If you ever find yourself needing to swap between two cryptocurrencies, a centralized exchange like Binance, Kraken or Huobi might be the obvious way to do it.
However, the process of creating an account with them, passing KYC, withdrawing into an exchange wallet, selling the coin for BTC or USDT, then buying the cryptocurrency you want, might be a little tedious.
There’s a better way to do crypto-to-crypto swaps using Changelly.
Why use Changelly
Changelly is a non-custodial instant cryptocurrency exchange. Non-custodial meaning they do not hold users’ funds.
They act as an intemediary between crypto exchanges and users who want to swap between cryptocurrencies, searching for favorable rates across their partner exchanges and in return, charge low fees of 0.25% per swap.
With Changelly, users can swap tokens from one blockchain or token to another (e.g. Ripplenet to Ethereum or Tron to Chainlink) easily, without doing any KYC, i.e. semi-autonomously.
How Changelly works
The first step is to select the crypto pair you’d like to exchange – let’s say you want to swap 200 XRP (Ripple) to USDC. Not all cryptocurrencies are supported for swapping, the list of supported currencies can be found here.
The rates will be transparently shown while you’re doing so, and you can choose between a fixed rate or variable (floating) rate where your rate could change according to the market conditions.
The second section shows you the 0.25% exchange fee (included in the final amount), network fee charged by the network (excluded in the final amount) and estimated arrival time.
The next step is to enter your recipient USDC address (in this case, because I selected USDC, which is an ERC20 token, the recipient’s USDC supported ETH address is needed).
I will enter the following ETH address 0xe8bc285c3a33067354Fe401BC97686Aca9E8a6fE – an address I just created – as my destination address.
You’d be presented with a checkout screen showing your transaction details and fees.
When you click Confirm & make payment, you’d be given a details you need for a successful transfer – a unique XRP destination address for this transaction, destination tag (for selected cryptocurrencies) and QR code to transfer.
Changelly will look for the best rates to swap XRP for USDC on exchanges and then deposit USDC into the destination address within minutes!
Here’s a widget where you can try out Changelly in action or you can sign up for a free Changelly account to track your historical transactions.