Case file · Exchange
FixedFloat
A no-registration instant swap (including Lightning) that markets "no data required" - but its terms let it freeze "criminal funds," demand ID before refunding, and contractually extend an order by up to two months. Anonymous operator, jurisdiction undisclosed.
The systematized overview
The bureau vs the internet.
3.0/10 · KYC-on-trigger
FixedFloat is a fast, no-registration swap that even supports Lightning, and it advertises "anonymity" with "no data required." The contract disagrees: it can freeze funds it deems "criminal," require identity verification before a refund, and extend an order by "up to 2 months." A 2025 update auto-flags anything linked to the shut-down eXch as criminal. Add two 2024 hot-wallet hacks (its own funds, handled with denial-then-silence) and an anonymous, undisclosed operator, and a genuinely convenient swap is capped at 3/10 by its freeze power.
2 recurring praises · 3 recurring gripes
Most praised: fast, no-registration swaps with lightning and monero support. Most cited downside: corroborated freezes with source-of-funds/id demands, some lasting months.
We track our editorial score and community sentiment separately — neither moves the other. Read together, they're the systematized overview.
The facts
Custody & jurisdiction.
- Jurisdiction
- Undisclosed - FixedFloat names no entity or country on its own pages; third-party sources conflict (Seychelles per one directory; Georgia/ex-Marshall Islands per another)
- Custody
- No stored balances, but takes custody of a swap in-flight and can freeze "criminal funds"
- Escrow
- None - funds pass through FixedFloat during the exchange
- Traded
- ~80+ assets including Bitcoin Lightning and Monero (XMR)
- Fiat rails
- None - crypto-to-crypto only
- Payment methods
- n/a
- Payment privacy
- No ID by default; email optional; no Tor/onion
- Disputes
- No formal dispute path; frozen funds released only after source-of-funds/ID
- KYC trigger
- No account by default; discretionary freeze on "criminal funds" + ID-before-refund
- Open source
- No
- Audited
- No independent audit found
- Operating since
- 2018
The full read
Our analysis, in plain words.
FixedFloat earned its following honestly on the surface: a no-registration instant swap that is fast, clean, and one of the few to support Bitcoin Lightning, with Monero available and email only optional. For a routine, unflagged swap that is a genuinely private, low-friction experience.
The contract is where "no data required" breaks down. FixedFloat can freeze funds it unilaterally deems "criminal" and hold them until you prove their source, can require identity verification before issuing a refund, and reserves the right to extend an order by "up to 2 months." A March 2025 terms update went further, auto-classifying any funds linked to the shut-down eXch as criminal - so even clean coins with an unlucky history can be frozen. That is a level-2 posture with a wide, undefined trigger.
Two things keep it off the floor but well down the table. The 2024 hacks (~$26M in February, ~$2.8M in April) hit FixedFloat’s own hot wallets, not user deposits, so our user-fund-loss cap does not fire - but the denial-then-silence disclosure is a real trust hit, and the operator is anonymous with no disclosed jurisdiction (third-party sources even contradict each other). Independent sites corroborate real, dated freezes. A convenient, Lightning-capable swap therefore still lands at 3/10, capped by its own freeze power.
The score, broken down
How the 3.0 is built.
Privacy
weight 50%What identity, data and metadata the service can demand or collect.
44 × 50% = 2.2 of 10
Trust
weight 30%Whether it can technically deliver what it claims — code, audits, age.
32 × 30% = 1.0 of 10
Reliability
weight 20%Whether the no-KYC claim holds under real-world pressure.
13 × 20% = 0.3 of 10
Weighted score was 3.4 — a reliability rule capped it to 3.0. See the rubric →
Every point, sourced
What earned the score.
Privacy
Trust
The fine print, read for you
The clause they bury.
“If criminal funds are sent to our addresses, the funds may be frozen until information about the source and legality of the funds is received.”
What it meansFixedFloat is account-free, but on its own read of "criminal funds" it can freeze your swap and hold it until you prove the source of the money. Combined with "the User may be asked to undergo identity verification" before a refund, a no-registration swap can become an ID-gated hold - and there is no published threshold for what counts.
Read the source →“We reserve the right to increase the processing time of the Order up to 2 months, as well as to refuse the User further service.”
What it meansA two-month hold is not an edge case here - it is contractual. FixedFloat can extend your order by up to two months at its discretion, which is the written basis under which reviewers report funds stuck for weeks or months pending a source-of-funds review.
Read the source →“All funds that have a direct connection to the centralized exchanger eXch are now considered criminal (2025-03-03 terms update).”
What it meansAfter eXch was shut down under laundering allegations, FixedFloat updated its terms to auto-treat any funds touching eXch as "criminal" and subject to suspension and a source-of-funds request. If your coins ever passed through eXch, an ordinary FixedFloat swap can be frozen on that basis alone.
Read the source →No account or ID for a routine swap, but FixedFloat reserves the right to freeze funds it deems "criminal" and to require identity verification before issuing a refund. There is no published monetary threshold; the trigger is its own risk assessment (transaction-monitoring flags, "clearly related to criminal activity," or - since March 2025 - any connection to the shut-down eXch).
Policy review — point by point
-
Freeze on "criminal funds"
FixedFloat states that if "criminal funds are sent to our addresses, the funds may be frozen until information about the source and legality of the funds is received." ↗
-
Identity verification before a refund
On a refund, "the User may be asked to undergo identity verification. Refunds are made only after verification and exclusively to the address from which they were received." ↗
-
Up to a two-month hold, contractually
It reserves "the right to increase the processing time of the Order up to 2 months, as well as to refuse the User further service." ↗
-
eXch-taint auto-flag (Mar 2025)
A 2025-03-03 update treats any funds with a direct connection to eXch as "criminal," subject to suspension and a source-of-funds request. ↗
FixedFloat names no legal entity or country on its own pages, and third-party sources do not agree (one directory lists Seychelles; another lists Georgia, relocated from the Marshall Islands). We therefore treat the jurisdiction as undisclosed. Whatever the true domicile, the practical position is the same: an anonymous operator with no accountable entity, which is a serious recourse gap if a "criminal funds" freeze goes wrong. (Section numbers in FixedFloat’s terms shift with updates; verify the live clause before relying on a specific number.)
We keep watching
Incident & policy timeline.
- 2018
Launched as a no-registration instant swap
FixedFloat began as an account-free instant exchange, later adding Bitcoin Lightning support and building a following for speed and a clean UI.
source ↗ - Feb-Apr 2024
Two hot-wallet hacks (~$26M then ~$2.8M)
FixedFloat was drained of ~409 BTC + ~1,728 ETH (~$26M) in February 2024 and a further ~$2.8M in April. Multiple outlets report the losses hit FixedFloat’s own operational/liquidity hot wallets, not customer deposits (it is non-custodial and holds no balances). Disclosure was poor - it first blamed "technical problems" and went quiet - which is a trust, not a user-fund-loss, problem.
source ↗ - 2025-2026
Corroborated post-deposit freezes + eXch-taint auto-flag
A no-KYC directory documents dated freeze cases (e.g. a ~1,500 EUR BTC swap frozen Aug 2025 and released Feb 2026; a ~3,000 EUR order frozen indefinitely on KYC refusal), matching Bitcointalk reports. A March 2025 terms update auto-treats any eXch-linked funds as criminal, widening the freeze trigger.
source ↗
The verdict
Where it stands.
Strengths
- No registration to swap; supports Bitcoin Lightning and Monero
- Fast and clean UX on unflagged swaps
- Non-custodial in the sense that it holds no ongoing balances
- Operating since 2018 with a large user base
Trade-offs
- Reserves a freeze on "criminal funds" and ID-before-refund, with no threshold
- Contractual right to extend an order by up to two months
- Two 2024 hot-wallet hacks handled with denial-then-silence disclosure
- Anonymous operator, jurisdiction undisclosed, closed-source, unaudited
Across the internet
What reviewers report.
Consistently praised
- Fast, no-registration swaps with Lightning and Monero support
- Clean UX; well-liked for routine, unflagged trades
Recurring complaints
- Corroborated freezes with source-of-funds/ID demands, some lasting months
- Two 2024 hot-wallet hacks with poor disclosure
- Anonymous, undisclosed operator; eXch-taint auto-freeze widens the trigger
Praise is concentrated on small, unflagged swaps; the negative signal is a corroborated freeze pattern (kycnot.me, Bitcointalk) plus the 2024 hack handling. The laundering framing around eXch-linked funds is FixedFloat’s own contractual wording; we attribute the hack analysis to Halborn/Decrypt rather than asserting it. Synthesized from FixedFloat’s own terms/FAQ, Halborn, Decrypt and kycnot.me.
Keep exploring
Related lists & categories.
Ask the bureau
FixedFloat, common questions.
Is FixedFloat no-KYC?
By default you can swap with no account and no ID (email is optional). But FixedFloat reserves the right to freeze funds it deems "criminal" and to require identity verification before a refund, so it is KYC level 2 (KYC-on-trigger), not no-KYC.
Did the 2024 hacks lose user funds?
Reporting indicates the ~$26M (February) and ~$2.8M (April) 2024 hacks drained FixedFloat’s own hot-wallet/operational funds, not customer deposits - it is non-custodial and holds no balances. So it does not trigger our user-fund-loss cap, but the poor disclosure is a real trust hit.
Why is FixedFloat capped at 3/10?
Because its terms let it freeze user funds on a discretionary "criminal funds" call and hold an order for up to two months, and independent sites corroborate real freezes. Any service that can freeze user funds on discretion is capped at 3/10.
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