Network Fees and Suggested Minimal Amounts to Exchange
Dear Steemers!
We're Changelly, an instant cryptocurrency exchange, where you can buy or sell almost any amount of supported coins. We always strive to let our customers take the most advantage from cryptocurrencies. To get the smoothest experience with Changelly, it’s important to know about fees and currency fluctuations. This tiny article will help you to get to know exchange process better and accurately calculate the amount to exchange. Some of our users have faced to an issue when the amount they’ve sent after all fees taken becomes too low to be processed. As a result a transaction fails, the money is gone, and we cannot refund the amount due to the fees. To avoid a misunderstanding you should know about the fees, how and when they are taken.
Network fees
Network fees are fixed and taken each time wherever money are sent. Each currency has its strict amount taken for operations. This fee is taken when your money is included into a blockchain. Changelly doesn’t influence or regulates these fees.
Currency fluctuation
Every crypto rate rises and drops. The higher volatile a crypto is, the more it’ll affect the final rate, especially when you are going to convert a large amount.
Changelly commission
There is no secret that Changelly charges 0.5% commission for each transaction. It’s charged after an exchange process is finished, but before your money are sent to a recipient’s address.
John’s case
Now, let’s get down to the case to make things clear. John wants to exchange 20 XMR to BTC. To do that, John goes to the homepage, types the amount he wants to exchange on the left and see the estimated BTC amount on the right (0.39 BTC), follows the instructions given and sends 20 XMR to the address provided by Changelly.
In fact Changelly receives only 19.9 XMR from John. 0.1 XMR remained is called a network transaction fee. It is taken once your money is successfully sent to our wallet. In this case, the network fee is taken by the Monero blockchain.While waiting a payment confirmation (5-20 minutes), the rates may rise and drop.
After we receive the payment, we exchange money instantly at the best rate at the given moment. As Monero’s rate has been risen, instead of 0.39 BTC, John gets 0.41 BTC.The process is finished, and now the exchanged money (0.41 BTC) should be sent to John’s wallet. This is the moment, when Changelly charges the commission 0,5%. After the commission taken, 0.40 BTC is the amount remained.
While sending, the Bitcoin blockchain charges 0.0002 BTC for the transaction. After the confirmation (5-20 minutes), John will get 0.3998 BTC to his wallet.
To sum up
According to the fees, we’ve made a table of cryptocurrency network fees and a minimal amount suggested, so you can look it up and make sure that your money is enough to be exchanged. The rates were calculated according to an exchange to BTC, the network fees and possible fluctuation. These are approximate rates. It’s still highly recommended for you to calculate your amount first and include in it the network fee of the coin you want to exchange.
Cryptocurrency name | Network fee | Suggested minimum amount |
Aeon Coin | 0.0001 AEON | 4.5 AEON |
Bitcoin | 0.0002 BTC | 0.0005 BTC |
Bytecoin | 0.01 BCN | 3000 BCN |
Dash | 0.02 DASH | 0.03 DASH |
Dashcoin | 0.001 DSH | 150 DSH |
DigitalNote | 0.001 XDN | 3000 XDN |
Doge Coin | 1 DOGE | 2000 DOGE |
Ethereum | 0.00042 ETH | 0.03 ETH |
Ethereum Classic | 0.00042 ETC | 0.02 ETC |
Expanse | 0.00042 EXP | 0.5 EXP |
Factom | 0.01 FCT | 0.077 FCT |
FantomCoin | 0.00001 FCN | 39 FCN |
LBRY | 0.01 LBC | 2 LBC |
Lisk | 0.01 LSK | 0.9 LSK |
Litecoin | 0.001 LTC | 0.09 LTC |
MaidSafeCoin | 2 MAID | 4 MAID |
Monero | 0.01 XRM | 0.03 XRM |
XEM (NEM) | 6 XEM | 33 XEM |
Next | 1 NXT | 15 NXT |
NuBits | 0.01 NBT | 0.4 NBT |
QuazarCoin | 0.005 QCN | 40 QCN |
Radium | 0.0002 RADS | 0.5 RADS |
Ripple | 0.000012 XRP | 50 XRP |
Steem | 0 STEEM | 0.3 STEEM |
Steem Dollars | 0 SBD | 0.3 SBD |
Stratis | 0.1 STRAT | 12 STRAT |
Synereo | 2 AMP | 4 AMP |
Try our service now! If any questions arise, feel free to ask our support team: [email protected]
Happy camper! Just did my first test transaction of $10 with you and it went fine, $90 to go. I used the instructions you linked way below, thank you. On another account I am waiting for another $100 to clear and will use you for that too. Glad to recommend you to others as well now.
Nice to hear! Hope you have been satisfied by our service! Thanks!
Neat, thanks for breaking it down. I just "discovered" your website last night actually and then BAM here you are! I've been checking coinmarketcap for Steem's value as long as I've been on Steemit, and only just realized you were "there" when I hit Buy Instantly.
Btw (and this is the same conversation I had with blocktrades yesterday too) what consumers like me want (similar to what coinbase offers) ... when/if/whatever-it-takes you can make it so I can enter my bank account routing and account number, buy Steem with USD, and cash it back on demand I'll be a customer for sure. To whoever makes it happen first that is. I'd personally even pay a $9.95 USD membership fee to sign up. I know the laws are tough and still being worked out, but with Steemit's rise to popularity amongst non-crypto people (like me) this is exactly "what" the market is "demanding" right now... the only question is "who" will be able to "supply" it for us? Following and feel free to email me if you are the first company to meet this need of mine - guymalone at protonmail dot com
Best, Guy
Hi @ibringawareness! Thanks for your feedback! We have plans to accept USD/EUR for STEEM/SBD or any other coins. Our goal is to make crypto world easier for regular users. You are welcome!
Yay! I've got $100 burning the proverbial hole in my pocket right now - any idea when might these plans materialize? I'm "this close" to starting a post here on Steemit calling for us to all sign a petition with CoinBase...
I didn't specify above, but for full functionality, I think we'd all want to be able to buy with USD from a bank account, then transfer it Steem Power. Then maybe cash it out later ... is that in your plans?
Wow! $100 to invest Steem sounds good! I'm afraid, but for now the only way is to buy bitcoins for USD on any other service and then instantly convert BTC to STEEM via Changelly.
As for CoinBase, they are too big and slow. I think Changelly will start accepting VISA/MASTER earlier, than CoinBase start the discussion about Steem on their board members with all the big bosses! =)
Well nice of you to say, altho in these circles I wouldn't call $100 much. I did however deposit $100 to my Coinbase account, which it says will be available Monday. I also signed up for a Changelly account just now. May I contact you after my BTC arrives Monday or Tuesday via telephone to have you walk me through the process my first time? DM me if you'd rather take the conversation offline from here. Thanks, Guy
Nice to hear! We have a simple interface where every step is pretty clear. Please, have a look to our step-by-step picture guide on how to top up your Steemit account with BTC or any other supported crypto: https://steemit.com/steemit/@changelly/easiest-way-to-top-up-your-steemit-account-with-bitcoin-or-other-cryptos-step-by-step-guide
Hope it will help you! In case of any troubles feel free to contact our support team. Thanks!