Speed. One of the things our society thrives on. We switched from horses to trucks to carry our goods because trucks were faster and easier to maintain. The main benefits of cryptocurrency is that fees are way cheaper and are faster than the traditional banking system. Even Bitcoin whose fees can reach $40 which are now cheaper by the way-were still cheaper than the banking system. Bitcoin community has since picked a scaling solution called the lightning network.
Anyway, if crypto are fast and cheap to use, shouldn’t the trading platforms have fastest exchange software? Sadly that not the case. You can find many exchanges software slow and not using the fastest exchange software.
Here what I consider the criteria for the fastest exchange:
Keynote: While these features do speed up and show the fastest exchange, they do give up features for speed.
- No Accounts
If you don’t need to sign in to trade-that save you a bunch of time. With no accounts, you have more privacy. Plus with no accounts, you don’t need to spend a bunch of time solving a captcha. Those sometime take minutes to complete and are very annoying. The fastest exchanges won’t need this!
2. Users input
The amount of clicks/steps you need to do to trade. The fastest exchange should have to the least amount of clicks
3. Cookies and scripts
How many scripts your browser needed to load. The fastest exchange shouldn’t have to load that many scripts. Plus more scripts could mean more tracking.
So what are are candidates that at least fit the first criteria?
- Based on my research instant exchanges fit the first criteria.
So what instant exchanges fit my criteria for the fastest exchange?
*Changelly while touted as a instant exchange requires an account!
With Shapeshift switching to mandatory KYC aka opening an account-Shapeshift will also lose the main benifts of instant exchange.
So how do they stack up against each other?
- 10 user actions with 1 page reload.
- The site let you know what is going in every step of the way. The page updated moments after the transaction appeared on the blockchain and it told you exactly how many confirmations needed before getting your coins you swapped for.
- Uses SegWit bech32 addresses and batches the transactions to save fees. This means you get more for your money.
- Organized in a Federated/DAO structure where FYP token holders can vote.
- Has no scripts running at all:
The original instant exchange
- 11 user actions and 2 page reloads.
- Support segwit and batches
- Supports many coins but is always down.
- Does not let users vote-has no DAO. This is where FYP excels in-allow more people to vote on decision in a open manner
- Transactions on Shapeshift can take between 30 seconds to even 48 hours to verify. *Flyp.me has a way faster processing time!!
- No more privacy-mandatory KYC(Know your Customer) coming soon: https://info.shapeshift.io/blog/2018/09/04/introducing-shapeshift-membership/
- Has 3 scripts :
- 12 user actions and 3 page reloads.
- Estimated arrival ~ 5-30 minute
- EOS has 3 seconds blocks this long wait time should not occur!
- *They fastest exchange really needs be looked at more. I can just use Binance and trade faster than that
- Has 4-5 scripts:
- 14 user actions and 1 page reload.
- Has similar speed to Shapeshift. Flypme is faster.
- Has 2-8 scripts
- Does have fiat support but that will just reduce your privacy
- High conversions fees are often a complaint
- Speeds can vary
- Has steem support which many exchange don’t have. Flypme might be adding steem real soon!
- Has 1 script:
Flypme has proven itself as the fastest exchange to use to date. It has blown all other in the fastest exchange competition. Yes, while Flypme has no order books, trading is easier and more private to do. No need to worry if you get a lowering price. You know what you are getting. Flypme is the fastest exchange and you won’t be disappointed!
I am not a professional trader, the information above is not trading advice and please do further research. I have written this for the FYP writing contest and will receive FYP tokens. However all my views are mine. I mention the benefits of other instant exchanges as well!
Check out Flypme here:
Image source: https://holytransaction.com/blog/author/amelia