Hi, yesterday I needed to have some of my BTC swapped converted for ETH. So I wondered what would be the fastest way to do that and I found changenow.io - a coin conversion platform. Basically, without needing to create an account or anything, I just send my BTC to a wallet provided by this platform and it sends me back ETH to the wallet address provided by me.
So I was wondering how does that work. Do they use a centralized exchange like Binance or Coinbase and somehow convert on them in which case they're somewhat of a middleman or do they use some other methods that I'm not aware of?
Thanks.
Edit:
I guess I meant convert not swap. Thanks to tranthidung for pointing that out.
Its called swap but the process is same as using the centralized exchanges but here you may pay more fee than the conventional centralized exchanges. I would still prefer the Exchanges than swapping platform cause expensive also the trade will not be instant since the coins has to arrive to your address since its happening onchain whereas with exchange its just instant if you go for current market price.