Cambio

What it is. Cambio is a no-KYC swap you drive by conversation — instead of a 5-step form, you describe the trade in plain English and its AI quotes your exact amount with the network fee stated, then settles to your wallet. No account, no email.

Product update (operator-flagged, verified 2026-09-25). Cambio has evolved from a pure *aggregator over other exchangers* to running its own non-custodial swap execution — per its own site, *"a non-custodial crypto exchange… no bridge contracts on our side,"* pricing each swap for your exact amount. It can still compare alternative routes when that gets the user a better deal, so the aggregator behaviour isn't gone — it's now one mode alongside first-party execution. (Earlier versions of this review described it as primarily an aggregator that "doesn't settle swaps itself"; that's the wording being corrected.)

Privacy read. Non-custodial own-execution is a step up from the old route-everything-to-a-partner model. When it *does* route to an alternative provider, its privacy policy discloses it sends the corridor + amount to that provider, which receives the destination + deposit addresses — inherent to any routed leg, disclosed honestly. No-KYC, no account.

Why C. New service, short track record on our end, and it's a young own-execution engine (its own liquidity/settlement now carries the reliability question that used to sit with the upstream partners). The conversational UX + non-custodial design + honest disclosures are genuine positives. Grade C on tenure (unchanged — the operator explicitly asked only for accuracy, not a re-grade); climbs on a clean track record + a verified test-swap.