Changelly is a flexible cryptocurrency exchange platform that simplifies the process of exchanging digital currencies.

With a user-friendly interface and support for over 150 cryptocurrencies, Changelly offers a convenient solution for swapping one cryptocurrency for another or converting crypto to fiat currency. It's a cinch, and this is how you use Changelly to swap your crypto.

Changelly Exchange Options

Changelly offers two main exchange options: floating rates and fixed rates.

  • Floating Rates: The rates fluctuate in real time based on market conditions. When you initiate a transaction at floating rates, the platform fetches the current exchange rate from various sources and calculates the real-time rate at which the chosen cryptocurrency can be exchanged. But the rate you set at the beginning of the transaction may vary slightly by the time the transaction is processed and completed due to market fluctuations.
  • Fixed Rates: Unlike floating rates, where fluctuations based on market conditions occur, fixed rates provide the user with a predetermined rate to transact. When you initiate a fixed-rate transaction, the platform guarantees the specified exchange rate for a limited time, typically from a few minutes to several hours. So, regardless of any crypto market volatility, you will receive the exact amount of the desired cryptocurrency calculated when initiating the transaction.

The choice between floating and fixed rates when transacting depends on your preference, risk tolerance, and market expectations.

How to Exchange Crypto on Changelly at Floating Rates

  1. If you don't have one, create an account. Visit Changelly and click on the profile icon in the top right corner. You'll then be directed to log into your account using email, Facebook, Google, or Twitter.
    Step 1 - Create account (Changelly)-1
  2. Select your cryptocurrency and enter the amount you wish to exchange. Then enter the cryptocurrency you'd like to receive, and the online calculator will display the amount you'll receive based on current market prices. Click on Exchange Now.
    Step 2 - Select Cryptocurrencies
  3. Below the online calculator, you'll see both Floating rates and Fixed rates. Ensure you've selected Floating rates. Next, you'll enter your wallet address. Ensure you input the correct address for the specific cryptocurrency you'll receive after the exchange. Click Next Step to proceed.
    Step 3 - Enter Crypto Address
  4. On the checkout page, you can confirm all your details are correct before selecting Confirm & Make payment.
    Step 4 - Confirm details
  5. To initiate the exchange transaction, you'll need to send crypto funds to the address Changelly provides. You can copy and paste the address from the dashboard or scan the QR Code with your phone to get the address.
    Step 5 - Send crypto
  6. Remember, you'll have a time limit of about 3 hours (timer displayed on the top right widget section) to go through with the transaction. Also, if you don't prefer using the address, you can request funds with FIO (a solution that replaces complex crypto addresses with human-readable crypto handles)
  7. Once you've sent the cryptocurrency, the exchange transaction will kick off in a couple of minutes.
    Step 6 - Wait for the crypto exchange
    You can observe the exchange on the dashboard, though it takes a few minutes to be completed. It goes through three steps: Confirmation, Exchange, and Sending funds to your wallet.
  8. Once the transaction completes, you get a Completed message on the dashboard, and you'll receive the exchanged crypto in your wallet.
    Step 7 - Completed crypto exchange

To ensure the transaction has been fully executed, check your receiving crypto address for the new cryptocurrencies. Depending on the cryptocurrency, it might take time for funds to be deposited.

How to Exchange Crypto on Changelly at Fixed Rates

When using fixed rates to exchange crypto on Changelly, the process is almost similar to the floating rates exchange. Here's how to go about it.

  1. Choose the cryptocurrency you'd like to exchange and the amount. Then choose the cryptocurrency you'd like to receive.
    step 1 - Enter crypto amounts (fixed)
    Take note, when dealing with fixed rates exchange, the minimum amount of token you can exchange is normally indicated, and it's significantly higher than with floating rates. Set an amount equal to or higher for the transaction to be accepted.
  2. Since fixed-rate transactions have a shorter time limit and could fail if executed outside the time limits, you must enter the refund wallet address (in case a refund needs to be made) in addition to the receiving address. Ensure each of these addresses is correct before clicking on Next Step.
    Step 2 -Input crypto addresses (fixed)
  3. Check all details to ensure they're correct before you click on Confirm & make payment.
    Step 3 - Confirm details and make payment (fixed)
  4. Copy and paste the crypto address provided or use your phone to scan the QR code to acquire the address where you can send the funds. Once you successfully send the cryptocurrencies, the exchange transaction will be initiated.
    Step 4 - Send crypto (fixed)

Take note that you'll have a significantly limited time compared to when using floating rates for the transaction to be fulfilled. In case the transaction doesn't occur within the time limit, your tokens will be sent to your refund wallet address.

Benefits and Concerns of Floating Rates vs. Fixed Rates

Floating rates come with several advantages.

  • When using floating rates, you get to use real-time market rates. The exchange rates are retrieved from top crypto market tracking platforms, and hence you have the potential to get a better deal if the rates improve during the transaction.
  • Also, they give you the ability to adapt to market fluctuation. So, if you believe the rates are trending on the favorable side, floating rates will allow you to wait for potential improvement before finalizing your transaction.

Meanwhile, fixed rates are beneficial because:

  • With a guaranteed exchange rate set, you know exactly what to expect regardless of how the market performs. If you prefer certainty, this is for you.
  • Fixed rates are beneficial for budget planning. If you have a certain target in mind and need to plan your expenses accurately, knowing the exact rate beforehand helps you know the costs involved in the exchange.

On the flip side, the disadvantages of using either are as follows:

  • Floating rates expose you to the risk of a worsening market. So, you'll receive less of the desired cryptocurrency if the market trends down before the transaction is completed.
  • Fixed rates have limited time frames for the transactions, higher fees due to a small markup to cover the risk associated with guaranteeing a specific exchange rate, and the missed opportunities when the market is improving.

These factors help you choose the method of exchange you need at any given time or circumstance.

Should You Use Floating Rates or Fixed Rates?

The choice between floating rates and fixed rates on Changelly depends on the preferences and goals of the crypto investor.

Floating rates are best suited for investors who actively monitor market conditions and seek to capitalize on potential improvements. They embrace the flexibility to adapt to market fluctuations and are willing to take on risks.

Meanwhile, fixed rates are ideal for investors prioritizing certainty and budget planning. They prefer a guaranteed exchange rate regardless of market performance and value its stability.

Ultimately, whether you are a risk-taker seeking opportunities or a cautious planner, Changelly offers exchange options to cater to your unique investment style.