Changelly’s explanation of crypto-to-crypto swaps

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1. Why are crypto-to-crypto swaps so popular?

A quick glance at the crypto markets reveals why seamless swaps between altcoins are so common right now.

Right now, we’re seeing a rare phenomena known as “altseason” — a period in which Bitcoin takes a back seat and smaller-cap cryptocurrencies steal the display.

At the time of publication, Bitcoin’s domination had dropped to 43.9 percent, the lowest level in more than three years.

For many beginners to the crypto markets, BTC is the first coin they learn about. What follows is a journey of exploration in which you can learn more about other digital properties, the use cases they have, and the possibilities they present.

Unfortunately, there is a problem: many of the options available on the market right now are complicated and misleading. This can be particularly intimidating for someone who has never transacted in cryptocurrencies before, especially given the possibility of losing funds if an error is created.

2. What should beginners look for in a swapping platform

A crypto enthusiast’s shopping list should include security, power, and preference.

Crypto swaps should not only be straightforward, but they should also take place in a safe environment. Any centralised and decentralised platforms force you to relinquish ownership over your coins while a trade is in progress.

If you’ve discovered a network you can rely on, your focus can shift to the variety of cryptocurrencies on sale. Leading brands also embrace hundreds of various digital properties, including some of the market’s most valuable coins.

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The best crypto swap sites pay close attention to customer reviews and constantly introduce new cryptocurrencies to meet demand. They still take great care to include a user interface that is familiar to those who are more used to fiat-focused platforms.

You should also seek a seamless experience that is free of fragmentation. If you have to constantly switch your crypto from the website where you buy it, the exchange where you trade it, and the wallet where you store it, the security is jeopardised. Providers who do all of this in one location provide peace of mind (and a lot less hassle).

3. Do crypto swaps always have to happen through an exchange?No, some hardware wallets have dedicated applications that bypass the need for an exchange entirely.

The combination of a hardware wallet and an app will provide top-tier stability, lightning-fast transaction rates, and significantly lower transaction costs. Any exchanges charge exorbitant fees to swap one digital commodity for another, but this does not have to be the case.

4. What are the challenges beginners face when buying crypto?

Finding a trustworthy provider, and certainty when it comes to fees, can be tricky.

Just like businesses with decades of trading experience gain the trust of shoppers, crypto brands that have been around since the early days of Bitcoin achieve credibility — establishing a track record for delivering dependable service.

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When a the number of big corporations embrace digital objects as payment, cryptocurrencies are making their way into our daily lives. However, in order for mass acceptance to occur, entrants deserve to use sites that have complete accountability when it comes to trading costs… as well as responsive customer support if they need assistance. The best brands now have live chat features, which allows people to talk with a specific person whether they have questions or need help troubleshooting.

Fast-moving markets also mean that the value of cryptocurrencies can fluctuate sharply… and with barely any notice at all. This can result in slippage, where the amount of Cryptocurrency B you get in exchange for Cryptocurrency A declines in the time it takes for a transaction to be finalized.

Providers such as Changelly counter this by delivering a fixed swap rate that means you’ll know how much crypto you’re going to receive in advance — in exchange for a higher transaction fee. Alternatively, you can bring costs down by using a floating rate and swapping your digital assets at the current market price. Changelly’s intuitive service is now available through Ledger, delivering an easy and secure way of swapping crypto.

5. How do Changelly swaps through Ledger work?

Ledger offers a hardware wallet combined with an app to securely manage crypto.

It all starts with a few quick measures to set up your Ledger hardware wallet. With the dedicated Ledger Live wallet, you can load any of the most recent coin applications with the click of a mouse.

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To exchange one cryptocurrency for another, you must have keys to the Exchange app as well as software for the two coins of your prefered trading pair.

Then, navigate to the Swap tab and select the two cryptocurrencies in question, as well as the account of origin and destination. Enter the number you want to exchange and double-check the available cost. Last but not least, check the transaction information on your computer and validate the swap.

6. Any top tips for storing cryptocurrencies safely?

Often double-check and take care before verifying a purchase.

Of course, there are some precautions you can take. Keep an eye out for phishing scams and make sure you’re using the official Ledger Live software.

Never post your recovery term or save it on a device or smartphone — and just trust the information shown on your hardware wallet’s screen.

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