beginner
The industry keeps moving forward, and so does Changelly. We are constantly improving our services and enhancing the ecosystem of Changelly’s products to bring you the best crypto experience. Today, we will explain how to exchange cryptocurrency on the Changelly instant exchange platform and become a proud crypto HODLer in just several minutes. This tutorial consists of two parts: 1) How to exchange crypto at a fixed rate; 2) How to exchange crypto at a floating rate. Here we go.
Step 1. Create a Changelly Account
The registration won’t take you more than 2 minutes. Just click the green “Sign up” button in the upper right corner of the website. You will be offered to create an account using your email address or Google/Twitter/Facebook account. Choose the option that suits you best and return to the exchange window to set up your crypto preferences. We choose the trading pair of USDT/DOGE in this example. Today, we want to exchange 150 USDT (Omni) for DOGE.
Since we have been in the cryptocurrency industry for more than 6 years, we know (and hope you do too) that the crypto market suffers from great volatility. It means that cryptocurrency rates are constantly changing and may sometimes change drastically within an hour/day/week/etc. The Changelly team created two features that help you use the chaotic power of crypto volatility: exchange at floating or fixed rates.
When exchanging crypto at a floating rate, the final amount of exchanged cryptocurrency might change due to uncontrollable market movements. This means if the market at the moment of your crypto exchange turns red (declines), then the amount of cryptocurrency that will appear in your wallet might be lower than the estimated one.
When exchanging crypto at a fixed rate, the final amount of exchanged cryptocurrency will remain the same as the estimated one regardless of the market’s movements. This means even if the market turns red, the final amount of exchanged cryptocurrency won’t change.
Let’s take a look at how to exchange USDT to DOGE at a fixed rate. Once the preferences are set, click the “Exchange now” button.
Part 1. How to Exchange Crypto on Changelly at Fixed Rate
Step 2. Enter Your Crypto Wallet Address
You will now see an estimated amount of your crypto exchange. Click “Transaction details” to observe the essential details about your transaction, such as an exchange fee, network fees, and an estimated time that will take crypto to arrive in your wallet.
Since we have chosen an exchange at a fixed rate, we need to provide two crypto addresses: the DOGE wallet address and the USDT wallet address. The latter is required for a refund process. If there are any technical issues during the crypto exchange, we will return your funds to the provided refund address. Once done, click the “Next step” button.
Note also: if you don’t have a hardware cryptocurrency wallet, you might like to see the list of reliable Changelly partners and choose a secure digital wallet for crypto storage. We partner with such crypto veterans as Exodus, BRD, Exodus, Ledger, Trezor, etc.
Step 3. Confirm the Transaction and Process the Payment
We are almost there! Before the transaction confirmation, please double-check all the details. We kindly remind you that blockchain transactions are irreversible. Therefore, when dealing with cryptocurrencies, you have to be careful and attentive to all of the transaction details.
Well, this looks good. Click the “Confirm and make payment button”.
Send the exact amount from your wallet or the exchange account to the following address. Please note that you have around 15 minutes to complete the payment (when exchanging crypto at a fixed rate).
Step 4. Congrats! You’re (once again) a Proud Crypto Owner!
The transaction processing usually takes from 5 to 30 minutes. However, if there is congestion within a blockchain (which means the network is overloaded), then it might require a longer time to process the transaction. Either way, if you have any questions regarding your transaction, you can always contact our Support Center that works 24/7 and will be glad to help.
Part 2. How to Exchange Crypto on Changelly at Floating Rate
The first step in exchanging cryptocurrency at a floating rate is similar to the crypto exchange at a fixed rate: you need to create a Changelly account with an email address, Google/Twitter/Facebook account. Since we’ve already done it, let’s head straight to Step 2.
Step 2. Enter Your Crypto Wallet Address
When exchanging cryptocurrency at a floating rate, you need to enter only one wallet address (to which you want to receive an exchanged crypto). Please, see the transaction details to be sure you agree with all the fees charged in the process.
Step 3. Confirm the Transaction
Before you send your funds for an exchange, please make sure that all the transaction details are correct. Once done, click the “Confirm & make payment” button.
It is time to send the required amount from your wallet or exchange account to the following address. When exchanging crypto at a floating rate, you have around 36 hours to complete the transaction, otherwise, it will be canceled automatically.
Please note that we might ask you to pass the KYC procedure for security purposes. It is highly recommended to read our article Why pass KYC.
We want to underline that it is essential to understand the fact that your wallet might charge an additional transaction fee for transferring your funds to Changelly. In this case, if you set a minimum amount (required by Changelly) and don’t consider the transaction fees charged by your wallet, the final amount of your funds might not be enough to process the transaction.
Step 4. Congrats! You’re (once again) a Proud Crypto Owner!
Once the blockchain processes your transaction, you will see the following window.
The transaction processing usually takes from 5 to 30 minutes. However, if there is congestion within a blockchain (which means the network is overloaded), then it might require us a longer time to process the transaction. Either way, if you have any questions regarding your transaction, you can always contact our Support Center that works 24/7 and will be glad to help.
If you have any further questions, please feel free to leave us a message in the comment section below.
Best exchanges!
Disclaimer
We kindly ask you to pay attention to cryptocurrencies’ rates. Changelly does not use CoinMarketCap-like aggregators as a reference point of the current rates. The coin price always depends on the market depth and volumes you are trying to sell or buy. We exchange the exact crypto amount, not the fiat equivalent. So, it cannot be used as a reference while checking crypto amounts.
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Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Source: https://changelly.com/blog/how-to-exchange-crypto-on-changelly/
