My Experiences with Simple Swap crypto exchange

It is always good to have multiple places where we can trade or exchange our cryptocurrency. It is very important because that is what creates demand and supply. Today someone introduced me to simpleswap.io for exchanging my crypto. It is more like a swap service that helps us convert one crypto to another crypto. I did not have any idea about this initially and was not even sure if it was safe to give it a try or not.

The source from which I got this recommendation was trustable. So I wanted to give this a try. Initially, I thought this was a service only for a few popular cryptocurrencies but later I found Hive was one of the options inside that and I was glad to see that I can directly convert my other cryptocurrencies to Hive. I was so curious to find out if HBD was also an option but unfortunately, it was not an available option. If HBD had been an option here, people would be very glad to convert HBD to other stablecoins.

I first tried to log in to the website with my Gmail address. The login was not very complicated. This is the first time I was logging in and everything happened with just a few button clicks. My focus was mainly on swapping some stable coins to Hive. That was what I was attempting to do. After I logged in, the above option was not available immediately. I then had to go to the homepage to see the option available in the above image and choose my coins to do the exchange.

There was an option to enter the memo while doing the transfer but it was an option thing. We just have to be specific if we don't want to enter any memos. Maybe if we are transferring the funds directly into an exchange wallet or something, the memo would make some sense. I was trying to convert BUSD to Hive and after the above step was over, I was asked to deposit to the BSC address that was given. After I completed the transfer the page took some time to refresh. I refreshed the page a couple of times and finally, the transaction was recognized and it was displayed there.

I also received the funds in my Hive wallet. I noticed that the fund was transferred from the binancehot2 account. This means that internally this exchange is also maintaining the funds on Binance and is using binance API for all its activities. So basically this also explains why HBD is not listed over there. For all the activities on the Hive blockchain, I guess the exchange is dependent on Binance and binance currently supports only Hive and not HBD.

I initially wanted to keep BUSD as it is and it was a great stablecoin after USDT. Maybe it is still a great stablecoin. But I did not want to take the risk so I closed off all my BUSD holdings. Of the holdings, I wanted to convert it to USDT which is quite popular.

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Posted Using LeoFinance Alpha