NinjaSwap makes cryptocurrency exchanges simple and secure. This guide explains exactly what happens behind the scenes when you exchange one cryptocurrency for another on our platform, from start to finish.
Exchange Process Overview
The exchange process on NinjaSwap consists of the following main steps:
- 1Order Creation
You select the currencies to exchange, specify amounts, and provide receiving address. NinjaSwap generates a unique order ID and deposit address for your transaction.
- 2Payment Deposit
You send the agreed amount of cryptocurrency to the provided deposit address. Our system monitors the blockchain network for incoming transactions.
- 3Confirmation Process
Once your deposit is detected, we wait for the required number of network confirmations (this varies by cryptocurrency) to ensure the transaction is valid and irreversible.
- 4Exchange Execution
After confirmation, we execute the exchange at the agreed-upon rate. For fixed-rate exchanges, this is the rate locked in at the time of order creation; for floating-rate exchanges, this is the current market rate.
- 5Sending to Destination
We send the exchanged cryptocurrency to the receiving address you specified. This transaction is broadcasted to the appropriate blockchain network.
- 6Completion
The exchange is marked as complete once our system confirms that the outgoing transaction has been successfully sent. You'll receive a confirmation with transaction details.
Fixed vs. Floating Rate Exchanges
Fixed Rate
The exchange rate is locked in at the time of order creation and doesn't change regardless of market fluctuations.
Best For
- Users who want price certainty
- Larger transactions
- Volatile market conditions
Note
Fixed rate exchanges typically have a slightly higher fee to account for the risk of market volatility.
Floating Rate
The exchange rate is determined at the time of exchange execution based on current market rates.
Best For
- Users who want potentially better rates
- Smaller transactions
- Stable market conditions
Note
You might receive more or less than the estimated amount depending on market movements during processing.
Important Time Considerations
The total time for an exchange to complete depends on several factors:
- Network Confirmation Times: Different blockchains have different confirmation times (Bitcoin ~10-60 minutes, Ethereum ~30 seconds-5 minutes, etc.)
- Network Congestion: High blockchain traffic can delay confirmations
- Transaction Size: Larger transactions typically require more confirmations
Exchange Order Statuses
Throughout the exchange process, your order will display one of the following statuses:
Awaiting Payment
We've generated a deposit address and are waiting for your funds to arrive.
Confirming
Your payment has been detected and is waiting for the required number of blockchain confirmations.
Exchanging
Your payment is confirmed, and we are performing the cryptocurrency exchange.
Sending
The exchange is complete, and we are sending funds to your receiving address.
Completed
The entire exchange process is finished, and funds have been sent to your receiving address.
Failed
Something went wrong with the exchange. Please check the details for the specific reason and next steps.
Security During Exchanges
NinjaSwap maintains the highest security standards during the exchange process:
- Non-Custodial Service: We never hold your funds for longer than necessary to complete the exchange
- Secure Processing: All exchange operations are performed within our secure infrastructure
- Blockchain Verification: We wait for adequate confirmations to ensure transaction finality
- Automated Monitoring: Our systems continuously monitor all exchanges for any irregularities
Best Practices for Smooth Exchanges
- Always double-check receiving addresses before confirming an exchange
- Send only the cryptocurrency and amount specified in the order details
- For tokens requiring a memo/tag/message, always include this with your deposit
- If your transaction requires urgency, consider using a higher network fee when sending your deposit
- Keep your order ID and transaction hashes for reference and support inquiries
For more detailed information about tracking your exchanges, please see ourHow to Track Your Exchange guide. If you encounter any issues during the exchange process, refer to ourTroubleshooting Orders guide or contact support.