Cryptocurrency Trading on Changelly: A Detailed Walkthrough
Exchanging Cryptocurrency on Changelly: A Step-by-Step Guide
Welcome to our guide on exchanging cryptocurrency on Changelly, a versatile platform offering a variety of services including a fiat currency marketplace, a decentralized exchange (DEX), and a mobile app.
Setting Up Your Account
To start, create an account on Changelly. Navigate to the website and click on the profile icon in the top right corner. Then, click "Create an account".
Choosing Your Exchange Option
Upon accessing Changelly, you'll find two different exchange options: floating rates and fixed rates. Each option comes with its own set of benefits and considerations.
Floating Rates
With floating rates, the final amount of cryptocurrency exchanged may change due to uncontrollable market movements. Users must set up their order, enter their crypto wallet address, and confirm the transaction and make the payment. It's important to note that transactions with floating rates have a time limit of about 3 hours; otherwise, they will be automatically canceled.
Fixed Rates
For those seeking more predictability, fixed rates provide a stable exchange amount. To use this option, switch to the "Fixed Rate" tab in the exchange widget. Here, you'll need to provide two crypto wallet addresses: one for the new crypto to be sent and one for the refund process. Please note that transactions with fixed rates have a time limit of about 15 minutes.
Security Measures
For security reasons, users may be asked to go through a Know Your Customer (KYC) procedure. It's also worth mentioning that wallets may charge additional transaction fees for transferring funds to Changelly.
Support and Wallet Options
If you have any questions about a transaction, the Support Center is available 24/7 to assist you. If you don't have a hardware crypto wallet, you can choose a secure digital wallet from Changelly's list of trusted partners, such as BRD, Exodus, Ledger, Trezor, etc.
Additional Features
Changelly also offers the use of FIO or Unstoppable Domains to replace your crypto wallet address with a word/phrase you choose, like "IloveChangelly". Some cryptocurrencies are not available for fixed rate exchanges, which can be identified by the absence of a small lock icon next to their name in the dropdown menu.
Transaction Processing Time
The transaction processing time on Changelly can take between 5 to 30 minutes, but may take longer due to network congestion. We hope this guide has been helpful in your journey of exchanging cryptocurrency on Changelly. Happy trading!
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