BC Vault Swap Functionalities

BC Vault swap feature is now available on BC Vault hardware wallets. The feature makes it possible for all BC Vault device owners to exchange crypto seamlessly. One of the latest BC Vault swap integration is with Changelly’s API. It is integrated into to allow instant crypto swapping option. Owners will be able to exchange crypto assets with ease at either fixed or floating rates. 

The fixed-rate option is aimed at helping crypto owners prevent losses in the time of unexpected crypto price fluctuations. Users can access the floating option at a low and transparent fee of 0.25%. The BC Vault swap process is quite easy and simple to understand. The wallet boasts of advanced security protocol and its integration with Changelly’s API is aimed at protecting user funds. This approach solidifies BC Vault’s leading position in the market. 

This post shall explore all the processes involved in swapping crypto on every BC Vault hardware wallet. However, before we go further to discuss, let us explain the fixed and floating rates.

Floating Rate

In the standard flow, every transaction has its unique exchange rate. However, the rate is susceptible to change due to the ever-changing network fees and the crypto market’s volatile nature. The effect is that you might receive above or below what you thought you would receive. Meanwhile, the wallet you are sending funds to will receive approximately the advertised amount. 

  • Pros: 

When you are swapping one crypto for another using the BC Vault swap feature, the floating mechanism offers the best rate obtainable in the market. Also, you get to pay the minimum possible fee. You may likely get a more significant amount of the desired crypto than the amount displayed at the beginning of the exchange. Note that this can only happen if the market fluctuations play into your hands. 

  • Cons: 

You need always to take the volatile nature of the crypto market into consideration. The rate can swing either way, and you may end up with more or less than expected. 

Fixed Rate: 

This is the rate that completely matches the amount displayed for you at the beginning of the exchange. It is independent of any market volatility. However, the volatile nature of the crypto market makes fixed rates risky for the exchange. The minimum amount for exchange is a little bigger than what is obtainable with floating rates. The fixed-rate ensures that your destination wallet gets the same amount displayed at the beginning of the swap. 

  • Pros: 

The total amount you will get at the end of the swap is fixed from the very beginning. 

  • Cons:

You will pay an extra fee for eliminating risks. Also, if the market goes up during your swap deal, you will not get extra revenue.

How to Use The BC Vault Swap Feature in Your Hardware Wallet

First, note that the BC Vault wallet is an all-inclusive device. It allows users will perform every action within the hardware wallet, without exiting the application at any point. During the swapping process, you can move your funds into another BC Vault hardware wallet. You can also select another wallet of your choice as the destination. Here are the steps to swap crypto using your BC Vault hardware wallet:

  • You need to ensure that you are using BC Vault firmware and application version 1.4 or the upgrade.
  • The next step is to go to your wallet from where you would like to swap your funds or crypto. 
  • Once you are there, click on the “Exchange Icon.” You have to note that the icon is named “TRADE” from application version 1.5.6 while the slider is set on “EXCHANGE.”
  • Select the destination currency and then choose either the floating or fixed rate.
  • The next step is for you to select the destination wallet on your BC Vault hardware wallet. Also, you can copy and paste an external wallet address. When you click on the “To” icon, you will see a list of your destination wallets and then select any one of your choices.
  • The next step is for you to choose the amount you want to swap. You can also decide to use the “convert all” slider and then clicking on “Next.”
  • Now enter the password of your source wallet.
  • At this point, you will be shown a confirmation screen of your entire swap transaction. Ensure that all your details are correct and confirm that you understand the Changelly terms and conditions. Once you have done this, click on “Confirm.” 

Note that the swap rate is valid only for a while (offer valid until…).

  • The transaction will be forwarded to your BC Vault device, and you will see on the screen “Device Action Required.” Ensure to check everything displayed on your BC Vault screen thoroughly.

BC Vault will verify the Changelly transaction for authentic security certificate signature. This action is to identify and prevent possible fraudulent impersonations. If all is ok with the transaction, you can then scroll down and click “Confirm.”

  • The next step is for you to enter your source wallet PIN, and the swap transaction will be executed. 
  • To see the swap transaction details (source and destination), click on “Transaction list.”

Conclusion

The BC Vault swap feature comes in handy for users. Its easy, simple, and secure exchange process sets it apart from other hardware wallets. It is arguably the most secure hardware wallet in the market with proven track records. 

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