{"id":88251,"date":"2023-12-14T13:00:00","date_gmt":"2023-12-14T11:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88251"},"modified":"2025-09-13T16:49:30","modified_gmt":"2025-09-13T13:49:30","slug":"trading-smart-a-review-of-smartswap-the-p2p-service","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/trading-smart-a-review-of-smartswap-the-p2p-service\/","title":{"rendered":"Trading Smart: A Review of SmartSwap, the P2P Service"},"content":{"rendered":"

Following Binance’s exit from Russia, a portion of its clients moved<\/a> to new platforms instead of the CommEX exchange.<\/p>\n

One alternative for Russian users has become the SmartSwap<\/a> service. We outline the platform\u2019s features and test exchanging cryptocurrencies for fiat via smart contracts.<\/p>\n

What SmartSwap Is<\/h2>\n

SmartSwap is a non-custodial service for buying and selling crypto assets for fiat via smart contracts. The platform supports Bitcoin, Ethereum, BNB Chain, Tron and Tether (TRC-20, ERC-20, BEP-20).<\/p>\n

On the main page<\/a> of the service there are links to the smart contracts. Bitcoin operations are performed using a special script:<\/p>\n

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“At the moment of initialization of the trade, a unique address on the blockchain is created, combining two secrets \u2014 one for the buyer, the other for the seller, as well as the hashes of their public keys. In the script from which the trade address is formed, their hashes are used.”<\/em><\/p>\n

“To access the balance of the address to which bitcoins for the deal are transferred, only one of the secrets and the corresponding private key is needed,”<\/em> the SmartSwap team comments.<\/p>\n<\/blockquote>\n

During the trade, the seller holds only the buyer’s secret, and the buyer holds the seller’s secret. SmartSwap holds both secrets but cannot independently control the balance of the trade address.<\/p>\n

In the script, only the hashes of the buyer’s and seller’s public keys are written, which excludes the possibility of abuse by SmartSwap or attackers in case of a potential platform breach. Thus, all participants are protected from unauthorized access to the reserved assets:<\/p>\n

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“In the event of a successful trade, SmartSwap transfers the corresponding secret to the buyer, removing the seller’s secret in the process. The buyer, possessing the secret and the private key, can access the purchased bitcoins. In case of a cancellation of the trade, the interface transfers the corresponding secret to the seller, removing the buyer’s secret. The seller, with the secret and the corresponding private key, can reclaim the reserved assets.”<\/p>\n<\/blockquote>\n

In November, Cyberscope conducted a security audit of SmartSwap’s smart contracts<\/a> and Bitcoin script<\/a> SmartSwap.<\/p>\n

Users store funds on the platform’s internal non-custodial<\/a> wallet or external ones like MetaMask and TronLink.<\/p>\n

To register on SmartSwap, you only need to authenticate via a Telegram account and set a password. To access trading features, you must verify your phone number.<\/p>\n

Telegram is the sole authentication method in the service, so the developers advise paying attention to the security of your messaging app and enable two-factor authentication.<\/p>\n

SmartSwap\u2019s Internal Wallet<\/h2>\n

After logging in and creating a password, SmartSwap will offer to connect an external wallet or create a non-custodial wallet using the SmartSwap interface. The service supports MetaMask, TronLink, Trust Wallet and the WalletConnect protocol.<\/p>\n

The internal non-custodial wallet will generate a mnemonic phrase (seed), which is required to restore access to funds. It should be written on paper and stored in a safe place. The SmartSwap blog published a detailed guide on storing the mnemonic phrase.<\/p>\n

Users have the following options to recover access to their funds:<\/p>\n