I went to swap some WAX to fiat recently to discover I couldn’t; typical services such as ChangeNOW and Newdex were not currently supporting the WAX network, but I found a solution with KuCoin.
“If opportunity doesn’t knock, build a door.” ― Kurt Cobain
Recently, I was introduced to the KuCoin exchange by my home platform, Publish0x, where they are currently offering 10% withdrawal bonuses to the newly partnered exchange, which is excellent - but it has a nice unexpected perk. After realizing I did not have a way to exchange my WAX, I began to troubleshoot, and a fellow Cryptowriter and Publish author pointed me to KuCoin, stating they recently discovered it has WAX support.
At first, when prompted with the idea of signing up for a new exchange, I thought, “Great, another no-name exchange...”
However, I’ve come to favor the exchange quickly. KuCoin is WAXP (WAX EOSIO Token) compatible and alongside avoiding further gas and exchange fees. I love Trust Wallet, but it has become a storage unit for gas-stuck ERC-20’s from Publish0x payouts.
By depositing directly to an exchange that DOES NOT REQUIRE KYC, I can trade the ETH and ERC-20’s for Bitcoin (BTC) and then convert it to Stellar Lumens (XLM) for withdrawal with a tiny fee, which is far more ideal.
The beauty of KuCoin to me is, while ChangeNOW and NewDex are down and not consistently backing the WAX token; you can do the same exact thing with WAX which so far has proven to be a more cost-efficient option. For those of us that love NFTs and don’t favor gas fees, this is excellent news; we need a cost-efficient way to swap WAXP for fiat and other currencies with ease, and now we have one.
Additionally, Publish0x readers and authors won’t be as harmed by fees, as well as the Publish Team, who have been paying nearly an equal amount in ETH/ERC-20 gas fees for a good while now. The Publish Team are incredibly generous cats and my love for their platform is unending; I am pleased that they are finally seeing light at the end of the tunnel on tx fee resolution.
I will note that you will need to swap assets back and forth from your “Main Account” and your “Trading Account” in order to move funds to the trading exchange and back out for withdrawal. So, say, for example, if you deposit some WAXP, you’ll need to move it to the trading account to be able to trade it for Bitcoin and then use the larger amount of BTC pairs to find a coin or token of your choice; I recommend Stellar Lumens.
NANO surprised me in a bad way by demonstrating an unstable and congested market in recent days and is quickly losing my support as it has always been touted as infinitely scalable; this should simply never happen, and I don’t know what the future holds for the coin. XLM is now my new favorite alongside EOS and they have been on my top #10 list since I returned to crypto from a hiatus in 2018.
Overall, I find the site and usability to be familiar yet fresh. More importantly, their exchange supports all the coins and tokens I care about with an adaptable UI. The 2FA settings are a bit excessive, but that a good thing for added security. I plan to use their exchange for pair trades more often in the future as they also offer futures and margin trading.
I highly recommend the platform, if only to help escape some ETH tx (transaction) fees and for the WAX token support. I hope this information is of some use to you.
As always, comments, suggestions, and friendly debates are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
Pronouns: He/Him/His
Sources:
https://www.kucoin.com/
https://www.voice.com/post/@thomaswolf/kucoin-a-convenient-wax-exchange-1616945142-564182105
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
This post was originally published for Cryptowriter in association with Voice.