Frequently Asked Questions
What is CryptiSwap?
CryptiSwap© is a non-custodial cryptocurrency exchange that allows the customer to trade without registration and the storing and holding of funds.
As Cryptiswap is a brand new project, we are still building Cryptiswap based on customers’ feedback and recommendation. In that sense, we are open to suggestions in the direction we should head in and as a result, will pivot and build the software/platform based on your suggestions! Please follow us to keep up to date on future releases.
What makes CryptiSwap Different?
Custodial/Centralized exchanges store customers funds/private keys so you must have absolute trust that the exchange won’t go bankrupt and take your funds. As a non-custodial automated exchange, customers will always have control of their funds/private key.
What is the difference between dynamic and fixed rate?
A dynamic rate changes more often (every 20 seconds) compares to a fixed rate which changes every 3 minutes. Due to the volatility in the market, a fixed rate might interest a user more because they want to lock in that particular rate at that exact moment, although due to this volatility, a fixed rate will incur a slightly higher rate than a dynamic rate.
When does my rate lock?
The rate will keep changing throughout the trade (in both directions) until you’ve sent your funds and the transaction has been broadcasted onto the blockchain. After this happens, your rate for that particular transaction will lock and that is the final amount you will receive.
You might get more than what was shown when you opened the trade, although you might get less. It all depends on the market price at the time of confirmation/broadcast. In most cases, we will need only 1 confirmation, in others, we only want to check the blockchain to see if the transaction has been broadcasted.
What is an account for?
Accounts are always optional. To have a live chat on our app with the team, an account is required.
What's the point of having an account?
Some users like to build relationships with our team to stay up to date with upcoming announcements/projects as they wish to regularly speak to the team or seek support about anything, in which case we are happy to help.
How long does a transaction take?
Usually, transactions take 10 minutes on average. If your transaction is stuck, do not worry. Your funds are never lost and sometimes we have to process the transaction manually. Don’t stress.
What Fees do you charge?
Every time you send any cryptocurrency, from your address to another, you incur a Network fee. The fee changes depending on market demand and network capacity, these include:
– Blockchain network fee for sending coins/tokens to a customer’s wallet (i.e., gas fee). We don’t make any money on this fee and it is determined by the network;
– Trading fees for exchanging and sending your funds. Our fees range from 0.5%-1% depending on market volatility.
All users are charged the same fee’s and we do not prioritize some customers over others. Do not believe any exchange that claims they don’t charge any fees as this is purely a marketing strategy to win you over.
In saying this, we aim to provide the lowest possible rate at the highest quality of service so the user can choose our service over others.
Are you decentralised?
We are working towards full decentralization as we, among many others, believe that decentralized exchanges (DEX) will take over centralized exchanges (CEX). As a result, we are currently building a fully decentralized exchange although this takes much longer to build the protocols necessary to obtain cross-chain atomic swaps.
What do you mean by non-custodial?
By depositing funds into a custodial exchange, you are giving them control of these funds. If they have a good reputation, then you have nothing to worry about although, in the past, many people have had their funds locked away and have found it impossible to withdraw. We are against this practice and will never hold your funds no matter what scenario.
The brief and only moment we have custody of the funds is when they arrive in our wallets. Once this happens, our systems will automatically send your funds to the address provided. So in a sense, we are 1% custodial and 99% non-custodial.
Why do you claim you are a non-custodial exchange?
If we are an exchange that forces customers to deposit their funds, from their own device to ours, and we hold those funds for the customer (and potentially prevent them from withdrawing them), then we would class ourselves as a custodial exchange (like Binance, Kraken and coinbase).
But instead, users can still use a hardware/offline wallet to deposit only the necessary amount they need to be exchanged and nothing more. There is less risk in this method of exchanging as we the funds remain on your own device.
Can I buy crypto with my bank card?
We are in the process of implementing this feature, we expect to have this set up in the coming months.
I'm unable to find an answer to my question.
If you are unable to find an answer in this section, please feel free to visit our Contact Page to chat with us live or to leave us an email, we will get back to you as soon as we see it.