There are a number of third-party token-swapping platforms on the internet. And as AnCrypto is a multi-blockchain crypto wallet and decentralized platform, you are going to use many third-party swap platforms using the AnCrypto wallet. In this particular article, we are telling you about some common issues that commonly occur while swapping tokens. Although, please note that any of these third-party platforms or organizations are not affiliated with AnCrypto.
Also, note that some profound third-party exchanges are not backed by any company, thus they might not provide complete customer support. We also advise you to be cautious while engaging with these products through common channels such as Discord and Twitter.
And do not ever provide your Secret Recovery Phrase to anyone.
Popular third-party swap support services
DEXs vs CEXs #
Decentralized Exchanges are more or less like public services in comparison to profitable businesses. But it is still debatable how decentralized these decentralized exchange platforms are. Commonly DEXs are open software projects as their codes are open and easily accessible on the blockchain. Thus, depending on the way in which these protocols are pending, users can interact with them in a dependable way. Some of the best examples of DEXs platforms are Uniswap, SushiSwap, Quickswap, etc.
On the other hand, centralized exchange platforms are more similar to investment banks. CEX can also help you interact with cryptocurrencies in a more traditional and bank-like environment by integrating with nationally-issues fiat currencies and providing a platform for fiat onramp
A Centralized Exchange, on the other hand, is something more akin to an investment bank. A CEX often serves as a “fiat onramp/offramp”, integrating with a nationally-issued fiat currency, and allowing users to interact with cryptocurrencies in a more traditional, bank-like environment. CEXs often report users’ account and balance information to tax authorities, whereas while interacting with a DEX, this may be left to the responsibility of the user.
Price variation #
Price variation is commonly experienced by users using DeFi. As the gas fees could vary depending on the crowd on the network.
Impermanent loss #
This is also a common phenomenon of decentralized third-party swap platforms, often experienced by the users participating in liquidity pools.