GenieSwap Review 2024: The Most Secure DEX in Crypto?
What Is GenieSwap?
In this GenieSwap review, I’ll cover a fully-featured DeFi platform offering anonymous trading. Furthermore, this DEX comes packed with many additional features, including a Launchpad, liquidity pools, FIAT on and off-ramp, and so much more.
Thanks to their partnership with Mountain Wolf, a CEX in Central Europe, you can buy crypto directly on GenieSwap using FIAT currency (or vice versa). This feature is the only one that requires a KYC.
In addition, GenieSwap’s platform runs its own deflationary token, $GENIE, with a scheduled monthly price increase. Let us dig into the details!
GenieSwap Overview
| Attribute | Information |
|---|---|
| Coinweb Rating | ⭐⭐⭐⭐ (4.5 stars) |
| Supported Chains | 6 (ETH, MATIC, ARB, OP, TRX, BNB) |
| Native Token | $GENIE |
| Founded By | Core Team Members from Mountain Wolf |
| Top Features | Launchpad, Genie token, Farms, FIAT on/off ramp, No-KYC. |
| Security audits | Hacken (10/10) and Certik (88.62/100) |
Genieswap Review: What Are the Advantages?
GenieSwap comes with a unique set of advantages, which are as follows.
Audited By CerTik and Hacken
Security is of utmost importance to any crypto exchange. Since GenieSwap isn’t registered in the US, multiple third parties have audited their platform.
Hacken rated both their smart contracts 10 out of 10. Additionally, Certik rated their code security an impressive 88.62 out of 100.
Achieving a high-security rating is extremely important for a DEX since every transaction on the platform relies on smart contracts for its execution. High code security offers peace of mind for investors joining the ecosystem again hacks and backdoors.
Easily Buy and Sell Crypto
When reviewing a decentralized crypto exchange, we emphasize how easy and intuitive buying and selling tokens on the platform is. Thankfully, GenieSwap excels in this area. It lets you connect your crypto wallet (MetaMask or Coinbase Wallet, etc.) and anonymously swap tokens without an admin key or KYC.
Additionally, its FIAT on/off ramp feature (more on that later) allows users to buy crypto using FIAT currency conveniently and vice versa.
6+ Blockchains Supported
Supporting over 6 blockchains, GenieSwap makes it easy to buy, sell, and swap tokens across different networks. Here’s a list of supported blockchains on the platform:
- Ethereum
- Polygon
- Arbitrum
- Binance Smart Chain
- Optimism
- Tron
No KYC Required
Unlike most competitors like DAO Maker and Bullperks, GenieSwap does not require customer KYC forms to approve signups. You only need to connect your crypto wallet to buy, sell, and swap tokens anonymously.
The FIAT on/off ramp, built via their CEX partner, is the only feature requiring a KYC along with a Mountain Wolf account.
GenieSwap is also a non-custodial exchange, meaning it has no control over the user’s admin keys. Unlike centralized exchanges that need to adhere to national and international regulations, GenieSwap ensures that no third party keeps track of the user’s activity on the platform.
Usability and Interface
As a platform, GenieSwap prides itself on being user-friendly and intuitive. It’s easy for beginners to understand how to connect their crypto wallets to the platform and start trading immediately.
Also, their step-by-step Launchpad is simple and does not over-complicate the process of launching a crypto project. Features like these make GenieSwap a great DEX and Launchpad for beginners and experienced investors alike.
GenieSwap’s Key Features Reviewed
GenieSwap Launchpad
The GenieSwap Launchpad is the first IDO launchpad in the market that allows anyone, with or without a community, to list crypto projects on the platform before going public.
There have been many crypto launchpads in the market before them, but most of them have required users to have their community before listing their project on the launchpad. GenieSwap even offers an affiliate program to help new creators gain traction from scratch.
This feature is great for both project owners and investors as the former gets needed investment and marketing while the latter buys tokens at an earlier round (cheaper price).
Furthermore, the Launchpad uses the GENIE token as a default currency on the platform. Remember that the GENIE token rises in price monthly, making Launchpad investments safer in the long run. As the value of $GENIE increases, investors will also see an automatic increase in their token investments.
Although GenieSwap is available in most countries, a few prohibited countries are on their list, including Canada, Cuba, and Syria. You can find the complete list of prohibited countries here.
GENIE Utility Token
The $GENIE utility token is currently used to boost yield. During 2024, it will allow users to stake GENIE for yield farming on the platform. Soon, GenieSwap will introduce additional features like staking GENIE to lower fees on DEX.
An interesting feature of the $GENIE token is its predetermined monthly pricing. Starting from its launch in February 2023, the initial price of the token is $0.01 and will increase monthly to $0.028 by February 2024.
After their ICO, the supply for $GENIE will be fixed and will only decrease via a buy-and-burn mechanism.
A portion of the platform’s fees are used to buy back and burn $GENIE tokens from the market. As a result, scarcity is created for $GENIE, increasing its value over time.
Liquidity Pools for Earning
With GenieSwap, you can choose to provide liquidity for your assets in pre-defined price ranges. The platform offers multiple fee tiers for Liquidity pools, ranging from 0.01-1.00%.
GenieSwap lets users join V2 and V3 liquidity pools and migrate V2 liquidity pools to V3. Advanced investors can use the liquidity pool feature on GenieSwap to maximize their earnings on the platform.
FIAT On/Off Ramp
GenieSwap lets you buy crypto directly from FIAT. This is achieved through their partnership with Mountain Wolf, a Central European CEX that allows users to convert all stablecoin assets into EUR.
Currently, GenieSwap only allows crypto conversion into EUR since their payment provider only operates with this currency, but it will add more options in the future.
This fully compliant on/off FIAT ramp is perfect for investors who don’t wish to store their gains on a crypto platform.
Supported Cryptocurrencies and swaps
The platform has a comprehensive list of 100 cryptocurrencies and tokens, including Ether, USDC, Tether USD, Dai Stablecoin, and Multibit.
The swap feature allows you to exchange one cryptocurrency with another without creating an account or admin keys. Connect your wallet to GenieSwap and choose a swap pair; the platform will conduct the process instantaneously.
GenieSwap takes a 0.5% fee on every swap, which helps provide easy access to different chains on the platform.
How to Get Started with GenieSwap?
Here’s how to connect your crypto wallet to GenieSwap and start swapping tokens.
More details
GenieSwap is a beginner-friendly decentralized crypto exchange, supercharged with multiple features like a Launchpad and Liquidity Pools. It offers an anonymous crypto experience, with their FIAT on/off ramp, as the only feature requiring a KYC. Rated 10/10 for smart contract security by Hacken, it is an extremely secure platform.
-
Audited by Certik and Hacken
-
Easily buy and sell crypto
-
6+ blockchains supported
-
No KYC required
-
Beginner-friendly user interface
-
Monthly increase in the price of GENIE token
-
0.5% fee on every swap
-
Not a registered exchange
Step 1: Connect Your Wallet
Visit the GenieSwap app and click [Connect] in the top right corner.
Then, connect your relevant crypto wallet to GenieSwap on the pop-up window. In this case, I’ll go with MetaMask.
Connect GenieSwap with MetaMask. If you are using another wallet, the process is the same.
Step 2: Choose a Token Pair to Swap
Now that your crypto wallet has been connected, choose a token pair you wish to swap.
I converted Ethereum to $GENIE and received 1,233 tokens.
Once done, click [Review swap] and then [Confirm swap].
It doesn’t get easier than that. Your tokens will be swapped instantaneously!
Who Should Use GenieSwap?
While GenieSwap is designed for all traders, the following will find it most beneficial:
Web3 Projects
Genniswap’s Launchpad facilitates web3 users with all the required DeFi features, such as transparency, permissionless performance, programmability, and immutability. In addition, it gives them an admin key-free experience to trade anonymously and safely without any third-party interference.
Advanced Crypto Investors
The platform allows advanced DeFi investors to trade across multiple chains remotely. You can swap currencies and work towards building a successful crypto empire for yourself. This exchange also plans to launch a cross-chain swap so you can easily swap coins between various chains.
Beginner-level Investors
Whether you have recently joined the crypto world or are still learning about it, GenieSwap is a great way to explore new opportunities and projects in this ecosystem. The Launchpad helps you get that much-needed introduction to upcoming projects that can blossom into the next big thing in blockchain.
Who Owns GenieSwap?
The Dev3Studios LLC is a registered company that owns GenieSwap. The enterprise is based in Saint Vincent and the Grenadines and has prior experience with launching and maintaining companies in DeFi like Scramble.
Drawbacks of GenieSwap
The potential drawbacks of GenieSwap are as follows:
- Monthly Price Increase in GENIE Token: While the increase in the price of GENIE is crucial to buy it back and burn it effectively, the increasing rate makes it hard for beginner traders with minimal funds to get in on the action. The initial rate of the token is $0.01, which will increase every month as per a pre-planned schedule.
- A 0.5% Fee on Every Swap: The fee is competitive but can add up to be substantial with every swap. However, this will not be a factor for investors and project owners who plan on swapping currencies infrequently.
- Not a Registered Exchange: GenieSwap’s website mentions that the platform is not registered with the national securities exchange. For users and companies in the US looking for a registered exchange, this might be a problem.
GenieSwap’s Alternatives
BullPerks
BullPerks’ Launchpad is considered a successful platform for early-stage Web3 investments. With 65+ successful IDOs and a 37.61x ATH ROI, this exchange has developed a strong reputation since its launch in 2021. It supports over 23 blockchains while offering a clutter-free user experience on its website.
More details
BullPerks, with its tier system, is a fair and community-dedicated platform giving access to early-stage Web3 investments. The launchpad has raised $15 million for over 65+ projects, with an ATH ROI of 37.61x. Additionally, its integration with 23+ blockchains makes it a strong choice for crypto projects and investors.
-
65+ successful IDOs.
-
37.61x ATH ROI.
-
$15 Million raise.
-
23+ blockchain integrations.
-
Hassle-free token claiming.
-
No guaranteed allocation.
-
Obligation to maintain public sale price.
-
$1M public raise cap for projects.
Enjinstarter
The Enjinstarter platform is a revolutionary ecosystem for developing digital assets and blockchain strategies. It also features a remarkable next-generation launchpad that has successfully funded over 50 IDOs.
More details
Enjinstarter is a Web3 launchpad that offers investors a cost-effective way to participate in early stage blockchain projects. With a minimum staking requirement of 1,250 wEJS, you can access a multi-chain launchpad with over 80+ successful IDOs. The incubation program for new projects makes it a solid developer pick.
-
80+ completed projects.
-
Average ROI of 0.45x.
-
Frequency of launches.
-
Cross-chain support.
-
Lowest participation cap.
-
EJS token volatility.
GenieSwap Review: Our Verdict
Features like a launchpad and anonymous buying and selling of tokens are an easy platform to recommend for investors. Although it isn’t a registered exchange, it has received the green signal from multiple third-party audits.
Unlike other exchanges, its launchpad is a perfect place to participate in a new project and benefit from its helpful referral program. GenieSwap charges a 0.5% fee on every swap, but that downside is easily offset by its great customer support, admin key-free trading, and seamless token staking.
GenieSwap has great potential to become a significant exchange in the crypto world in the next few years.
GenieSwap is a new decentralized exchange that offers convenient cryptocurrency trading and swapping. The platform has an incredible Launchpad designed to facilitate both new and existing token holders in the best possible way.
The GENIE token increases in price every month. The GENIE token's starting price was $0.01, which is set to increase to $0.028 by the end of the year.
The GENIE token was worth $0.01 at the time of launch. The token has been designed to raise its price every month.
An enterprise, Dev3sStudios LLC own GenieSwap. The company is based in Saint Vincent and the Grenadines.
Yes, the platform is legit. In fact, it has been thoroughly audited and approved by multiple third-parties.
