KyberSwap Review 2023
KyberSwap is a popular decentralized exchange created by Loi Luu in 2017.
It runs on 10 different chains including Ethereum, Bittorrent, Polygon.
KyberSwap offers features such as fiat on-ramp, liquidity mining, bridge, limit orders, yield farming, spot trading and more.
We rated KyberSwap 4.5/5, based on it's features, security, and future prospects.
KyberSwap Features
Fiat On-ramp
Has a fiat on-ramp where you can buy crypto with a credit/debit card.
Liquidity Mining
KyberSwap allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by KyberSwap.
Bridge
Has a cross-chain bridge. So you can move your crypto between different chains.
Limit Orders
Limit orders are trades that execute at a specified price. They're great for executing trades while you're away from your computer. KyberSwap handles the execution for you, and you may incur lower transaction fees than if you market buy/sell.
Yield Farming
Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.
Spot Trading
This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.
KyberSwap Fees
Trading Fees
All DEXs charge trading fees. KyberSwap is no different.
Trading fees incentivise liquidity providers to provide liquidity to KyberSwap. This enables people like you to freely trade between tokens without incurring too much slippage.
Withdrawal Fees
KyberSwap does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use KyberSwap?
- Get a crypto wallet that supports web3 on one KyberSwap's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to KyberSwap's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
FAQ
Where can I buy KNC ?
You can by KNC direct from KyberSwap. It is the native token of KyberSwap, and they will therefore offer the most liquidity.
Is KyberSwap safe?
Yes, KyberSwap is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do KyberSwap support?
KyberSwap supports Ethereum, Bittorrent, Polygon, BNB Chain, Arbitrum, Cronos, Aurora, Fantom, Avalanche, Optimism.