[ANN] SnapSwap.io | Instant Crypto-to-Crypto Exchange | Low Rates, Low KYC Risk

[snapswap.io]

You have very good fees rate but how is the exchange rate calculated? 1% fees would be very bad if exchange rate includes hidden fees.

For fixed rate orders, we take the current market price and adjust it by 1% to guarantee the fixed rate, plus 1% as the platform fee. This allows us to lock in the rate regardless of market fluctuations. If the market shifts by more than 1% during the order process, the user is always asked whether they want to provide a refund address to get their funds back or continue with the current market rate.

You didn't get my point, so let me quickly compare the fees:
For Bitcoin and most cryptocurrencies, exchage rate are not the best, but they are good for XMR.

200 USDT ---> BTC:

0.00166074 BTC  (https://snapswap.io/)
0.0017357 BTC (StealthEX)
0.0017472 BTC (SwapSpace)
0.00174867 BTC (DAI/ https://splash.tf/)

200 USDT ---> XMR
 
0.7241104 XMR  (https://snapswap.io/)
0.0.71977663 XMR (StealthEX)
0.0.727896 XMR (SwapSpace)
0.72359120 XMR (DAI/ https://splash.tf/)

If you can get more competitive fees, this service would be an excellent choice.

Thank you for taking the time to compare the rates and share this feedback. You’re right, for some pairs like BTC and ETH the fees are little higher. The main reason is that withdrawal costs for certain coins on our liquidity side are relatively high, and this is reflected in the final rate.

We’re already looking into adding additional liquidity providers to optimize these cases and lower the spread, while keeping XMR and other pairs as competitive as they are now. Step by step, this will allow us to offer better rates across a wider range of coins.

[God Of Thunder]

I really appreciate your offer, though I’ve already spoken with Royse and we’ll be starting a campaign with him soon.

Right now we’re focused on fixing some post-launch bugs, but campaigns are definitely in our plans and I agree that building reputation through reviews is very important.

Thanks again for the advice and for reaching out.

Well, this is great!
Royse is far more experienced and must have good knowledge of marketing. It is good to know that you are already planning for a campaign with R7 promotions. Congratulations on launching your upcoming promotional campaign. As for fixing the bugs first - I think this is the first thing you should focus on. Promoting your product without fixing the bugs would be waste of money. So yeah, you are on the right path. Good luck with your forum journey.

[snapswap.io]

Hello everyone!

I'd like to share a quick update about SnapSwap.io. Over the past week we fixed the main bugs we discovered during pre-launch and polished some UI elements to make the whole process a bit smoother.

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. We also plan to start a review campaign soon, and we’ll keep the community updated once it’s live.

The service itself is running stable 24/7, with average swap times still in the 5–30 minute range depending on confirmations.

Big thanks to everyone here who checks our ANN, asks questions, and gives feedback, it really helps us to improve step by step.

[snapswap.io]

Hey evertone!

Quick update - SnapSwap.io is now listed on XMRBazaar!
Happy to get more visibility in the Monero community, and we welcome everyone to try the service and share feedback.

https://xmrbazaar.com/listing/HQjn/

[hugeblack]

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. We also plan to start a review campaign soon, and we’ll keep the community updated once it’s live.

according to the Terms of Use, KYC refusal may result in the partner holding the coins, it is better to choose from the list of available partners or at least inform the user about the partner to check the Terms of Use before depositing.

[Trêvoid]

Whitebit, Changenow, and FF have the largest networks of resellers, but they are always receiving the most complaints regarding frozen funds and extra shady KYC requirements.

Every exchange service, whether new or established for a couple year, must clearly disclose their liquidity provider. I can see that you didn't mentioned this. If it’s one of these three scammers, the exchange service should be labeled as "very risky"

[examplens]

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. 

Honestly, I'm not sure how much this information means to anyone on the Bitcointalk forum, especially a non-Russian.

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. We also plan to start a review campaign soon, and we’ll keep the community updated once it’s live.

according to the Terms of Use, KYC refusal may result in the partner holding the coins, it is better to choose from the list of available partners or at least inform the user about the partner to check the Terms of Use before depositing.

It is questionable whether the mentioned deposit also covers the case when the partner freezes the money. As a potential user, I will not be interested in who in the chain holds the order, I would just like my money back.

Whitebit, Changenow, and FF have the largest networks of resellers, but they are always receiving the most complaints regarding frozen funds and extra shady KYC requirements.

Those three as liquidity providers are automatically a red flag. There is no place for no-KYC with them in the same sentence.

[hugeblack]

It is questionable whether the mentioned deposit also covers the case when the partner freezes the money. As a potential user, I will not be interested in who in the chain holds the order, I would just like my money back.

Conversely, more liquidity providers means better exchange rates and lower transfer fees.
Personally, I don't mind paying higher fees (1% to 2%) if there's a simple service that ensures funds aren't frozen^*. This can be easily implemented by creating a small reserve and resolving issues with the liquidity provider, rather than requiring you to contact the liquidity provider's support team.

In general, I don't think services would risk creating such a service, so clarifying the liquidity provider would be a good step.


* Exceptions can only be made for judicial rulings, not random freezing for unknown reasons.

[Faisal2202]

Currently, we accept up to 75% of AML risk score. In case of a higher score, we refund your assets instantly. This process is automatic.

First of all, welcome to the forum! You will find many real customers here. Best of luck to you, adding this exchange will definitely provide better and faster options for everyone to trade instantly. I really liked your AML check feature, but I have one question: what happens if someone sends funds with an AML score of 75% or more and they get their funds refunded, like there will be a time given? That process seems a bit time-consuming. Also, which platform do you use for the AML check? Can you also do the AML check for the Monero? I mean, that's really hard.

Are you planning on adding the current conversion rate, like at which rate you are going to give me the BTC for USDT? I see no conversion info, and also, are you planning on adding a light mode? You already have a dark theme, so I guess you didn't have any plans to add that!

[snapswap.io]

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. We also plan to start a review campaign soon, and we’ll keep the community updated once it’s live.

according to the Terms of Use, KYC refusal may result in the partner holding the coins, it is better to choose from the list of available partners or at least inform the user about the partner to check the Terms of Use before depositing.

Hey, thank you for your question and sorry for late answer.


Yes, our Terms of Service clearly outline all possible scenarios that can occur when using our platform, including cases related to liquidity partners. Currently, we use KuCoin as our main liquidity provider and are officially partnered with them. This isn’t hidden information, as any user can easily verify the source of funds arriving to their wallet.

To make it even more transparent, we’ll be adding banners on our website showing our liquidity partners. We also plan to integrate with additional providers like Binance or other exchanges in the future, which will help us improve rates for certain coins. Step by step, we’re working to make the service more open and convenient for everyone.

Whitebit, Changenow, and FF have the largest networks of resellers, but they are always receiving the most complaints regarding frozen funds and extra shady KYC requirements.

Every exchange service, whether new or established for a couple year, must clearly disclose their liquidity provider. I can see that you didn't mentioned this. If it’s one of these three scammers, the exchange service should be labeled as "very risky"

Hello Trevoid,

Thank you for your feedback on our ANN. I respect your experience in the exchange space, and I’d be glad to hear your suggestions as we continue to improve.

At the moment, we use KuCoin as our liquidity provider, but we’re already planning to expand and add another major exchange such as Binance (or others) to avoid relying on a single partner. This would also allow us to improve rates and speed up development.

In the longer term, our main focus is on integrating DEX liquidity, which we see as the most sustainable and privacy-friendly direction.

If you have any advice or suggestions regarding this approach, I’d be very grateful to hear them.

[snapswap.io]

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust.  

Honestly, I'm not sure how much this information means to anyone on the Bitcointalk forum, especially a non-Russian.

On top of that, we’ve now secured a 100,000 RUB deposit on the Lolz forum, which we believe is another step towards showing our seriousness and building trust. We also plan to start a review campaign soon, and we’ll keep the community updated once it’s live.

according to the Terms of Use, KYC refusal may result in the partner holding the coins, it is better to choose from the list of available partners or at least inform the user about the partner to check the Terms of Use before depositing.

It is questionable whether the mentioned deposit also covers the case when the partner freezes the money. As a potential user, I will not be interested in who in the chain holds the order, I would just like my money back.

Whitebit, Changenow, and FF have the largest networks of resellers, but they are always receiving the most complaints regarding frozen funds and extra shady KYC requirements.

Those three as liquidity providers are automatically a red flag. There is no place for no-KYC with them in the same sentence.

I believe Lolz has a wide audience that goes beyond Russian users. It's a well known forum, and having a secured deposit there gives extra trust for users. We are already receiving orders through it, that's why I mentioned it here as a quick update.

Regarding the Terms of Use: I want to be transparent that our own deposit does not cover cases where a liquidity partner freezes funds. In such rare scenarios, we follow the partner's process (refunds or KYC request). That's why we highlight this in our ToS, so users are aware of all possible outcomes before making a trade.

It is questionable whether the mentioned deposit also covers the case when the partner freezes the money. As a potential user, I will not be interested in who in the chain holds the order, I would just like my money back.

Conversely, more liquidity providers means better exchange rates and lower transfer fees.
Personally, I don't mind paying higher fees (1% to 2%) if there's a simple service that ensures funds aren't frozen^*. This can be easily implemented by creating a small reserve and resolving issues with the liquidity provider, rather than requiring you to contact the liquidity provider's support team.

In general, I don't think services would risk creating such a service, so clarifying the liquidity provider would be a good step.


* Exceptions can only be made for judicial rulings, not random freezing for unknown reasons.

I totally agree with you regarding the importance of adding more liquidity providers, this will not only improve stability but also help us offer more competitive rates.
Your suggestion about building additional safeguards is very valuable, and I'll definitely share it with our team for consideration as we move forward. I really appreciate you taking the time to give us input like this, it will help us improve our service.

Currently, we accept up to 75% of AML risk score. In case of a higher score, we refund your assets instantly. This process is automatic.

First of all, welcome to the forum! You will find many real customers here. Best of luck to you, adding this exchange will definitely provide better and faster options for everyone to trade instantly. I really liked your AML check feature, but I have one question: what happens if someone sends funds with an AML score of 75% or more and they get their funds refunded, like there will be a time given? That process seems a bit time-consuming. Also, which platform do you use for the AML check? Can you also do the AML check for the Monero? I mean, that's really hard.

Are you planning on adding the current conversion rate, like at which rate you are going to give me the BTC for USDT? I see no conversion info, and also, are you planning on adding a light mode? You already have a dark theme, so I guess you didn't have any plans to add that!

Hello, and thank you for the warm welcome. I really appreciate your kind words, and I also believe our service will help many users stay safe while using instant exchanges.

Regarding your question about AML refunds, there is no "waiting period" given to the user. The only requirement is that within 24 hours the user provides us with a refund address. Once it's provided, the system will instantly and automatically return the funds (minus network fees). If no refund address is given within 24 hours, the system will automatically send the coins back to the original deposit address, since we cannot and do not hold user funds longer than that.

As for AML providers, I can't disclose the exact names, but I can assure you that we do not use any of the well known "scam checkers". Our current setup uses medium to high level AML compliance tools, and as we grow, we plan to add additional providers to further reduce risks. Regarding Monero no, we don't apply AML checks there.

At the moment, the conversion rate is shown right after the user enters the deposit address and clicks "Exchange" button. UI improvements are on our roadmap, and yes, while we started with dark mode, we do plan to add a light mode option later.

[dkbit98]

Quick update - SnapSwap.io is now listed on XMRBazaar!
Happy to get more visibility in the Monero community, and we welcome everyone to try the service and share feedback.

XMRBazaar is getting more popular but literally anyone can create any advertisement on their platform.
I think some people even got scammed in the past with offers like this.

Yes, our Terms of Service clearly outline all possible scenarios that can occur when using our platform, including cases related to liquidity partners. Currently, we use KuCoin as our main liquidity provider and are officially partnered with them. This isn’t hidden information, as any user can easily verify the source of funds arriving to their wallet.

Are you using Kucoin as partners for all coins?
I know many centralized exchanges don't have enough monero, or they sometimes delay and restrict withdrawals.

Regarding the Terms of Use: I want to be transparent that our own deposit does not cover cases where a liquidity partner freezes funds. In such rare scenarios, we follow the partner's process (refunds or KYC request). That's why we highlight this in our ToS, so users are aware of all possible outcomes before making a trade.

I don't know how many times this scenario happened, but you are claiming 99% no-kyc in the same time, I find that a bit strange.

[snapswap.io]

Quick update - SnapSwap.io is now listed on XMRBazaar!
Happy to get more visibility in the Monero community, and we welcome everyone to try the service and share feedback.

XMRBazaar is getting more popular but literally anyone can create any advertisement on their platform.
I think some people even got scammed in the past with offers like this.

Yes, our Terms of Service clearly outline all possible scenarios that can occur when using our platform, including cases related to liquidity partners. Currently, we use KuCoin as our main liquidity provider and are officially partnered with them. This isn’t hidden information, as any user can easily verify the source of funds arriving to their wallet.

Are you using Kucoin as partners for all coins?
I know many centralized exchanges don't have enough monero, or they sometimes delay and restrict withdrawals.

Regarding the Terms of Use: I want to be transparent that our own deposit does not cover cases where a liquidity partner freezes funds. In such rare scenarios, we follow the partner's process (refunds or KYC request). That's why we highlight this in our ToS, so users are aware of all possible outcomes before making a trade.

I don't know how many times this scenario happened, but you are claiming 99% no-kyc in the same time, I find that a bit strange.

Hello, and thank you for your message.

First, regarding XMRBazaar, it's a growing platform where many legitimate services share their offers. Suggesting that every new project there is potentially a scam is unfair I think. We're transparent about how SnapSwap works, our liquidity setup, and I actively answer every question here in detail. I believe that's not what scammers usually do.

As for your second question, yes, we currently use KuCoin as our liquidity provider for all coins. As I've already mentioned, our plan is to add more liquidity providers over time. Btw this is normal for a startup service. We launch with a working base, then scale and improve. For now, our fees are competitive, and our system minimizes risks as much as possible.

Regarding monero withdrawal limits on KuCoin, yes you are correct, we know about it. In case Kucoin cannot withdraw the required amount due to limits, we will refund the remaining funds back to the user. We are actively looking liquidity provider for monero, as we grow we will add them.

On the KYC question, as I've explained above, this scenario can potentially happen with any exchange that relies on 3rd party liquidity providers. The difference is that we're transparent about it from day one. Importantly, many users actually prefer receiving coins that come from well-known exchanges like KuCoin, since such coins are "clean" and less likely to trigger issues when deposited into centralized exchanges later.

[snapswap.io]

Update! Review Campaign Launched

Dear Bitcointalk members,

We're happy to announce the launch of our Review Campaign for SnapSwap.io.
The goal is simple, we want to collect honest feedback from the community while rewarding users for testing our service.

Link to campaign - https://bitcointalk.org/index.php?topic=5559647.0

[dkbit98]

First, regarding XMRBazaar, it's a growing platform where many legitimate services share their offers. Suggesting that every new project there is potentially a scam is unfair I think.

I never said that, so don't put words like that in my mouth.
All I said is that anyone can create page like you did on XMRBazar website.

On the KYC question, as I've explained above, this scenario can potentially happen with any exchange that relies on 3rd party liquidity providers. The difference is that we're transparent about it from day one. Importantly, many users actually prefer receiving coins that come from well-known exchanges like KuCoin, since such coins are "clean" and less likely to trigger issues when deposited into centralized exchanges later.

There is nothing transparent with using kucoin exchange, and I see no reason why anyone would use your service instead of going to kucoin directly.
I could understand if you could protect from kucoin forced kyc veridfications, but you obviosly can't do that.

[examplens]

There is nothing transparent with using kucoin exchange, and I see no reason why anyone would use your service instead of going to kucoin directly.

There are cases where someone would rather use an intermediary than go directly through Kucoin. Finally, in many cases through resellers like Snapswap, KYC will not be required. Also, Kucoin is not available in all regions, so this way you can avoid such a restriction.
Of course, this all falls apart if Kucoin asks for KYC.

[snapswap.io]

First, regarding XMRBazaar, it's a growing platform where many legitimate services share their offers. Suggesting that every new project there is potentially a scam is unfair I think.

I never said that, so don't put words like that in my mouth.
All I said is that anyone can create page like you did on XMRBazar website.

On the KYC question, as I've explained above, this scenario can potentially happen with any exchange that relies on 3rd party liquidity providers. The difference is that we're transparent about it from day one. Importantly, many users actually prefer receiving coins that come from well-known exchanges like KuCoin, since such coins are "clean" and less likely to trigger issues when deposited into centralized exchanges later.

There is nothing transparent with using kucoin exchange, and I see no reason why anyone would use your service instead of going to kucoin directly.
I could understand if you could protect from kucoin forced kyc veridfications, but you obviosly can't do that.

Sorry if I misunderstood your point earlier, my intention wasn't to give you a bad answer.

But if the main issue you see is that "anyone can create a page on XMRBazaar" like we do, and you see that as a problem, then that's a question for XMRbazaar's team, not our. We only announced there because we offer a service which will be interesting for monero users and community.

As for transparency, are you really saying that openly naming our liquidity provider is not transparency?
Most instant exchanges in the market don't disclose this at all, and almost all of them rely on 3rd party exchanges for liquidity, that's simply how this industry works. And instant exchanges exist for a reason. Not every user wants to go through the full cex process for small or even large swap, and not everyone even has accounts on centralized exchanges.

Like @examplens mentioned, I can also share many examples of why people will choose our service, and the fact is, they already do. 

[bitmover]

There is nothing transparent with using kucoin exchange, and I see no reason why anyone would use your service instead of going to kucoin directly.

There are cases where someone would rather use an intermediary than go directly through Kucoin. Finally, in many cases through resellers like Snapswap, KYC will not be required. Also, Kucoin is not available in all regions, so this way you can avoid such a restriction.
Of course, this all falls apart if Kucoin asks for KYC.

Yeah, using a third party is better as you can bypass the KYC.

You will pay 2% for that... it depends on the person needs and how much they are willing to pay (and what are the alternatives).

I understand that for high values it is better to use KuCoin, but if you don't have an account there, you can avoid some KYC using snapswap for low volume

[examplens]

Yeah, using a third party is better as you can bypass the KYC.

You will pay 2% for that... it depends on the person needs and how much they are willing to pay (and what are the alternatives).

I understand that for high values it is better to use KuCoin, but if you don't have an account there, you can avoid some KYC using snapswap for low volume

It would be interesting to get information on what happens if Kucoin asks for KYC of the user from Snapswap, and it turns out that the user is from the restricted zone according to Kucoin's terms.
The funds will certainly be frozen, but who is to blame here, and why will the end user bear the loss?

[Trêvoid]

I noticed that your website header boldly states:

Experience limitless crypto freedom with our no-KYC, no-Sign-up platform, designed for secure, transparent, and low-fee crypto-to-crypto exchanges.

However, I found that the site doesn't open on the TOR browser, which raises some questions.

Additionally, on your AML/KYC Policy page - https://snapswap.io/app/aml-kyc, it states:

By initiating a swap on SnapSwap you acknowledge and accept this AML / KYC Policy.

This seems contradictory to the claim in your header. It feels like there's a disconnect between what you're promoting and the actual policies in place.

Could you clarify your true intentions?

It seems a bit suspicious, and I’d appreciate a more transparent explanation.