on their phones and lock their accounts from hackers.
Swop.fi wouldn’t ever call a user asking for any information, because of the number of scammers present in the digital world. It is advisable to decline and not release any information if a user sees such calls. Users are to report such incidents to customer care online. Also, the platform would never ask for passwords or any information through a phone call.
It is easy to receive any platform support team and feedback without delay with technology advances. Talking about Swop.fi, there are many ways to contact their support team. However, it is easier to get in touch with the support team through email.
Using email to send a complaint to Swop.fi is easy. All you have to do is, use the link associated with your account and explain your issue. You should get a response within three working days.
Swop.fi also has a Twitter account where all updates and news are posted each day. They also post events and promos. Users can follow them on the platform. However, Swop.fi’s Twitter account is not used to reply to messages due to security reasons. If you have a complaint, you’ll have to email them.
- Phone
There is no phone support with Swop.fi. However, you can use a number to deactivate your account on the site by calling their support team and choosing the deactivation option. To get your account back, you’ll have to fill a reactivation form which will be scrutinized before the account is reactivated. You’ll have to submit an email to get the support phone number for deactivation and activation purposes.
Conclusion
Swop.fi has become one of the best platforms for trading. The platform has many features that make it easy for users to make transactions using the available assets. The platform did a hack proof against all bugs and scammers with the ride programming language.
Since the data is stored offline, it is easy for a user to get back all details even if the account is lost. The transaction fees for this platform are affordable and have a high rate of liquidity. The tools are easy to use, and rewards are available from every angle you turn to. However, you need to have an account with Swop.fi to enjoy all these benefits.
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