SunSwap Review

SunSwap Review

Robert McDougall 

January 9, 2024

Cryptocurrency

What is SunSwap?

One of the most significant draws of cryptocurrency for me, and many other crypto traders, is the freedom that comes with it. Unfortunately, this freedom is lost when we have to use a centralized exchange with Know Your Customer policies and strict verification requirements.

Luckily, decentralized exchanges are a near-perfect answer to this conundrum as they allow you to swap crypto tokens without even an account. One of these decentralized exchanges that recently came on my radar is SunSwap.

From what I know, SunSwap is built on the TRON network and allows traders to exchange any TRC20 tokens. 

The thing that drew my attention almost immediately is just how quickly this platform is being updated and improved upon. It was launched in 2020 and was recently updated to V3 for an even more reliable service. 

That said, these updates won’t mean much if the core platform is not on par with the best-decentralized exchanges I’ve seen over the years. 

So, should you use SunSwap to exchange your TRC20 tokens? Join me as I dive deep into the features and potential shortcomings of SunSwap to find out.

  • Web Address: sun.io for the latest V3 and sunswap.com for V2 and lower
  • Payment Methods: Only cryptocurrencies
  • Cryptocurrencies: USDC, TRX, BTT, BTC, ETH, and 28 other TRC20 tokens
  • Fiat Currencies: No fiat currencies
  • Mobile App: Can be found as a usable portal in the TronLink App for both iOS and Android
  • Deposit Fee: No deposit fee  
  • Trading Fees: A trading fee of 0.3% is paid to liquidity providers
  • Withdrawal Fees: No withdrawal fee

My Overall Thoughts on SunSwap

My initial impression of SunSwap is fairly positive. There weren’t any obvious issues or hiccups during my time with this decentralized exchange and all of my swaps were completed rather quickly.

I also tested SunSwap by exchanging with a number of different tokens, everything from BTC to TRX, and they all performed well. However, these are the basic bare minimum requirements that make a crypto exchange usable for most traders. What else does SunSwap have to offer?

After a more thorough examination of SunSwap, there are three aspects of this exchange that I particularly like. These are:

Ease of use

Without a doubt, SunSwap is one of the simplest decentralized crypto exchanges I’ve used in a long time. It is simply effortless. All you have to do is open the website, connect your wallet, and start swapping TRC20 tokens without any delay.

This ease of use is especially beneficial for folks who are new to the world of crypto trading and want to diversify their portfolio. 

Low fees

Aside from stablecoins, most crypto tokens are infamously volatile. Due to this volatility, many traders are working with thin margins and a low trading fee can be the difference between profit and loss. This is why the relatively low fees of SunSwap are such a key factor in my impression of the platform. 

Overall reliability

I touched on this a little earlier when talking about my impression of the platform as a whole. But, I cannot overstate how essential this reliability is to the user experience. Even a 1% error rate can make a decentralized exchange unappealing for crypto traders performing hundreds of trades every day. 

Fortunately, SunSwap understands this importance and delivered a near-flawless token-swapping experience during my testing.

Key Features & Advantages of SunSwap

The three points I mentioned above provide the gist of my overall experience with SunSwap. However, they are far from the only noteworthy feature of using this decentralized exchange. With that in mind, here are the most significant features of SunSwap for me:

Negatives & Disadvantages of SunSwap

While I did find a lot to like about the SunSwap decentralized crypto exchange, it is far from perfect. These are a couple of my biggest gripes with this platform:

What Services does SunSwap offer?

As I’ve discussed above, my aggregate experience with SunSwap has been quite positive. But, just calling it a “good exchange” would be a disservice to the effort that SunSwap has put into crafting a reliable end-user experience. 

Upon closer inspection, these are the most significant features and services of SunSwap that make it a worthy consideration in my eyes:

Intuitive user interface

Let’s start with the first thing you’ll notice on your initial visit to SunSwap, its UI. If I had to use one word to describe its user interface, it would be “clean.” 

The home page of SunSwap is a straightforward trading interface that allows a new user to swap their TRC20 token with only a few clicks. The swapping feature is not buried behind a web of dropdown menus, nor does it clutter the primary trading interface with distracting pop-ups and gimmicky features like a number of other crypto exchanges I’ve tested over time. 

A perfect example of this is just how easy it is to check your transaction history. All you have to do is click on your account address displayed on the top right of the page. That is it.

Liquidity mining

SunSwap also offers a liquidity mining feature that’s labeled as “Pool” on the primary trading UI. In simple terms, this feature allows you to lock your existing TRC20 assets into SunSwap to provide liquidity. In return for your contribution, you receive the 0.3% fee charged on transactions. This can be a lucrative, low-risk way of increasing your assets passively. 

I tried this feature myself and was pleasantly surprised by it. The process of locking my assets was as intuitive as the rest of the platform and the payouts were also fairly consistent. The best part of this liquidity mining feature for me, however, is that there is no artificial limit on redeeming your rewards. You can opt-out at any time and claim your earnings almost immediately.

Diverse collection of cryptocurrencies

I am a firm believer in diversity when it comes to cryptocurrency trading of any kind. That’s why the extensive list of supported TRC20 crypto tokens on SunSwap is a huge plus for me.This list includes most of the big coins like BTC, ETH, and TRX as well as many lesser-known tokens like HT, WIN, and even LUMI.

This varied assortment of Tron-based cryptocurrencies gives traders the opportunity to try out the less popular options with hidden potential. 

Most importantly, SunSwap also supports a number of stablecoins such as USDC, USDJ, USDD, and TUSD. These tokens are essential tools for getting through turbulent market phases and also for long-term storage.

Multiple supported crypto wallets

The diverse ecosystem of SunSwap doesn’t stop at just cryptocurrencies either. The platform also supports trading through six different crypto wallets. These include:

  • TronLink Wallet
  • WalletConnect
  • Bitget Wallet
  • OKX
  • TokenPocket
  • Ledger

I am personally a long-time Ledger user, which worked flawlessly with SunSwap. I also tested the TronLink and OKX wallets and did not see any dip in reliability or speed. 

The process of connecting these wallets with SunSwap was also completely effortless and streamlined for every wallet I tested. So, no matter which of these wallets is your primary crypto storage, you will have a good experience.

Global service

One of the biggest downsides of centralized crypto exchanges is that they have to get approval from the regulating body of almost every country they want to operate in. Due to this hurdle, many smaller countries and currencies are often left unsupported.

SunSwap, on the other hand, is a decentralized crypto exchange that’s available to a global user base. Unless your country has made crypto trading completely illegal, you should be able to use SunSwap to exchange TRC20 tokens. 

To test this theory, I asked a couple of my friends from around the world to use SunSwap and report their findings. Unsurprisingly, this decentralized exchange worked just as well for them as it did for me.

No account necessary

Another benefit of SunSwap being decentralized is that it does not require any certification to allow trading. For starters, this makes it extremely convenient for traders to test the platform before committing to it full-time. They don’t have to make an account, provide legal documents, and then wait for verification to begin trading.

Additionally, this also feeds into the “freedom” I talked about in the intro of this review. The sense of freedom that comes with owning a decentralized asset gets diminished when you have to provide your government-issued ID to swap that asset for something else. SunSwap removes that barrier and allows almost unrestricted access to crypto trading.

Supply regulation

While testing SunSwap for this review, I also came across the official SUN token created by the exchange. The neat thing about SUN is that its price has been fairly stable for the past year and a half. It usually hovers around 0.005 USD at the time of writing.

Upon further inspection, the secret behind this stability is the “Burn SUN” feature of SunSwap. Essentially, a number of SUN tokens are sent to an inaccessible address on a regular basis to control its supply in the market. At the time of writing, the most recent burn involved 3,107,807 SUN tokens.

This ensures that if you include SUN tokens in your portfolio, the value of your investment will stay stable in the future.

Feature-complete mobile app

For many traders — including myself — the ability to trade on the go is paramount. I can’t just sit in front of my PC 24/7 in hopes of capitalizing on favorable market movement. So, the existence of a mobile app is a major factor for me when choosing a crypto exchange. 

With that in mind, the SunSwap mobile experience is everything I hoped it to be. For clarification, SunSwap does not have a standalone app on either the Play Store or the App Store. Instead, it is present as a portal in the “Market” section of the TronLink app. 

I have had a positive experience with the TronLink app before and the SunSwap portal continues the trend. I used the app for multiple trades at different times of the day and it performed without any hiccups or slowdowns.

Excellent security record

Good security is an essential requirement when dealing with any crypto exchange or similar services. The last thing a trader wants is to see their hard-earned crypto assets disappear from their wallet after connecting it to a new decentralized exchange.

To ensure that SunSwap is not lacking in this department, I did in-depth research on this decentralized exchange's security record. After a thorough investigation, I did not find any evidence pointing toward a past hack or data leak, which is quite reassuring.

No hidden fees

I’m not going to name any names here, but if you’ve ever dealt with the big-name crypto exchanges on the market, you’re familiar with the hidden fees. Somehow, you almost always end up paying more for a token swap than you thought you would. 

I didn’t experience any such issues with SunSwap thanks to its straightforward fee structure. There is a 0.3% trading fee that goes to the liquidity providers and that is all. There is no cheeky withdrawal fee to cut into your earnings.

What I don't like about SunSwap

Remember the two potential downsides of SunSwap I mentioned above? Let’s take a closer look at why they matter in the final decision:

No clear way to contact customer support

I did not find any customer support information on SunSwap’s website. No phone numbers, emails, or live chat windows. This can be a major turnoff for many traders as in case something does go wrong, there won’t be a way to easily get assistance. 

The only salvaging point here is that the SunSwap’s X (formerly Twitter) account is fairly active and I did get a response from them in a matter of hours. But, you do need an X  account to contact them which is not ideal.

Limited to TRC20 cryptocurrencies

SunSwap is a Tron-only exchange and does not support tokens based on any other blockchain network. This can be fine if you plan to exclusively trade TRC20 cryptocurrencies. But, if you ever have to trade on any other blockchain, you will have to rely on another crypto exchange, which might not perform as well as reliably as SunSwap.

SunSwap Fees

Here’s what SunSwap’s fee structure looks like:

SunSwap Deposit Fees

SunSwap does not charge any deposit fee. This is because you don’t deposit your crypto assets on the exchange but instead trade directly from your wallet. It also does not support any fiat deposits.

SunSwap Trading Fees

Similar to many other decentralized exchanges I’ve seen over the years, SunSwap itself does not charge any trading fee. That said, I did have to pay a 0.3% fee to the token liquidity provider during my time with SunSwap. 

In other words, if you swap 1000 USDC for TRX, 3 USDC will be deducted from the amount you receive in TRX.

SunSwap Withdrawal Fees

SunSwap does not charge any withdrawal fees.

Pros and Cons of SunSwap

Pros
  • Reliable service with no obvious issues or errors
  • Has a fixed fee structure for consistent profit/loss calculation
  • Intuitive UI that’s easy to understand, even for beginners
  • Near perfect security track record
  • Does not require any verification to allow trading
  • Can be used to earn passive income on your crypto assets
Cons
  • Customer reviews on third-party websites are quite mixed
  • Having two web addresses can be a bit confusing for beginner traders

Conclusion

With all said and done, I highly recommend SunSwap for its reliability and ease of use.

The consistency of its service is a massive factor in my decision as I experienced zero issues when testing the platform for this review. I also recommend the “Pool” feature of SunSwap for generating income with crypto assets that will otherwise sit idly in your wallet. 

That said, I still advise you to do your own research before going all-in on SunSwap or any other similar detailed exchange. Happy trading!

Comparison Table of the Best Crypto Exchanges in the USA

MEXC
eToro
Uphold
Coinmama
Crypto.com
Crypto Exchange
Crypto Exchange
MEXC
eToro
Uphold
Coinmama
Crypto.com
Fiat Currencies
Fiat Currencies
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & 10+ more
Cryptocurrencies
Cryptocurrencies
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, BCH, DASH, LTC, ETC & 75 more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
PayPal, Debit card, Wire transfer
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.0%/0.01% for futures
1%
Fees included in the spread
2.93% - 3.90% (depending on loyalty level)
Included in spread

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

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