Convert cryptocurrencies on Young Platform
With a conversion you exchange a quantity of a cryptocurrency for the equivalent value in another, directly with Young Platform, which is your counterparty. This guide explains step by step how a conversion works, including the firm price mechanism introduced with the compliance with MiCAR.
Convert from the app
- Open the conversion - Home: tap the Convert button. - Market or Wallet: you can find the same button on each crypto's page.
- Choose the cryptos - Crypto to convert: in the left-hand column, choose the crypto you want to give up. - Crypto to receive: in the right-hand column, choose the crypto you want to get.
- Enter the amount - Availability: you can see how much you own of the crypto to convert and, if you already have some, of the one to receive. - Amount: enter the quantity to convert. Below you can see the equivalent value in euros.
- Check the preview Young Platform shows you a guaranteed price for 5 seconds. In jargon it is called a firm quote: a "fixed price", in the sense that if you accept it within that time Young Platform is obliged to honour it. The price shown comes from the Pricing Engine: an automatic system that looks at the price of cryptos on the main global markets and adds a margin (the spread) to lock it down and guarantee it for you. The calculation rules are predefined and public: no human operator decides the price of your conversion on a case-by-case basis. In the preview, check the quantity you are giving up, the conversion rate, the fee and the final quantity you will receive.
- Confirm within the time limit Tap Convert now. If you confirm within the 5 seconds, the operation is complete: the crypto given up leaves your wallet and the purchased one enters immediately. If you do not confirm in time, the price expires and a new quotation is generated, updated with respect to the market at that moment.
To see the transaction, open the history of the crypto you just received in the Wallet section.
Convert from Web
On the web, the procedure is the same as on the app:
- Use the trading panel on the right of the Home.
- Click on Convert and follow the same steps: choose the cryptos, enter the amount, check the preview and confirm within the time limit.
Fees and spread
- The spread is already included in the price you see, which is the margin that Young Platform applies to the reference price to guarantee you the firm price. The spread is not charged to you separately and varies depending on the crypto, in particular its capitalisation and liquidity, and market conditions at the time of quotation.
- The fee, on the other hand, is indicated separately in the preview, before confirmation.
Not all cryptocurrencies can be converted into each other: you can find the available ones in the trading panel. The complete list of pairs (pair) and fees are at the bottom of this page.