THORChain (THORSwap) Review (October 2026): Fees, US States and Licenses

Best for: Native cross-chain swaps

5.0/10

US access 20%9.0
Regulation 20%3.0
Security record 15%6.0
Cost 15%5.0
Range 10%4.2
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

THORChain is a Cosmos SDK network that swaps native assets across chains, such as BTC for ETH, without wrapped tokens; THORSwap is one front end, run by Ferdin Incorporated under Singapore law. Its terms do not list the United States as restricted. DefiLlama showed $72 million in TVL, $2.37 billion in 30-day volume, and four exploits, the latest in May 2026.

Pros

Swaps native BTC, ETH, XRP and more without wrapping
THORSwap terms do not restrict the United States
About $2.37 billion in 30-day volume

Cons

Four exploits listed, including $10.7M in May 2026
TVL about $72 million
Front-end fee applies on some swaps

THORChain (THORSwap) fees

Maker / taker: — Not verified
Simple buy: THORSwap exchange fee 0.5% on swaps over $100; free under $100; plus THORChain network fees
Volume tiers: 50% off for swaps of $1M+; THOR stakers get up to 100% off the service fee
ACH deposit: — Not verified
Wire deposit: — Not verified
Card purchase: — Not verified
USD withdrawal: — Not verified
Crypto withdrawal: Network fee only
Minimum deposit: — Not verified

Is THORChain (THORSwap) available in my state?

THORSwap's Terms of Service (updated September 1, 2026) list twelve restricted jurisdictions and the United States is not among them.

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 THORChain (THORSwap) regulated?

US operator: — Not verified
Parent company: THORSwap front end: Ferdin Incorporated (Singapore governing law); THORChain itself is a decentralized network
State licenses: — Not verified
New York license: — Not verified
Founded: — Not verified
Headquarters: — Not verified

How secure is THORChain (THORSwap)?

Proof of reserves: N/A (non-custodial)
Audits: Audits listed on DefiLlama (firm names not captured)
Insurance: — Not verified

Incidents since 2019

2026exploitDefiLlama lists a $10.7M loss on May 15, 2026, classified as a bridge logic flaw affecting Bitcoin, Ethereum, Base and BSC.
2021exploitDefiLlama lists an $8M loss on July 22, 2021 from a withdrawal logic flaw on Ethereum.
2021exploitDefiLlama lists a $5M loss on July 15, 2021 from a bridge logic flaw on Ethereum.
2021exploitDefiLlama lists a $350,000 loss on June 29, 2021 from a bridge logic flaw on Ethereum.

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

What you can do on THORChain (THORSwap)

Spot

Apps: Web
Support: — Not verified

THORChain (THORSwap) FAQ

What are THORChain's fees?

Simple buy: THORSwap exchange fee 0.5% on swaps over $100; free under $100; plus THORChain network fees.

Can I withdraw crypto from THORChain to my own wallet?

Yes. THORChain lets US users send crypto to an external wallet.

Does THORChain require ID verification?

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

Alternatives to THORChain (THORSwap)

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