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What is SpookySwap?
SpookySwap is an automated market-maker (AMM) decentralized exchange (DEX) for the Fantom Opera network - the first and (currently) only one in the world!
BOO Token (SpookySwap Token)
The platform uses the token with the ticker BOO (Spookyswap Token) as a governance token and hosts liquidity pools and staking of their native token. It is quite a new DEX, having started operations in April of 2021.
General Information on DEXs
DEXs are basically decentralized exchanges that have servers all over the world which make them accessible at all times and much more resilient to hacker attacks than their centralized alternatives. Moreover:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins; and
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
SpookySwap Compatible Wallets
Currently, SpookySwap only supports the MetaMask wallet. And at the time of this writing, we were not able to locate any additional information on planned support for other wallets in their roadmap. So if you're a MetaMask fan, you're good to go, but for everyone else, we're afraid you'll need to wait until further support comes down the pipeline.
On the date of last updating this review (12 September 2021), the 24-hour trading volume, according to Coinmarketcap was USD 190 million. This is a decent trading volume, and we hope for this platform's sake that it further improves in the future.
The US Securities Exchange Commission does not allow foreign companies to solicit US investors unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. This consistent threat of attack from the SEC has kept many centralized exchanges from offering their services to American citizens.
SpookySwap is a decentralized exchange, hence, not under any specific jurisdiction or governmental authority that would force them to reject American customers. This decentralization allows SpookySwap to accept investors from any country, including the United States.
SpookySwap Trading View
The trading view on SpookySwap is a pretty straightforward deal: connect your wallet then plug in the values for your trade and initiate the swap. Pretty simple. Usually on a DEX, when you check the coin listings in the preview pane, you'll see the list of coins available for swapping. In the case of SpookySwap though, we were not able to see any coins available other than the Fantom token from their own network. This is probably due to SpookySwap only being online for less than a month and we assume this will be updated as operations get moving along.
SpookySwap Trading Fees
One of the major complaints people have about centralized exchanges is that they charge high fees for their services, and this is true. But they also offer great ease of use and a centralized authority to turn to if you have problems and need help, so for many users, it's a fair trade-off. When it comes to decentralized exchanges though, many of them don't charge any trading fees at all, and this is precisely why DEX supporters trumpet the merits of DEXs over their more centralized brothers, CEXs. The downside of course is, if you have a problem on a DEX, who do you call, Ghostbusters? As you can see, both sides have valid points.
That being said, SpookySwap isn't free. They charge a flat fee of 0.20% per transaction regardless of whether you are a maker or a taker which is basically a liquidity provider fee. And these fees are subject to change by community governance, remember that BOO token we spoke about earlier? Yeah, that one. It has its place in the tokenomics of the site and we assume it will grow in scope as the SpookySwap DEX is fleshed out throughout 2021.
SpookySwap Withdrawal Fees
SpookySwap does not charge any transfer fees or withdrawal fees other than the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain and not fees paid to the exchange itself. Network fees vary from day to day depending on how much traffic is flowing through the network at a given time. So choose your transaction times wisely and you'll probably end up paying less in fees.
SpookySwap, like most all DEXs, doesn't accept any fiat currency deposits, nor can you purchase crypto on their platform. So essentially it's crypto in crypto out, and no fiat ever hits the floor. So for those looking to use SpookySwap but who don't have any crypto yet, you need to ask your buddies to send you crypto, or you can use an entry gateway to purchase crypto with your fiat currency then transfer it to the SpookySwap for trading. Find one by using our Exchange Filters!
Since DEXs are decentralized and their servers spread throughout the globe, they present much harder targets for miscreants to attack and steal funds from. Even if a hacker theoretically got into a DEX, they wouldn't have access to your funds because when you make a swap you basically take from the pool and add your swapped coin directly into your wallet without third-party intervention. So it's a pretty safe system and one that DEX supporters tout on a daily basis.
A Centralized exchange, on the other hand, is a great target for hackers because if they can get in, the cash is literally sitting there waiting for them to grab and run off with.