This article outlines step by step how to convert ANY crypto currencies without the need to signup for an exchange. This is particularly useful to swap tokens that are not commonly supported on Coinbase, Binance, and other major exchanges. I use this method to sell my CEL tokens from the Celsius Network.
For those of us who have digital wallets holding crypto and wish to swap the cryptocoin type and transfer it to a foreign (not the same company) wallet in the same action, there are options besides signing up for an exchange site like Binance or Coinbase. There are a few services like the one we're about to show here. The one we're looking at today is Coinswitch.co. When you first visit the site you should see something like this:
Today we'll be exchanging ETH for CEL (a token I've previously discussed in my blog).
Keep in mind that Coinswitch is a directory for exchanges that are willing to exchange your tokens on the fly, so minimum exchange amounts apply based on the service provider.
Here we have searched for an exchange willing to swap our tokens, IDEX shows its offer and rates; the minimum at the time of writing is .2625 as seen in the top left. This is about $38 USD right now. We will receive approximately 255 CEL.
After you click the orange "exchange with IDEX" button you will arrive on this screen. Here you will provide the system with the receiving CEL address. Most likely you will be holding CEL in the Celsius Network wallet as this is the parent company of the token and that is where it has the most utility. If not, no worries, the procedure doesn't change, the destination wallet location does not matter as long as it is a valid CEL wallet.
In the above screenshot depicts where we will be sending the ETH. This QR code/address an the exchange's address that will be used to convert your tokens. Go to your ETH wallet and click send and copy the receiving address into the prompt, or if the option exists, scan the qr code provided.
After you scan the qr code and hit send from your mobile device, or copy paste and send from you computer, the screen will automatically change to the picture above.
It will go through a few steps while verification takes place. Just wait, this will take a few minutes.
The sending step will probably take the longest, at least in my experience. This particular transaction took 10 minutes from start to finish.
Here the transfer is complete, I will show my CEL balance before and after in my Celsius network wallet to illustrate the transaction.
As a side note, if you are using the Celsius Network, holding various amounts of CEL make you eligible to receive higher interest rates on received CEL payments and lower loan rates as seen below:
This method can be used to sell your CEL tokens. Just reverse the token swap.
As always, I will provide various related referral links/codes for those of you who choose to support my endevours beyond the built in tipping system:
Celsius Network: 16743675f8 (check my blog for a breakdown of why you should use Celsius)
DISCLAIMER: I am not responsible for any loss of tokens or any other mishap due to typos, skipped steps, or any other blunder. This is purely advice and should be researched independently for greater comprehension.