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Conversion is not a lifecycle you drive. It is a leg inside a deposit or a payout, and it has no state of its own, no endpoint of its own, and no events of its own.

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Where it happens

A crypto-mode account carries a destination saying what the money is converted to and on which network. A fiat-mode account has none, and converts nothing.

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The rate and the fee are separate

This is the part that surprises people:
  • The fee for performing the conversion is charged as its own line, on top of anything else the movement is charged for.
  • The rate is the market rate at that moment. A price shows both the rate applied and the market rate it came from, so the difference is visible rather than buried.
Fees are calculated on the face value of the movement, not on the converted amount. So the rate changes what arrives, never what you are charged. See How you’re charged. A price can be locked for a short window, and within it the rate is fixed. Outside it, the rate is whatever the market is doing when the movement settles — which is why a quote shown to a customer and accepted late is not the quote that will be honoured.