The decentralized finance (DeFi) market size is expected to reach $231.19 billion by 2030. There are hundreds of crypto exchanges in the market, with new ones popping up as we speak. They range from the big, centralized crypto exchanges like Coinbase (NASDAQ:COIN), to smaller players as well as non-custodial and decentralized platforms.
In this review, let’s focus on one of the market’s non-custodial exchanges – StealthEX, which is reportedly a popular choice for traders searching for flexible swap rates. The platform focuses mainly on facilitating cryptocurrency swapping, and this week the company launched its mobile app. This review will explain what StealthEX is, what functionalities their app offers, and whether crypto users should choose this exchange over its competitors.
Project Review
StealthEX works as an intermediary between users and partnering exchanges like Binance, Huobi, Kucoin, and others. When users initiate the coin swap, the StealthEX platform searches the market to find the exchange that offers the best value and sends the order to that platform. Transactions are done between external, third-party, wallets. The platform itself does not store funds.
However, StealthEX is not regulated by the authorities, as regulations typically apply to custodial brokers. Many decentralized services are designed to allow customers to stay anonymous and keep their personal information private from any central authority. As a decentralized platform, StealthEX provides access to services without KYC. Nevertheless, verification is still needed if the total amount of fiat transactions exceeds €900.
The platform’s user experience is relatively straightforward, with users being able to buy crypto in three steps:
- Go to the platform and pick the coin you want to exchange.
- Enter the exchange amount and confirm the choice with the estimate of how much you will receive in return.
- Enter the crypto wallet address, where to receive crypto, send the deposit amount to the StealthEX wallet address, and wait to receive your funds.
StealthEX calculates a fixed fee for each transaction and does not use a spread. The final fee is determined by various factors, including the cryptocurrency being exchanged, network fees, and others. The average exchange fee is around 0.40% of the transaction size.
Recent Developments
The main drawback that the community pointed out was that the platform could only be accessed by desktop and mobile browsers. To address this issue, the company launched a mobile app.
The first iteration of the app was launched this week. Currently, the app provides only limited functionalities. Users can perform swaps while choosing the floating or fixed rates. They can also check current crypto rates, exchange history, and make watchlists. As in the desktop version, you are not required to sign-up to use the app.
The app is also only available in Google (NASDAQ:GOOGL) Play for Android users at the moment, but the company claims it will soon be available on the AppStore as well.
Final Thoughts
StealthEX provides a simple crypto swap without account registration. The platform has various coins to choose from, and there are no exchange limits. The service suits users who simply need to swap one coin for another. However, the minimalistic interface of the platform is not suitable for users looking for more complex features.
On the Flipside
- Even though non-custodial exchanges are safer than custodial exchanges, crypto-swapping platforms are not immune to hacks, and code bug exploitation. At the end of September 2022, Transit Swap, a multichain decentralized exchange aggregator, lost around $21 million due to a hacker exploiting an internal issue in a swap contract.
Why You Should Care
Crypto swapping is becoming popular, as it allows one to swap one cryptocurrency into another without using fiat currencies. With good timing, swapping can be a profitable crypto trading technique. It also allows users to swap fiat and crypto without prior trading knowledge, so it could be an ideal choice for beginners in the field.