Swapping crypto sounds simple—but choosing the right swap platform is anything but. With dozens of tools available, it's easy to get stuck between flashy interfaces, hidden fees, and unclear risks. And if you're not asking the right questions, you could lose money, time, or even access to your assets.
This guide walks you through what to check before using any swap platform. Whether you're trading or exchange ETH to SOL on crypto swap platforms (like Changelly, Coinbase or Kraken) —you'll learn how to spot red flags, protect your funds, and match the platform to your real goals. Every section is written for clarity—no hype, no fluff, just what you need to know to swap with confidence.
Key Questions
Who Provides Liquidity?
Liquidity means how easy it is to buy or sell a token without big price swings. A platform’s liquidity comes from liquidity providers — people or institutions that lock tokens into smart contracts so others can trade smoothly. Strong liquidity means tighter spreads and less slippage. Weak liquidity leads to bad deals. You should ask: How big is the pool? Which LPs contribute? Is liquidity concentrated with a few or spread out?
Is the Platform Non‑Custodial?
A non‑custodial swap platform lets you control your private keys . If it’s custodial, someone else holds those keys—and your funds depend on their security and reliability. Non‑custodial gives stronger control and less risk of third‑party failure. But you also take more responsibility: if you lose the keys or recovery phrase , there’s usually no way to get your crypto back.
Check whether the platform explicitly says it’s non‑custodial. Read their docs—look for statements like “you retain your private key” or “we never have access.” Examine how they handle transaction signatures. Do they require you to approve every swap via your own wallet, or do they route everything through their own servers? Those details tell you who truly controls your assets.
What Fees and Slippage Are Involved?
Fees and slippage can eat into your returns. Fees are straightforward charges the platform applies—like network fees, swap fees, or spreads. Slippage happens when price changes between when you submit your swap and when it executes.
Often, small trades are mostly impacted by network fees. But with larger swaps or less‑popular tokens, slippage and “price impact” become the bigger cost. For example, a study of Uniswap swaps found that for large trades, slippage dominated total cost.
Check how a platform shows fees up front. Look for estimates of slippage tolerance. See what spreads it uses or if it adds hidden conversion or processing fees. Use that info to compare platforms fairly.
Has the Smart Contract Been Independently Audited?
An independent audit means experts outside the platform checked the swap’s code for security and bugs. It matters because smart contracts are immutable — once deployed, you can’t change them easily. Bugs can lead to big losses.
Look for names like CertiK, OpenZeppelin, or Trail of Bits. Check recent audit reports, not just badges. See if they fixed issues noted in audits. Also verify whether the audit includes manual review and automated tool testing.
Audits build trust. They signal the platform takes safety seriously. But audits are not perfect. Even audited contracts have risks if they are complex or handle large volumes. Always combine audit evidence with other checks.
