Re: [ANN] SwapMixer.com - Swap Bitcoin to Litecoin anonymously
I have been commissioned to provide a review for this service, and here're my observations:
1) It works as advertised for small amounts. I didn't risk a large amount of bitcoin, so I have no idea how much the service is capable of exchanging/obfuscating.
2) The UI is simple, and I find that to be a positive thing. I'm not concerned that there isn't much fanfare to the site.
3) There does seem to be a small trade penalty, at least according to the prices I observed at coinmarketcap at the time of the transactions.
More in depth review:
The first thing I noticed when I tried to visit the site at work is that my company's firewall blocks it, claiming the security certificate is invalid:
I was able to visit the site once I logged out of my company network, and the certificate appeared to be intact. I didn't dig too deep into this discrepancy, a task I may undertake in the future.
I conducted two trades on the site, and was able to extract my litecoin both times. Both trades were for 0.0001 BTC. Both times I received about 1.5% less LTC than the price at CMC suggests. I didn't see the exchange rate published on the site which to an extent contradicts this claim:
Furthermore, 1.5% is a pretty small discrepancy and could merely be due to different exchanges being used to establish pricing. However, it could also be a contradiction of this claim:
Withdrawing the LTC is pretty straight forward, and fees can be manually adjusted from 0.0001 to 0.001 LTC. The site does automatically suggest a fee, presumably offering the most efficient rate at the time.
There's a feature that allows you to destroy the session once it's been completed, which I used after conducting the first trade. It appears to have worked, I was not able to restore that session after destroying it. Whether all the information pertaining to the session has actually been purged from the server I do not know. Something that obviously requires a level of trust.
What I would like to see:
The site provides a bitcoin address to send your coins, but there is no letter of guarantee, or a signed message reassuring the sender that the service indeed owns the address. This is a safety measure that I believe would help establish legitimacy.
I would also like to see the website's certificate issue fixed.
Please send the remainder of my review bounty here: bc1q2nwf4njwkpeuyycx5a95nj6mf8m45djdk863xs
1) It works as advertised for small amounts. I didn't risk a large amount of bitcoin, so I have no idea how much the service is capable of exchanging/obfuscating.
2) The UI is simple, and I find that to be a positive thing. I'm not concerned that there isn't much fanfare to the site.
3) There does seem to be a small trade penalty, at least according to the prices I observed at coinmarketcap at the time of the transactions.
More in depth review:
The first thing I noticed when I tried to visit the site at work is that my company's firewall blocks it, claiming the security certificate is invalid:
I was able to visit the site once I logged out of my company network, and the certificate appeared to be intact. I didn't dig too deep into this discrepancy, a task I may undertake in the future.
I conducted two trades on the site, and was able to extract my litecoin both times. Both trades were for 0.0001 BTC. Both times I received about 1.5% less LTC than the price at CMC suggests. I didn't see the exchange rate published on the site which to an extent contradicts this claim:
- Exchange rate: The coin swap only takes place with the rate you agree with.
Furthermore, 1.5% is a pretty small discrepancy and could merely be due to different exchanges being used to establish pricing. However, it could also be a contradiction of this claim:
- Donation based: No fees.
Withdrawing the LTC is pretty straight forward, and fees can be manually adjusted from 0.0001 to 0.001 LTC. The site does automatically suggest a fee, presumably offering the most efficient rate at the time.
There's a feature that allows you to destroy the session once it's been completed, which I used after conducting the first trade. It appears to have worked, I was not able to restore that session after destroying it. Whether all the information pertaining to the session has actually been purged from the server I do not know. Something that obviously requires a level of trust.
What I would like to see:
The site provides a bitcoin address to send your coins, but there is no letter of guarantee, or a signed message reassuring the sender that the service indeed owns the address. This is a safety measure that I believe would help establish legitimacy.
I would also like to see the website's certificate issue fixed.
Please send the remainder of my review bounty here: bc1q2nwf4njwkpeuyycx5a95nj6mf8m45djdk863xs