When it comes to buying and selling digital currencies, it seems like we have a lot of options. However, for exchanging one cryptocurrency for another, such might not be the case. Yet, doing so can be just as important for traders. Luckily, there is one excellent and safe exchange platform for crypto. If you are interested in exchanging various types of crypto, then you might have heard of Changelly already.
It is one of the most popular exchange platforms due to its quick and smooth exchange processes. Most individuals who trade crypto on a regular basis use this platform to swap their currencies instantly. This platform provides hundreds of various currencies to choose from, which makes it all the more better.
However, the Changelly interface may not be the easiest to maneuver for beginners and newcomers. This is why we have compiled this thorough guide that will walk you through each step of setting up your Changelly account, so you can start exchanging crypto instantly.
What is Changelly?
Changelly is one of the most popular crypto exchange platforms currently in the blockchain industry. It was established in 2015 and, ever since then, has been expanding consistently, adding more and more features to keep the audience interested. The trading platform is widely known for its instant crypto-to-crypto service and lets you convert bitcoins into alternate digital currencies in no time.
Now, Changelly has over two million users who prefer to use the service due to its simple, stable, and transparent interface. To date, the exchange platform has also not experienced any hacking, frauds, or bugs, making it all the safer to use.
If you want to exchange your crypto coins for another currency, you can easily do this on the platform for a reasonable fee. Moreover, the main features of this trading platform are:
- Lets you create an account in order to track your previous transactions
- You can process transactions using debit/credit cards
- Exchange bitcoins for another supported currency
- Charges you a reasonable flat fee per trade
How to Use Changelly to Exchange Crypto
Now that you know everything about Changelly and its features, if you are interested in exchanging crypto through the platform, you will need to learn how to use it. Let’s discuss how you can use Changelly to exchange crypto.
Creating Your Changelly Account
The first thing you will need to do is set up your Changelly account on their website. This will only take you a few minutes. The process is entirely simple and quick. All you need to do is add your email address or sync your Google, Facebook, or Twitter account to Changelly. You will need to set up your own password as well, so make sure it is a strong one.
Then, you will have to go back to the exchange window to choose your crypto preferences and decide on which coins to trade.
How to Exchange Crypto Using Changelly at Fixed Rate
Those who have been trading crypto for a while know that the market conditions can be extremely volatile. The cryptocurrency rates keep changing and can experience massive dips or rises in a matter of a few months, days, or even hours. For this reason, Changelly offers its users to exchange their crypto either through fixed or a floating rate so that users can have slight control over their trading.
When you are exchanging crypto at a fixed rate, the final amount of the exchanged crypto will be the same regardless of the market conditions. This means that even when there are significant dips in the market, the exchanged crypto amount will not change.
Let’s look at how you can exchange crypto at a fixed rate on Changelly. In this guide, we will use the example of exchanging the currencies of USDT for DOGE.
Enter Crypto Wallet Address
After you have set your preferences on the Changelly homepage, which in this case will be USDT and DOGE, you will need to click on the ‘Exchange Now’ button. To set your preferences, you will first select the cryptocurrency you want to sell, USDT, and the currency you want to buy, which is DOGE.
This will show you the estimated amount of your exchanged crypto. To learn more about this amount, you can click the ‘Transaction Details’ button that will tell you the estimated exchange fee, network fee, and the estimated time that the crypto will reach you.
You will need to provide two crypto addresses when you are exchanging at a fixed rate. One is for the previous rate, which is USDT, in case of a refund. The other address is for the exchanged rate, which in this example is DOGE. Though chances of refunds are minimal, they are possible in case of a technical fault, which is why a refund address needs to be provided.
Before proceeding with this step, you must ensure that the hardware wallet you have chosen is compatible with the cryptocurrency you will receive. For example, you will be receiving the DOGE currency in this case, so make sure that your wallet address is that of DOGE. Once you have entered the right wallet addresses, you can accept the terms and conditions, then click on the ‘Next Step’ tab.
Confirm Transaction and Process the Payment
Since blockchain transactions are normally irreversible, it is important that you double-check all the details that you have entered. You can then click on the ‘Confirm and Make Payment' button when everything looks good to you. After this, the transaction will begin processing, which normally takes anywhere between five minutes and half an hour. However, if there are some issues and backlogs in the blockchain, it could take longer than that.
By this time, you will likely receive your exchanged rate. If not, then you can contact the support staff on the Changelly website. They provide 24/7 services, so they will surely help you out if you run into any issues.
How to Exchange Crypto Using Changelly at Floating Rate
Unlike with fixed-rate, when you trade crypto at a floating rate, the exchange amount is variable to the market conditions. The amount would change according to the ever-changing market. Hence, if the market of your exchanged currency declines, then the exchanged amount that ends up in your wallet might also be lower than expected.
The process of exchanging crypto at a floating rate is quite different from the process with a fixed rate. Although the first step of creating a Changelly account is quite similar, wherein you will need to enter your email address or sign up with one of your social media accounts.
Enter Crypto Wallet Address
When you are exchanging digital currencies at a floating rate, you will only need to add one online wallet address where you can receive the exchanged amount. This makes the process slightly simpler than a fixed rate, which requires an additional wallet address for refunds.
Confirm the Transaction
Once you are done entering all the details, don't forget to double-check all the information one more time. Once done, you can then click on the confirm button and wait for your exchanged amount to be added to your wallet. Just like with a fixed rate, you can expect the exchanged amount to arrive in your wallet in 5-30 minutes.
Once the exchange has happened, you will also receive an email confirming the transaction, whether at a floating or fixed rate.
Is it Safe to Exchange Crypto Using Changelly?
First-time users of this exchange platform might be wondering whether using Changelly is entirely safe or not. This platform happens to be one of the safest services for exchanging crypto. Since users get to transfer their exchanged crypto to their external wallets instantly, Changelly does not store any of the funds.
Hence it does not contain any crypto or funds that could be hacked or stolen. This makes Changelly non-custodial and completely safe. Additionally, it also includes a two-factor authentication when you are logging in to the platform. This provides your account with additional safety and security.
The Bottom Line
For the most part, the Changelly interface is simple and easy to use. Still, if you face any issues, you can use this guide to exchanging crypto using Changelly for help. To use this platform, all you need to do is sign up with your email or social media account, choose your exchange rate, carefully set up the currency you want to sell and the currency you want to buy, add your online wallet addresses and then make the exchange.
Since it is important to have a completely safe and hack-free platform for trading and to exchange digital currencies, Changelly is considered an excellent choice. Moreover, this attractive exchange program makes it quite easy for users to change one cryptocurrency for another quickly.