Slow Crypto Swap: Is OTC with Full KYC the Faster Alternative?

[DeepDrilling]

Due to the post below, I just tried making a $1,250 transaction from LTC to DAI, as suggested in this and other threads. So far, it's taken 15 minutes to exchange via a SWAP, so it doesn't seem like such a great idea after all.

Why is it taking so long?
Is an OTC with full KYC really the only alternative if speed is a priority?
Is there a risk that the exchange won't go through, and everything just gets sent back?

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Question Post in thread '700 EUR to exchange USDT to BTC or ETH !! CHOCK!!'​

Oct 24, 2024

SoNewToAllShit said:
How do you go about 150K you want to trade with instantly. Would it be secure to send them to Kraken or Binance or is the risk they will freeze the amount and ask for additional KYC etc too high ?

If so, how to trade such amounts ?
Click to expand...

https://thorswap.finance/

• Clank

 

[JohnnyDoe]

Ltc dai is a cross, there is no native liquidity on the pair. It's normal it takes some time and fees to swap.

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[DeepDrilling]

JohnnyDoe said:
Ltc dai is a cross, there is no native liquidity on the pair. It's normal it takes some time and fees to swap.
Click to expand...

sorry, can you explain this a little better what does it mean exactly ?😵

 

[JohnnyDoe]

DeepDrilling said:
sorry, can you explain this a little better what does it mean exactly ?😵
Click to expand...

I mean that there is no active trading on the ltc dai pair, so what happens is that ltc is first converted into usdt or btc and then usdt or btc is converted into dai.

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[EliasIT]

Would you say that it is faster to exchange to BTC first and then do with them whatever you want to do ?

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[JohnnyDoe]

EliasIT said:
Would you say that it is faster to exchange to BTC first and then do with them whatever you want to do ?
Click to expand...

If you want fast transactions use binance or OKX otherwise don't bother and be patient, the swap will go through and waiting some minutes won't make any difference.

Last edited: Oct 29, 2024
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[DeepDrilling]

Finally after 1 hour and 10 minutes it went through. That's too much time.

JohnnyDoe said:
If you want fast transactions use btc or OKX otherwise don't bother and be patient, the swap will go through and waiting some minutes won't make any difference.
Click to expand...

So you think this will be faster to exchange it to BTC or OKX right ?

 

[JohnnyDoe]

DeepDrilling said:
Finally after 1 hour and 10 minutes it went through. That's too much time.

So you think this will be faster to exchange it to BTC or OKX right ?
Click to expand...

I meant a cex, like binance or OKX

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[Freetrade]

DeepDrilling said:
Due to the post below, I just tried making a $1,250 transaction from LTC to DAI, as suggested in this and other threads. So far, it's taken 15 minutes to exchange via a SWAP, so it doesn't seem like such a great idea after all.

Why is it taking so long?
Is an OTC with full KYC really the only alternative if speed is a priority?
Is there a risk that the exchange won't go through, and everything just gets sent back?

[COLOR=#8c9eff] C [/COLOR]

Question Post in thread '700 EUR to exchange USDT to BTC or ETH !! CHOCK!!'​

Oct 24, 2024

SoNewToAllShit said:
How do you go about 150K you want to trade with instantly. Would it be secure to send them to Kraken or Binance or is the risk they will freeze the amount and ask for additional KYC etc too high ?

If so, how to trade such amounts ?
Click to expand...

https://thorswap.finance/

• Clank

Click to expand...

LTC to DAI is not a simple swap for a DEX since they are two completely different blockchains. Trading on a CEX will be much faster.

Try Exch.cx if you don't want to use a CEX. Use Tor browser if you want http://hszyoqwrcp7cxlxnqmovp6vjvmnwj33g4wviuxqzq47emieaxjaperyd.onion/
Before you trade check their reserves on the main page to make sure they have enough. Right now they are out of DAI with only $300 left so you can't trade now.

Your title is a bit confusing. OTC is for very large trades that don't go through the normal orderbook on an exchange.
It should be "Is CEX with full KYC the faster alternative?".

And the answer is yes.

 

[DeepDrilling]

But would there be a better coind to exchange to from LTC ? I mean say BTC or ETH or other?

I would like to avoid binance and other exchanges since I right now have 700K euro in LTC which I want quickly turned in a stable coin once it is time to cash out. Transferring this amount to binance or kraken would be risky I guess, even I have a fully verified account which is 5 years old. But average amounts going through there is 50K.

So this thorswap came handy.

 

[Freetrade]

DeepDrilling said:
But would there be a better coind to exchange to from LTC ? I mean say BTC or ETH or other?

I would like to avoid binance and other exchanges since I right now have 700K euro in LTC which I want quickly turned in a stable coin once it is time to cash out. Transferring this amount to binance or kraken would be risky I guess, even I have a fully verified account which is 5 years old. But average amounts going through there is 50K.

So this thorswap came handy.
Click to expand...

Better in what way? Not sure I understand what you are asking.

For a DEX trade (uniswap etc) the fastest and easiest swap would be ETH to DAI/USDT/USDC That would be completed in seconds with minimal slippage and fee.

LTC to ETH/DAI/USDT/USDC and BTC will be slower as you are dealing with different blockchains.

Converting your LTC to BTC will open up more options to swap to stables when the time comes.
Then you could use chainflip for example and pay extra for a fast swap (looks like more than 6 BTC will take 40 minutes though)








Also Debridge just tweeted they are adding BTC swaps soon so that will be another option for BTC to Stables.