iZiswap (Mode) Crypto Exchange Review: Zero Fees, Tiny Liquidity, and Real-World Risks

When you hear "zero fees" and "zero slippage" in crypto, your ears perk up. Especially if you’ve paid $5 in gas to swap $20 worth of tokens on Uniswap last week. iZiswap (Mode) promises exactly that: no trading fees, no price slippage, and a clean interface built on the Mode blockchain. Sounds too good to be true? It kind of is.

iZiswap isn’t a new name in crypto. It’s part of iZUMi Finance, a project that started in Japan back in 2020. But iZiswap (Mode) itself launched in 2022, and it’s still living in the shadows of giants like Uniswap and PancakeSwap. It doesn’t have a mobile app. It doesn’t have a big team on Twitter. And it doesn’t have the liquidity to handle anything bigger than a coffee run.

Let’s cut through the marketing. What does iZiswap (Mode) actually do? It lets you swap tokens directly from your wallet-no KYC, no sign-up, no middleman. That’s standard for decentralized exchanges. But here’s the twist: it uses something called "discretized liquidity." Think of it like dividing a price range into neat little boxes instead of one smooth curve. The idea? Make capital more efficient. The reality? Most pools are empty.

Right now, iZiswap supports just 4 tokens across 5 trading pairs. That’s it. Compare that to Uniswap’s 8,500+ pairs or even PancakeSwap’s 500+. On iZiswap, you’ll find tokens like MODE, WETH, USDC, and a few others. But if you’re trying to trade anything obscure, you’re out of luck. Even swapping $100 of USDC for MODE can result in a 15% slippage because there’s barely any liquidity in the pool. That’s the opposite of what they claim.

Yes, they say "zero slippage." But that’s only true if you’re trading $5 or less. Once you go above that, the price jumps. Users on Reddit and SourceForge are calling it out: "Finding liquidity here is like searching for needles in a haystack." And they’re right. The platform’s 24-hour trading volume? $171.58. That’s not a typo. That’s less than the cost of a decent pair of sneakers. Meanwhile, Uniswap moves nearly $1 billion every day. iZiswap is a speck on the map.

But here’s the kicker: you don’t pay a single cent in fees. Not a 0.1%, not a 0.3%. Just zero. That’s rare. Even most DEXs charge something. FxVerify confirms this-maker and taker fees are both 0.00%. For traders who do small, frequent swaps, this is a real win. If you’re just moving small amounts between tokens you believe in, the fee savings add up fast. No need to wait for gas prices to drop. Just swap and go.

But fees aren’t everything. What about security? iZiswap is non-custodial, meaning you control your keys. That’s good. But there’s no public audit report from CertiK, Hacken, or any reputable firm. No transparency. No detailed breakdown of smart contract risks. That’s a red flag. Most top DEXs publish full audit results. iZiswap doesn’t. That means you’re trusting code that hasn’t been independently verified. In crypto, that’s a gamble.

And it’s not just the code. The platform has no regulatory oversight. FxVerify says it outright: "This company does not appear to be regulated by any government authority." That’s normal for DEXs, sure-but it also means no recourse if something goes wrong. No customer support line. No refund policy. If your transaction fails, you’re on your own.

Now, let’s talk about traffic. iZiswap gets about 65,802 visits per month. Sounds like a lot? Most of it-99%-is organic. People are finding it by searching. But here’s the catch: the average visit lasts just 1 minute and 15 seconds. Users view 2.46 pages per session. That means they’re clicking around, confused. They’re reading help docs, watching tutorials, trying to figure out how to add liquidity. One user said it took them three hours to set up a liquidity pool. On Uniswap? Fifteen minutes.

The interface is clean, yes. But it’s not intuitive. The liquidity provisioning tool is buried. The pool selection feels like a scavenger hunt. And there’s no mobile app. You’re stuck using a browser. No iOS or Android app. No PWA. That’s a huge disadvantage in 2025, when most crypto users trade on the go.

Who is this for? Not beginners. Not casual traders. Not people who want to swap ETH for USDT and call it a day. iZiswap (Mode) is for a very specific type of user: the DeFi tinkerer. The one who wants to test new liquidity models. The one who’s curious about discretized pools. The one who’s willing to accept tiny volume and zero support for the chance to play with something new.

If you’re an advanced user and you’ve got $20 to experiment with? Go ahead. Swap a little. See how it feels. But don’t lock in $500. Don’t add liquidity unless you understand impermanent loss in this specific model. The math is different here. The risks are higher. And the rewards? Barely exist.

Compare it to Demex or XY FINANCE. They have more volume, more pairs, better documentation. iZiswap’s edge is purely technical. But technology without users doesn’t survive. The DEX market is consolidating. The big players keep growing. The small ones? They fade. iZiswap hasn’t announced any roadmap updates. No partnerships. No new token listings. Just the same 4 coins, the same $171 in volume, the same silent smart contracts.

Is iZiswap (Mode) dead? Not yet. But it’s barely breathing. It’s a fascinating experiment, not a practical tool. It’s like owning a prototype electric car that runs perfectly on a test track-but has no tires, no charging stations, and no roads to drive on.

Bottom line: if you want to trade crypto reliably, use Uniswap, PancakeSwap, or Curve. If you want to learn how decentralized liquidity can evolve, then iZiswap (Mode) is worth a tiny test. But treat it like a lab experiment-not your main exchange. And never invest more than you’re willing to lose.