Can Somebody Tell Me About Instant Exchanges?

[ContentWriter]

Which ones are reliable?
Which ones are people actually using?
How do they work?

[SilverCryptoBullet]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Instant exchanges, I don't understand what you asked.

Exchanges have two types: centralized, decentralized. Centralized exchanges are more favorite by people because these exchanges have higher trading volumes than decentralized exchanges. They have more trading pairs and there is less risk of rug pull with projects listed on centralized exchanges.

With decentralized exchanges, trading volume is usually lower and risk of rug pull is bigger. Trading on decentralized exchanges require available Liquidity pool and it is risk of rug pull if the project team rug the liquidity.

Exchange can take some seconds to finish on decentralized exchanges because your trade is an on chain transaction, it must be confirmed to complete.
On centralized exchanges, your trade is off chain, not on chain but your order can be filled or not filled, depends on order type you use.

[mk4]

Which ones are reliable?
Which ones are people actually using?

Centralized exchanges(CEX)? or Decentralized/DeFi-based exchanges(DEX)?
Which specific blockchain?

How do they work?

Which specific CEX/DEX? Most platforms differ in one way or another.


You're going to need to fill us up with more specifics brah. But just so I don't leave you empty-handed:

* https://astroport.medium.com/dex-wars-an-analysis-of-the-amm-vs-clob-debate-7f3b9e4e5c50
* https://medium.com/@crypfi_io/amm-vs-order-books-ae80200ac768

[FinneysTrueVision]

eXch is probably the most trusted one on the forum. They don’t have any KYC requirements, as far as I’m aware, and I’ve never heard of people having their funds frozen for no reason. The only downside is that they don’t have a lot of currencies available for trading. For an instant exchange that offers more coins I use Sideshift.ai, although they are not as privacy oriented and might ask for KYC, but I’ve never been asked to do it.

[sunsilk]

I second that it seems that in the forum exch is the most popular instant exchange. There have been some other popular ones but because they've been hacked, they're no longer being used by the majority in here.

There are some other instant exchanges that you might see and will be suggested by the others.

But if there's one, make sure that you'll also keep on making your research especially to the uncommon ones or the ones that you've just heard.

[Fiatless]

Which ones are reliable?
Which ones are people actually using?
How do they work?

The first thing you should consider is the crypto laws in your country. Some countries like mine have banned many crypto exchanges because of some reasons. So you have to check if your country allows exchanges to operate freely. Another point is to consider which exchange offers services in your jurisdiction this is because some exchanges don't operate in some countries. We have to also consider which type of exchange you are referring to since there are decentralized and centralized types.

Decentralized exchanges are more reliable than centralized ones since they are not under the control of the user. They also promote privacy and security. You might not lose your funds easily since they don't keep people's funds. Centralized exchanges are more convenient to use but they are not safe. In case of hacks or fraud on the centralized exchange customers might lose their money.

The choice of exchange will depend on the use and the funds involved. People who engage in trading might prefer to use centralized exchanges because of their liquidity. You might also decide to use a centralized exchange if it involves little money.

You have to do your research to determine the one that suits you and to learn how it works.

[Faisal2202]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Instant exchanges are like you don't have to register, don't have to perform KYC successfully. You just open the platform site and provide your receiver address and once you do that, you have to chose which token are you going to send to them and which token you want to receive in exchange. Then you open the deal, and they will provide you a unique address where you have to send the funds you want to exchange, once it go the first confirmation that platform will process your exchange deal and your will receive your funds in your wallet.

The procedure is pretty easy, I have been using sideshift till now but recently I tries synapse and it is also pretty good and cheap as well. For the exchanging purpose you can prefer sideshift and syanpse both as I have tried them and my experience was good with them. There are many other instant exchanges in the market as well but you might want to compare the transaction fee first.

[dkbit98]

eXch is best non-kyc exchange that I know for crypto to crypto swaps.
They will never seize or freeze your coins for any reason and they will respect customer privacy.
If you need to exchange crypto for fiat currencies I would research more PeachBitcoin app and Robosats.

[BitMaxz]

Why not start by telling us first what you want to exchange in an instant?
Do you have two options fiat to crypto or crypto to crypto?

If it's fiat to crypto with no KYC then check the list of decentralized exchanges from this link below

- https://kycnot.me/

For Bitcoin you can buy directly to Bitcoin ATM it should be instant but depends on how much you want to buy because some Bitcoin ATMs have limits if you buy at a higher limit it requires KYC so if you want an instant then you can only buy a small amount of BTC. Check your place at https://coinatmradar.com/ and look for Bitcoin ATM or crypto ATM near you and take note other crypto also supports like Litecoin and ETH.

For crypto to crypto eXcH is one of the fastest no KYC is required but for non-BTC then you can check the list of defi exchanges below

- https://www.coingecko.com/en/exchanges/decentralized

[Knight Hider]

eXch is probably the most trusted one on the forum.

I think you are right. However: eXch has only a few coins, you'll need a different instant exchange for most coins. Don't deposit more at once than you can afford to lose.

[Aanuoluwatofunmi]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Instant exchange that i know to be secured and free from the regulations is the p2p exchanges, you can make this using the crypto networks on the blockchain, its either you go through a centralized exchange or a decentralized one, you can also make a physical or offline crypto p2p exchange when you have a credible and trusted escrow service provider to hander your trade for you, i want to believe you're not referring to the fiat systema and currency exchanges.

[Z_MBFM]

Which ones are reliable?

If you ask for CEX then i will suggest you Binance & Kucoin but if you ask for DEX then you can use any popular dex, coz here your crypto will be in your control so the risk will be less.

Which ones are people actually using?

Must of the trader's are using Binance as a CEX and uniswap, pancakeswap and others DEX depending on blockchain.

How do they work?

Every CEX required deposit crypto and trade/exchange and withdraw but if you ask for DEX then here you have to connect your wallet by metamusk or any others wallet Dapp and swap your crypto. here your swapped new crypto will automatically added on your personal wallet which wallet your are connected there and you are holding your old coin.

[Saint-loup]

You should be careful usually they have a large spread especially for small cap cryptos. They buy higher than the market price and they sell at lower price than the market. So fees are virtually higher than classic exchanges.
Besides that OmegaStarScream is listing the most known/reputed ones on this thread in the Economy > Marketplace > Service Discussion > Exchanges section bitcointalk.org/index.php?topic=5218464.0 (sorry because of the tag [list] in the title there is a bug with the hyperlink feature apparently)

[Findingnemo]

I guess OP meant swap exchanges as Instant exchanges.

Trust wallet has a built-in feature of swapping tokens from one to another, there is not much of a difference how it works technically but it's more convenient for someone who doesn't want to move their crypto assets to an exchange then convert then move back to the wallet so these swap exchanges are preferable for small conversion but I don't recommend any of them cause almost every such exchange has unresolved accusations against them so DYOR before trusting them with your money.

[Oneandpure]

I second that it seems that in the forum exch is the most popular instant exchange. There have been some other popular ones but because they've been hacked, they're no longer being used by the majority in here.

There are some other instant exchanges that you might see and will be suggested by the others.

But if there's one, make sure that you'll also keep on making your research especially to the uncommon ones or the ones that you've just heard.

Some respond recommended with exch as instant exchange not required with KYC, seems its good option for OP looking for instant exchange and not regulation of verifying account make its easily for withdrawing or deposit fund there.
Usually with exchange not required with KYC too risk although  exch have more experienced exchange not secure yet holding assets for long term.

Seems need specific respond from OP about his mean with instant exchange, are exchange not require with KYC and he can withdraw all assets without verifying document firstly or not.

[CryptopreneurBrainboss]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Exch and others (but I can't vouch for them since I haven't used them before) but it seems they have been used by others and they didn't find any fault. Exch is the one that I can vouch for as one of the best out there and you shouldn't be scared using them since you won't encounter any scam provided you're accessing the exchange from the write URL. How instant exchanges work is right there in their name, they're instant so they exchange your coins for you instantly. Having more knowledge how they exchange the coins for you instantly shouldn't be your problem since they're solving your problem without any issues but just know any coin that they have listed on their platform means they have them available to send you based on the exchange rate instantly. When using instant exchange, you're transacting with the exchanges and not another trader.

Some respond recommended with exch as instant exchange not required with KYC, seems its good option for OP looking for instant exchange and not regulation of verifying account make its easily for withdrawing or deposit fund there.

Not requiring kyc makes it more convenient to use instant exchange if we value our privacy, let us not make it a norm to use centralized exchanges that needs our kyc that they can sell to the biggest bidder behind our backs. The government can always take CEX to court and if they win, they're obligated to provide the government with any information that they need on a client of theirs.

[Mr.right85]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Vouching for any exchange is like vouching putting your hopes on a ticking time bomb to never explode. In recent times, services within the cryptospace have been attacked once it got so big by the government. At other times, it could be as a result of the CEO trying to make profit off peoples money and this could as well go bad for everyone, other times it could be the result of hacks. Hence, vouching for the exchanges isn’t something you would find many doing but, a few of them could be suggested, how you use them is at your own risk and be sure to DYOR on them.

Personally, I can suggest that you try Binance, OKX and Coinbase.
Mind you, do not take excajhges for your wallet and store large some on them, it’s not advised and isn’t wise.

[Bitcoinpoly]

Which ones are reliable?
Which ones are people actually using?
How do they work?

Both CEX and DEX have their own different advantages, you need to be aware that there some features available CEX that you cant access on DEX, CEX is a very good place to get opportunity to make good profit while on the other end DEX has some sort of privacy, though DEX still has some limited CEX features just like the Bitget wallet. 

[pakhitheboss]

Which ones are reliable?
Which ones are people actually using?
How do they work?

I do not understand what you meant by instant exchanges as all cryptocurrency exchanges are instant. If you want to find about non KYC exchanges, that I think you are asking then visit this website - https://kycnot.me/

They have a list of non kyc exchanges where you can trade without waiting for KYC approval. Those listed are legitimate but ensure you do your own research before investing your money or doing any trade.

The reason being non kyc exchanges cannot be trusted.

[pooya87]

Trust wallet has a built-in feature of swapping tokens from one to another

A closed source software that belongs to and is controlled by a centralized exchange company is not the best suggestion to someone looking for a reliable instant exchange.