A no-KYC crypto exchange charges you through the rate spread, not a separate line-item commission. You send one coin, receive another, and the cost is baked into the quoted rate. GhostSwap is a no-KYC, crypto-to-crypto swap that needs no account: funds pass through, we never hold them, and pricing is floating-rate from aggregated liquidity across leading crypto markets.
TL;DR: No-KYC swaps price the fee into the rate spread; centralised exchanges add a separate per-trade commission and hold your funds while you trade. GhostSwap is non-custodial, needs no account, and quotes a floating rate across 1,600+ pairs.
How swap fees actually work
There are two fee models in crypto, and they charge you in different places.
A no-KYC swap service quotes you a rate. That rate already includes the service's margin — the difference between what the market pays and what you receive. There's no separate commission field. What you see quoted is what you're accepting.
A centralised exchange holds your funds and charges a maker/taker commission per trade, plus deposit and withdrawal fees. You fund an account, trade against an order book, and pay the posted commission on each fill. Withdrawing back to your own wallet is a separate charge.
The practical difference: with a swap, the cost is one number you see up front. With a CEX, the cost is spread across commission, spread, and withdrawal — and your coins sit in the exchange's custody the whole time.
Floating rate vs fixed rate
Most no-KYC swaps offer one of two pricing modes.
- Floating rate — the rate can move between when you request it and when your deposit confirms. You get the market rate at settlement. Floating rate typically costs less on average because you aren't paying a premium to lock the number.
- Fixed rate — the rate is locked at request time. You pay a small premium for that certainty, since the service takes on the price risk during the confirmation window.
GhostSwap uses floating-rate pricing from aggregated liquidity. Aggregating across leading crypto markets tends to surface a better rate than pulling from a single venue, because the router can source the deposit coin where it's deepest.
GhostSwap vs a centralised exchange
| Feature | GhostSwap | Centralised exchange |
|---|---|---|
| Account / KYC | None required | Account + ID verification |
| Custody | Non-custodial pass-through | Funds held by the exchange |
| Fee model | Priced into the floating rate | Maker/taker commission + withdrawal fee |
| Pairs | 1,600+ | Varies by venue |
| Typical completion | ~8 min (p50), ~30 min (p95) | Instant on-book; withdrawal adds time |
The comparison is by model, not by invented percentages — commission schedules differ by venue and change often, so check the provider's own fee page for current numbers. What doesn't change is the structural difference: a swap prices you once and never holds your coins; a CEX charges per trade and custodies your funds until you withdraw.
For privacy-focused no-KYC alternatives, community-maintained directories like kycnot.me (retrieved 2026-07-19) track which services require ID and which don't, and rate them on custody and logging policy.
How to check what a swap actually costs
You don't need an account to see the real number. Here's the walkthrough:
- Open the swap widget on the GhostSwap homepage and pick your from-coin and to-coin.
- Enter an amount. The quoted rate you see is the all-in rate — the margin is already inside it.
- Compare against spot. Check the mid-market rate on any price aggregator. The gap between that and your quote is the effective fee.
- Enter your receiving address and send the deposit. Funds pass through; nothing is held.
For a specific pair, the pair page shows the live quote directly — for example swap BTC to XMR. Median completion is around 8 minutes, though congested chains can push the 95th percentile toward 30.
FAQ
Q: Do no-KYC exchanges have hidden fees?
A: The fee is in the rate spread, not hidden — but it isn't broken out as a line item either. To see it, compare the quoted rate to the mid-market rate; the gap is your effective cost. There's no separate commission on top.
Q: Is floating rate cheaper than fixed rate?
A: Floating rate typically costs less on average because you don't pay a premium to lock the number. Fixed rate charges that premium in exchange for rate certainty during the confirmation window. If the market barely moves, the difference is small.
Q: Why is there no account fee on GhostSwap?
A: Because there's no account. GhostSwap is a no-KYC swap with no signup, no email, and no identity verification. There's nothing to fund or maintain — you swap wallet-to-wallet and the cost is in the rate.
Q: Does GhostSwap hold my coins while I swap?
A: No. It's non-custodial — funds pass through and are never held. Your deposit is routed to the counterparty and the output is sent to the address you provided.
GhostSwap is not a registered financial service.
Want to see the real cost of a swap? Open the GhostSwap swap widget and check a live quote, or go straight to the BTC to XMR pair page.
