InstaSwap Overview and Updates
InstaSwap is better than any other Crypto Exchange platform because these guys innovate regularly. We have seen a lot of developments in the past that have led to improved user experience. Further, due to these constant developments, InstaSwap has become even more secure and authentic.
InstaSwap’s non-custodial nature of altcoin exchange is regarded as one of its defining aspects. It provides users with a sense of security towards using an online platform for exchanging cryptocurrency. Added to this, today we are here to share some more amazing advancements by the team.
What is InstaSwap, and how does it work?
In simple terms, InstaSwap is similar to Coinbase (the first cryptocurrency exchange platform), but only to some extent. The difference lies in the transaction process, exchange or transaction fees, and the other smart systems like a Non-custodial framework.
Coinbase is a Custodial Platform. This means that every transaction is backed and on-display in the public ledger with a unique transaction ID. Any other user can look at your transaction with that ID. But, in InstaSwap, the transaction diary is not public, rather, it is exclusive to the individual user. Hence, no other user has access to what you are transacting in and vice versa. Let’s understand the working mechanism of InstaSwap.
How does InstaSwap Work?
Assuming that as a user, you want to exchange your Bitcoin for Ethereum. Once you select the desired coin, you will be shown the best rate for exchange. In this manner, you can check the exchange rates for different crypto coins. There are around 50 different cryptocurrencies in which you can transact Instaswap. Once you select the desired format of exchange, you can hit continue on the app, and the said amount will be credited to your InstaSwap Wallet.
InstaSwap Mobile Application
With the InstaSwap Application now available on the website with the same interface as you would get on any handheld device. Even with the web app, using InstaSwap is smooth and engaging. But once the mobile application is also launched the users will get more freedom and convenience to swap their altcoins among each other. The mechanism is similar to what you may have observed on the website. You can choose the two cryptocurrencies which you want to exchange, enter the amount, get the best exchange rate, and that’s it. You will get your existing crypto coin exchanged to another form of altcoin as per your choice.
In the application, you will also be able to list two different cryptocurrencies. One will be the one in which you will receive your exchanged coins. The other wallet will be the one in which you can get a refund if the coins are not transferred.
Further, you need to enter your email address and read the policy terms followed by accepting them to initiate the exchange of coins. And that is it. There is no public dairy on which all the transactions are listed, which means that your transactions are hidden or incognito.
Going forward, you can also submit a ticket for any kind of query with your transaction or otherwise. To make their application even more accessible, InstaSwap has also embedded the app with different languages.
Currently, there are 4 different languages that you can choose from, English, Vietnamese, Turkish, and Chinese. In addition to this, the developments are carried out for the addition of 6 to 8 more languages. Lastly, in the Menu, you will also find a Transaction with the help of a unique “Transaction ID” and track its status.
So, with the coming of the InstaSwap application, the whole process will certainly become easier, and you can send or exchange your altcoins from the palm of your hand.
Added more Fiat Currencies
With InstaSwap, there is no need to first convert your fiat currency into Bitcoins and then exchange it for another crypto coin. Along with the application, the team of InstaSwap has also made it possible to buy crypto coins directly with fiat currency.
At present, you can transact in 4 different currencies. They are Euro (EUR), US Dollar (USD), Great Britain Pound (GBP), and Swiss Franc (CHF). Apart from these four different currencies, 8 more are on the list and will be integrated into the application in the coming future.
Australian Dollar, Canadian Dollar, Israeli New Shekel, Norwegian Krone, Polish Zloty, and Russian Ruble, Swedish Krona, and South African Rand; these are the other currencies that can become a medium of exchange for the users in the future.
This means that in the future, any user who has access to capital in any of these fiat currencies can directly exchange it with those altcoins that are listed on InstaSwap.
Also, when it comes to the transaction fee charged by InstaSwap, it is much less than other similar exchanges. The base charges for exchanging the currencies are only 0.4% of the total amount that is transacted or exchanged.
Since this is a non-custodial cryptocurrency exchange platform, it is secure because nobody can get access to your ledger or transaction history. Thus, there will be no scope of a breach or your account getting hacked.
With these new developments, InstaSwap is better accustomed to address the users and give them more room to conduct currency exchange transactions. We will get to see several more developments going forward. The motive of creating such an exchange platform is to allow the users to transact securely, instantly, and conveniently.