Tuesday, December 7, 2021
Home Exchanges LetsExchange Review: Non-Custodial Exchange Focused on Privacy, Security, and Ease of Use

LetsExchange Review: Non-Custodial Exchange Focused on Privacy, Security, and Ease of Use

- Advertisement -

LetsExchange is an instant cryptocurrency exchange service launched in early 2021. So, yes, it is a new addition to the wide array of cryptocurrency exchanges. Yet, it targets a specific niche in the industry and offers a distinctive set of features, which helps the platform to find its audience and grow steadily.

The platform focuses on user privacy, security, and convenience. You aren’t required to register an account and pass any verification procedures to start exchanging crypto. LetsExchange doesn’t take custody of users’ private keys and assets, they use their own wallets to send and receive coins. The service doesn’t impose upper limits on the number of swaps or their amount. The exchange process is absolutely transparent: all transactions can be checked using block explorers, and users can download a receipt with transaction data.

Key Features

LetsExchange offers its users a variety of benefits to ensure safe and effortless swaps. With no Know Your Customer (KYC) or registration required, LetsExchange is a great option for those users who prefer to exchange their coins privately. Non-custodial services exclude crypto account hijacking and ensure advanced security of users’ funds. LetsExchange uses multiple liquidity providers to facilitate quick swaps of hundreds of coins and automatically selects the best available rate for every exchange request. Now, let’s have a closer look at LetsExchange features:

Instant swaps without mandatory registration. You aren’t required to register an account (even though you can do so if you want) or to verify it. The exchange enables you to trade as soon as the rate is profitable, without wasting a single second for registration or verification.

The majority of popular coins are supported. With more than 260 coins to swap, you have an impressive variety of cryptocurrency trading options. LetsExchange regularly adds new coins and tokens to its range of supported cryptocurrencies.

No upper limits. The service doesn’t limit the number of swaps or the maximum amount to exchange within a single swap. There are lower limits though, which are usually close to the equivalent of 0.002 BTC in the selected currency. As LetsExchange explains, these limits are set to prevent loss-making transactions for users, when the amount of network fees accounts for a significant part of the total exchange amount. The platform will notify you if you’re trying to exchange an amount below the limit.

Security. LetsExchange doesn’t store your funds. You deposit money from your wallet and receive exchanged funds directly into your wallet. All transactions are performed on-chain. You are the only one who manages and can access your cryptocurrency. The platform applies advanced security measures such as DDoS protection and an SSL certificate to ensure top safety and prevent any information interception.

SmartRate technology. LetsExchange compares exchange rates among its liquidity providers and picks the best deal for you.

Transparency. The exchange process is completely transparent. Users can download a receipt with all swap’s details.

24/7 support. Customer support is available in real-time mode through email and live chat. You can address them your questions and concerns to get fast and professional assistance.

Fixed and floating exchange rates. Users can choose between a fixed rate if they want to get the exact sum that they see stated when the swap is initiated, or a floating rate if they prefer to leverage on market fluctuations. When using the fixed rate option, the amount to receive slightly decreases which means that the platform charges a small fee for volatility risks. Yet, this fee is reasonable if you want to avoid slippage during the execution of your exchange.

User accounts. Those users who prefer the comfort of their own account with extensive functionality, can sign up and enjoy benefits that come with it: a history of transactions, a favorites list, a portfolio management tool, an affiliate program, etc.

LetsExchange History

The platform came into existence in 2020, but it was not until March 1, 2021, when the fully-fledged platform was launched. Even though LetsExchange is new, it has developed a fully functional platform where users from all around the world can enjoy limitless swaps without mandatory registration.

The initial development stage of the platform is completed. The exchange offers its users the needed functionality for effortless and simple cryptocurrency swaps. Detailed statistics, analytics, and personal account functionalities have been implemented already, and new features are being developed and added constantly.

More than 260 coins are available to exchange but the platform doesn’t limit its offer to the available coins only. LetsExchange aims to list more than 350 cryptocurrencies and tokens to make swaps even more varied.

Those users who have a network of crypto enthusiasts can benefit from the LetsExchange affiliate program. The variety of integration options allow you to benefit from every swap that referred users make.

Fees

LetsExchange doesn’t charge withdrawal fees because funds are sent directly to users’ wallets. However, since all the swaps are performed through on-chain transactions, you need to pay network fees as well as liquidity providers’ fees if applied. The total amount of fees depends on the selected crypto pair and is always included in the exchange amount displayed in the platform’s widget.

Supported Countries

No personal information is required to use the platform. It means that the use of LetsExchange is limited only by the regulation of a user’s residence country. As long as the user has a wallet, they can swap coins from literally anywhere in the world.

User Interface

The user interface is absolutely intuitive. This simplicity allows even inexperienced users to perform exchanges without issues. It is clear what information you have to provide, where you have to enter the receiving address, where to make a deposit, and so on. A swap is completed with a few simple steps:

  • Indicate the coin to sell and provide the amount to exchange.
  • Choose the coin to purchase.
  • Choose a fixed or floating rate.
  • Provide the receiving wallet address in the respective field.
  • Make the deposit.
  • Receive the coins in your wallet.
  • Download a receipt with detailed transaction information.

The platform’s UI emphasizes the streamlined exchange process that distinguishes the platform.

Customer Service

Our research of LetsExchange’s communication with users confirms that responsive customer service belongs to the strengths of this platform. It has an excellent rating on Trustpilot and there are a lot of reviews praising the LetsExchange support team for solving issues with swaps even if they were due to users’ mistakes. The team also addresses user requests submitted through Twitter, Reddit, and other social media channels.

Conclusion

With a wide variety of supported coins, top security level, responsive customer support available online 24/7, and other benefits, LetsExchange is a reliable place to swap one cryptocurrency for another. Drawbacks? We would mention one only: you cannot use fiat money for swaps there, neither bank accounts nor bank cards are supported. Other than that, everything works as expected.

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Largest Bank In Colombia To Offer BTC, ETH, LTC, And BCH Trading Services With Help Of Gemini

Gemini cryptocurrency exchange has entered into a partnership with the largest bank in Colombia, Bancolombia, under which the bank's clients will have access to...

3Space Art Announces the Launch of Its Groundbreaking NFT Platform

Singapore, Singapore, 7th December, 2021, Chainwire3Space Art is thrilled to announce the official launch of its groundbreaking NFT platform that facilitates widespread use of...

Starly Closes Pre-IDO Funding Round of $6.1 Million and Announces Future Plans

Zug, Switzerland, 7th December, 2021, — Starly, the launchpad and marketplace for gamified NFTs, has just closed its pre-IDO funding round with $6.125 million...

Polygon And Wanchain Announce Strategic Partnership, Plan To Launch World’s First Direct Decentralized Layer 2-to-Layer 2 Cross-Chain Bridge

London, United Kingdom, 7th December, 2021, -Polygon and Wanchain are proud to announce a strategic partnership that will drive further adoption of Layer 2...

Gate.io Becomes The Sixth Largest Crypto Futures Platform

Singapore, Singapore, 7th December, 2021, Chainwire Leading global digital asset exchange, Gate.io, has quickly become the sixth largest crypto futures platform in the world, having...

UK FCA May Exclude Crypto Investors From Financial Services Compensation Scheme (FSCS)

Cryptocurrency investors may be excluded from the Financial Services Compensation Scheme (FSCS) in the UK. A proposal from the Financial conduct authority (FCA) is...

India Looking To Classify Crypto As Financial Assets, All Crypto Holders Must Declare Their Holdings Or Face Fines

India is considering appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter told Bloomberg, as authorities look...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.