For most one-time swaps, a swap aggregator is cheaper and faster than a traditional exchange. Exchanges like Binance or Coinbase require account creation and identity verification (KYC), which can take days. Aggregators like Trocador let you swap instantly with no account needed.
But which option is actually best for your situation? Let's break down the real costs, time investment, and privacy trade-offs of each method.
| Factor | Exchange (Binance, Coinbase) | Swap Aggregator (Trocador) |
|---|---|---|
| Setup Time | 1-7 days (KYC verification) | 0 minutes |
| Account Required | Yes + ID verification | No |
| Trading Fees | 0.1% - 0.5% | 0.5% - 2% |
| Withdrawal Fees | Often high + minimums | Included in swap |
| Privacy | None (full KYC) | High (no personal data) |
| Coin Selection | Wide variety | Wide variety |
| Best For | Frequent traders, fiat on-ramp | Quick swaps, privacy seekers |
What is a Centralized Exchange (CEX)?
A centralized exchange is a company that acts as a middleman for buying, selling, and trading cryptocurrency. Examples include Binance, Coinbase, Kraken, and KuCoin.
To use one, you typically need to:
- Create an account with email
- Submit government ID (passport, driver's license)
- Take a selfie for facial verification
- Wait 1-7 days for approval
- Then you can deposit and trade
Exchange Pros
- • Lowest trading fees (0.1%-0.5%)
- • Fiat on/off ramps (buy with bank/card)
- • High liquidity for major coins
- • Advanced trading features (limit orders, futures)
- • Customer support
Exchange Cons
- • Mandatory KYC (days to verify)
- • Your data stored on their servers
- • Withdrawal fees and minimums
- • Can freeze accounts
- • Not available in all countries
- • They control your funds until withdrawal
What is a Swap Aggregator?
A swap aggregator is a service that compares rates across multiple instant exchange providers and shows you the best deal. It doesn't hold your funds—it just connects you to the best offer.
Think of it like Google Flights for crypto: you search once, and it checks dozens of services for the best rate.
How Aggregators Work
- 1You enter: "I want to swap 0.1 BTC for XMR"
- 2Aggregator checks 10+ services (ChangeNow, StealthEX, etc.)
- 3Shows you a list sorted by best rate and privacy rating
- 4You pick one, paste your wallet address, send your BTC
- 5XMR arrives in your wallet in 10-30 minutes
Aggregator Pros
- • No account or KYC required
- • Ready to use in seconds
- • Best rates automatically found
- • Privacy-preserving
- • Non-custodial (they never hold your funds)
- • Works worldwide
Aggregator Cons
- • Higher fees than CEX (0.5%-2%)
- • Can't buy with fiat directly
- • No advanced trading features
- • Support varies by provider
The Real Cost Comparison
Let's compare the total cost of swapping $500 worth of Bitcoin to Monero using each method:
Via Binance (Exchange)
- Trading fee (0.1%)$0.50
- BTC withdrawal fee~$5.00
- XMR withdrawal fee~$0.50
- Total fees~$6.00
- Time investment1-7 days (KYC)
- Privacy costFull ID submitted
Via Trocador (Aggregator)
- Exchange spread (~1%)$5.00
- Network fee (included)$0.00
- Withdrawal fee$0.00
- Total fees~$5.00
- Time investment20 minutes
- Privacy costNone
The verdict: For a $500 swap, the aggregator is slightly cheaper AND saves you days of waiting. The exchange only wins if you're doing high-volume trading or need fiat on-ramps.
When to Use an Exchange
- You're buying crypto with fiat – Banks can't send to swap services directly
- You trade frequently – Lower fees add up over many trades
- You need advanced features – Limit orders, futures, margin trading
- You already have an account – Skip the KYC wait time
- Large amounts – Some swaps have limits (~$10K-$50K without KYC)
When to Use a Swap Aggregator
- You want to swap right now – No waiting for verification
- Privacy matters to you – No ID, no data stored
- One-time or occasional swaps – Not worth the exchange setup
- You're buying privacy coins – Many exchanges don't support Monero
- Your country is restricted – Aggregators work globally
Popular Swap Aggregators
Trocador
Privacy-focused. Shows privacy ratings for each exchange. Our top pick.
OrangeFren
Clean interface. Good alternative to Trocador.
The Bottom Line
For most people doing occasional crypto swaps:
Swap Aggregators win on: Speed, privacy, and simplicity
Exchanges win on: Fees (for high volume) and fiat access
If you just want to swap some Bitcoin for Monero without creating yet another account and uploading your ID, an aggregator is the clear choice. You'll be done in 20 minutes instead of waiting days.
Use exchanges when you need them (buying with bank account, heavy trading). Use aggregators for everything else.
Ready to Start Swapping?
Use our swap guide to find the best rates and exchange your crypto instantly—no account needed.
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