AirSwap Crypto Exchange Review: Is It Still Worth Using in 2025?

By December 2025, AirSwap is still online - but barely. If you’re looking for a crypto exchange that doesn’t ask for your ID, doesn’t charge fees, and lets you trade directly from your wallet, AirSwap technically still does all that. But here’s the real question: is anyone actually trading on it anymore?

What AirSwap Actually Does

AirSwap is a decentralized exchange - or DEX - built on Ethereum. That means no central company holds your money. You keep your keys. You sign trades directly from your wallet. No account needed. No KYC. No deposit limits. You just connect your MetaMask, Trust Wallet, or any EVM-compatible wallet and start swapping.

It doesn’t use a traditional order book. Instead, it uses something called the Swap Protocol. Think of it like a peer-to-peer marketplace. You look up a token - say, DAI for ETH - and AirSwap finds someone willing to trade at the price you want. You click ‘swap’, confirm in your wallet, and the trade happens on-chain. No middleman. No delay from a server. Just smart contracts doing the work.

The big selling point? Zero trading fees. No deposit fees. No withdrawal fees. Even gas fees are often covered through their gas-free swap feature. That’s rare. Most DEXs like Uniswap charge you network fees every time you trade. AirSwap tries to remove that friction entirely.

Why People Loved AirSwap in 2020

A few years back, AirSwap had real momentum. It was one of the first DEXs to focus on user experience over pure technical specs. You didn’t need to understand liquidity pools or impermanent loss. You just picked a token, saw a quote, and swapped. No confusing interfaces. No slippage settings you had to guess at.

It was perfect for privacy-focused traders. If you didn’t want Binance or Coinbase knowing your name, address, or transaction history, AirSwap was one of the few options that let you stay anonymous. No email. No phone number. No government ID upload. Just your wallet address.

Users praised how simple it was. One G2 reviewer put it bluntly: "I like that AirSwap is a decentralized exchange. Instead of a third party being required to store a trader’s funds, you are responsible for your own funds." That’s the whole point of DeFi - and AirSwap nailed the message.

What’s Wrong With AirSwap in 2025

Here’s the problem: almost no one is using it.

While Uniswap processes over $1 billion in daily volume, AirSwap struggles to hit $500,000. Sometimes, it’s under $100,000. That’s not just slow - it’s dead. Low volume means one thing: bad prices. If you want to swap a lesser-known token, you’ll likely get a terrible rate because there’s no one on the other side of the trade.

It’s not just volume. It’s features. AirSwap doesn’t offer margin trading. No limit orders. No stop-losses. No futures. No staking. No yield farming. Nothing beyond basic swaps. If you’re used to trading on platforms like Bybit or Kraken, AirSwap feels like a relic.

And the interface? It’s clean - but outdated. The mobile apps haven’t seen a major update in over two years. The web version works, but it’s clunky compared to newer DEX aggregators like 1inch or ParaSwap that pull liquidity from dozens of sources at once.

There’s also the language issue. AirSwap only supports English. For a global crypto market, that’s a huge blind spot. Traders in Brazil, India, or Nigeria can’t use the platform comfortably. The team says they’re working on it - but there’s been no visible progress since 2023.

Security: Still Solid, But What’s the Point?

AirSwap’s smart contracts have been audited. The code is open source. No hacks. No exploits. That’s good. But security alone doesn’t make a platform viable.

Imagine a bank with perfect vaults and armed guards - but no customers walking in. That’s AirSwap today. The tech is sound. The principles are right. But without users, liquidity, and updates, it’s just a beautiful empty house.

Also, gas-free swaps aren’t always free. Sometimes, you still need ETH to pay for network fees. The platform covers them in some cases, but not all. And if you’re trading small amounts, you might end up paying more in gas than the value of your trade.

Who Should Still Use AirSwap?

There’s one group for whom AirSwap still makes sense: privacy-first traders with small, infrequent swaps.

If you’re holding a rare ERC-20 token and want to swap it for ETH without leaving a trail on a centralized exchange, AirSwap might be your only option. If you’re testing a new token and don’t want to sign up for 5 different platforms, AirSwap lets you dip your toes without commitment.

It’s also useful if you’re teaching someone about DeFi. The interface is simple enough for a beginner to grasp the idea of direct wallet-to-wallet trading without getting lost in complex settings.

But if you’re trading regularly, holding large amounts, or want competitive pricing - look elsewhere.

How AirSwap Compares to Other DEXs

Uniswap and SushiSwap may charge fees, but they have deep liquidity. 1inch finds the best price across 50+ DEXs. AirSwap? It’s alone on an empty highway.

The AirSwap Token (AST) - Should You Buy It?

The AST token powers the platform’s governance and incentives. But with almost no trading activity, the token has little real-world utility. Price predictions for 2025 range from $0.02 to $0.30 - a huge spread. WalletInvestor says it could hit $0.29. TradingBeast says it’ll drop to $0.02.

That’s not a sign of a healthy asset. It’s a sign of uncertainty. There’s no clear roadmap. No major partnerships. No new features announced. The token’s value is now almost entirely speculative.

If you’re holding AST, don’t expect a comeback. If you’re thinking of buying it, treat it like a lottery ticket - not an investment.

Final Verdict: A Ghost of DeFi’s Past

AirSwap was ahead of its time. It understood what users wanted: privacy, simplicity, and no fees. But the crypto world moved on. Liquidity became king. Volume became survival. And AirSwap got left behind.

It’s not broken. It’s not a scam. But it’s not a solution anymore - it’s a museum piece.

If you’re new to crypto and want to try a DEX, start with Uniswap or 1inch. If you’re worried about KYC, use a non-custodial wallet with a privacy-focused DEX that’s actually active. AirSwap might still work - but you’ll be trading in an empty room.

For now, AirSwap survives on nostalgia. And nostalgia doesn’t pay gas fees.