Exchanging or swapping cryptocurrencies anonymously isn’t always as simple as it should be. This is because some platforms require users to complete several steps, such as creating an account, completing Know Your Customer (KYC) verification, or even connecting their wallets before they can proceed with the transaction. Although these steps may serve different purposes, they can be inconvenient for users who prefer to swap their digital currencies without having to reveal their identity.
However, there are platforms that allow users to swap digital currencies without going through the usual registration and KYC processes.
This is where HiddenSwap comes in. The platform offers crypto swaps without requiring users to create accounts, connect their wallets, or complete Know Your Customer (KYC) verification. It also offers a simple interface designed to make the swapping process straightforward. This article takes a closer look at HiddenSwap, how it works, and its key features.
How Does HiddenSwap Work?
HiddenSwap makes crypto swaps as similar as they are with decentralized applications (dApps), such as Uniswap, PancakeSwap, and Jupiter. The difference is, you’re not connecting any wallet, creating any account, or undergoing KYC.
To execute a crypto swap, users will choose the cryptocurrencies they want to send and receive. They would also choose their preferred networks when necessary. Next, they would input the amount they intend to send. The equivalent amount to receive will appear automatically. Note that the rate displayed already accounts for the applicable fees.
Users would then paste the wallet addresses for the account they are sending from (Sending address) and the one they are sending to (Destination address). For instance, if a user is sending Bitcoin (BTC) to receive Monero (XMR), they paste both addresses on HiddenSwap’s swap page and hit the “Start Swap” tab.
HiddenSwap automatically provides an address for the user to send the crypto to. Following the example provided, the user will be provided with a BTC address to send the exact amount they want to swap.
The platform provides users with an Order ID, which serves as a way of identifying their swap. Users must save the order ID throughout the swap process, as it is what they would present in the case of a complaint or refund. They also use the order ID to track their swap.
Once the swap is complete, users can head to their destination wallet to view their account balance.
HiddenSwap requires users to provide their sending address so that, in a situation where the wrong amount is sent or a swap cannot be completed, the crypto gets moved back to the address it came from.
Key Features of HiddenSwap
Here are various features that make HiddenSwap a top choice among crypto users:
Privacy
HiddenSwap’s privacy is undoubtedly its most prominent feature. It allows users to execute crypto-to-crypto swaps without providing an ID, email, or creating an account. According to the project, one’s wallet address is the only thing needed for a crypto swap to be successful.
To bolster its privacy, HiddenSwap works in the Tor browser. This means that it cannot access users’ web traffic, such as their IP address, location, and Internet Service Provider (ISP). This sets the platform apart from competitors that quietly record users’ IP addresses or even sell this data to analytics firms.
HiddenSwap also disables JavaScript to enforce its privacy policy. Traditionally, JavaScript can be used to collect data like users’ screen resolution, device type, and other private data without cookies. Disabling JavaScript prevents HiddenSwap from harvesting users’ information.
Because HiddenSwap prioritizes privacy, it urges users whose funds are in centralized exchanges to first send them to non-custodial wallets before swapping via HiddenSwap. The platform also encourages using privacy cryptocurrencies like XMR or Zcash’s shielded addresses as destination addresses. This guarantees users’ privacy.
Flexible Fees
As mentioned earlier, HiddenSwap includes its fees in the rates. So, there are no additional costs. Note, though, that this does not include fees when sending crypto from the Sending Address.
The platform allows users to choose between floating and fixed rates before executing a swap. Floating rates are those that fluctuate with the market until the network confirms the user’s deposit. In the end, the user may get more or less than they ought to.
Fixed rates keep the rates locked at a specific amount as long as the exact deposit amount arrives in a single transaction before the timer on the order page ends. Not every trading pair offers fixed rates at the time of writing. If the market moves by 3% or more before the transaction is completed, users may be asked to choose either the new rate or a refund.
Supported Crypto Assets and Chains
HiddenSwap supports over 1,170 cryptocurrencies. This includes popular assets like BTC, ETH, SOL, and XRP. It also offers privacy coins, such as Monero (XMR) and Zcash (ZEC). Stablecoins like USDT and USDC are also available on the platform.
Adding to its diversity, the platform enables cross-chain swaps. This allows users to access tokens on various blockchains. For instance, users can decide to receive ETH via a layer-2 network that offers speed and cheap fees, such as Optimism. This way, they ditch Ethereum’s slow and expensive network.
Refunds
HiddenSwap allows refunds when the crypto swap fails or cannot be completed. Refunds also come into play when fixed-rate trades arrive late or with a different amount. Also, if the market moves significantly under the fixed rate, users may refund their assets if they do not want to go for the new rate.
Refunds are sent to the addresses the crypto came from, that is, the sending address. In the case of some privacy coins like Monero, where sending addresses are not displayed, users will write to HiddenSwap’s customer support with their order ID to request a refund by providing the address where the funds should go.
Users are wholly responsible for the network fees involved in refunded amounts. This means that the fees will be deducted from the amount to be reimbursed.
In some cases, users may deposit crypto the wrong way or fail to include a needed memo. During such occurrences, a recovery fee of $50 plus network fees is charged to facilitate the refund.
Customer Support
HiddenSwap has a dedicated live chat customer support that typically responds within an hour. This allows those with complaints to reach out with their order ID or transaction hash (if they misplace their order ID) to rectify issues with the crypto swap.
Pros and Cons of HiddenSwap
While HiddenSwap has multiple perks, it also has its downsides. Here’s an unbiased breakdown of its pros and cons:
Pros
- Provides customer support.
- Enables crypto refunds.
- Supports multiple crypto assets and blockchains.
- User-friendly interface.
Cons
- Limited social presence. (Only Telegram)
- Floating rate makes it impossible to predict the final amount.
- Recovery fee is high ($50).
- Services limited to crypto swaps.
Conclusion
HiddenSwap offers a simple way to exchange one digital asset for another without having to create an account, connect a wallet, or undergo KYC verification. This makes it an option worth considering for users who value convenience and privacy when swapping cryptocurrencies.
The platform also supports a long list of crypto assets while offering a flexible fee structure. Its simple interface, refund process, and customer support further contribute to the overall swapping experience.
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