Changelly is a crypto exchange platform that offers the best price for crypto conversion by analyzing the prices on top cryptocurrency exchanges.
There are 350+ digital assets available to convert, buy, and sell on Changelly.
You can not only exchange Bitcoins and other altcoins but also DeFi tokens, such as LINK, UNI, MKR, etc.
Changelly charges a 0.25% exchange fee/ conversion fee along with a network fee. The network fee is totally based on the congestion of the blockchain.
How to Use Changelly to Convert Cryptocurrency?
To use Changelly, you need to select the cryptocurrency pairs to convert.
Then, enter the recipient wallet/ exchange address.
Next, deposit the crypto to be converted and wait for a few seconds to minutes to receive the converted crypto.
Steps to Use Changelly to Convert Cryptocurrency
- Visit Changelly
- Set the Exchange Pairs
- Enter the Recipient Address
- Payment Phase
- DeFi Swap
- Wait for the Transaction to be Completed and Verify
1. Visit Changelly
Go to the Changelly official website and bookmark it to avoid a phishing attack in the future.
If you want, you can log in via email, Facebook, Twitter, or Google. Click the “profile” icon in the upper right corner of the website to log in.
Log-in gives you access to your transaction history, password editing, and other account settings.
2. Set the Exchange Pairs
After getting into the website, set the cryptocurrency pairs to exchange.
In the first dropdown, select the crypto token that you are going to spend and enter the amount of your choice.
In the second dropdown, select the crypto token that you want to receive.
By default, the “Floating rate” gets selected. A floating rate is nothing but the market price. If you want to exchange for the market price, this option is for you.
Remember, the floating rate is subject to slippage. This means, there might be a difference between the Changelly quoted price and the execution price if the market is highly volatile.
If you want to exchange crypto 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.
Once you have set the exchange pairs and the mode of execution, click “Exchange now”.
3. Enter the Recipient Address
Now, you will be asked to enter the recipient’s wallet address.
The recipient need not be a wallet. It can be an exchange account too.
Changelly supports FIO crypto handles and Unstoppable domains. Hence, you can use names instead of lengthy cryptographic addresses.
After pasting the address or name, select the check box and click “Next step”.
4. Payment Phase
Next, you will get to see the exchange details which include what you send, what you will get, recipient address, exchange fee, network fee, and exchange rate.
The exchange fee and network fee are already included in the exchange rate.
Review the details and click “Confirm & make payment”.
By clicking on the Confirm & make payment option, you will be able to see the deposit amount and the Changelly deposit address along with a QR code.
Now, you need to deposit the cryptocurrency that you want to exchange to 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 either from your wallet or from any centralized exchange, such as Binance, Coinbase, etc.
5. DeFi Swap
If you want to exchange crypto for DeFi tokens, such as UNI, LINK, etc., you need to navigate to “Defi Swap” on Changelly.
To exchange for DeFi tokens on Changelly, you need to set the 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 be completed and Verify
Now, wait for a few seconds to a few minutes for the transaction to be completed. Usually, it gets credited in less than 5 minutes. If the blockchain is congested, it can take up to 30 minutes.
Then, head 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 swap for DeFi tokens as well.
In case your transaction fails for some unknown reason, note the “transaction ID” and initiate the chat with Changelly customer support.
From my experience, Changelly’s customer support is very fast in response.