5 Apps and Platforms for Anonymous Cryptocurrency Exchange
Crypto exchange is 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 for crypto exchange services. These services make it easy for users to buy, sell and trade cryptocurrencies on the go.
You can do a variety of things with these apps, from simple trading to more complex trading and portfolio management. So let’s explore how crypto exchange works and check out the best crypto exchange apps and platforms for mobile devices.
What is a crypto exchange?
Cryptocurrency exchange is the process of exchanging one cryptocurrency for another. The main purpose of a crypto exchange is to exchange one cryptocurrency for another. There are many reasons for this, such as taking advantage of price differences between cryptocurrencies, building a well-balanced cryptocurrency portfolio, or exchanging one cryptocurrency for another that is better for a given purpose.
For example, you want to participate in a blockchain project that only accepts Ethereum (ETH), but you only hold Bitcoins (BTC). By using a crypto exchange platform, you can easily exchange your BTC holdings without having to sell your BTC for fiat currency and then use that fiat to buy ETH.
Trading cryptocurrency usually involves a few simple steps. First, the user selects the cryptocurrencies they want to exchange and enters the amount they want to exchange. The platform then calculates the exchange rate and displays the amount of the second cryptocurrency that the user receives in exchange.
Once the user confirms the transaction, the platform sends the second cryptocurrency to the user’s wallet to complete the exchange. The transaction may take a few minutes or longer 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 generally don’t need to register or meet KYC requirements. Below are some of the reasons why crypto users prefer to trade anonymously.
1. From the beginning, cryptocurrencies were designed to allow users to make transactions that are not connected to their real identity. This feature is especially for those who value their privacy and want to protect their financial information from being monitored or tracked.
2. Anonymity gives cryptocurrency users extra protection by hiding their transaction details from potential cyber threats or malicious attacks.
3. Cryptocurrencies are regulated or restricted in some way in different places. To get around these obstacles, some users prefer to make anonymous transactions.
4. For some crypto users, anonymity is the most important thing, whether they have something to hide or not. By maintaining privacy and security, anonymous transactions can help users maintain a low profile in their crypto transactions.
5 Apps and Platforms for Anonymous Cryptocurrency Exchange
Here are some apps and platforms that allow you to exchange different types of digital currencies.
ChangeNow is a crypto platform launched in 2017. The service allows you to exchange more than 200 digital currencies such as Bitcoin, Ethereum, Litecoin, Ripple and many more without creating an account or filling out forms.
When you use ChangeNow to exchange digital currencies, you must select the type of cryptocurrency you wish to exchange, enter the amount you wish to exchange, and select the currency you wish to receive. Once you’ve done this, click the convert button and you’ll be taken to a page where you’ll need to enter the wallet address where you want to transfer the new currency.
ChangeNow then searches multiple liquidity providers for the best exchange rate. The exchange takes place within a few minutes after the transaction is confirmed.
Download: ChangeNow for iOS | Android (Free)
SwapSpace was founded in August 2018. It allows cryptocurrency traders to compare rates and fees from 19 different exchanges to find the best price for their desired trade. This means that users can trade cryptocurrencies quickly and easily without signing up to multiple exchanges to search for low rates.
SwapSpace allows you to exchange more than 2,000 cryptocurrencies and provides access to fixed and floating rates available on various exchanges. Its customer service is available 24/7.
Exolix is a decentralized cryptocurrency exchange platform created in 2018. More than 390 cryptocurrencies can be traded on the platform. These include popular ones like Bitcoin, Ethereum, and Litecoin, as well as lesser-known coins and tokens.
To initiate an exchange on Exolix, users must specify the cryptocurrencies they wish to exchange. The platform provides an exchange rate and an estimate of the new cryptocurrency received. Exolix charges a flat fee for each swap, which is a competitive rate compared to other cryptocurrency exchange platforms.
Download: Exolix for Android (Free)
Founded in 2018, StealthEX is a cryptocurrency exchange platform that allows users to trade cryptocurrencies quickly and securely. It accepts a wide range of cryptocurrencies as the platform currently supports more than 700 cryptocurrencies.
At StealthEx, there is no set maximum or minimum limit for exchanging cryptocurrencies. However, it is important to note that the amount converted must be sufficient to cover the transaction fees. The platform also has low transaction fees, even though the fee depends on the currency and the amount you want to exchange. There is also a helpful customer support team available 24/7 to help users with any issues or queries.
Download: StealthEX for Android (Free)
Godex was launched in 2017 and provides access to over 300 cryptocurrencies. The platform offers a fixed exchange rate that protects against market fluctuations. Execution of orders typically takes 5-30 minutes, depending on the confirmation speed of the decentralized network. It is worth noting that orders involving the exchange of up to 1 BTC may take longer to fulfill than smaller orders.
Learn about the risks
Although crypto exchange may seem convenient, it has its own risks. So, before you dive into these tools to get the crypto you need, you need to know what you’re getting into.
Risks of crypto exchange
The cryptocurrency market is susceptible to volatility, which can lead to fluctuations in the value of cryptocurrencies, affecting exchange rates and leading to significant losses. Digital wallets can also be compromised by cyber attacks or hacking attempts, further increasing the risk of financial loss. In addition, technical issues such as system errors or bugs can cause transactions to be delayed or failed, which can be annoying and cause users to lose money.
Anonymous trading risks
The lack of user registration makes it impossible to verify their identity and creates an environment suitable for crimes such as money laundering, terrorist financing or hacking. Users of anonymous crypto exchanges have little legal protection, leaving them vulnerable to disputes with the platform or losing money due to hacking or other issues.
Anonymous crypto exchanges may have fewer features than registered platforms. This means users have fewer features and options.
Finally, a lack of transparency around platform ownership and control is a known problem for anonymous crypto exchanges, raising potential issues in decision-making, governance, and accountability.
Do extensive research before you start learning about cryptography
Trading cryptocurrencies can be exciting and profitable, but you should know that there are risks involved. Before investing in digital assets, it is very important that you do your research and understand the risks involved. Your research should include researching the cryptocurrency you are interested in and the exchange or platform you want to use to trade.