Exchange Cryptocurrencies directly within the TREZOR Wallet
TREZOR has introduced a new function on 22.10.2018: A direct exchange of cryptocurrencies within the TREZOR Wallet. This means that you can now seamlessly switch between different cryptocurrencies without having to leave the TREZOR wallet. The entire exchange process can be started and monitored directly in the wallet.
How is direct exchange made possible?
The Exchange feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, the exchange rates, the fees or the functionality.
In this first version, TREZOR decided to collaborate with ShapeShift and Changelly. TREZOR Wallet is always operated anonymously. If the Exchange providers decide to collect user data, registration and verification will be carried out by them. Your personal data is not processed by the TREZOR wallet and is not requested by the company. The customer support for the exchange is taken over by the partners.
Note that there are fees for third-party exchanges.
Step by Step Instructions
To exchange a cryptocurrency for another, the following steps must be performed. The process is the same for each pair of cryptocurrencies, whereby in this example Litecoin is exchanged for Bitcoin.
- Visit the TREZOR wallet.
- In the upper left corner of the screen, select the cryptocurrency to be sold.
- Click the account that contains the coins you are selling and click on the Exchange tab.
- Select the Cryptocurrency to buy (in this example, Bitcoin) and the recipient account (a TREZOR address or an external address).
- Click Next to exchange and confirm the receiving address on the TREZOR device.
- Select the amount to be sold in the selected cryptocurrency or fiat currency. The exchange rates are estimates based on the current exchange rate of CoinMarketCap.
- Choose the best offer from the list below. You can currently choose between ShapeShift and Changelly. Click on “confirm trade” and confirm the action on your TREZOR device.
The transaction is now processed. It may take a while for it to be confirmed. With ShapeShift you can track the status of your transaction by displaying the details.
TREZOR Wallet Compatible Hardware Wallets
All hardware wallets compatible with the TREZOR wallet support this new feature. These are the models from SatoshiLabs.