AltQuick.com’s Swap tool is a blockchain trading tool that allows users to trade between different cryptocurrencies without the need of creating an account on AltQuick at all. The way this system works is that users select what coin they want to deposit and what coin they want to receive.
The AltQuick system then presents the user with a deposit address. After the user's confirmation receives the appropriate amount of confirmations, the coins are then traded on our full-service altcoin exchange using the exchanges API to make a market trade. Swap charges a 1% service fee and
all exchange fees. One major difference between Swap and our exchange is how they process miner fees. Swap deducts the exact miner fee spent from the transaction, but exchange deducts a flat fee.
Swap supports the following cryptocurrencies:
42Coin,
Avalanche,
Bitcoin,
Bitcoin Cash,
Bitcoin Testnet3,
Bitcoin Testnet4,
Clamcoin,
Curecoin,
Dash,
Digibyte,
Dogecoin,
Ethereum,
Florincoin,
Gapcoin,
Litecoin,
Mazacoin,
Monero,
Namecoin,
Particl,
Qtum,
Rhombus,
Tether,
Usdc,
Wownero
and
ZCash.
Swap uses market trades and these orders are very aggressive types of trades and they fill at the best price available that instant. A market order can’t be canceled after it is placed either because the market order's job is to instantly fill for the best price available on the bid or ask. It’s a common misconception that a market order will yield the Trader the “last trade price”. This is wrong. The last trade price has nothing to do with a market order. The final trade of the market order will become the last trade price.
For example: If there is 1 BTC on the Clamcoin market to buy at 0.01 BTC, the last trade price of CLAM was 0.02 BTC, & I place a market order to sell 0.5 BTC worth of CLAM. My market order would trade for 0.01 BTC. The new last price would now be 0.01 BTC. I would NOT get the 0.02 BTC because that order no longer existed on the books.
This is exactly how the AltQuick Swap exchange works as well. The coins that are deposited are sold and converted to the customer's desired coin as fast as possible at the best available price on the AltQuick exchange. The new coins are then withdrawn instantly to the customer's address that was supplied at the beginning of the trade.
Since AltQuick Swap exclusively uses the AltQuick exchange this prevents users' funds from being held by any third parties. Most Swap-like platforms are just third-party middlemen that use their customers' money at sketchy offshore exchanges. AltQuick used to do that as well until we had so many negative experiences with third-party exchanges not processing transactions in a timely fashion and we would catch the blame or take weeks to withdraw due to low limits! This problem was eliminated when we created our own automated altcoin exchange.
The only drawback of AltQuick Swap not trading on third-party exchanges as well as our own is that it limits the market liquidity. Rather than drawing liquidity from five different exchanges, our service draws liquidity from our single source. Low liquidity and market orders are kinds of dangerous combinations. For this reason, we highly recommend Swap traders check the bid and ask directly on the AltQuick exchange prior to placing a Swap. The market can also change before Swap deposits receive enough confirmations.
Please use Swap carefully, but as the AltQuick exchange grows… so will the Swap tool's stability.
It should also be mentioned that Swap is a part of the AltQuick affiliate program. Affiliates earn 50% of the trade fee on all Swaps. So affiliates earn 0.5% of every trade processed on Swap. Since Swap is treated as a normal customer on the exchange, the service fees from the exchange are not shared with the Swap affiliate trade, but the trade still assumes those costs. If a trade exchanges 1 Bitcoin through Swap, the affiliate would earn 0.005 BTC deposited instantly into their exchange account. Swap affiliate payouts occur at the moment the trade is complete. The affiliate program has a single URL that covers all of the AltQuick services. You can find more details or join our affiliate program by clicking the link in the footer of this page.
