This Step-by-Step Guide to Changelly reviews how to use Changelly to effortlessly exchange cryptocurrencies with each other. Changelly is uncomplicated: you send the specified amount of one cryptocurrency to Changelly, which sends the specified amount of a different cryptocurrency back to you. Changelly favors simplicity and user experience over complicated trading charts, overly-detailed user settings, and holding user funds. All the details of the crypto-to-crypto exchange are executed directly from your cryptocurrency wallets and in the background by Changelly. All you need is an email, cryptocurrency wallet, and a few minutes. Let’s get started!
Visit the Changelly website to get started exchanging crypto-to-crypto. It is striking how uncomplicated the website appears — boxes to select the two cryptocurrencies to exchange and enter the amount to exchange. That’s because all the work is done in the background as summarized below.
To begin select the cryptocurrency that you want to sell from the drop-down menu on the left. You obviously need to already hold the selected cryptocurrency in a cryptocurrency wallet in order to exchange it. We selected to sell ethereum (ETH) in this Step-by-Step Guide.
Then select the cryptocurrency you want to buy from the drop-down menu on the right. We selected to buy the Basic Attention Token (BAT), the cryptocurrency for the Brave browser, in this Step-by-Step Guide.
Also enter the amount you want to exchange. Changelly will automatically calculate the amount you will get in return. We entered 0.1 ETH to exchange. Changelly calculated that we would receive approximately 136.576 BAT in return.
Changelly should now display the cryptocurrencies you will exchange and the amounts you will send and receive. Select Exchange! to continue.
A login box will pop up next. Changelly requires only an email to create an account. Select “I’m a new user” to proceed with the transaction.
Enter your email address to join Changelly. You will almost immediately receive an email confirming your account and containing your password. Since Changelly does not hold your cryptocurrency, there is less of a security risk if your account is hacked. Still, it’s probably a good idea to visit your account profile to change your password and enable two-factor authentication with Google Authenticator.
Let’s complete this crypto-to-crypto exchange. Changelly tracks the progress and steps of the exchange once you are logged in with an email. To start, confirm what cryptocurrencies you are exchanging, the amounts exchanged, the exchange rate, fees, and estimated transaction time. We found that Changelly ordinarily provided an exchange rate competitive with most cryptocurrency exchanges. While its transaction fee of 0.5% is higher than some crypto-to-crypto exchanges, that’s expected given the extra convenience offered (especially if exchanging crypo-assets other than BTC, ETH, and other common trading pairs).
Changelly works by sending the cryptocurrency you receive directly to your cryptocurrency wallet. Therefore, you must have previously setup a cryptocurrency wallet for whatever cryptocurrency you intend to receive via Changelly. Enter your cryptocurrency wallet address and select next to continue. We entered the address for our BAT wallet in this Step-by-Step Guide.
Changelly provides the exchange details one more time to confirm. Review the amounts exchanged, expected exchange rate, commission fee of 0.5%, network transaction fee, and estimate arrival time. Then select confirm and make payment. The details of our exchange in this Step-by-Step guide show exchanging 0.1 ETH for 136.544 BAT, with a commission fee of 0.686 BAT, network transaction fee of 0.01 BAT, and estimated arrival of 5 – 30 minutes. The estimated arrival time is based on the speed of the blockchain networks involved in the exchange.
The Changelly model is easy to grasp: you send the specified amount of one cryptocurrency to Changelly, which sends back the specified amount of a different cryptocurrency to you. To continue the exchange, copy the Changelly wallet address or QR code where you will send your cryptocurrency. For example, we copied the ethereum address below to send 0.1 ETH to Changelly. The below screen will be displayed for some time while Changelly waits to receive your cryptocurrency.
It generally does not matter which wallet you use to send cryptocurrency to Changelly for exchange. We like the Ledger Nano S hardware wallet for storing cryptocurrency. For this Step-by-Step Guide, we sent 0.1 ETH from a Ledger hardware wallet using Ledger Live.
Changelly will track the exchange in real-time once it receives the first confirmation of your cryptocurrency transfer. For example, below Changelly displayed that it had received 1/15 confirmations on the Ethereum network for the 0.1 ETH we sent, would then exchange the ETH for BAT, and would then send BAT to our wallet.
A completed exchange on Changelly is marked by the transaction complete screen showing your account email, transaction hashes, amounts, fees, exchange rate, and times of transaction. Changelly displayed that our transaction completed the exchange of 0.1 ETH for 136.09 BAT, now in our wallet. That’s all there is to exchanging cryptocurrency on Changelly. With a few minutes and existing cryptocurrency wallets, you can start using Changelly too!
You Are Ready To Get Started With Changelly.