Cryptocurrencies have now been in existence for more than a decade, but one of the main themes of their genesis is beginning to show some cracks. Satoshi Nakamoto’s white paper on Bitcoin described a peer-to-peer payment network that didn’t need the baggage of third-party verification. The network would guarantee the privacy of it’s users through this anonymity.
Today, that promise of anonymity is waning. Signing up for a cryptocurrency exchange like Coinbase or Gemini is anything but anonymous. You need to provide your name, date of birth, address, bank information and even your Social Security number. And new legislation will now deem these exchanges as brokers who must send out 1099s to clients and report all transactions over $10,000. Sounds a lot like a bank, doesn’t it?
FixedFloat is a cryptocurrency exchange network that seeks to return anonymity to its users. There’s no registration, confirmation or sign-up needed. You can simply exchange one cryptocurrency for another for a small fee through their automated system.
- No sign up or registration required
- Fast and efficient service
- Preserves user privacy
- Not available for United States citizens
- Currently only supports 33 different cryptocurrencies
- Transaction costs high during periods of heavy network congestion
FixedFloat Ratings at a Glance
FixedFloat is an automated swap service where users can exchange one cryptocurrency for another without needing to hand over personal information related to your financial assets. FixedFloat isn’t a broker or custodian, and they don’t hold assets on behalf of clients. Instead, it offers lightning-fast transactions while preserving the anonymity and privacy of the user.
Users of the platform can simply enter their wallet address and select the 2 digital currencies they’d like to exchange. If you want to convert Bitcoin into Litecoin, simply select Bitcoin and the amount you wish to exchange under the ‘Send’ tab and Litecoin under the ‘Receive’ tab. Enter your Bitcoin wallet address (or use the QR code) and pick a fixed rate or floating rate for their crypto assets.
The fixed-rate sets the price of your cryptocurrency for a certain amount of time so the price you see is the price you get when the transaction is completed. The main thing is that the transaction appears in the mempool within 10 minutes and before that the market rate has not changed by more than 1.2%. Otherwise, you will be offered a choice: continue the exchange at the market rate at the time of the choice, or make a refund.
The floating rate option has a lower commission, but you don’t receive a final price until the transaction is confirmed (which could mean getting less than anticipated, although you might get more if the rate changes for the better for you). As soon as your transaction receives the required number of confirmations, your new cryptocurrency will be added directly to your wallet without the need to provide a name, address or other personal information. Remember, traditional financial institutions cannot provide this service.
Cryptocurrency exchanges aren’t exactly known for exemplary customer service. One of the big drawbacks in the eyes of many investors is the every-man-for-himself feel of the cryptocurrency space because virtual currencies and crypto traders alike can be quite volatile.
Fortunately, FixedFloat doesn’t leave its users hanging with nebulous communication avenues. Users of the exchange can reach out to the FixedFloat team via telegram, email or social media. Additionally, it has one of the most necessary features of any broker or exchange operating in the year 2021: a live chat option for customer support. And it’s available 24 hours a day, 7 days a week.
Cryptocurrency transaction fees can vary greatly. Network congestion, the amount of capital in the transaction and the location of the user are all factors that can affect the price of an exchange.
Unfortunately, predicting these transaction costs can be difficult, if not outright impossible. Plus, you may not have the choice of waiting until network congestion lightens and fees come down. FixedFloat attempts to be as transparent as possible when it comes to fees on its end, offering 2 different ways to pay for your order: the fixed-rate and the floating rate (you can see where they got their moniker from).
The fixed-rate applies a 1% fee to all transactions that is locked in at the time of the order. When the transaction is initiated, FixedFloat sets the rate for 10 minutes and transactions are processed at that price. For example, if you were attempting to exchange ether to BTC and BTC was $61,434 at the time of initiation, that’s the price you’d receive when the BTC eventually makes its way to your wallet.
FixedFloat also has a 0.5% floating rate option. In this tier, transactions are initiated the same way as they would in a fixed rate exchange, but the rate isn’t set at the time of initiation. In our above example, the BTC received would be at the price when the final confirmation of the order was reached, meaning the block was entered into the chain and confirmed as legitimate.
This final price could be higher or lower than the price at the time of initiation, so users must be prepared for slippage when making a floating rate exchange. Users should also be aware of network fees, which are in addition to the 0.5% or 1% commission. Network fees are the rewards given to miners for processing transactions and are not set by FixedFloat.
Simplification is the goal of FixedFloat, so if you’re looking for extra bells and whistles as perks, you’re going to be disappointed. There aren’t any contests with prizes, giveaways or freebies like you may find at other cryptocurrency exchanges. However, FixedFloat does deliver on its promises: speed, privacy and ease of use.
The platform itself is easy to understand and use. There’s no learning curve — simply enter the wallet address, select the cryptocurrency you wish to exchange and choose the floating or fixed rate option. Transactions are processed rapidly and usually are completed within 30 minutes.
Orders can also be tracked to ensure processing. Users can enter their email address (and only their email address) in order to track their transaction or use the FixedFloat website if browser cookies are enabled. And of course, the transaction can be tracked on the digital blockchain ledger.
Additional perks for users include an informative blog with how-to articles on converting different cryptocurrencies, as well as guides on how individual coins function. Plus, the 24/7 chat support provides peace of mind not usually found in the crypto space.
The site is simple, sleek and intuitive. Transactions can be entered and processed with very little hassle, and there’s no registration or sign-up process to slow things down. Select the type of cryptocurrency you wish to receive, the type you plan to exchange, and your preferred fee structure (fixed vs floating). Transactions typically take less than 30 minutes, and some are completed in under 10 minutes.
More tech-savvy cryptocurrency users can utilize the API features to create completely automated transactions. A completely hands-off way to create custom cryptocurrency trading strategies, the API can be easily set up and adjusted (with help from the 24/7 customer support if needed).
Overall, the user experience at FixedFloat is one of convenience and efficiency. Your transactions process quickly, there’s no registration to bog things down and your fees are transparent and fair.
- Non-U.S. Residents
FixedFloat vs. Competitors
FixedFloat offers quite a few features that competitors will struggle to match, namely:
- Fully-automated cryptocurrency exchange
- Fast and anonymous service
- 24/7 live chat support
- No mandatory registration or personal information required
Unlike the competition, FixedFloat is easy, affordable and (most importantly) completely private. If you want to make exchanges without divulging your personal info to a third party, consider FixedFloat.
FixedFloat isn’t fancy or robust, nor does it pretend to be. You won’t find any deals, contests or added perks, but you will find a simple, fast, and efficient service for exchanging cryptocurrencies in a completely private fashion. FixedFloat has fair pricing with no hidden fees and reliable customer service channels for solving user problems.
The API features allow automated trading programs to be designed, and the anonymity offered is something you won’t find at many mainstream crypto exchanges. The only thing keeping FixedFloat from a five star rating is the lack of access for U.S. residents, but that could change in the future as regulation heats up in the U.S. crypto market.
FixedFloat Tutorial
Frequently Asked Questions
What is FixedFloat?
FixedFloat is a service that allows cryptocurrency users to trade 1 coin for another without a custodian. Since no wallet or custodial service is provided, transactions are made anonymously and users preserve complete privacy.
How do you use FixedFloat?
If FixedFloat is available in your country, you can enter the digital asset you wish to send, the one you wish to receive, and your wallet address into the exchange page. Select fixed or floating rate depending on your preferences and initiate your exchange. Just send the transaction to the address specified in the order, wait until the required number of confirmations is received and immediately receive a new cryptocurrency.