A swap quote tells you what you can expect to receive for what you send. It is a snapshot of the market and the service's pricing at one moment — not a promise that every part of it stays fixed until you finish. Understanding each part of a quote helps you compare services fairly and avoid surprises when the final amount arrives.
What a quote contains
A typical quote shows the input asset and amount, the estimated output amount, and the exchange rate between them. Around those numbers you should find the fee breakdown, any minimum or maximum amounts, the conditions attached to the rate, and the time the quote stays valid. A quote missing any of these details is incomplete — pause before sending.
Fixed rates: a locked price with conditions
Some services offer a fixed rate. The quote locks in your amount, but the lock depends on you: the amount the service receives must match the amount you indicated, and your transfer must appear on the network within the quote's time window. Changelly's FAQ uses fixed-rate addresses that expire within minutes as a service-specific example. Changelly transactions FAQ（https://changelly.com/faq/en-gb/changelly/transactions/）
If the amount is wrong or the transfer arrives late, the fixed quote can expire. The transaction may then need manual processing, or you may need to contact the service's support. This is not a penalty — it is how a price lock works when the underlying market keeps moving.
Floating rates: the market keeps moving
With a floating rate, the final amount is calculated when the swap is executed, not when you first see the quote. If the market moves while the transaction is being processed, the amount you receive can be slightly higher or lower than the first estimate. Changelly's explanation notes that this rule applies only to floating-rate transactions. Changelly transactions FAQ（https://changelly.com/faq/en-gb/changelly/transactions/）
Floating quotes usually give you a longer time window to send your funds, since there is no price to lock in. It is a trade-off: more flexibility on timing, less certainty on the final amount.
Where the costs are
A quote's rate already includes the service's margin — the difference between the market price and the quoted price is sometimes called the spread. Some services add separate fees on top, and your own sending wallet may charge a network fee for the transfer. Check whether each displayed cost is already included in the expected output or charged separately; avoid subtracting an already included fee twice. Coinbase documents how conversion spread and separate fees each contribute to the total cost. Coinbase pricing and fees（https://help.coinbase.com/en-au/coinbase/trading-and-funding/pricing-and-fees/fees）
The network fee deserves special attention: it is paid to the blockchain network for confirming your transfer, not to the swap service, and it varies with network congestion. It sits outside the quote entirely.
How to compare two quotes fairly
Keep the input asset and amount, the output asset, and the network identical. Check the quotes close together in time, because crypto prices move. Then compare the total cost: the expected output amount, each fee and what it covers, and the rate conditions. A quote with a slightly worse rate but no extra fees can cost you less than a "better rate" with fees added on top.
Before you send, re-read the quote conditions and the time limit, and confirm the destination details match your wallet. The crypto swap checklist（https://moin.cash/en/resources/blog/crypto-swap-checklist）walks through the full pre-send review.
This article is general educational information. It explains how swap quotes are structured; it does not recommend a particular asset, service, or transaction, and it does not guarantee the final amount of any swap.