SpookySwap Decentralized Exchange Review

SpookySwap is a decentralized crypto exchange built on the Fantom Opera network. It was launched in April 2021, which means it is relatively new to the market. Nevertheless, in this short time, it has managed to earn the support of top organizations and has been listed on top trading platforms. 

SpookySwap overview

Here are the key features of the platform:

• Supported cryptocurrencies and countries

This exchange supports a total of 99 tokens, including popular ones like FTM, AAVE, MATIC, DAI, LINK, wBTC, wETH, TUSD, CHARM, DUCAT, etc. Being a decentralized exchange, it is available in all countries.

• Native token

The native token of this platform is known as BOO. It is used for governance and you can also stake it in the farm to earn rewards. 

• Funding methods

To carry out trades on this platform, you need tokens in your wallet. You also need some FTM tokens for gas. Using the Bridge functionality, you can move tokens from different environments like Binance Smart Chain, Polygon, Avalanche, Ethereum, OEC, and Arbitrum. Using a tool built by one of the mods, you can get free gas. 

• Wallets supported

This platform is compatible with the MetaMask wallet. Only it is built for the ETH environment, the exchange can automatically configure the wallet to function on the Fantom Opera blockchain.

How does SpookySwap work?

You can do the following on this exchange:

1. Token swaps

This platform has automated liquidity pools through which you can exchange one asset for another. You have the option of dealing at market value or setting a limit order that you can trigger anytime. 

2. Creating liquidity

By creating liquidity, you can enjoy a 0.2% swapping fee for the assets. By staking liquidity in farms, you can earn larger incentives in the form of BOO tokens. Liquidity providers receive spLP tokens that constitute your share of the pooled coins.

3. Bridging

This is a handy feature that allows you to move tokens between chains. For this to work, you need a wallet and the gas tokens for the blockchain you wish to bridge from. The bridging amount must be within a certain range. You will be able to see this range after selecting the token.

What can you buy on SpookySwap?

This platform is based on the Fantom Opera blockchain. It is an open-source environment powered by the aBFT consensus mechanism. It removes the hazards of lengthy confirmation times and transaction congestion. The top tokens on this exchange are Fantom, TOMB, TSHARE, USD Coin, SpookyToken, Dai Stablecoin, Ethereum, Bitcoin, and Frapped USDT.

Is SpookySwap safe?

On the security ranking platform Certik, 86% of users have voted that this is a safe platform. It has also been audited by Certik, and no critical or major issues were detected during the audit. 

User reviews

There are only two reviews for this platform on Trustpilot, which indicates a lack of reputation.

Spookyswap fees, compatible wallets, and transactions

While swapping tokens on this platform, users need to pay a 0.2% trading fee. For limit orders, the fee is 0.22%. Out of this, 0.17% goes to the liquidity providers in the form of rewards, and 0.03% goes to those who have staked xBOO. You must have the MetaMask wallet to conduct trades.

What are the ways to trade on SpookySwap?

You can trade using a simple market order or a limit order. The first step is to connect your wallet to the blockchain network. After that, you need to navigate to the swap page and select the token you wish to swap and the one you wish to receive. You need to approve the asset and then confirm the swap process.

A limit order is when you set a specific price for the transaction, which gets activated once that price is reached. On the swap page, select Limit and choose the assets as usual. Upon entering the amount, you will see the present market value and the projected minimum. After that, you need to place the order. 

Customer support

The only way to seek technical assistance for this exchange is through the official Discord channel.