Verdict
Higher trust score: Mullvad
Based on our trust scoring, Mullvad comes out ahead of Swapter (9.4 vs 5.6). The gap reflects differences in KYC stance, custody model and operational track record.
Note: Scores are our independent assessment. Both services have valid use cases — read each detail page before deciding.
Score breakdown
Overall /10
Swapter
5.6
Average
Mullvad
9.4
Good
Privacy /100
Swapter
70
Good
Mullvad
100
Good
Trust /100
Swapter
48
Weak
Mullvad
96
Good
Side by side
KYC level
L2Discreet
L1Anonymous
Tagline
Instant crypto exchange supporting 1,200+ assets across 450+ networks — no signup, wallet-to-wallet swaps in minutes, but a risk-scoring engine can pause transactions and demand full KYC.
Swedish VPN with a 16-digit anonymous account number — no email, no personal data — accepting Monero, Bitcoin, Lightning and cash by mail, with a 2023 police raid that produced zero customer data.
Jurisdiction
Ukraine
Sweden
Founded
2022
2009
Tor / .onion
No
Available
Categories
Exchange, Aggregator
VPN, Privacy
Feature comparison 13
Swapter
Mullvad
Bitcoin (BTC)
Accepts Monero (XMR)
Cash
—
Non-custodial
—
Open source
—
No signup required
—
Tor (.onion) available
—
Lightning Network
—
Mobile app
—
Web app
Instant
—
Available worldwide
Custodial
—
Read the full reviews
The side-by-side covers the headlines — the detail pages walk through every claim and citation.