SideSwap Review 2025: Swap Bitcoin & Liquid Assets

In this review, we explore SideSwap: a wallet for self-custody and a P2P exchange, enabling users to trade assets, access swap markets, and build Bitcoin-based capital markets.

What Is SideSwap?

SideSwap is a peer-to-peer trading platform and self-custody wallet built for the Liquid Network, Bitcoin’s financial layer. Designed for both desktop and mobile, SideSwap allows users to trade assets trustlessly, eliminating the need for middlemen or third-party custodians. Unlike traditional exchanges, which require users to place trust in centralized entities, SideSwap uses atomic swaps, a secure, non-custodial method that allows assets to be exchanged directly between two parties. This setup not only enhances security but also gives users full control over their assets, as they retain their private keys throughout the transaction process.

SideSwap supports a variety of assets, including Liquid Bitcoin (L-BTC), stablecoins like USDt and EURx, security tokens, and vouchers. For example, users can trade security tokens representing equity stakes or profit-sharing interests, such as BMN1, a token linked to Bitcoin mining, or EXOeu, associated with Infinite Fleet’s publisher. The platform also enables confidential transactions, where asset types and transaction amounts are blinded to external observers. This privacy feature makes SideSwap particularly attractive to users looking to avoid transaction monitoring and front-running issues often seen on transparent blockchains.

To begin trading, users need L-BTC to cover transaction fees, which SideSwap makes easy to obtain through its user-friendly interface. The app, available on major platforms including iOS, Android, Windows, macOS, and Linux, is free and open source, aligning with SideSwap’s commitment to transparency.

FEATURE DESCRIPTION
🌐 Website sideswap.io
🏙️ Location Decentralized
📅 Year Launched 2021
💰 Primary Asset Liquid Bitcoin (L-BTC)
📈 Listed Assets L-BTC, USDt, EURx, BMN1, EXOeu, SSWP, & more
💱 Trading Pairs L-BTC with USDt, EURx, BMN1, EXOeu, SSWP, & more
💵 Supported FIAT No FIAT onramp
🌍 Supported Countries Worldwide
💰 Minimum Deposit No minimum
💸 Deposit Fees 0.1% (BTC to Liquid peg-in)
💰 Daily Buying Limit No daily limits
💱 Trading Fees 0.75% spread on instant swaps; 0.1% on market trades
💸 Withdrawal Fees 0.1% (Liquid to BTC peg-out), plus blockchain fees
📱 Mobile App Available on iOS, Android, macOS, Windows, Linux
💬 Customer Support Telegram, Twitter, Reddit (r/liquidnetwork), Stacker.news

How SideSwap Works

SideSwap Overview
SideSwap Overview

SideSwap operates on the Liquid Network, utilizing atomic swaps for secure, decentralized trading without relying on intermediaries or centralized exchanges. When users open a trade, SideSwap employs atomic swaps to ensure both parties either receive the desired assets or the transaction fails, removing counterparty risk. This process relies on cryptographic principles that enable a “trustless” environment, allowing users to swap assets without exposing them to theft or reliance on custodians.

Confidential Transactions on Liquid enhance privacy by blinding asset types and transaction amounts, so only the involved parties can view specific transaction details. This contrasts with traditional blockchains, where transaction details are transparent and potentially vulnerable to "front-running," a form of trade manipulation common on networks like Ethereum. SideSwap’s design ensures users can trade assets, such as L-BTC, stablecoins like USDt and EURx, or security tokens, with confidence in their privacy.

SideSwap also facilitates easy conversion of BTC into Liquid Bitcoin (L-BTC) for transaction fees. This process, known as a “peg-in,” is straightforward in SideSwap’s interface, simplifying access to L-BTC. Users can peg out by transferring L-BTC back to Bitcoin at a low fee when needed. Once users have L-BTC, they can initiate trades with a 0.75% spread for instant swaps or engage in market trades with just a 0.1% fee.

With SideSwap, traders gain both security and autonomy by holding their private keys until swaps are finalized, thereby remaining in full control of their assets.

Who Created SideSwap?

SideSwap was founded by Swedish entrepreneur and derivatives trader Scott Millar, who previously co-founded BlockSettle. The platform is closely aligned with the principles of the Liquid Federation, an industry consortium spearheaded by Blockstream to promote secure, fast, and private transactions within Bitcoin’s ecosystem. While SideSwap operates independently, it leverages the Liquid Network’s Confidential Transactions and atomic swaps to provide a secure, trustless trading experience.

The founders and core team behind SideSwap remain largely under the radar, to emphasize the project's commitment to decentralization and user privacy. The platform is designed as open-source software, allowing the Bitcoin and Liquid communities to inspect, contribute to, and verify the code. SideSwap’s team actively engages with the community through AMAs on platforms like Reddit’s r/liquidnetwork and stacker.news, as well as Telegram and Twitter, where they discuss technical developments, address questions, and share updates.

Through SideSwap, the team aims to democratize access to financial assets by eliminating intermediaries and providing users with tools for peer-to-peer trading and asset self-custody. This mission aligns with the broader goals of the Liquid Network, enhancing privacy, security, and financial sovereignty for Bitcoin users worldwide.

SideSwap Features

SideSwap provides a robust, privacy-oriented platform for seamless asset swaps on the Liquid Network. Here’s a breakdown of its main features:

  1. Non-Custodial and Private Swaps: SideSwap is non-custodial, meaning users maintain control over their funds at all times. The platform also leverages the Liquid Network’s Confidential Transactions, ensuring that transaction amounts are hidden and adding an extra layer of privacy.
  2. Multi-Asset Support: Users can swap a variety of assets on SideSwap, including Bitcoin (BTC), Liquid Bitcoin (L-BTC), and Liquid-based stablecoins like Liquid USDT (L-USDT). The platform also supports tokenized securities, such as the Blockstream Mining Notes (BMN) and CMSTR (MicroStrategy-backed securities), providing unique investment opportunities within the Liquid Network ecosystem.
  3. No KYC for Standard Swaps: SideSwap does not require KYC verification for most swaps, allowing users to trade anonymously. However, to access certain securities like BMN and CMSTR, SideSwap integrates with STOKR for KYC approval, making those assets available only to qualified investors.
  4. AMP Integration: SideSwap’s Advanced Multi-Party (AMP) technology allows users to create unique IDs that are linked to their wallets. This feature enables participation in tokenized securities like BMN and CMSTR, offering direct access to real-world asset tokenization on the Liquid Network.
  5. Simple User Interface: SideSwap’s interface is designed to be intuitive and easy to use. The registration-free platform is beginner-friendly, letting users trade assets without the complexity or setup time associated with traditional exchanges.
  6. Low Fees: SideSwap charges a minimal fee of 0.10% on both maker and taker orders, making it a competitive choice for privacy-focused traders.
  7. Hardware Wallet: SideSwap supports the Blockstream Jade hardware wallet, providing a significant enhancement in secure, non-custodial trading on the Liquid Network. With this integration, SideSwap users can now perform confidential swaps directly from their Jade wallet, ensuring full control over their keys and assets throughout the entire swap process.

Overall, SideSwap’s feature set makes it a solid choice for users seeking a streamlined, private, and non-custodial way to trade on the Liquid Network.

SideSwap Quick Review

Category Feature Score
🔐 Privacy & Security (41/50)
🕵️ Non-KYC SideSwap doesn't enforce KYC for most assets. 9/10
🔐 Non-Custodial Users control their own keys, making it a non-custodial platform. 10/10
👥 Peer-to-Peer Focused on P2P trading with no middleman. 5/5
🌐 Decentralization The platform operates without centralized control. 5/5
🔒 Encryption Transactions are encrypted with Confidential Transactions, ensuring privacy. 5/5
🌐 TOR Connection No TOR integration 1/5
📂 Open Source The SideSwap software is open-source. 5/5
📱 2FA Does not currently offer two-factor authentication (2FA). 1/5
🚀 Features (31/50)
🖥️ User-Friendly UX Easy to use for experienced users but may take time to set up. 3/5
💵 Fiat Onramp/Offramp No fiat onramp/offramp available. 1/5
💸 Taker Fee 0% spread on market trades, with a premium on market price. 3/5
💸 Maker Fee 0% spread on market trades, with a premium on market price. 3/5
💸 Withdrawal Fee Fees are based on Bitcoin network mempool fees. 5/5
☎️ Customer Service Customer support via Telegram and community channels, limited official support. 2/5
📚 Documentation Limited documentation, with some information available online. 2/5
🚮 Altcoins Supports a few altcoins such as USDt, EURx, and EXOeu. 2/5
⚡ Lightning Network Withdrawal/Deposit Supports Lightning Network transactions. 5/5
💧 Liquid Network Withdrawal/Deposit Supports withdrawals and deposits via the Liquid network. 5/5
🧱 blockdyor Score (72/100)

How To Get Started On SideSwap

SideSwap is available in multiple flavors. The web app offers swap functionality and peg-in/peg-out on the Liquid Network, but the full experience comes with the desktop and mobile app, available on almost all platforms. You can download it from the official site, SideSwap.io.

Once downloaded, the app guides you through wallet setup. First, generate a new wallet and write down the recovery phrase on paper. Then, verify the phrase to confirm accuracy. After setting a security PIN, you’re ready to explore the app’s features. Let's have a look.

Sideswap Home
Sideswap Home

The SideSwap home is essentially the list of all your Liquid Assets on the Liquid Network divided in two wallets, a regular one for Liquid Assets and an AMP Securities for Liquid Assets that are basically securities that can be traded on third party platform like STOKR (more on that later).

Sideswap Swap Markets
Sideswap Swap Markets

The Swap Markets tab is a key feature of the SideSwap app, allowing users to trade various assets on the Liquid Network, such as stablecoins, securities, and other tokens. Here, you can select the product you'd like to trade by pressing (1), choose to either buy or sell a specific quantity (2), and then set your desired quantity (4) and the bid price per unit (5). Once ready, press continue (6) to proceed.

The order book (3) displays active bids and offers, showing current demand and supply for each asset. A "bid" represents the highest price a buyer is willing to pay, while an "offer" (or "ask") is the lowest price a seller is willing to accept. This bid-offer spread helps determine the market value of the asset.

Sideswap Instant Swap
Sideswap Instant Swap

The Instant Swap feature provides a streamlined version of the Swap Markets interface, enabling quick exchanges on the Liquid Network. In just seconds, users can swap assets, though this feature is limited to stablecoins and L-BTC on the Liquid Network.

How To Swap Bitcoin for L-BTC on SideSwap

Sideswap Peg-In/Out
Sideswap Peg-In/Out

The Peg-in/Peg-out tab allows you to move between the Bitcoin Network and the Liquid Network. By sending Bitcoin, you receive L-BTC, which is fully backed by real Bitcoin, and you can later convert L-BTC back to Bitcoin. This opens up trading possibilities with securities, stablecoins, and more, leveraging the Liquid Network’s lower fees, faster transaction speeds, and confidential transfers.

During the peg-in process, you can only deposit BTC, so simply click "Peg-in" to begin.

Sideswap Peg-In
Sideswap Peg-In

You will be prompted a BTC address where you can send your Bitcoin and they will appear in your SideSwap wallet, which is inside the SideSwap app, in the home.

SideSwap Reviews

While it's difficult to find many formal reviews of SideSwap online, the comments section of a BTCSessions YouTube video provided some interesting perspectives from users. Here are some of the key takeaways from the community:

  1. Ease of Use vs. Lightning: One user shared how much more approachable SideSwap seemed compared to Lightning, noting that the simplicity of swapping between assets like L-BTC and USDT on the Liquid network was a standout feature. Another commenter questioned whether exchanges would eventually adopt the Liquid network, similar to the rise of Lightning.
  2. Bitcoin to Liquid Conversion: A few users were curious about the process of converting between networks. One user asked if it was possible to convert ERC20 USDT directly into Liquid USDT, or if it required an intermediate step of first converting into L-BTC. This reflects a common question about navigating the Liquid network and SideSwap’s user interface.
  3. Transaction Issues: Some users had concerns about transaction speed and fees, particularly when doing a peg-out. One person mentioned waiting over a day for confirmation on a peg-out after choosing a low fee, showing the importance of setting an appropriate fee for timely transactions.
  4. Compatibility and Restrictions: A user mentioned an issue while trying to send funds from Blue Wallet to SideSwap, encountering an "invalid address" error. They speculated that this might be due to being based in the USA, which hints at possible geographical restrictions or compatibility issues.
  5. Liquid Network Adoption: Users were also discussing the potential for wider adoption of the Liquid network, wondering whether its use cases would grow to match Lightning's popularity. This is an important insight into how users view Liquid's future in the Bitcoin ecosystem.

Overall, the consensus seems positive, with users appreciating the simplicity of SideSwap's user experience and its privacy features. However, there are some questions about network compatibility and transaction speed that could be improved for a more seamless experience.

Sideswap Alternatives

SideSwap SideShift Boltz
🧱 blockdyor Total Score 72/100 80/100 N/A
🕵️ Non-KYC Yes Yes Yes
🔐 Non-Custodial Yes Yes Yes
👥 P2P No No No
💵 Fiat Onramp/Offramp No No No
💸 Taker/Maker Fees 0.10%/0.10% 0%/0% 0.5%/0.5% + Network Fees

Boltz: A non-custodial Bitcoin bridge connecting different layers of Bitcoin, including both the Lightning and Liquid Networks—a feature SideSwap doesn’t offer. This seamless Lightning-Liquid atomic swap connection can support Lightning node operations by rebalancing channels with low fees, especially useful during high-fee periods. Boltz offers a high level of privacy, allowing users to trade without logging in and even through the Tor network.

SideShift: A no-signup crypto exchange enabling quick, seamless swaps between a wide range of cryptocurrencies. Privacy-focused with no KYC requirements, it offers secure, anonymous cross-chain support. However, recent removal of Lightning Network support may make it more appealing to general crypto traders than Bitcoin-focused users.

SideSwap Securities

CMSTR
CMSTR

SideSwap hosts a range of innovative AMP (Authorized Multi-Party) securities that leverage the Liquid Network, allowing investors to access real-world assets through tokenized structures. Key offerings include the Blockstream Mining Note (BMN1) and CMSTR Notes. Each providing unique investment opportunities tied to Bitcoin infrastructure and established companies.

  • BMN1 (Blockstream Mining Note): BMN1 represents tokenized exposure to Blockstream's Bitcoin mining operations. Each note gives investors a stake in Bitcoin mined over the note’s term, with BTC payouts directly to token holders on the Liquid Network. The first round of payouts began with over 370 BTC distributed across holders, providing transparent and direct exposure to Bitcoin mining yields.
  • BMN2 (Blockstream Mining Note 2): extends Blockstream’s Bitcoin mining investment offerings with added liquidity and accessibility through the Liquid Network. Building on the strong performance of its predecessor, BMN1—which mined over 1,242 BTC and achieved returns of up to 103% over three years—BMN2 provides investors with a unique opportunity to gain exposure to Bitcoin mining in a tradable, tokenized format.
  • CMSTR (MicroStrategy-backed Notes): Each CMSTR Note is backed by 100 MicroStrategy Inc. Class A shares, valued at an initial $5.1 million and issued through a Luxembourg securitization vehicle. These notes are tradeable with BTC on SideSwap, giving non-US qualified investors a path to gain exposure to MicroStrategy’s business and its extensive Bitcoin holdings.

Each of these AMP assets on SideSwap provides secure, blockchain-powered access to diverse Bitcoin-related investments for qualified, privacy-conscious investors.

SideSwap Securities
SideSwap Securities
💡
Disclaimer: To trade securities on SideSwap, you must link your AMP ID to your SideSwap wallet and complete the necessary KYC process through STOKR. Only professional investors who have undergone verification with STOKR are eligible, as STOKR enforces KYC and whitelisting of AMP IDs. Without whitelisting, AMP IDs are ineligible to hold these securities.

Sideswap Pros & Cons

Pros Cons
✅ No KYC for most assets ❌ Limited asset selection compared to larger exchanges
✅ Non-custodial, user-controlled funds ❌ No direct support for fiat onramps/offramps
✅ Confidential Transactions for enhanced privacy ❌ Requires L-BTC for transaction fees, adding complexity
✅ Supports multiple assets on the Liquid Network, including L-BTC and stablecoins ❌ Lacks support for popular networks like Lightning for instant Bitcoin swaps
✅ Low transaction fees (0.10% for taker/maker) ❌ Primarily geared toward advanced users familiar with Liquid
✅ Atomic swaps with strong privacy features, no third-party risk ❌ Asset availability for non-KYC swaps may vary across jurisdictions
✅ Available on multiple platforms (desktop and mobile) ❌ Smaller community support and fewer resources compared to larger platforms

Bottom Line

SideSwap offers a secure, non-custodial way to trade assets on the Liquid Network with the added privacy and safety of Confidential Transactions and Atomic Swaps. While it’s an excellent option for privacy-focused users and those familiar with Liquid, it lacks direct support for fiat and mainstream and the most important L2 like Lightning.

The platform is best suited for Bitcoin enthusiasts who value control over their assets and privacy. However, users looking for a broader range of assets or simpler onboarding might find SideSwap less accommodating than other exchanges.

SideSwap Overview

SideSwap stands out as a reputable choice for KYC-free cryptocurrency swaps, with no sign-up requirements and secure, private trading options on the Liquid Network.

Reputation: SideSwap has generally positive feedback from users, though due to its niche market, reviews are less common than mainstream exchanges. The platform is appreciated for reliability in swaps, especially within the Liquid Network ecosystem.

Technology: Leveraging advanced blockchain tech, SideSwap supports a range of swaps, including assets like L-BTC and tokenized securities, using Confidential Transactions on the Liquid Network. Its support for seamless Bitcoin sidechain atomic swaps marks it as a leading option for Liquid-based swaps.

Customer Service: SideSwap's customer support operates efficiently, though it could benefit from live chat options. Response times may vary, but the team is known to be active on community channels like Telegram.

Fees: SideSwap uses a straightforward fee structure of 0.10% on maker and taker orders, a transparent and fair approach, particularly for users seeking privacy without the higher fees typical of privacy-focused platforms.

Ease of Use: With a simple, registration-free interface, SideSwap makes it easy for users to navigate and conduct swaps, ideal for both newcomers and experienced traders looking for quick, private trades without complex verification processes.

Frequently Asked Questions (FAQ)

What is SideSwap?

SideSwap is a non-custodial swap platform built on the Liquid Network, allowing users to trade Liquid Bitcoin (L-BTC), Liquid Tether (L-USDt), and other assets without the need for KYC or account registration.

Is KYC required to use SideSwap?

No, SideSwap does not require KYC for general asset swaps. However, KYC may be required to access tokenized securities on the platform, such as Blockstream’s BMN and CMSTR Notes.

How can I trade tokenized securities on SideSwap?

To trade tokenized securities on SideSwap, such as the Blockstream Mining Note (BMN) or CMSTR, you need to link your AMP ID to STOKR, which enforces KYC compliance for eligible professional investors.

What assets can I swap on SideSwap?

SideSwap supports a range of Liquid Network assets, including Liquid Bitcoin (L-BTC), Liquid Tether (L-USDt), and other tokenized securities like the Blockstream Mining Note and CMSTR Notes.

Does SideSwap support hardware wallets?

Yes, SideSwap supports integration with the Blockstream Jade hardware wallet, allowing users to conduct swaps directly from their cold storage for enhanced privacy and security.

Is SideSwap secure?

Yes, SideSwap is non-custodial, meaning users retain control of their private keys. The platform leverages the Liquid Network’s Confidential Transactions for additional privacy during swaps.