Getting The Best Exchange Rates. Introduction to Changelly Magic

in blockchain •  last year 

Hey guys! Changelly has missed you so much! We had some issues with logging in, but now everything is finally fixed! And we couldn't be happier with that!

We would like to remind you of how actually Changelly works and how we suggest the best rate for you.

Changelly is a smooth and simple way to exchange your crypto without getting into complicated and b trading mechanisms. We pick up the best crypto-to-crypto rate and suggest it our users, and they exchange the coins instantly, in a few simple steps.

So how do we pick the exchange rates up and what is actually going on when you see a particular rate on our homepage? Let’s dig into this magic.

Trading process, or where rates come from

The truth is that even our Brave New World is built upon basic economic principles of supply and demand, and crypto exchange markets are functioning just like any other markets.This means that a successful deal is possible when the required amount of crypto is offered at the required price, i.e. when the seller’s and the buyer’s parameters meet. Buy orders are known as ASKS (green, to the left), and sell orders are known as BIDS (red, to the right).

The gap between the graphs is a so-called bid-ask spread, that represents the difference between the lowest bid buying and the lowest ask selling.In this particular example, you can see an ETH/BTC pair. It means when you exchange ETH to BTC, it’s a bid (buy), the ETH price goes down. Vice versa, if you exchange BTC to ETH, that’s an ask (selling), the ETH price moves up.Thus, the more coins you ask for exchanging, the higher price for each one you’ll get. That’s the market’s principle.

Trading pairs and market fluctuation

Trading platforms don’t provide all trading combinations possible. All cryptos traded are paired mainly with BTC or ETH. For this reason, exchange ZEC to BCN will be converted twice via Bitcoin: ZEC to BTC and BTC to BCN.Consider also market dynamics. The scores you can track on various sites like Coinmarketcap, or any other, only represent the average rate calculated on the basis of all the trades committed within a particular period of time. Crypto rate is highly volatile, that might bring you both loss and gain. The less the coin is traded, the higher the volatility. If the coin is traded not so actively, one large transaction can dramatically change its rate, once the order is closed. You should consider these risks when trading crypto.

How this works on Changelly

Now, let’s see how Changelly calculates and shows the rates.Let’s say you’re on the homepage, looking for the best exchange rate. You select a crypto and an amount you want to exchange. For example, that’s the Bitcoin/Ethereum (ETH/BTC) pair.

In fact, Changelly system in real time compares the rates at exchange markets, makes sure that a certain coin or token is available at a certain market and completes the order. All this process is happening in the span of milliseconds to show you the accurate real-time rate.

If the rate meets your expectations, you can just go next and send funds to Changelly for exchange. After your coins are sent, the process is executed automatically. Note that Changelly doesn’t fix the rate, so if the coin is volatile, you can get more or less, depending on the market behavior.

So coins, much easy!

Changelly supports over 110 cryptocurrencies you can easily swap between. We are partnered with the largest and reputable cryptocurrency trading platforms that provide the most profitable rates. You can take the most out of them without being tech-savvy. Just a few clicks and here you go!In case of any questions, feel free to ask [email protected]

P.S. Changelly team really misses Steem! We all share the feelings with you and do everything we can to bring Steemit back on Changelly. Currently, there are some scalability issues we are working on. 

Stay tuned! xx

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It would be nice to re-enable Steem and SBD again.... the drought has been painful for folks like me who use your platform

Your service is not as comprehensive as Shapeshift or Blocktrades. We all know transaction fee varies from time to time. What happens if the amount I send does not match with the amount I set during the exchange? Will my transaction become void because of discrepancy?

Also, have your account get whitelisted by @cheetah via Steemit Chat. The big cat is tagging you as a plagiarist.

Well, of course, you may send the sum that differs from the initial one but you should take into account that the amount you are going to send and the amount you are going to receive should be enough to cover input and output network fees taken by a blockchain otherwise your transaction won't be processed. In a nutshell, you may send any sum, but it should be higher than the minimum amount allowed.

So it means my transaction would still be processed anyhow and will be converted based on the amount sent, no problem with this? You should indicate this into your website upon checkout so people won't hesitate in fear of committing a mistake.

Not quite true. Your transaction won't be processed anyhow if the sum doesn't cover input and output network fees. Some of the users trading on Changelly send the amount that is lower than the minimum allowed and, therefore, their transactions get failed. We do recommend to stick to an initial sum to ensure that your operation will be performed with no low-amount risk.

Did you get my point? What if I share an amount that is above the minimum you required, but also doesn't match my exchange order?

Example:

I've placed an order to exchange my 100BTC for DOGE. Good! Ready for the exchange. It turns out that my entire BTC in my wallet is exactly 100 pieces. If I send this 100BTC, I will only get 99.something (minus the network and withdrawal fee) in the destination wallet, this time it's your wallet.

Question!

Would I still get the equivalent of the total BTC amount which is now less than 100 pieces?

Thanks for a nice example! Yes, you would. The minimum amount allowed for the exemplary transaction (BTC-DOGE) is 0.00104252 BTC at the moment. So if you generated a transaction for 100 BTC but, in fact, you sent only 0,1 BTC, the exchange would be performed anyway. Please also take into consideration that it's risky to send amounts which are critically close to the suggested minimum. The risk is due to the fact, that crypto rate is volatile, and in some cases, the rate might drop in the course of conversion, and your amount will fall below the limit.

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://changelly.com/blog/how_changelly_suggests_the_best_exchange_rates/

I have used changelly. I can just say the best serice. Very smoothing and easy process to convert coins at very less fees.
@changelly

Thank you! Glad to hear!

I have created a post on changelly for viewes, so that they know about you can your business will increase. You can check here-

Convert Your Bitcoin To Altcoin Without Any Crypto Currency Exchange

https://steemit.com/bitcoin/@crypto-worldnews/convert-your-bitcoin-to-altcoin-without-any-crypto-currency-exchange

Please UPVOTE and RESTEEM so that more and more people can know about @changelly.

Yay! Thank you for sharing your tutorial! By the way, we are always looking for people interested in our service development. Could you please contact us at [email protected] for further partnership?

Sure I will. Please check your email

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BCNBytecoin0.003$4.04%-31.82%
BTCBitcoin6314.620$2.64%-4.87%
ETHEthereum463.312$2.23%-9.22%
STEEMSteem1.356$4.06%-15.82%
ZECZcash176.689$6.63%-9.26%

I've just found this website. I really want to add it to FreeBitcoins.com to make it easier for our customers to buy CLAMS to play games.

I just found this very interesting topic about Changelly, Guarda, ChangeNOW and atomic wallet, and how they are all linked: https://steemit.com/bitcoin/@somenotesand/russia-s-changelly-atomic-wallet-changenow-guarda-ink-one-evercode-lab