Despite a slight decline in the popularity and demand for crypto assets, many users continue to buy crypto. Indeed, the specific features and capabilities of cryptocurrencies affect the growth of cryptocurrency exchanges. It is often necessary to exchange one cryptocurrency for another using crypto exchanges or other trading platforms.
Although Changelly has recently appeared on the crypto market, today, this cryptocurrency exchange positions itself as the most popular and reliable exchange platform. Changelly is a fast and relatively anonymous cryptocurrency support service (non-custodial) that allows all users to trade any crypto coin.
This article analyzes one of the best solutions for cryptocurrency exchange – Changelly:
- Is it safe enough and worth a try?
- Is Changelly a legitimate crypto platform?
- Is Changelly a scam?
You will find the answers to all these questions in this article.
Changelly crypto exchange for users
Changelly is a non-custodial cryptocurrency exchange developed by a group in 2015 and headquartered in Hong Kong. Changelly’s CEO is Eric Benz, who has more than a decade of experience in the financial technology industry. Eric Benz has been working in the blockchain industry since 2012 and is involved in several blockchain businesses and Fintech as an investor, board director, and founder.
Undoubtedly, Changelly is one of the best exchangers in terms of the available exchange rates of various trading pairs on the market. Within the framework of the Changelly mechanism, users can quickly and without any restrictions trade cryptocurrencies. By the way, Changelly fees are not expensive, as other exchanges charge higher fees. So, a fee of 0.5 percent is a reasonable indicator for this product.
This crypto exchange is attracting more and more attention. Currently, about 3,000 operations are processed daily. As for the users, their number is more than two million registered from all over the world. Changelly should be more transparent in its decisions. Users also need to be aware of the fiat currency and not exchange on the platform through their wallet. The fees for them are too high.
More detailed information about Changelly and this company is below:
- Changelly exchange service
- Changelly options
- Changelly mobile app for users
- Cryptocurrencies and payments
- Trading fees
- Review Changelly and limits
- Changelly support for countries
- Customer support and reviews
- Changelly service and Shapeshift
- Final words
In general, there are many different cryptocurrency platforms for exchanging and trading assets on the crypto market. The choice of crypto exchange depends on your needs and the company, and its orientation. Choose the best of the best, so that at some point you do not lose your money.
Changelly exchange service
The platform selects the best exchange rate on these exchanges and shows it to users. This company’s approach is vital for users who want, for instance, to exchange bitcoins for Ethereum. Changelly allows people to trade cryptocurrencies quickly, without any worries and registration.
Initially, Changelly worked with the Minergate team, but now it operates independently. In addition, Changelly works by placing bets and requesting the best available bets on trading pairs from exchanges. This activity is similar to the service offered by the Shapeshift platform.
If you want to buy or sell crypto assets on Changelly, you can do so through Changelly Simplex and SEPA partners at the best available conversion rate on the market. The user is not obliged to independently search for the best and most profitable offer on the exchanges, register, and spend a lot of time. Changelly will do this for you automatically. Just imagine how much time you save by using Changelly.
Unlike many crypto exchanges, Changelly simplifies the user experience as much as possible, and this makes it accessible to both inexperienced and experienced traders. The main feature of Changelly is a simple instant exchange function, with which you can convert cryptocurrencies in 30 minutes or even less. The sharing feature is available from almost any device with an Internet browser or the Changelly mobile app for Android and iOS devices.
It is worth noting in this Changelly Review that the most popular wallets for Changelly are the following:
- TREZOR wallet
- Ledger wallet
- Exodus wallet
- Jaxx wallet
- Coinomi wallet
- Edge wallet
The user interface of a mobile app is available in English, Russian, Spanish, Chinese, Korean, German, and other languages. The service is easy to use and understandable even for a beginner. Anyone can easily understand the interface app, even if they have never used such tools before. Another service of this crypto company is an API and a customizable payment widget for Internet use. Thanks to this option, users can exchange cryptography inside the site without switching to Changelly.
Thanks to the purchase and sale option, you can buy bitcoins with a credit card (debit card), making a transaction through Simplex. However, if users appear suspicious and hostile, Changelly’s mechanisms will enhance the security and duration of identity verification.
Changelly mobile app for users
As the fiat currency undergoes sharp jumps, people start to invest their funds in the crypto business. Thanks to convenient options, traders save time due to conducting transactions, withdrawing fees, and paying with a credit card. In this regard, crypto platforms strengthen the security of client funds and come up with various applications.
Indeed, Changelly offers, in addition, to support, a mobile application for both android and iOS. The application is quite simple, so beginners can not worry about difficulties. Thanks to this option, traders can quickly switch between cryptocurrencies on the go. Using a debit card (or credit card), you can purchase fiat funds from a partner. By the way, perhaps the most profitable tool for the functioning of Changelly was the tracking of prices and charts of any cryptocurrencies. By using Changelly, you simplify your life and business.
Overall, the Changelly app is suitable for all users (based on user reviews). What else is worth noting? The site has an affiliate program that allows you to earn funds by attracting a friend. If a customer logs in and exchanges money for a hosted widget, you will receive 50 percent of the revenue from the exchange. You can place a referral link to the Changelly page. Besides, you may see the statistics of referrals’ income on the affiliate program tab. On the service, you can download banners and logos to attract attention.
Changelly reviews often have questions from traders, and the most common one is the following: How to use the Changelly platform? First, you need to decide which cryptocurrencies you want to exchange (Bitcoin, Ethereum, or Litecoin). Next, check the transaction fee and specify the recipient’s wallet address. There is nothing fancy about the wallet address. You should follow the plan. Finally, confirm and pay for the selected cryptocurrency.
The whole process takes about 30 minutes, and you will get all the coins. The site has more detailed information about using Changelly. Changelly also has a separate full-featured trading platform, Changelly Pro, designed for more advanced traders with other needs. It has dozens of cryptocurrencies, and it allows you to place limit and market orders. The crypto platform also offers several orders and trading in 13 different markets with a ten-fold margin.
Cryptocurrencies and payments
To buy crypto profitably, you need to understand the payment process and trading fees. Changelly offers access to more than 150 cryptocurrencies for exchange, including Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Monero, Stellar, ZCash, EOS, Ethereum Classic, DASH, and others. Thanks to this choice, you save time and do not waste your nerves.
As a rule, crypto exchanges have limited positions, which often causes difficulties for traders. People have to make one transaction after another, losing strength and patience. With the help of the functionality, you can create your trading pairs with any crypto in one transaction. As an example, a user can exchange Doge for Steem for a single transaction. Click on the link to review the data.
To make your first exchange, you need to register with Changelly. The registration procedure is kept to a minimum, as you only need to specify an email address to log in to your account. You cannot bypass registration — technical support considers this procedure necessary to help in case of problems with transactions.
As for trading fees, Changelly does not concede its leadership in these positions. In this vein, the company can take pride in its exchange fees and highlight them as an advantage. All transactions are subject to a fee of 0.5 percent of the amount. In particular, the service does not charge any hidden or unreasonable fees. There is only a fixed fee of 0.25 percent for crypto swaps (quick exchange of one cryptocurrency for another).
There are many other platforms on the market, among which Bitstamp and Kraken have cheaper fees. However, I recommend using Changelly, as it is beneficial for moving small amounts. Unfortunately, transactions are more expensive for fiat currencies, as there are high Changelly fees. Due to an unfair exchange rate, you can lose an amount, so it is better not to use these payment methods. The support team, in turn, claims that this is due to an uncontrolled mechanism. Third-party payment service is required to speed up the Changelly transaction.
1) Purchase fees
The platform’s policy primarily focuses on customer care and the speed of making transfers. If you buy cryptocurrency using a credit card (or debit card) on Changelly, the fees will be more expensive. All operations with bank cards operate through specially created programs. For Bitcoin and altcoins, the company supports direct payments provided by Simplex. When you buy crypto of a different category, the transaction goes through Indacoin.In this case, you overpay twice for the amount of fiat.
2) Withdrawal fees
The Changelly Pro service uses a custodial wallet, and customers must pay a small withdrawal fee in many cryptos. Therefore, consider such withdrawal fees if you use this program.
3) Network fees
Like other platforms, Changelly removes the network fee on a transaction. To better understand the functioning of deposit methods, consider the concept of network charges.
A network fee is a small amount taken from a cryptographic exchange. These funds are a reward for miners for confirming transactions on the blockchain. Today, each cryptocurrency has its network charge depending on demand. Changelly displays the network charge at the beginning of the transaction so that users can decide whether they accept it or not. If they agree to the transaction, they send the funds.
Review Changelly and limits
As noted at the beginning of this review, when exchanging crypto for crypto, the user has no restrictions. You can buy any assets and sell them at will. Nevertheless, when conducting fiat operations, there are some stop points. Below is a detailed scheme of limits depending on your country.
- Post-Soviet space and CIS countries (the limit for the first operation is $ 200. Further, the limits may increase depending on the period).
- North America and Australia (the limit is $ 50. The user can make no more than three payments in the first week).
- The European Union and other countries (the limit is $ 100. Further, you can perform operations no more than six times in the first week).
When buying bitcoin with cards, you will also face some limits. The trading algorithm of this service works in this way. Perhaps this is a disadvantage of Changelly:
- The first transaction is from 50 to 10,000 dollars
- The daily limit is up to 20,000 dollars
- The monthly one is up to 50,000 dollars
Changelly support for countries
Unfortunately, Changelly does not operate in all countries. Several countries are not included in the list of supported by this service. The company itself is registered in Hong Kong and has an office in Malta.
1) Cuba, Iran, North Korea
2) Crimea, Syria, Bolivia
3) the USA and Bangladesh
Customer support and reviews
Like any other cryptocurrency platform, Changelly strives to protect its customers and create comfortable trading conditions for them. The rating TrustPilot, which gives points to exchanges based on reviews of crypto traders, has already been mentioned more than once. It is noteworthy that in the framework of the Changelly review rating, this site has high scores. Therefore, users may trust the company’s specialists and conduct their activities.
Customer support works to highlight as many issues as possible and resolve customer difficulties. Highly qualified specialists eliminate many problems in no more than 24 hours. You may reach out to them for help via live chat support (support changelly.com).
Also, on the Changelly page, you may find trading training, easy navigation, and a clear job description. You will not have any misunderstandings in the search on Changelly. The universal FAQ page, designed to solve problems in advance, helps people search for answers to issues. Go to the site and study the Changelly system in detail. Unfortunately, nothing is perfect. In addition to positive reviews about Changelly, there are also negative ones regarding expensive deals and missing funds. Although the fee is up to 0.5 percent, it can be higher for transactions in fiat currencies.
Changelly service and Shapeshift
Perhaps the main competitor of Changelly is the similar Shapeshift platform. This crypto platform has a high rating and authority among other companies. In terms of usage, both platforms are identical. Nevertheless, Shapeshift has a more stable and authoritative reputation, as it conducts a more transparent policy towards customers. Here you may find a detailed comparison of companies and Changelly review.
To sum up, Changelly is an effective crypto platform for fast and easy cryptocurrency trading at low fees. With fiat currencies, the situation is different, so it is better not to use the platform for fiat transactions. Few exchange platforms can match Changelly’s impeccable reputation and track record. It is also considered one of the safest exchangers.
For transactions, Changelly does not ask users to pass any KYC or AML checks. However, KYC verification may be required when the transfer is marked by an automatic risk assessment system. Customers will only need to go through the KYC procedure if the transaction is suspicious or it needs to prevent illegal activity. Fortunately, it is relatively simple and takes only a few minutes. Thus, if you want to trade cryptocurrency calmly and quickly, look for opportunities on Changelly.
Does Changelly require ID verification?
Changelly does not require ID verification for trading. Merchants only need to provide an email address for confirmation. However, Changelly requires a valid ID for credit cards and fiat currency transactions. This approach ensures the legality of your operations and protection.
Can you use Changelly in the US?
According to the terms, all US users cannot use the Changelly exchange. This list also includes countries such as Iran, Syria, Bangladesh, Cuba, and others.
Does Changelly accept a debit card?
Traders may trade with debit cards or credit cards. To use these methods, you need to create an account and select a fiat currency. The next step is to start the debit card purchase process. This site requires a scan of either your driver’s license or passport.
What is the safest Bitcoin site?
According to security mechanisms, this site is legitimate and safe. This site has no purse and no funds, so hackers can’t steal anything. By the way, since its foundation, no hacker has ever hacked the Changelly system.
How long does Changelly take to exchange between cryptos?
Changelly is a fast cryptocurrency exchanger, so the time for operations is short. Usually, such procedures take up to 30 minutes. In any case, it all depends on the amount being processed.