There’s a crypto exchange called SoulSwap that claims to offer zero trading fees. Sounds too good to be true? It is. On paper, SoulSwap looks like a dream: no maker fees, no taker fees, built on the Fantom blockchain. But when you look past the marketing, the reality is stark. In November 2023, SoulSwap recorded a 24-hour trading volume of just $2.57. That’s less than the cost of a coffee in Perth. For comparison, SpookySwap - another DEX on Fantom - traded over $22 million in the same period. SoulSwap isn’t just small. It’s practically invisible.
What Is SoulSwap, Really?
SoulSwap is a decentralized exchange (DEX) built exclusively on the Fantom network. It launched in 2021 with a simple idea: remove trading fees entirely. Most DEXs like Uniswap or PancakeSwap charge 0.25%-0.30% per trade. SoulSwap charges 0%. That’s the only thing it’s known for. Beyond that, there’s little to no substance.
The platform supports only seven cryptocurrencies and seven trading pairs. The most active pair is USDC/WFTM - and even that pair only moved $2.58 in 24 hours. There are no major tokens listed. No meme coins. No emerging DeFi projects. Just a handful of tokens that barely move. If you’re looking to trade anything beyond WFTM or USDC, you won’t find it here.
SoulSwap operates as a typical AMM (Automated Market Maker) DEX. You connect your wallet - usually MetaMask - and swap tokens directly from your account. No KYC. No custodial risk. But unlike other DEXs, there’s no community, no documentation, no tutorials. The website doesn’t even have a FAQ section. If you get stuck, you’re on your own.
Zero Fees? Here’s the Catch
Zero fees sound amazing. But fees aren’t the only cost in trading. Liquidity matters more. SoulSwap’s liquidity pools are tiny. The average bid-ask spread is 0.737%. That means if you try to swap $100 worth of WFTM for USDC, you could lose nearly $0.74 just from price slippage. On Uniswap or SpookySwap, that spread is often under 0.1%.
Think of it like buying a car from a guy who says, “No dealer markup!” But the car is parked in a field with no other buyers or sellers. You can’t even test drive it. SoulSwap’s zero fees are meaningless when you can’t execute trades without massive price impact.
Even if you somehow managed to swap a small amount, the gas fees on Fantom would still apply. Those aren’t charged by SoulSwap - they’re paid to the blockchain network. So you’re not saving money. You’re just avoiding a fee that was never the real problem.
Who Uses SoulSwap? No One
Web traffic data tells the real story. According to analytics from FxVerify, SoulSwap’s website received just 38 visits in a full month. Of those, 36 were organic - meaning people typed the URL directly into their browser. No one found it through search. No one linked to it. No one talked about it.
Users spend an average of 1 minute and 10 seconds on the site. They view 1.89 pages per visit. That’s not exploration. That’s confusion. People land on the site, stare at the interface, then leave. The bounce rate is 48% - higher than average for DEXs, which usually hover around 40%.
There are zero user reviews on FxVerify. Zero Reddit threads. Zero Discord discussions. Zero YouTube tutorials. If no one is talking about it, that’s not because it’s a hidden gem. It’s because no one trusts it - or even knows it exists.
Security and Trust: A 71% Score Isn’t Enough
SoulSwap scores 71% on Scamadviser, which labels it as “likely legit.” That sounds reassuring until you dig deeper. The site has a valid SSL certificate. The domain registration is set to expire in 2027 - which is normal. But the owner’s identity is hidden in WHOIS records. That’s common for decentralized projects, but it’s still a red flag when combined with near-zero activity.
There’s no team page. No LinkedIn profiles. No GitHub commits. No public roadmap. No recent updates since 2022. The project appears abandoned. Even the CoinGecko page shows no new listings, no price spikes, no community announcements. It’s a ghost town.
Compare that to SpookySwap, which has a team of developers, regular audits, active social media, and a public treasury. SoulSwap has none of that. A 71% trust score doesn’t mean it’s safe. It just means it’s not obviously a scam. That’s the lowest bar possible.
How It Compares to Other DEXs
Here’s how SoulSwap stacks up against the competition:
| Exchange | 24-Hour Volume | Trading Pairs | Trading Fees | Monthly Visits | Trust Score |
|---|---|---|---|---|---|
| SoulSwap | $2.57 | 7 | 0% | 38 | 71% |
| SpookySwap (Fantom) | $22.7M | 200+ | 0.25% | 180,000+ | 92% |
| Uniswap (Ethereum) | $1.2B | 10,000+ | 0.30% | 5.2M+ | 97% |
| PancakeSwap (BSC) | $450M | 500+ | 0.20% | 2.1M+ | 95% |
SpookySwap, the dominant DEX on Fantom, has over 95% of the network’s trading volume. SoulSwap’s volume is less than 0.00001% of that. Even if you ignored fees entirely, SpookySwap gives you 100x more tokens to trade, 1000x more liquidity, and a community that can help you if something goes wrong.
Why SoulSwap Is Doomed
DEXs survive on network effects. More users → more liquidity → lower slippage → more users. SoulSwap is stuck in a death spiral. Low volume scares away traders. No traders mean no liquidity. No liquidity means no one can trade without losing money. No one trades → the platform dies.
Industry analysts at Delphi Digital flagged small DEXs with under $10 daily volume as having “near-term existential risk.” SoulSwap doesn’t just fall into that category - it’s the textbook example.
There’s no evidence of development. No team updates. No new features. No marketing. No partnerships. Even the website’s design looks like it was built in 2021 and never touched since. If you’re looking for a DEX that’s actively improving, SoulSwap isn’t it.
Should You Use SoulSwap?
No.
Not if you care about getting your trades filled. Not if you want to avoid slippage. Not if you need help when something goes wrong. Not if you want to hold tokens that might one day be listed on bigger exchanges.
There’s no scenario where SoulSwap is the right choice. Even if you’re experimenting with Fantom, use SpookySwap. It’s faster, safer, and has real liquidity. SoulSwap is a digital ghost. You won’t lose money by avoiding it. You’ll only lose time.
If you’re drawn to zero fees, look elsewhere. Some DEXs offer fee discounts through token staking or loyalty programs. Others have lower fees on specific pairs. But none of them pretend to be something they’re not. SoulSwap offers nothing but a zero-fee facade.
What to Do Instead
If you want to trade on Fantom, use SpookySwap. It’s the only DEX on the network with real volume, active development, and community support. For Ethereum, use Uniswap. For Binance Smart Chain, use PancakeSwap. These platforms have millions in daily volume. They have documentation. They have support channels. They have teams that respond to issues.
If you’re looking for a zero-fee exchange, understand this: no legitimate DEX can sustainably operate without fees. Fees fund liquidity mining, audits, development, and customer support. SoulSwap’s zero-fee model isn’t revolutionary - it’s unsustainable. It’s a trap for the curious.
Don’t waste your time. Don’t risk your funds. SoulSwap isn’t a crypto exchange you should use. It’s a cautionary tale.
Is SoulSwap safe to use?
SoulSwap isn’t a scam in the traditional sense - it doesn’t steal funds. But it’s extremely risky. With almost no liquidity, your trades will suffer massive slippage. There’s no customer support, no documentation, and no community. If something goes wrong, you’re on your own. The 71% trust score from Scamadviser is the bare minimum. It’s not safe - it’s just not obviously fraudulent.
Can I make money trading on SoulSwap?
No. The 24-hour trading volume is under $3. Even if you deposit $100, you likely won’t be able to execute a trade without losing 1%-2% to slippage. There are no arbitrage opportunities. No trending tokens. No liquidity mining rewards. SoulSwap offers no path to profit - only potential loss.
Why does SoulSwap have zero trading fees?
It doesn’t have a revenue model. Most DEXs use fees to fund liquidity incentives and development. SoulSwap doesn’t pay developers, run marketing, or hire support staff. It’s a bare-bones interface with no ongoing investment. The zero fees aren’t a feature - they’re a sign the project is dead.
Is SoulSwap still being developed?
There is no evidence of active development. No GitHub commits since 2022. No team updates. No new token listings. No community announcements. The project appears abandoned. The 54.83% drop in 24-hour volume in late 2023 confirms declining activity, not growth.
What’s the best alternative to SoulSwap on Fantom?
SpookySwap is the dominant and only viable alternative on Fantom. It has over $20 million in daily volume, 200+ trading pairs, active development, community support, and a 92% trust score. It charges 0.25% per trade - a small price for liquidity, safety, and reliability.
george haris
SoulSwap is just a ghost town with a fancy UI. I checked it out last month thinking maybe it’s some hidden gem - turned out it’s like showing up to a party where no one’s there. Zero volume, zero vibes, zero future. Just don’t waste your time.
Jennifer Duke
Oh sweetie, you really think anyone with a brain would trade on a platform that’s less active than a library on Christmas Eve? I mean, zero fees? Cute. But liquidity is king - and SoulSwap doesn’t even own a crown. It’s a costume party for delusional crypto bros.
carol johnson
💀 SoulSwap is the crypto equivalent of a dead plant in a TikTok video. ‘Look how aesthetic it is!’ - but it’s not alive. No one’s there. No one cares. It’s just a digital tombstone with a 2021 design. 😔
Sara Delgado Rivero
If you’re using SoulSwap you’re either a fool or a bot. There’s no middle ground. Zero volume means zero chance of profit. Zero support means zero safety. Zero updates means zero future. This isn’t crypto - it’s a graveyard with a website.
Jeffrey Dufoe
I tried SoulSwap once. Just to see. Swapped 5 bucks. Lost 3 on slippage. Couldn’t even find a help button. Left the tab open for 10 minutes then closed it. Never going back. SpookySwap is way better. Simple.
David Zinger
USA is the only country that lets this garbage exist and call itself innovation 🇺🇸💀 The rest of the world knows real DeFi needs liquidity not fairy tales. SoulSwap is what happens when you let marketing departments write code. 🤡
Nathan Drake
There’s a quiet tragedy here - not in the code, but in the assumption that zero fees equal fairness. But fairness isn’t about cost. It’s about access. And SoulSwap offers access to nothing. It’s the ultimate paradox: a free service that gives you nothing to use.
Chidimma Catherine
Dear friends, this platform is like a car with no engine but very shiny wheels. You can sit inside, admire the leather seats, but you will not move. In Nigeria, we say: 'If the road is not used, the car is not real.' SoulSwap is not real. Please use SpookySwap. It is better. Thank you.
Steve Fennell
Respectfully, I’ve seen this movie before. The ‘zero fee’ gimmick always collapses under the weight of zero liquidity. It’s not about being cheap - it’s about being useful. SoulSwap is like offering free air… in a vacuum. You don’t need to be a genius to see it’s not sustainable. SpookySwap is the real deal.