OnionSwap

Swap-only, deliberately minimal. OnionSwap does one thing: no-account swaps between BTC / XMR / ETH / LTC / DASH and the ERC-20 stablecoins USDT / USDC / DAI, filled from the operator's own reserves. There is no API, no referral program, no partner integrations, and no service desk beyond a per-order ticket form. No signup, no email, no password. The order ID is the only handle to the swap — save it, because there is no account recovery and no address-based lookup on the operator's side.

No third party in the KYC pipeline. The Terms of Service commit to it in plain language: *"We do not collect, request or verify identity documents, and we do not place holds on payouts for review. Since no partner exchange stands between you and your coins, there is no third party in a position to impose either."* The FAQ and Support pages repeat the same commitment, and the Support page adds the operationally important addendum that no one asking for your documents in OnionSwap's name is actually them.

Fees + rates. Flat 0.4% service fee baked into the quote you see before funding, plus the outgoing chain's network fee. Rate model is floating — quote-to-confirmation drift is on the order, per ToS. Minimum swap is small (network-fee floor), maximum follows the reserve of the asset you're receiving.

Reserves are live and observable. The home page publishes the current per-asset reserve balances with a "updated N minutes ago" timestamp, and phrases the design bluntly: *"Because the liquidity is ours, no exchange partner sits between you and your payout — we never ask for KYC and we never freeze coins."* Reserves are genuinely modest — BTC in the low single-digits and XMR in the low hundreds at time of this review — so large orders will trip the per-asset ceiling; check the widget before committing volume.

What you trust. OnionSwap holds funds during the swap window while the deposit confirms and the payout is dispatched — brief custodial window, standard shape for instant-swap operators. No account exists, so no account can be seized; but the operator does control the order records, deposit addresses, and the reserve wallet. Tickets are tied to the order ID and are deleted alongside the order record.

Peer signal. [Monerica](https://monerica.com/site/onionswap) lists OnionSwap under its no-KYC instant-swap section. Not yet indexed by kycnot.me, xmrlist, or OrangeFren at time of this review — expected for a service this fresh, but worth tracking as an accumulation signal over the next 60–90 days.

Reader advice. For routine no-account swaps between the eight supported assets at modest volume, OnionSwap does what it says on the tin — 0.4% fee is competitive, own-reserve settlement removes the shotgun-KYC-via-liquidity-partner risk that plagues aggregator engines like Baltex or Swapgate, and the ToS commitments are unusually direct. For large orders (five-figure USD and up), check the per-asset reserve live before funding — the modest visible reserve pool means big orders may not fill or may split awkwardly. If your amount is large enough that operator-custody-window risk matters, route via an atomic-swap engine (Haveno) or a self-custody P2P engine (Bisq, RoboSats) where nobody holds funds during the process.

Grade rationale. Grade C is the shelf default for a fresh instant-swap operator regardless of how clean the surface reads. The deliberate minimalism (no API, no referral, no service-desk apparatus) is a positive signal about editorial focus but does not by itself lift the grade — tenure remains the anchor. Re-review is natural in 60–90 days once a track record accumulates — peer-dir footprint expansion beyond Monerica, first-party user reports, and reserve-pool growth are the signals to watch.