5 Apps and Platforms for Anonymous Cryptocurrency Exchange
Crypto exchange is becoming an increasingly popular way to trade cryptocurrencies. It allows users to quickly and easily exchange one cryptocurrency for another. With the rise of cryptocurrency apps and platforms, it’s easier than ever for traders to use their phones to access crypto exchange services. These services make it easy for users to buy, sell and trade cryptocurrencies on the go.
You can do many different things with these apps, from simple trading to more complex trading and portfolio management. So let’s examine how crypto exchange works and check out some of the best crypto exchange apps and platforms for mobile devices.
What is crypto exchange?
Cryptocurrency exchange refers to the process of exchanging one cryptocurrency for another. The main goal of crypto exchange is to change one type of cryptocurrency into another. This can be done for many reasons, such as taking advantage of price differences between cryptocurrencies, building a well-balanced cryptocurrency portfolio, or exchanging one crypto for another that is better for a particular purpose.
For example, you might want to participate in a blockchain project that only accepts Ethereum (ETH), but you only have Bitcoins (BTC). By using a crypto exchange platform, you can easily exchange your BTC holdings without going through the hassle of selling your BTC for fiat currency and then using that fiat to buy ETH.
Trading cryptocurrency usually involves a few simple steps. First, the user selects the cryptocurrencies they wish to exchange and enters the amount they wish to exchange. The platform then calculates the exchange rate and displays the amount of the other cryptocurrency the user will receive in exchange.
Once the user confirms the transaction, the platform will send the other cryptocurrency to the user’s wallet to complete the exchange. The transaction may take a few minutes or longer to complete, depending on the platform.
4 Reasons Why Crypto Users May Prefer Anonymous Crypto Exchange Services
Anonymous cryptocurrency platforms allow users to transact without revealing their identity. You usually do not need to do any registration or fulfill any KYC requirements. Below are some reasons why crypto users prefer to trade crypto anonymously.
1. From the beginning, cryptocurrencies were created so that users could make transactions unrelated to their real identities. This feature especially appeals to people who value their privacy and want to keep their financial information safe from being monitored or tracked.
2. Anonymity gives cryptocurrency users an extra layer of protection by hiding the details of their transactions from possible cyber threats or malicious attacks.
3. In various places, cryptocurrencies are regulated by laws or restricted in some way. To circumvent these obstacles, some users prefer to conduct anonymous transactions.
4. For some crypto users, anonymity is a top priority, regardless of whether they have something to hide or not. By preserving privacy and security, anonymous transactions can help users keep a low profile in their crypto-related dealings.
5 Apps and Platforms for Anonymous Cryptocurrency Exchange
Here are some applications and platforms that allow you to exchange different types of digital currencies.
1. Change Now
ChangeNow is a crypto platform that started in 2017. The service allows you to exchange over 200 digital currencies, such as Bitcoin, Ethereum, Litecoin, Ripple, and many more, without creating an account or filling out any forms.
When you use ChangeNow to exchange digital currencies, you must select the type of cryptocurrency you want to exchange, enter the amount you want to exchange, and choose the currency you want to receive. Once you have done this, click the exchange button and you will be taken to a page where you must enter the wallet address where you wish to receive the new currency.
ChangeNow will then search for the best exchange rate from several liquidity providers. The exchange will be completed within a few minutes after you confirm the transaction.
Download: ChangeNow for iOS | Android (free)
SwapSpace was founded in August 2018. It allows cryptocurrency traders to compare the prices and fees of 19 different exchanges to find the best price for the trade they want. This means users can trade cryptocurrencies quickly and easily without signing up to multiple exchanges in search of low prices.
SwapSpace allows you to exchange over 2,000 cryptocurrencies and gives you access to fixed and floating rates from various exchanges. The customer support service is also available around the clock.
Exolix is a decentralized cryptocurrency exchange platform that was established in 2018. There are more than 390 cryptocurrencies that can be traded on the platform. These include popular ones like Bitcoin, Ethereum and Litecoin, as well as coins and tokens that are not as well known.
To initiate a swap on Exolix, users must specify the cryptocurrencies they wish to exchange. The platform will provide an exchange rate and an estimate of the new cryptocurrency you will receive. Exolix charges a flat fee for all exchanges, which is considered a competitive price compared to other cryptocurrency exchange platforms.
Download: Exolix for Android (Free)
StealthEX, founded in 2018, is a cryptocurrency exchange platform that allows users to trade cryptocurrency quickly and safely. It accepts a wide range of cryptocurrencies, as the platform currently supports more than 700 cryptocurrencies.
At StealthEx, there are no set maximum or minimum limits for cryptocurrency exchanges. However, it is important to note that the amount exchanged must be enough to cover the transaction fees. The platform also has low transaction fees, although the fee depends on the currency and amount you wish to exchange. There is also a helpful customer service team available 24/7 to assist users with any issues or queries they may have.
Download: StealthEX for Android (Free)
Godex started in 2017, providing access to more than 300 cryptocurrencies. The platform offers a fixed exchange rate that protects against market fluctuations. The execution of orders usually varies from 5 to 30 minutes, depending on the confirmation speed of the decentralized network. It is worth noting that orders involving the exchange of up to 1BTC may take longer to complete than those involving smaller amounts.
Be informed about the risks
Although crypto exchange may sound convenient, it has its risks. So before you dive into these tools to get the crypto you need, you should know what you’re getting into.
Crypto exchange risk
The cryptocurrency market is vulnerable to volatility, which can cause fluctuations in the value of cryptocurrencies, affect exchange rates and result in significant losses. Digital wallets can also be compromised by cyber attacks or hacking attempts, further increasing the risk of financial loss. Technical problems such as system errors or bugs can also cause transactions to be delayed or fail, which can be annoying and cause users to lose money.
Anonymous trading risks
The absence of user registration makes it impossible to verify their identity and creates an environment conducive to criminal activities such as money laundering, terrorist financing or hacking. Users of anonymous crypto exchanges have little legal protection, making them vulnerable in case of disputes with the platform or loss of funds due to hacking or other problems.
Anonymous crypto exchanges may have less functionality than registered platforms. This means that users may have fewer features and options.
Finally, the lack of transparency around the platforms’ ownership and control is a known problem with anonymous crypto exchanges, posing potential issues with decision-making, governance and accountability.
Do extensive research before getting into crypto
Trading cryptocurrencies can be exciting and can lead to profits, but you need to know that there are risks involved. Before investing in digital assets, it is important to do a lot of research and understand the risks. Your research should include researching the cryptocurrency you are interested in and the exchange or platform you intend to use for trading.