#63 of 115 in the US ranking · DEX aggregator

CoW Swap Review (October 2026): Fees, US States and Licenses

Best for: Intent-based swaps

5.2/10

US access 20%9.0
Regulation 20%3.0
Security record 15%7.0
Cost 15%5.0
Range 10%4.5
Popularity 15%1.0
Data quality 5%7.0

By Vahe Hakobyan Verified October 5, 2026 Medium confidence No affiliate links

Taker fee— Not verified
US states— Not verified
New York— Not verified
Coins— Not verified
CustodyNon-custodial
App Store— Not verified

Our verdict

CoW Swap is an interface to CoW Protocol, where solvers compete in batch auctions to fill swap, limit and TWAP orders. The site is run by CoW Hosting Limited in the British Virgin Islands. Fees are a 2-basis-point volume fee plus half of any quote improvement, capped at 0.98%. DefiLlama showed $3.51 billion in 30-day volume on October 5, 2026.

Pros

Terms do not exclude US persons
Network costs built into price; no separate gas payment
Volume fee 2 bps; 0.3 bps on stablecoin pairs

Cons

Half of quote improvement taken, capped at 0.98%
No fiat on-ramp or customer support desk confirmed
Smart-contract auditors not listed on pages checked

CoW Swap fees

Maker / taker: — Not verified
Simple buy: — Not verified
Volume tiers: Volume fee 2 bps (0.3 bps stables/RWAs) plus 50% of quote improvement, capped at 0.98%
ACH deposit: — Not verified
Wire deposit: — Not verified
Card purchase: — Not verified
USD withdrawal: — Not verified
Crypto withdrawal: Network costs are built into the execution price; funds stay in the user's wallet
Other fees: Out-of-market limit orders: 50% of surplus, capped at 0.98% of volume
Minimum deposit: — Not verified

Is CoW Swap available in my state?

CoW Swap Terms and Conditions (last updated July 2025) exclude only sanctioned or embargoed jurisdictions and listed persons; US persons are not excluded.

The list of states this platform serves is not verified yet.

New York: — Not verified
ID check (KYC): No
Withdraw crypto: Yes
Funding: Crypto

Is CoW Swap regulated?

US operator: CoW Hosting Limited (interface provider, British Virgin Islands)
Parent company: — Not verified
State licenses: — Not verified
New York license: — Not verified
Founded: — Not verified
Headquarters: British Virgin Islands

How secure is CoW Swap?

Proof of reserves: N/A (non-custodial)
Audits: — Not verified
Insurance: — Not verified

Incidents since 2019

None found in the sources checked.

Crypto held on a platform is not covered by FDIC or SIPC insurance.

What you can do on CoW Swap

Spot
Advanced trading
API

Market, limit and TWAP orders; trades settle through CoW Protocol solver auctions.

Apps: Web
Support: — Not verified

CoW Swap FAQ

Is CoW Swap regulated in the US?

US customers are served by CoW Hosting Limited (interface provider, British Virgin Islands).

Can I withdraw crypto from CoW Swap to my own wallet?

Yes. CoW Swap lets US users send crypto to an external wallet.

Does CoW Swap require ID verification?

No account or ID check is needed for on-chain swaps on CoW Swap.

Alternatives to CoW Swap

Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.