Changelly DeFi Swap: Most Common Questions

The crypto market is under ongoing development, and so are we. For a couple of months, we’ve been working hard to introduce you to our new product that fuels a decentralized part of the industry. Little sleep, tons of coffee, and dedicated passion have helped us launch our own decentralized exchange — Changelly DeFi Swap.

We’ve gathered the most common questions that may arise about Changelly DeFi Swap to provide you with insightful and accurate answers. If there are still any questions left, feel free to contact our support ninjas 24/7.


What Is the Difference between Decentralized (DEX) and Centralized (CEX) Exchanges?

There are quite a few differences between DEXs and CEXs — after all, they work in fundamentally different ways. The biggest one is the fact that DEXs don’t use any intermediaries. Instead, they execute trades and determine rates with the help of smart contracts technology and Automated Market Maker (AMM) protocols.

What is DEX? How does it work?

Generally, DEXs tend to have lower fees but also lower liquidity. This makes them less attractive to large investors. Centralized exchanges, on the other hand, can provide users with much higher liquidity and are generally more reliable. CEXs are typically also more beginner-friendly.

What Wallet Should I Use?

We recommend using MetaMask. Alternatively, you can also connect one of the crypto wallets supported by WalletConnect, but don’t forget to make sure that it supports the tokens you’re going to swap first.

How to install MetaMask?


Why Do I only See Tokens in the Drop-down Menu?

Because of the way crypto and DEXs operate, you can only swap tokens that belong to the same network — that’s why you might not find what you’re looking for in the drop-down menu. For example, you won’t be able to find BSC tokens, such as WBNB, when you’re swapping on the Ethereum network.

How Do You Calculate the Rate, and what Does It Depend on?

Decentralized exchanges like Changelly DeFi Swap use smart contracts and liquidity pools to determine asset prices.

DEXs have a certain amount of each asset they have previously listed held in reserve. The prices of those assets are determined by how much of the asset is held in relation to the whole pool. Basically, if an asset becomes scarce — for example, if more people suddenly want to purchase it — then its price will go up. However, if everyone is selling it, but barely anyone is buying it, its price will go down.

Although it may seem like this can be very dangerous and lead to market manipulation, we have various mechanisms in place that can keep price movement in check. For example, trading bots and arbitrage traders play a big role in regulating prices across exchanges.

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What Are the Gas Price and the Transaction Cost?

The transaction cost is the total fee you have to pay for any swap you make; there are no other hidden fees. It includes our own fee of 0.1%, which is already accounted for in the rate, and the gas fee (gas price), which will be displayed separately.

Gas fees are paid to push your transaction through on the blockchain. If the network is busy, then gas fees will go up. Some blockchains have lower gas fees, while others can eat up half of your transaction amount: the Ethereum network in particular is known for having high gas fees. These days, most crypto wallets, such as MetaMask, set the gas fee automatically.

What Is Slippage?

Slippage is the price difference between an asset’s price when you initiate an exchange and the actual price you will have to pay. The lower the gas fees you are willing to pay, the higher your slippage will be.

On Changelly, you can set your slippage tolerance — the price difference you would be okay with. Please keep in mind that if you would like to set it to a lower number, you should also pay higher gas fees. Otherwise, your transaction might not go through. 

We cannot refund transaction costs of failed transactions, so please be careful and don’t set your slippage too low.

What Is Routing?

Routing is an automated process that finds the best available price/rate for a specific trading pair. It can be carried out across multiple exchanges.

What Does “give permission to swap” Mean?

When you swap a token on a decentralized exchange for the first time, you need to approve it — give permission for Changelly DeFi Swap to access that token and swap it from your wallet on our protocol. This only has to be done once, but you will have to do it for every token you want to swap.

How Can I Track My Transaction?

Tracking transactions on the blockchain is incredibly easy! All you need is your transaction hash and a block explorer.

To get your hash, go to your crypto wallet’s history tab and tap the transaction you’re interested in. The hash should be listed there; it looks like an assortment of random numbers and letters. It can also be called a TXID, a transaction ID, etc. Copy and paste it into the block explorer of your choice, like etherscan.io.

What Makes up the Transaction Cost?

Our transaction costs are made up of the gas fee, which can vary depending on the network you’re using and how busy it is, and our service fee 0.1% fee. Please note that our service fee is already counted in the rate.


Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.