The post AirSwap Review 2023 – A Comprehensive Guide to the Zero-Fee Decentralized Exchange appeared first on Coinpedia Fintech News
Introduction
Decentralized finance (DeFi) has been gaining attention in recent years, providing an alternative to centralized exchanges by allowing users to trade cryptocurrencies without the need for intermediaries. These decentralized exchanges, also known as DEXs, have become increasingly popular due to their security and transparency features. Among them, AirSwap stands out as a unique DEX with its own token AST. In this review, we will cover everything you need to know about the AirSwap DEX.
Overview
| Official Website | https://www.airswap.io/#/ |
| Founding Year | 2017 |
| Head Quarters | United States |
| Trading Volume | $6 Million |
| Trading Options | Swapping Tokens |
| Gas fees | No trading fees. But you need to stake 250 AirSwap Tokens |
| Total listed Coins | 20+ |
| Trading Pairs | 25+ |
| Supported fiat currencies | No fiat currencies supported |
| Withdraw options | ERC supported |
| Bank withdrawal Supported | No |
| Withdraw fees | Depends on cryptocurrencies |
| Deposit methods | Fiat currency is not supported |
| Restricted countries | 10+ |
| Native Token | AirSwap Token (AST) |
| Mobile app | No Mobile App |
| Support Channel | https://discord.com/invite/ecQbV7H |
| Coinpedia rating | 7/10 |
| Security rating | 8/10 |
| User Interface | Need a learning curve |
| Ease to set up | Somewhat difficult for a beginner |
| App store Rating | No official Mobile App |
| Play store Rating | No official Mobile App |
| Security | Secured |
| Hacking attempts/Hacks | Never been hacked |
| KYC verification duration | No KYC required as it is a DeFi |
| Regulation & Compliance | Compliant |
| Liquidity | Moderately liquid |
| Proof Of Reserve | Not required as it is a DeFi |
What is AirSwap?
AirSwap is a decentralized cryptocurrency exchange that allows users to trade Ethereum tokens directly with one another. The platform, created by a US-based startup, is unique in that it offers features beyond those found on other decentralized and centralized exchanges. It is becoming increasingly popular due to its native crypto token and its lack of trading, deposit, and withdrawal fees.
Unlike other decentralized exchanges, AirSwap is a standalone service that does not rely on third-party assistance for storing and managing user funds. This means that users are in complete control of their crypto assets and can execute trades anonymously, as account registration is not required. Additionally, the platform provides a secure and user-friendly experience, making it a great option for high-volume traders.
The platform’s native token, AST, is used to pay for platform utilities and is the main source of revenue for the platform. The platform does not charge any fees on deposits and withdrawals and users can participate in proposals and voting by using AST.
Features of AirSwap
AirSwap offers a number of features that make it an attractive option for traders. Some of these features include
- Decentralized: AirSwap operates on the Ethereum blockchain, which means that it is not controlled by any central authority. This decentralization provides a high level of security and transparency for users.
- Transaction Fees: The platform does not charge any transaction fee which is a massive advantage for crypto investors.
- Peer-to-Peer: AirSwap allows users to trade tokens directly with one another, without the need for an intermediary. This eliminates the need for users to trust a central authority with their funds.
- Token Listing: AirSwap has a token listing process that allows new tokens to be added to the platform. This enables a wider variety of tokens to be traded on the platform.
- Easy to Use: AirSwap has a user-friendly interface that makes it easy for beginners to start trading on the platform. However, a learning curve is there for using this.
Cryptocurrencies Supported on AirSwap
Airswap supports different types of digital currencies that are built on the Ethereum blockchain. These include
- Ethereum
- AirSwap token
- Augur Coin
- Ox Protocol
- Aelf
- Basic Attention Token
- Binance Coin
- Bloom token
- Dai
- DigixDAO.
How to Start Trading on AirSwap
Starting to trade on AirSwap is relatively straightforward. Here’s a quick guide on how to get started:
- Go to the AirSwap exchange
- Search for the token you want to buy in the checkout widget or ticker section
- Enter the number of tokens you want to buy
- Click on “Get quotes”
- Review quotes from different peers
- Optional: add the gas fee for faster transaction
- Sign the confirmation of the trade within the wallet
- Wait for the transaction to be settled and credited to your wallet
Exchange Fees and Supporting Payments
The native Token of the platform is AST. It is used to pay for platform utilities and is the main source of revenue for the platform. AirSwap does not charge any fees on deposits or withdrawals. The users can participate in proposals and voting using AST. It does not support Fiat currency, hence you need to buy Ethereum from other central exchanges to begin swapping on this exchange.
Customer Support
AirSwap has a customer support team that is available to assist users with any issues they may encounter while using the exchange. Users can contact customer support via the AirSwap website or through the company’s social media channels.
Conclusion
Airswap is a decentralized exchange built on the Ethereum network. One of the key features of Airswap is that it does not charge any fees on transactions, deposits, or withdrawals. Instead, the exchange generates revenue through its native token, the Airswap token. Every maker is required to stake 250 Airswap tokens.
One of the main advantages of using a decentralized exchange like Airswap is that users keep control of their own funds, which reduces the risk of security breaches. Additionally, since decentralized exchanges have servers spread out around the globe, it is much more difficult for hackers to gain access to all of them, providing an additional layer of security.
FAQs
AirSwap is a secure decentralized exchange that distributes its services globally, making it difficult for hackers to access all of its servers. Users also do not store their funds in the exchange, making it even more secure.
AirSwap uses its own token, AirSwap-token, and instead of charging trading fees, it requires users to stake 250 tokens. This provides the exchange with a significant competitive edge. They make a profit from the AirSwap-token and do not charge any withdrawal or deposit fees. They do not allow fiat-crypto trading which may deter some new investors.
AirSwap supports most ERC tokens and platform-native tokens that are managed on the Ethereum blockchain.
No, AirSwap does not support fiat-crypto trading.