how do you handle swaps without moving to a CEX?

[Gregori165]

this is the workflow question I see come up a lot and don't see answered well

if you're running a hardware wallet setup properly, you don't want to move funds to a CEX just to do a swap. defeats most of the point. so what's the actual clean workflow?

what I use: changelly integrated directly into Ledger. so I can initiate a swap from inside my wallet interface without moving funds anywhere first. the funds never touch a platform balance at any point. you're just authorizing an outgoing transaction from your wallet, same as any other send

i've seen Changenow has similar integrations with some wallets.

for people who are doing this a different way I'm genuinely curious. are you moving to a DEX instead? using something like Thorchain for cross-chain? interested in what the actual workflow looks like for others here

[Charles-Tim]

The problem sometimes is not about using centralized swap services, but history of the swap service is very important.

I have used centralized swap services for coin exchange before very well, but not like Changelly and ChangeNow which both have bad reputations on this forum. Although, I have used both before on Coinomi before I later know how bad they were and also that the Coinomi is close source. But when I joined this forum, I later know all these and stopped using all the three. I still use centralized and decentralized swap services, but their reputation is important to me, especially those that have presence on this forum.

I am not referring to those centralized exchanges, but just centralized swap services.

Especially if it has .onion link, I like such swap service more, but it should have no history of customers coins confiscation and no forcing of customers to get verified.

[bitbollo]

What I would see for a swap is always the reliability of the service - I would not wait more of necessary/have issues due liquidity.
Some services could delay the swap to lack of liquidity, this would be impressive and hard to solve.

Not mentions to service that would ask "Proof of funds or whatever similar" after they receive the funds.
Actually the market is offering more and more service of swap, in general DEX could just become commons as integrated service in platforms/crypto wallets.

[cryptoaddictchie]

i've seen Changenow has similar integrations with some wallets.

for people who are doing this a different way I'm genuinely curious. are you moving to a DEX instead? using something like Thorchain for cross-chain? interested in what the actual workflow looks like for others here

I transfer from hardware wallet to my transaction wallet which I connected to those dex protocol. For me its quite hassle from doing it directly from a hardware wallet and also that makes that wallet prone to possible compromise if the protocol has malicious one. So using a disposable or wallet transaction wallet for that one. Easier and more safer for me.

[noorman0]

Changelly and ChangeNOW employ very strict censorship protocols. If I had to choose, a CEX might make more sense to avoid the higher risk of fund freezes and complex handling issues, or I would have to swap in stages. Just because a DEX is integrated into a hardware wallet doesn't mean it is the community's top recommended, and usually, it isn't; such integrations are often just business deals. Thorchain is indeed the best censorship-resistant DEX so far.

[BitMaxz]

I don't use Changelly; they already have a bad reputation, just like the others mentioned above.

I am more comfortable using Pancake Swap than using Changely or Changenow. You might end up having issues verifying KYC just like other users before if you stay using them.

Also, why use your hardware to directly connect to some 3rd party? That's not a good idea. I agree with the above post.
You should have a separate wallet if you are going to swap instead of using your hardware directly with 3rd parties like those two that have bad reputations.

[PERtua]

I believe this is a crucial distinction to make between a transaction wallet and hardware wallet. Nice feature of an integrated swap. But it shouldn't be at the detriment of having long term holdings exposed to a third party protocol or service. With larger swaps I'd prefer to just move the amount I want to swap to another wallet, then swap and then leave the main wallet alone. It is one additional transaction but that is a fair exchange for not having such a big loss of something if it fails.

[Perfectbaby]

For swap i do use some of these Decentralised exchanges though this was back then when I was that curious using some altcoin but after some lessons I have learnt on altcoin i totally avoid using them just to make sure I don’t get myself involved in altcoin. But however, I am only using a centralised exchange where I do send my bitcoin and traded to any other coin pair I wishes to than using any other newly launched wallet that has such an exchange or swap interface on it.

[coinlary]

There're no options than using a DEX if you don't  want to mix it with a CEX. Do you have any reason you don't  want to mix your fund with a CEX though .
Btw, if you move your fund to a CEX , you need to wait for some period  or move it in chunks since it's a new account before you eventually move the funds out entirely because you can endup getting your funds frozen on some excahnge doung just only that , so I understand your concern regarding that aspect .

https://bitlist.co has some listed DEXs you can try out. I mostly use https://cce.cash though since changeum.io stopped working but I remember reading somewhere in their policy that they can request KYC in some cases . So far I haven't noticed any complaints regarding that aspect yet myself .

[Hyphen(-)]

i've seen Changenow has similar integrations with some wallets.

for people who are doing this a different way I'm genuinely curious. are you moving to a DEX instead? using something like Thorchain for cross-chain? interested in what the actual workflow looks like for others here

DEX can be your best alternative since you don’t have to make deposits out from your wallet, you will just immediate a swap and you get it back as you wanted; using CEX is never an option due to KYC and so on, and connecting your wallet to a third party wallet is also very risky, you need to be very careful, scammers are very where.

There are DEXs that are very good and reliable, you don’t need to panic or rely on CEX to swap, it is easier with DEX even for the benefit of yourself by avoiding KYC, following through CEX makes it worse because might spend more transaction fee, and the process will be complex compared to use of DEX to initiate a direct swap.

[Nathrixxx]

Some people are making use of instant swap services like the instant exchange while some make use of decentralized exchanges, but let's say it is more common that you discover many are using this centralized exchanges for this purpose because the often use those platform for trading, which is where they have most of their coins for this purpose, but anyone that is more privacy conscious well understand why the use of some of these web services that are decentralized are more preferred than using a centralized exchange.

[Odogwu-Blockchain]

Are you talking about a noncustodial exchange swapping where nothing goes to a centralized exchange? It is done by simply swapping any crypto between each other without kyc and tight privacy. You send crypto to an address generated by the noncustodial exchange, once they received , they find the possible rate from different exchange through API to send the address you provided during the swapping.

That's how this been done to avoid kyc issues.

[Alphakilo]

I don't know if anyone has ever tried using a hardware wallet like metamask to connect to a DEX aggregator like 1inch or Matcha, because I had a friend who tried using this process but I never cared to ask how the experience was.
I am most definitely sure about using THORChain, Chain flip, because I have read about them and how they are fully decentralized, no KYC requirements and they execute the transaction using L1 to L1, so am confident they can handle swaps efficiently without constraints.

[jossiel]

what I use: changelly integrated directly into Ledger. so I can initiate a swap from inside my wallet interface without moving funds anywhere first. the funds never touch a platform balance at any point. you're just authorizing an outgoing transaction from your wallet, same as any other send

i've seen Changenow has similar integrations with some wallets.

Bro, these two have got a lot of bad histories so if you're going to use them for swap directly with your Ledger, I hope that you're not one of those complainants who would post their problem soon in the forum.

They might have come to ask you random kyc compliance.

There are other swaps that you can find on the Exchanges which are quite new in the name but they're building their brand reputation and has got escrow and works with reputable people in the forum.

[shinratensei_]

this is the workflow question I see come up a lot and don't see answered well

if you're running a hardware wallet setup properly, you don't want to move funds to a CEX just to do a swap. defeats most of the point. so what's the actual clean workflow?

what I use: changelly integrated directly into Ledger. so I can initiate a swap from inside my wallet interface without moving funds anywhere first. the funds never touch a platform balance at any point. you're just authorizing an outgoing transaction from your wallet, same as any other send

i've seen Changenow has similar integrations with some wallets.

for people who are doing this a different way I'm genuinely curious. are you moving to a DEX instead? using something like Thorchain for cross-chain? interested in what the actual workflow looks like for others here

I used DEX, I prefer not to use exchange or swap platform that enforce KYC if I'm doing hardware wallet setup, create another address and swap, so the main address is still untouched. Easy, permissionless, and I can choose route with higher liquidity.

I don't know if anyone has ever tried using a hardware wallet like metamask to connect to a DEX aggregator like 1inch or Matcha, because I had a friend who tried using this process but I never cared to ask how the experience was.
I am most definitely sure about using THORChain, Chain flip, because I have read about them and how they are fully decentralized, no KYC requirements and they execute the transaction using L1 to L1, so am confident they can handle swaps efficiently without constraints.

Metamask isn't hardware wallet, I think you meant using hardware wallet through metamask. The experience is the same as using metamask directly and interacting with DEX aggregator, except you're going to approve signing through your hardware wallet.

[jcojci]

Using DEX is a solution besides using swap inside your wallet. Using DEX needs to be careful searching for the DEX because you should check on the CEX policy to avoid the problem that can occurs. Sometimes I used your way but the other time, I convert the fund using DEX then send it to CEX. But I also send the fund directly to CEX from my other wallets.

[Gozie51]

are you moving to a DEX instead?

To respond to your question directly without beating around the bush, you can use DEX.
If you want to use swap service and you don't want to go through some level of KYC on CEX or whatever reason, then you can do that on a decentralized exchange. I'm conversant with PancakeSwap.and I believe it is same process with swap services in other Dex

I hope you understand that it is not a difficult process. You connect your wallet like trust wallet, MetaMask after sending native token like gas on Dex, then you select the coin you want to swap with the one in your wallet. The value of your existing coin is shown to you and if you agree to continue, you simply connect and send it out and it is exchanged instantly. Swap is also equivalent to buy but it is swap because you are exchange exchanging a different crypto from the one you have.
https://pancakeswap.finance

[joniboini]

Why not try using instant exchange services that has become popular recently? Is it because of the limited pairs? It's definitely not a good tool to use if your goal is to day trade, but if you're just looking to swap your alts into Bitcoin once in a while, I believe they're a good alternative. I'm not talking those who get liquidity from other exchanges though (sourcing from another instant swap for example). I've been using them these days, and I don't touch any CEX unless I'm looking to swap into fiat. Even then, we have P2P options too. Hard to be free from KYC if you're dealing with fiat though.

[sergiorus]

Using centralised swappers is literally no different from using centralised exchanges. Possibly even more risky, although I personally use both.

You didn't mention what assets you hold, I assume it's BTC because if it was something like ETH then there are plenty of decentralised swappers so it's not really a problem.

Just a quick heads up though if you use EVM chains or Solana - never swap inside the wallets like Metamask or Phantom. They charge their atrocious fees (up to 1% per each swap) so just make a couple more clicks and go directly to a DEX's front end interface.

[Peanutswar]

Like we used to experience in the Trezor is they also have the swap feature under into two particcular third parties and one of these like you mentioned is the Changelly and the ChangeNOW but apparently upon experience with these platforms is I ended up too for over 2-3 hours before finishing the swaps before it was like like a less than an hour, so instead of using these features I used a CEX before of course the trusted one like the Binance and OKX right now but of course sooner or later you will care with your privacy so most of the time I used the CEX for swapping only and withdrawn the funds but apparently because of the high withdrawal fee I need to seek another alternative which is good here in the forum we have different platform offers exchange which is I trust only that have a good reputation here such as the b1exch, and the dex.fo or you can find them into our board of "Exchanges"