SushiSwap Review 2023
- DayTrading Review TeamSushiSwap will appeal to experienced crypto investors looking for competitive AMM rates or developers seeking to create custom pools. However as with most crypto exchanges, SushiSwap is unregulated so we recommend caution if considering this firm.
SushiSwap is a DeFi cryptocurrency exchange launched in 2020. Through the Ethereum blockchain, SushiSwap has generated over $2.5 billion in trading volume through it's AMM framework. Traders can swap tokens, as well as create liquidity via yield farming.
Demo Account
Crypto Trading
SushiSwap offers over 400 tokens to swap, with a good range of fiat and crypto deposits. With that said, this exchange is unregulated and funds may not be secure when compared to reputable crypto brokers.
✓ Pros
- Liquidity providers receive large rewards for their contributions - the SUSHI/ETH pool pays out double rewards
- Some of the largest centralised exchanges in the world added the platform’s token, Sushi, days after it went live
- Accessible fiat-to-crypto deposits including bank transfer and Apple Pay, plus 6 supported crypto wallets
- Trading fees are more affordable than centralised exchanges such as Coinbase
- The platform has received strong endorsements from multiple DeFi projects
- Sushi Academy with learning materials for beginners and technical users
- Crypto farming available with over 500 token pools to choose from
✗ Cons
- SushiSwap wasn’t independently audited before its release
- Not as many tokens as other crypto exchanges
- No regulation bringing security concerns
- No demo account to test the firm
Sushi, otherwise known as SushiSwap, is a popular cryptocurrency platform in the evolving DeFi space. The exchange is one of the first Automated Market Makers (AMM) to send all profits back to the community that maintains and services it. This review explains how SushiSwap works, from farming and lending to available trading coins. We also cover fees, customer support and more. Find out how to get started today.
Headlines
SushiSwap is a crypto exchange built on the Ethereum blockchain. It allows users to buy and sell a long list of crypto assets, including emerging tokens. As one of the growing number of Decentralised Finance (DeFi) platforms, it facilitates crypto trading with minimal control from a central operator. Sushi holds over $3.99 billion in liquidity and over $69.32 billion in trading volume.
The Sushi token is a fork of Uniswap and grants control over the protocol to holders and pays a portion of fees to them.
History
SushiSwap was created in 2020 by a pseudonymous individual or group called Chef Nomi, along with co-founder 0xMaki. The team copied the open-source code used by Uniswap to create the building blocks for SushiSwap.
The company attracted users by promising Sushi token rewards if they locked up funds in a special pool on Uniswap. Once the code for SushiSwap was ready, the funds in that pool were transferred over.
How Sushi Works
The primary function of SushiSwap is to facilitate decentralised cryptocurrency trading. To do this, the exchange relies on Automated Market Makers (AMMs). These are smart contacts that create and manage liquidity pools of tokens or coins.
The Sushi token is what separates SushiSwap from Uniswap. The token has two functions. Firstly, it entitles holders to governance rights. Secondly, a portion of the fees is paid into the protocol. Sushi holders essentially own the protocol.
You can see the price of Sushi against the likes of USDT or BTC on a live chart at TradingView or DeFi Pulse. The price of Sushi can also be measured against popular fiat currencies such as the EUR, USD and GBP.
Using SushiSwap is simple. All you have to do is connect your wallet to the platform, select Swap in the left-hand side of the interface, select which tokens you’d like to swap, then set the amount and click Swap.
Products
A range of different services are available on the crypto trading website.
AMM
SushiSwap acts as an Automated Market Maker (AMM) which have seen a rise in popularity recently. This is because the protocols within an AMM improve a lot of the shortcomings seen in traditional exchanges. Unlike a centralised exchange, which relies on an order book to link traders and dictate pricing, AMMs utilise smart contracts to create markets for any two tokens. In this way, trading liquidity can be achieved between crypto assets. This also makes them one of the best places to go to acquire hard-to-find tokens.
The SushiSwap AMM offers some of the most competitive rates for DeFi blue-chips anywhere. Users can switch to other chains in just one click.
BentoBox Dapps
The BentoBox is a token vault for liquidity providers offering an innovative eco-system to use dapps gas-efficiently and to generate additional yield.
Users who deposit tokens into the BentoBox earn an annualised percentage yield (APY). This APY is generated by charging a fee to people who use the liquidity in the BentoBox to make flash loans, and by applying community-approved strategies to the liquidity in the vault.
BentoBox is designed to be scalable and serves as the future infrastructure for upcoming DeFi protocols on SushiSwap, the first of which is Kashi.
Kashi Lending
Kashi is a lending and margin trading platform built on BentoBox. It allows anyone to create customised and efficient markets for lending, borrowing and collateralising a variety of DeFi tokens, stable coins, and synthetic assets.
Unlike traditional DeFi money markets where unstable assets can introduce risk to the entire protocol, in Kashi, each market is kept separate, meaning the risk from assets in one lending market does not affect the exposure of another market.
APIs
SushiSwap has an API that lets you aggregate liquidity from other platforms and swap tokens at the best price. Users need to contact Sushi directly to obtain an API Key. See the customer support section further below or head over to the broker’s website to get started.
Staking & Farming
SushiSwap also offers crypto staking and farming. Many new users prefer staking over trading because it’s less labour-intensive and arguably provides more consistent ROIs. Additionally, the farming protocol means you don’t need to be a liquidity provider to earn rewards.
Through xSUSHI staking, users can earn governance rights and 0.05% of all swaps from chains in one place.
Fees
SushiSwap charges a 0.30% fee. Within this, 0.25% goes to liquidity providers in the selected pool and 0.05% to Sushi token holders who staked their coins in the SushiBar. These are competitive fees but it’s still important that traders factor in the costs before getting started.
Governance
SushiSwap is governed by its community. Users can vote on all vital upgrades and protocol changes. A percentage of all freshly issued Sushi tokens is set aside for the future development of the project. The community gets to vote directly on what projects deserve a financial boost.
Our review would like to see the crypto trading platform obtain a license from a reputable financial regulator in the future.
Customer Support
SushiSwap can be contacted via Twitter or email. The exchange also offers a range of tutorials and forums which can be accessed from the homepage. These guides can help with technical queries in addition to getting to grips with the platform and different services.
SushiSwap Verdict
SushiSwap is a serious contender in the growing DeFi market. The range of trading products and services, plus the ability to earn back money and robust community governance makes the platform a good choice for active crypto investors. It’s also an excellent alternative to competitor Uniswap.
FAQ
What Is SushiSwap?
SushiSwap incentivises a network of users to operate a platform where traders can buy and sell crypto assets. Similar to platforms like Uniswap and Balancer, SushiSwap uses a collection of liquidity pools and offers a competitive fee structure.
Is The Sushi Token A Good Investment?
Sushi has the potential to be a future leader in the crypto space. It offers a stable trading environment and ample liquidity exposure. Still, all crypto trading is risky with high levels of volatility versus traditional markets like stocks and commodities.
How Do I Use SushiSwap?
Unlike many crypto exchanges, users don’t need to create a live trading account. Instead, prospective clients can access the platform’s different applications straight from the main website. You will need to connect a digital wallet to start buying, selling and swapping cryptos.
Is SushiSwap Safe?
SushiSwap has not yet been hacked. But whilst run by a reputable team of developers, no crypto exchange is safe with security concerns common in the industry. As a result, we always recommend that our readers only invest what they can afford to lose.
Why Is SushiSwap Popular?
SushiSwap has attracted an active user base for its large selection of liquidity pools and community-focused setup. It is one of the few decentralised exchanges with enough liquidity to compete with centralised crypto trading platforms.
Accepted Countries
SushiSwap accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Payment Methods
SushiSwap Details
| Minimum Trade | Variable |
|---|---|
| Islamic Account | No |
| Mobile Apps | Not yet |
| Margin Trading | No |
| Volatility Index | No |
| Spot Trading | No |
| Perpetual Swaps | No |
| ELWs | No |
| REITs | No |
| AI / Machine Learning | No |
| Robo Advisor | No |
| P2P Trading | No |
| Negative Balance Protection | No |
| VPS Hosting | No |
| Tournaments | No |
| Demo Competitions | No |
| Managed Accounts | No |
| Market Maker | No |
| Social Trading | No |
| Guaranteed Stop Loss | No |
Cryptocurrency Trading Details
| Crypto Spread | 0.30% fee |
|---|---|
| Crypto Lending | No |
| Crypto Staking | No |
| Crypto Mining | No |
| Crypto Auto Market Maker | No |
| Crypto Coins |
|
Compare SushiSwap
Compare SushiSwap with similar brokers that accept traders from your location. Among available brokers these are the most similar to SushiSwap:
-
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group -
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade -
Kraken – Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
Go to Kraken
SushiSwap Comparison Table
| SushiSwap | IG Group | Just2Trade | Kraken | |
|---|---|---|---|---|
| Rating | 1.8 | 4.4 | 3.5 | 3.9 |
| Markets | Cryptos | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds | Cryptos |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $30 | $0 | $100 | $10 |
| Minimum Trade | Variable | 0.01 Lots | 0.01 Lots | Variable |
| Regulators | – | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | CySEC, NFA, FINRA, Bank of Russia | FCA, FinCEN, FINTRAC, AUSTRAC, FSA |
| Bonus | – | – | Up to $2,000 for professional accounts | Lower fees when trading volume exceeds $50,000 in 30 days |
| Education | No | Yes | No | Yes |
| Platforms | Own | MT4, AutoChartist, TradingCentral | MT4, MT5, TradingCentral | AlgoTrader |
| Leverage | – | 1:30 (Retail), 1:250 (Pro) | 1:20 | – |
| Payment Methods | 1 | 6 | 20 | 6 |
| Visit | Visit | Visit | Visit | Visit |
| Review | SushiSwap Review |
IG Group Review |
Just2Trade Review |
Kraken Review |
Compare Trading Instruments
Compare the markets and instruments offered by SushiSwap and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| SushiSwap | IG Group | Just2Trade | Kraken | |
|---|---|---|---|---|
| CFD | No | Yes | Yes | No |
| Forex | No | Yes | Yes | No |
| Stocks | No | Yes | Yes | No |
| Commodities | No | Yes | Yes | No |
| Oil | No | Yes | Yes | No |
| Gold | No | Yes | Yes | No |
| Copper | No | Yes | No | No |
| Silver | No | Yes | Yes | No |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | Yes | Yes |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | No | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
SushiSwap vs Other Brokers
Compare SushiSwap with any other broker by selecting the other broker below.
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| SushiSwap is a DeFi cryptocurrency exchange launched in 2020. Through the Ethereum blockchain, SushiSwap has generated over $2.5 billion in trading volume through it's AMM framework. Traders can swap tokens, as well as create liquidity via yield farming. | ||