If you are diversifying your assets and want to remain on top of your portfolio, it can take quite a lot of time and cost you a lot. Most small and medium-sized investors ignore small gains due to the hassle. Faast is a great product that will help you tackle this issue. It comes with a portfolio management platform that lets you swap digital currencies with the hassle of exchanges.
How Does Faast Work?
As with any other crypto platform, you will connect your wallet and you will be able to view your portfolio in a list that has a pie chart. You will also see information about the real-time price and fluctuations of crypto.
If you need to swap digital coins, you can do it via an API. It takes place almost instantaneously and does not require you to create a new transaction. Besides that, it allows you to bypass costly exchanges. This is also a client-side app, which means that it runs on the computer instead of the Faast servers. That means they have no way to access your keys or funds.
This API is open source and can be viewed on their site. It also works via the browser connecting to an Ethereum node that is used to send transactions directly. Thus, it is safe and you will have no fear about it losing your cash.
Currently, the swapping fee is 0.5% for both parties. Thus, if you swap 100 ETH you will be charged only 0.5ETH. Besides that, exchange rates are fixed in real time. If there are any fees, they go to the miners rather than to Faast. This makes it quite cheap compared to using exchanges. In general, Faast will look like a good product. The only thing that is not known is if the low cost and speed will continue once demand grows.
Variety and Price are its Strong Points
A good aspect of not using the exchange is that you get to avoid any data collection. The JYC process you have to go through on an exchange usually means sacrificing your data. With Faast, you will not need to surrender any data. You just have to do is connect a wallet with Faast.
Besides Trezor support, Faast has support for Ledger Wallet, Mist, Parity, and Metamask. Wallets will act as the second-factor authentication when you integrate the supported crypto to Faast.
This means that you get the security of a hardware wallet while being true to the privacy ideas of decentralization. Besides that, the company also makes it clear that while other companies offer cross chain swaps, they lack variety. Faast will let users Swap over 130 coins. There are still plans to grow the number of coins supported.
If Faast succeeds, it will help to eliminate the middleman in crypto, which was the initial goal for the creation of Bitcoin. This will go a long way in helping to achieve decentralization. However, right now most users of crypto seem quite unsatisfied to use centralized exchanges that come with high fees and wanting security in some cases.