Searching for the best exchange rate got little easier with Swapzone
When I buy or trade BTC I used to use Coinbase but I am pretty much all moved out of Coinbase so I needed to find a better exchange and I found this tool, Swapzone.io.
Swapzone is a crypto exchange rate aggregator. They have all kind of exchange rates from their partners and find you best exchange rates.
If I wanted to exchange ETH to BTC, I get these options 👇
So this offer says that I get the best exchange rate from Changelly, 0.1 ETH to 0.00246763 BTC.
I have never used Changelly so I actually check the rate on their website, and it is pretty spot on.
But if you don't want to use Changelly, there are so many other options like ChangeNOW for best rating exchange or SimpleSwap for fastest trade and so forth.
This site is very simple to use and you can find all kind of good exchange rates on this site, and the best thing about this site is that you can actually exchange cryptos here so you don't even have to go to the actual exchange to get your crypto traded.
I am going to trade 0.1 ETH for BTC on Changelly so click on "EXCHANGE" to get the trade started.
Trade page, you just need your own addresses there (ETH and BTC in this case) and "PROCEED THE EXCHANGE".
And the deposit address (QR code) will show up and send your crypto to this address.
I am doing ETH to BTC so I am sending 0.1 ETH from my wallet to this address.
Once it's sent, the Status changes from "SEND" to "EXCHANGE" and they are processing the ETH to BTC trade now, and this process takes some time.
About 15 - 20 minutes later, the exchange was finally done and they swapped the cryptos and BTC was sent to my wallet!
But the amount though...
The exchange rate was 0.00246763 BTC but the actual amount I received was 0.00221596 BTC
10% slippage? I didn't expected to receive the exact amount because I knew the exchange rate wasn't fixed but -10% is pretty big.
It turned out that 👇
I wish it was more... not less, but I guess if you are lucky, you can get more than expected rate?
And also, transaction fees are not included in the exchange rate for for some exchanges like this 👇
Changelly doesn't add transaction fee in the exchange rate but ChangeNOW does... so it depends on the exchanges and you really have to pay close attention to those tiny fine prints! I think it is best to look for the rate that includes transaction fee and make sure the exchange has a good rating.
What if I traded on Coinbase?
0.1 ETH -> 0.00244199 BTC
There is no exchange fee on Coinbase so it could have been the best rate and the trading could have been done instantly... oh well.