Changelly is a crypto exchange platform that offers the best price for crypto conversion by analyzing prices on the best cryptocurrency exchanges.
There are over 350 digital assets available to convert, buy and sell on Changelly.
Not only can you trade Bitcoin and other altcoins, but also DeFi tokens, such as LINK, UNI, MKR, etc.
Changelly charges an exchange fee/conversion fee of 0.25% along with a network fee.
The network tariff is totally based on blockchain congestion.
How to use Changelly to convert cryptocurrency?
To use Changelly, you need to select the cryptocurrency pairs to convert.
Then, enter the wallet/exchange address of the recipient.
Then, deposit the cryptocurrency to convert and wait a few seconds or minutes to receive the converted crypto.
Steps to Use Changelly to Convert Cryptocurrency
- Visit Changelly
- Set up Exchange pairs
- Enter the recipient’s address
- Payment phase
- DeFi Exchange
- Wait for the transaction to complete and verify
1. Visit Changelly
Go to the official website of Changelly and bookmark it to avoid a phishing attack in the future.
If you wish, you can log in via email, Facebook, Twitter or Google. Click the “profile” icon in the upper right corner of the website to sign in.
Signing in gives you access to your transaction history, password change, and other account settings.
2. Set up Exchange pairs
After entering the website, set the cryptocurrency pairs to trade.
In the first drop-down menu, select the crypto token you will spend and enter the amount of your choice.
In the second drop-down menu, select the crypto token you want to receive.
By default, the “Variable Rate” is selected. A floating rate is nothing more than the market price. If you want to trade for the market price, this option is for you.
Remember, the variable rate is subject to slippage. This means that there may be a difference between Changelly’s quoted price and the execution price if the market is highly volatile.
If you want to trade cryptocurrencies at a fixed price, you need to select “Fixed Rate“. You can avoid slippage by choosing the fixed rate. The estimated arrival time for the fixed rate is 5-30 minutes.
After setting the exchange pairs and execution mode, click “Swap Now“.
3. Enter the recipient’s address
You will now be asked to enter the recipient’s wallet address.
The recipient does not need to be a wallet. It can also be an exchange account.
Changelly supports FIO cryptographic handles and unstoppable domains. Therefore, you can use names instead of long cryptographic addresses.
After pasting the address or name, select the checkbox and click “Next Step“.
4. Payment phase
Next, you’ll see the details of the exchange that include what you send, what you’ll get, the recipient’s address, exchange fee, network fee, and exchange rate.
The exchange fee and the network fee are already included in the exchange rate.
Check the details and click “Confirm and make payment“.
By clicking on the Confirm & Make Payment option, you will be able to see the deposit amount and Changelly deposit address along with a QR code.
Now, you need to deposit the cryptocurrency you want to trade at this address. For example, if you want to exchange ETH to get MATIC, you need to send ETH to the Changelly deposit address.
Deposit the amount from your wallet or any centralized exchange, such as Binance, Coinbase, etc.
5. DeFi Exchange
If you want to trade cryptocurrencies for DeFi tokens, such as UNI, LINK, etc., you need to log in to “Defi Swap” on Changelly.
To exchange DeFi tokens on Changelly, you need to set up token pairs, then connect your Web 3.0 wallet and click “Swap“.
Your DeFi token will be credited directly to your Web 3.0 wallet.
6. Wait for the transaction to complete and verify
Now, wait for a few seconds to a few minutes to complete the transaction. Usually, it is credited in less than 5 minutes. If the blockchain is congested, it can take up to 30 minutes.
Then, go to the recipient’s wallet and check the transaction history.
You can convert Bitcoin to ETH, ETH to MATIC, etc. on Changelly. Apart from this, you can also trade with DeFi tokens.
In case the transaction fails for some unknown reason, write down the “transaction ID” and start chatting with Changelly customer support.
From my experience, Changelly’s customer support is very quick in responding.