If you’re planning to swap between cryptocurrencies, there is no shortage of options. Many people will use a centralized exchange such as Binance, but there are also non-custodial solutions such as Flyp.me. There are pros and cons to both models in terms of privacy, speed, and value for the money. The following review will focus solely on the latter, with a view to determining which exchange mechanism offers the best value for money.
Also read: Four Alternatives to Shapeshift
If You’re Regularly Swapping Between Cryptos, Know Your Options
When you’re cashing out into fiat, or swapping between cryptos, every satoshi counts. This is particularly true for freelancers who are paid monthly in cryptocurrency and then obliged to cash out a lump sum to cover living expenses. Some professionals who are paid in ETH, for instance, will immediately switch to BTC, before selling what they need to through Localbitcoins.com. For the purposes of this review, we’ll consider the exchange rate when swapping a small amount of ETH to BCH ($100) and a larger amount of ETH to BTC ($2,000).
The Small Swap
Our first fictional freelancer has been paid $100 in ETH, which equates to 0.49 ETH at the time of writing. They wish to swap to BCH so they can spend it on swag in the Bitcoin.com store. We’ll ignore the cost of sending ETH to a custodial or non-custodial exchange in each instance, as at around 4 cents, it’s negligible.
- Performing the swap using Changelly will give you 0.23482 BCH.
- Performing the swap using Binance will give you 0.236 BCH (including Binance’s withdrawal fee).
In this example, the custodial exchange option will give you 0.00118
