A Crypto currency Converter or Exchange is a service where a user can buy, sell or exchange/ trade this digital asset for another Crypto/ Altcoin/ Fiat Money/ specified Country Currency. Some may refer it as Virtual Currency Exchange.
As markets become more advance over time, trading is increasingly being conducted on electronic exchanges platforms. A user can make transactions thru his personal computer. The Crypto such as Bitcoin, BTC, become the "Medium of Exchange" for this case. One of the exchanges is the following Changelly service:
Changelly is an instant cryptocurrency exchange providing the best crypto-to-crypto rates on the market.
The robot is integrated into the largest cryptocurrency trading platforms. The robot makes a fast bids and asks on the platforms, then selects and suggests the best available rate that shows up in the box above.
It is a young and prospective project created by MinerGate enthusiasts. The service provides safe and fast transactions without revealing identities. It provides the best rates due to a wide range of reliable trading platforms and have over 35 cryptocurrencies listed.
The reasons why you may trust Changelly are:
Cryptocurrency is more volatile than fiat, so the rate of may fluctuate. This is the reason why a final rate might be higher or lower than expected at the end of a transaction.
Keeping the rates fixed would make the service cover market risks and currency volatility and set the commission fee much higher as a result. Instead, it charges only a low commission fee (0.5%) and offers the best available rate at the end of transaction.
Your email is needed to create an account that gives you access to your transactions history, password editing and other settings. You may use your email or use social media to log in.
The 2FA authentication is a method of how your account is protected. To log in, you'll need a second device with Google Authenticator installed. You may turn off the verification anytime you want.
A wallet is a digital place for your coins to be stored. Each coin has a certain wallet provider. That could be official GUI-wallets, web wallets and other applications. The wallet address represents a randomly generated combination of digits and letters.
Changelly doesn't provide wallet addresses and never stores user deposits. To store your BTC, you can refer to Homepage of this website.
You need to decide what coin to buy and seek for a stable wallet version. As a rule, each coin has its official wallet client.
Each wallet has its unique address or a tag with a private key. Changelly never asks your private keys. Store them in a safe place and never show to anyone. Once private keys are stolen, you wallet with all the coins will be lost forever.
The recipient's address is the wallet address to receive money you want to buy.
A hash (or the tx ID) is a unique address of your transaction in a blockchain. Mostly, the hash is a combination of digits and lower case (upper in Ripple) letters that represents a proof that money is sent. After you make a payment, you receive a hash displayed in your wallet. Hash should be located in a blockchain. The service support team may ask you to provide a hash. Sometimes it's required to find your payment and resolve your issues, if any.
For all the coins available on Changelly, buying process is the same.
It doesn't have amount restrictions. However, there are some nuances.
If an amount is too low, make sure that it will cover all the network fees a blockchain takes. It means that the amount you are going to send and the amount you are going to get should be enough to cover input and output network fees taken by a blockchain.
If your funds to be exchanged are insufficient, you will see a message like this.
Please stick with this recommendations. Otherwise, there is a high risk that your money will be lost.
For large amounts, there are no restrictions at all. You're free to send any amount you want. Note that in this case the time of transaction processing will depend on the capacity of a blockchain and the amount of network fees set by your wallet.
Each money sending process goes through a blockchain. The process requires a network fee. This is a commission a blockchain takes from the amount you and the services provider send. This is why it is so important to include network fees in the amount you send and going to get. If the amount is too low to cover the fees, a transaction will fail.
Blockchain transactions are not reversible. Once money is sent, it cannot be rolled back. So if you are going to exchange cryptos, think twice before sending money.
All transactions take time to be processed (usually 5-20 minutes). For quite volatile currencies this time is crucial as the final rate may surprise you. This happens due to the fact that Changelly doesn't fix currency rates.
The transactions take 5-20 minutes to be processed. If a transaction is large (over 1 BTC worth), processing may take longer depending on the size of your transaction and blockchain capacity.
Changelly supports most of wallets. If your wallet address is recognized as invalid, there is always a reason:
As a rule the transaction takes 5-30 minutes to be processed. It your transaction takes longer, this might be due to a wide range of factors.
This might be due to several reasons.
A memo is a combination of digits and letters required to assign STEEM to a certain Steem wallet user. Memos are used in Steem wallets and indicated right here.
If you have a nickname on steemit.com, you may use it as your wallet address that doesn't require a memo.
A destination tag is a short complementary combination of characters required for certain Ripple wallets. If you are buying Ripple, make sure that you have specified a destination tag if required. If you are sending Ripples, don't forget about a destination tag provided near the address to send to.
Message is an additional tag required for XEM transaction. Whenever you send or receive XEM, make sure that you've input a message.
Changelly accepts USD and EUR.
The process is quite simple and takes a few minutes.
You may pay with a 3d-secure card of any country. In this case, the amount will be written off at current USD or EUR rate.
Changelly accepts only bank cards and not accept PayPal yet.
You may pay in any currency that will be converted at the rate of USD or EUR.
Although you may exchange any amount, the service still have some terms for first transactions.
The Examples of
Exchange Ratas is shown in the following list:
1 BTC = 2728 USD
1 BTC = 3445.5 CAD
1 BTC = 2322.47 EUR
1 BTC = 2110 GBP
1 BTC = 302923 JPY
1 BTC = 36749 ZAR
1 BTC = 12303 MYR
1 ETH = 0.06736 BTC
1 ETH = 230 CAD
1 ETH = 156.34EUR
1 ETH = 143.81GBP
1 ETH = 20517.44JPY
1 ETH = 183.5USD
1 LTC = 0.01453BTC
1 LTC = 4.81CAD
1 LTC = 33.67EUR
1 LTC = 39.62CUSD
1 ETC = 0.004991 BTC
1 ETC = 0.0739 ETH
1 ETC = 11.66 EUR
1 ETC = 13.63 USD
1 DASH = 0.06469 BTC
1 DASH = 150.97 EUR
1 DASH = 176.14 USD
1 DOGE = 0.00000061 BTC
1 EOS = 0.000623 BTC
1 GNO = 0.06803BTC
1 GNO = 1.01ETH
1 GNO = 158.8EUR
1 GNO = 184.06USD
1 ICN = 0.00105BTC
1 ICN = 0.01575ETH
1 MLN = 0.01608BTC
1 MLN = 0.2395ETH
1 REP = 0.006138BTC
1 REP = 5.32CAD
1 REP = 0.09211ETH
1 REP = 14.38EUR
1 REP = 350JPY
1 REP = 17.04USD
1 STR = 0.000005.99 BTC
1 STR = 0.01377EUR
1 STR = 0.0161USD
1 USDT = 1 USD
1 XMR = 0.01588BTC
1 XMR = 37.18 EUR
1 XMR = 43.73 USD
1 XRP = 0.00005.92 BTC
1 XRP = 0.2086 CAD
1 XRP = 0.138 EUR
1 XRP = 17.48 JPY
1 XRP = 0.1617USD
1 ZEC = 0.06235 BTC
1 ZEC = 47.39 CAD
1 ZEC = 146.8 EUR
1 ZEC = 29.11 GBP
1 ZEC = 27455.94 JPY
1 ZEC = 170.96 USD
Risk Disclosure: Trading financial instruments involves certain amount of
risk. These financial
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