BlockTrades has added a new feature to our cryptocurrency bridge in the BitShares web wallet called “Internal Conversions” that allows you to quickly convert from one cryptocurrency to another. It takes about 6 seconds: two bitshares blocks at 3 seconds per block (one for when you send the input coin and the second where we send you the output coin).
Note that this is for converting between native coins on the BitShares blockchain such as BTS, OPEN.BTC, OPEN.ETH, OPEN.DASH, OPEN.STEEM, etc. But you can later withdraw any of the OPEN coins to their native blockchains via the Withdrawal page, as these are IOUs backed by the OpenLedger exchange, so it's actually a very quick way to rebalance your crypto portfolio.
Also of interest, the bridge supports exchanging to and from several “USD equivalent” coins: SBD (Steem-backed Dollars), OPEN.USD (Redeemable from OpenLedger), OPEN.USDT (Redeemable from Tether), and BitUSD (Bitshares-backed Dollars). This can be a handy way to hedge your volatility risk.
We designed the GUI for the Internal Conversions to be simpler than even our normal web page. Literally all you do is specify the input coin type, the output coin type, and the amount you want to convert. There is no need for memos or deposit addresses or any of that complexity. Literally the most difficult step is creating your BitShares account and depositing some initial funds for conversions.
I'm guessing someone else more graphically talented from the BitShares community will follow up with a tutorial post on how to setup an account and use the new Internal Conversions feature, so I'll leave that for them and I'll be sure to upvote it! But if you already have a BitShares wallet (https://bitshares.openledger.info), head over to the Deposit/Withdrawal page, change the Transfer Service dropdown from "OpenLedger" to "BlockTrades", select "Bridge" if not already selected, and you will see the "Internal Conversions" user interface at the bottom of the page.