How do I choose the best exchange? That’s one of the most common questions asked on social media within the crypto community. Some exchanges offer a wide range of traded assets, others provide discounts on trading fees, and some service only specific regions. Each exchange offers different advantages and perks. On the other hand, exchanges always carry several risks and disadvantages — phishing websites can impersonate exchanges, there are always privacy risks associated with user data processing, and there can also be complicated Know Your Customer (KYC) and Anti-Money Laundering (AML) checks and regulations.
The best way to avoid all of these risks is to use Trezor In-wallet Exchanges, which we will talk about in this #FeatureFriday article.
What it can do…
In-wallet Exchanges are built directly into the Trezor Wallet interface. This means that all trades are performed within the safety of the Trezor environment and you’re not required to access any third-party sites directly.
Currently, we offer three exchanges: Changelly, ChangeNOW, and CoinSwitch. All of these are established financial institutions with a history of stability, transparency, and fair policies. Each one offers a different selection of assets to exchange, different fees, and different exchange rates. With over 20 of the most favored cryptocurrencies to choose from, everyone can find the one that’s right for them.
Please remember that exchanges charge a small fee on every trade. There are also limitations to the minimum and maximum amounts of funds you can exchange in one trade. These and any additional limitations are described in the Terms and Conditions of each exchange. Trezor does not apply any restrictions on using the Exchange feature. The displayed estimated conversion rate may fluctuate during the trade.
Who can use it…
Trezor In-wallet Exchanges are available to every owner of a Trezor device via the Trezor Wallet interface.
One of the major disadvantages of using centralized exchanges is the increased risk of a data breach or leak of private user information. Trezor Exchanges do not require any registration. No e-mail, text verification, or username. In addition to this, storing your funds on an exchange is risky, as you’re not the owner of the private keys of your exchange wallet. Not your keys? Not your crypto.
These risks are mitigated by using Trezor In-wallet Exchanges. Trezor partner exchanges do not collect any of your private data*, and because every transaction happens within the Trezor Wallet interface, you’re also protected from phishing websites, scammers, and exchange rate errors. This exchange feature allows you to send and receive traded assets directly into your Trezor wallet, without typing the address manually for Trezor native cryptocurrencies — reducing the risk of human error.
During the whole transaction process you can track the progress in the Exchange tab under Trades In Progress. Once your funds are traded they are safely stored within the protected Trezor environment. Your private keys, your crypto.
How to use it…
Using Trezor integrated exchanges is a simple and safe procedure. All you have to do is connect your Trezor device to a computer, open Trezor Wallet, and select the Exchange tab from the menu. After choosing the assets and amount you want to trade, you will be presented with offers from our partner exchanges. The best offer with the highest exchange rate displays at the top, followed by the second and the third best offer. After selecting an offer, your Trezor device will prompt you to verify and confirm both the receiving address and the transaction details directly on the screen of your Trezor.
For a full detailed guide please visit this Trezor Wiki page dedicated to Exchanges.
*Under specific circumstances undisclosed to Trezor, exchanges reserve the right to process KYC or AML verifications on certain transactions. If your transaction triggers this process, you will be notified in the Exchange tab. You have the right to cancel the exchange and receive your refund in such cases, or continue by supplying identification documents to the exchange service.
This article is meant to be a guide for anyone unsure about how to proceed with their fiat-to-crypto purchase. We are not offering any financial or investment advice; we simply wish to keep our community informed about security and privacy best practices.
SatoshiLabs bears no responsibility for any part of the exchange process, including but not limited to functionality, rates, and KYC/AML. If your transaction triggers KYC/AML verification, please contact the respective exchange service. If you refuse to complete KYC, the transaction should be reverted. For additional information, please contact the exchanges.
Created by SatoshiLabs in 2014, the Trezor One is the original and most trusted hardware wallet in the world. It offers unmatched security for cryptocurrencies, password management, and serves as the second factor in Two-Factor Authentication. These features combine with an interface that is easy to use whether you are a security expert or a brand new user.
Trezor Model T is the next-generation hardware wallet, designed with the benefits of the original Trezor in mind, combined with a modern and intuitive interface for improved user experience and security. It features a touchscreen, faster processor, and advanced coin support, as well as all the features of the Trezor One.