Pros
- Most affordable DEX for BEP-20 tokens.
- Lists over 100 coins
- Supports multiple DEX functions, including AMM, yield farming, liquidity pools, IDO launchpad, and NFT marketplace.
Cons
- Has an anonymous list of founders
- It is still new in the market, so it hasn’t stood the test of time
Biswap is among many decentralized exchanges on the Binance Smart Chain (BSC). However, the exchange has gained tremendous popularity because of some of its features and offerings. This Biswap review details these characteristics and lets you know what to expect when trading on Biswap.
Read more: Bilaxy Review: Is Bilaxy safe to use?
What Is Biswap?
Biswap is one of the most popular decentralized crypto exchanges for BEP-20 tokens. The exchange was formed in 2021 by 27 anonymous members with the vision of creating the world’s most affordable DEX on the Binance Smart Chain.
This vision has come to life, with the exchange becoming the most affordable DEX on BSC. While other DEXs charge rates as high as 0.25% and 0.3%, Biswap charges only 0.1% for transactions. Even better, the exchange offers up to 50% reimbursement on exchange fees.
Besides its affordability, Biswap also stands out because of the range of financial products that it offers its users. Biswap is well known for its multiple profitable features, including AMM, yield farming, and liquidity pools. Also, its NFT marketplace and IDO give users a chance to launch tokens and NFTs and benefit financially from them.
Because of its lucrative features and its rigorous multitype referral program, Biswap has grown tremendously within the short time it’s been in existence. With a total trading volume of about $52 million, this is a highly active exchange.
Best Features
Biswap is not your typical crypto exchange. While other exchanges focus on standard trading options, this exchange highly emphasizes providing users with the most lucrative services. For this reason, the platform has several impressive trading features. Here are the best trading features available on Biswap.
Automated Market Maker
An automated market maker (AMM) is a decentralized system that enables crypto traders to run their trades automatically. In non-automated exchanges, a transaction is dependent on intermediaries. These third parties regulate asset prices and determine when trades occur.
However, with AMMs, trades are controlled using algorithms and liquidity pools and secured through peer-to-peer smart contracts. Some of the platform’s members register as liquidity providers, creating a liquidity pool for multiple tokens. Such pools enable traders to exchange assets with minimal price fluctuations, giving them more trade profits.
Yield Farming
Yield farming is more like a crypto savings account, where users deposit tokens and earn interest for doing so. On Biswap, at least 25 farms generate the platform’s liquidity pools.
Biswap liquidity providers, or yield farmers, earn commissions as a reward for their liquidity generation efforts. These commissions are worth at least 0.15% of the trading fee from each trade. Such incentives increase the number of liquidity providers on the platform, making transactions cheaper and more profitable.
Staking
The platform offers highly rewarding staking alternatives for investors who don’t own multiple assets but still want a cut of Biswap’s benefits. Biswap users can earn up to 100% APR on launch pools and up to 20% APY through fixed staking.
Multi-type Referral Program
Another impressive feature of Biswap is the platform’s multi-type referral program. This marketing effort rewards users with cryptocurrency for referring their friends to join the exchange. Users earn up to 20% commission every time the person they refer makes a transaction or earns rewards through staking pools, launch pads, or lotteries.
NFT Marketplace
Biswap is also famous for its NFT marketplace. This blockchain market allows the exchange’s users to collect and trade non-fungible tokens. The platform is highly affordable, charging a commission fee of only 1%.
Besides its affordability, the Biswap NFT marketplace offers traders exclusive NFT auctions where they can earn a 5% price difference from their bid to the next closest bid. Additionally, it has an NFT staking pool that generates extra income for the platform’s users.
Crypto Supported
Biswap supports over 100 cryptocurrencies. Here’s a list of some of the most popular digital coins you can find on Biswap.
- Binance (BNB)
- Biswap (BSW)
- Bitcoin (BTC)
- Binance USD (BUSD)
- DogeCoin (DOGE)
- Polkadot (DOT)
- Ethereum (ETH)
- Polygon (MATIC)
- Solana (SOL)
- Stellar (XMR)
Biswap Fees
Biswap charges one of the lowest transaction fees. At a rate of 0,1% per transaction, Biswap is significantly more affordable than other exchanges. Besides that, the platform offers up to 50% exchange fees reimbursement when users swap tokens.
How to Connect Biswap to Trust Wallet
Biswap users need to connect the exchange to a wallet. One of the best wallets to connect Biswap to is Trust Wallet. Trust Wallet is an excellent option because it has cross-chain compatibility with at least 60 blockchains and supports over 4 million blockchain assets.
Connecting Biswap to TrustWallet is a two-step process. Let’s follow this step-by-step guide to learn how to complete the connection.
Step 1: Create a Trust Wallet Account
- Download and install Trust Wallet app on your iOS or Android phone.
- Tap Create a new wallet to create a new wallet.
- Read and Accept Trust Wallet’s terms and conditions, then click Continue.
4. Note down your 12-word recovery password exactly as it appears on your screen and store it away from any third parties, then click Continue.
- Verify the recovery phrase by rearranging the words on the next page to match the order of your recovery phrase. When done, click Continue.
- Once you successfully verify your account, your account will be successfully created.
Step 2: Connect Biswap to Trust Wallet
With the Trust Wallet account all set up, you can now begin the Biswap connection process. Here’s a guide on how to get it done.
- Navigate to the DApps tab on Android or browser on iOS in Trust Wallet and type Biswap.org in the search bar and click on the option that appears. This will redirect you to Biswap’s homepage.
- Click the Connect Wallet button at the top right of the homepage.
- Click on Trust Wallet.
4. On the tab that opens, you will see a notification that Biswap wants to connect to your wallet. Select Main Wallet.
- Press the Connect button.
- You should see a Your Wallet screen if your connection is successful.
FAQs
Is Biswap safe?
Biswap is one of the safest cryptocurrency exchanges. This exchange is listed on Binance and has the backing of Binance Labs courtesy of strategic investments. Biswap is also audited by Certik, a leading blockchain security firm geared towards standardizing security measures for blockchain platforms.
What is Biswap best for?
Biswap is best for its affordable transaction fees. The platform charges only a 0.10% fee per transaction. Occasionally it also offers 50% reimbursement on exchange fees. This makes it cheaper than BSC exchanges like PancakeSwap and Apeswap which charge 0.25% and 0.3% respectively.
How do I get Biswap?
Biswap is a web application accessible through any computer device. However, you can also access the exchange through one of the wallets it supports. These include wallets like Metamask Waller, Brave Wallet, and Trust wallet.
