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I've been looking at https://changenow.io/ and https://fixedfloat.com/en/ for converting Monero to Bitcoin. I'm using the cli wallet for Monero and Electrum for Bitcoin.

How are instant exchanges differentiated from normal or typical exchanges?

Simply send, for example, Monero and specify a Bitcoin address?

What are the limitations or negatives to such a service?

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What is an instant exchange and how is it used?

A so called "instant exchange" (per the ones you reference), merely convert from one cryptocurrency to another as soon as they receive funds sent to the deposit address of the trade.

How are instant exchanges differentiated from normal or typical exchanges?

They typically do not require an account and do not custody funds (e.g. offer wallet functionality). They also do not offer other trading features.

They exist to quickly and easily convert one cryptocurrency to another.

What are the limitations or negatives to such a service?

Typically price.

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  • to generalize, perhaps over generalize, is it about the same transaction cost as to go from an exchange to a cold wallet? Or, will a traditional exchange generally offer a better rate?
    – Nicholas Saunders
    Commented Dec 28, 2021 at 6:08
  • When I say "price" I refer to the exchange rate, not tx cost. An "instant exchange" is taking a small risk on price movement whilst waiting to receive funds from you and as such the rate they give will reflect this. They can also some bear regulatory risk (as as stated, they typically do not require accounts).
    – jtgrassie
    Commented Dec 28, 2021 at 8:17

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