Almost every instant exchanger earns its money from a spread you cannot see. FixedFloat states the number: 0.5% for a fixed rate, 1% for a floating one, applied to a quoted market rate. That single decision makes it the only service in this category where you can calculate the cost before committing.
What it does well
Native Lightning Network support means small bitcoin swaps settle in seconds for negligible fees, which nothing else here matches. Settlement on standard chains is fast, the interface is unusually clean, and there is no account requirement for ordinary swaps. Coverage is narrower than the aggregators — a few dozen assets rather than hundreds — but it covers what most people actually swap.
The 2024 breach
In February 2024 attackers drained roughly $26m from FixedFloat's hot wallets. The service paused, published details, covered user losses and resumed operating. That response was correct, and the incident is the clearest possible illustration of the category's central risk: these services are custodial for the duration of a swap, whatever the marketing says about being non-custodial.
The AML reality
As with every service here, a deposit that trips an automated screen can be held pending verification, and resolution requires documents from a service that asked for none at the start. FixedFloat generates fewer such complaints than Changelly or SimpleSwap, but they exist. Never send more than you can afford to have frozen for weeks.
Who should use FixedFloat
Users making small to moderate swaps who want to know the price before committing, and anyone using Lightning. For very large amounts, use an exchange with proper custody and a redress process. For obscure assets, ChangeNOW or LetsExchange cover more ground at a worse price.