LetsExchange.io, a rapidly growing instant cryptocurrency exchange service, has introduced personal accounts to offer its users a set of additional features such as trading statistics and portfolio management tools. Yet, the platform retains its registration-free crypto swap functionality and lets users decide whether they need to set up personal accounts.
This development strategy enables LetsExchange to expand its audience by catering to both frequent traders and crypto holders. The former need to keep track of their numerous transactions while the latter usually focus on swapping one coin for another without risk and hassle. LetsExchange now addresses the needs of both types of crypto users.
Obviously advantageous for the platform’s business potential, this is also good for the crypto market as a whole.
Privacy or Functionality: Why Not Both?
Decentralization and anonymity are among the main benefits of cryptocurrency. However, virtually all major cryptocurrency exchanges are centralized and take custody of users’ assets. This is incompatible with anonymity and privacy as users need to verify their identity through registration and KYC procedures. This also negatively affects the security of crypto assets as they are managed by a centralized entity.
Instant crypto exchanges are designed to address these privacy and security issues. They provide instant, registration-free access to crypto swaps through wallet-to-wallet transactions. This system is highly secure and doesn’t require processing any personal data. On the other hand, it is limited to simple crypto-to-crypto swaps.
Eventually, instant exchanges face users’ demand for additional features such as trading statistics, portfolio management opportunities, or fiat-to-crypto transfers. Technically and, in some cases, legally, such features can’t be implemented without user registration and verification.
At this point, instant exchanges face a growth dilemma. They have either to add registration and verification procedures (in order to expand their features and audience) or to remain registration-free at the expense of growth potential.
LetsExchange’s decision to add user accounts but make them optional seems to be the golden middle way for the platform and its users.
How It Works
Seamless crypto-to-crypto swaps are available on LetsExchange.io without registration and verification. The exchange process consists of just three steps:
– A user provides exchange details such as coins to buy and sell, the amount to swap, and the receiving wallet address.
– The user sends the required amount to the platform’s receiving address.
– The platform performs the exchange and sends the funds to the user’s receiving address.
Users can choose between a fixed and a floating rate. A fixed rate excludes slippage during the transaction execution. If a user opts for a floating rate, the coins are swapped at the rate valid at the moment of the transaction completion.
LetsExchange supports all major cryptocurrencies and 250 coins and tokens in total. The platform also pulls liquidity from major custodial exchanges to facilitate the fast execution of exchange requests. Users can trade more than 60,000 currency pairs using their own wallets, without providing sensitive information and disclosing private keys.
The recently introduced user accounts extend the platform’s functionality without eliminating the benefits of secure and anonymous crypto swaps. While users aren’t required to register an account, by doing so, they get access to additional features:
– Trading statistics enable users to track the history of their exchanges and monitor the profitability of their trading activities.
– The portfolio management option allows cryptocurrency holders to keep track of all their crypto investments.
– Affiliate Program enables users to earn commissions on every swap they refer.
LetsExchange has also announced its plans to further enhance user accounts in the near future. The upcoming updates are expected to include fiat-to-crypto transfers and crypto wallet functionality. Along with a recent launch of Spanish, German, Portuguese, Turkish, and Russian localized versions of its website, this manifests LetsExchange’s ambition to become a global one-stop platform for crypto traders and investors. Retaining instant crypto swap functionality along with implementing advanced trading features should be beneficial for both the platform and the crypto community.
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