If you are familiar with crypto, you might have heard of Changelly. This review will comprehensively explore more of Changelly’s features to help you make an informed decision and substantiate all the “chatter” out there.
- Operating Since 2015
- Cryptocurrencies Supported 200+
- Fees 0% to 0.25%
- Deposit Methods credit card (Visa, Mastercard), Apple Pay, or SEPA.
- Fiat Currencies USD, EUR, NOK, GBP, etc.
- Verification Methods KYC, valid email, 2FA
- Margin Trading Yes
- Futures Trading Yes
The Changelly exchange s one of the biggest and fastest-rising crypto exchange platforms with best rates and relatively low fees, especially withdrawal fees. Since its entry into the market in 2015, Changelly has grown to serve millions of customers. Currently, it boasts of an approximate user population of 1.5 million and counting.
Many of Changelly’s past customer reviews may have placed it in the same category as other top-ranking crypto exchange platforms like Binance, Bittrex, Poloniex, and Coinbase. Changelly allows for the smooth exchange of a vast majority of cryptocurrencies, offers extensive payment methods, and keeps the cost of transactions relatively low.
The Story of Changelly
We first got to hear of Changelly as a viable crypto trading platform in 2015. Under the direction and management of the likes of Konstantin Gladych and Ilya Bere, the company has flourished with the times.
At first, the company had its headquarters in Prague, Czech Republic, but later moved to Malta, given its friendly regulations on crypto. During the move to Malta, Changelly announced former Chief Operating Officer Ilya Bere as its new CEO.
Not long after, Eric Benz took over as the CEO. At the time, Eric was a fintech expert with over ten years of experience. His tenure brought additional brainpower and functionality into the company.
While each of the past CEOs did a great job driving the company to higher levels, Eric Benz’s Changelly Pro is currently the most ambitious. Changelly Pro is not only Changelly’s newest baby but also a game changer in its operations.
Changelly Pro is a newer and extended version of Changelly worthy of the industry’s ongoing attention.
How Changelly Works
The Changelly platform makes it smooth to exchange one crypto for another. The exchange searches various other crypto exchanges to find the best price at any given time. But take note you must have your own wallet before you begin since Changelly doesn’t keep any crypto assets on its servers. After all, it is a non-custodial exchange service.
In order to use Changelly, you need to enter a valid email address and pick the cryptocurrencies you would like to trade. Then you will have to enter the wallet address (somewhat like a bank account number) where you want the crypto asset to be deposited.
Once you have confirmed the transaction, you can now transfer the right amount to the wallet address that is provided. In just five to thirty minutes, you will receive your digital currencies.
Supported Crypto and Trading Pairs
From the industry-moving Bitcoin to the Yield guild games token with a less than 1% market cap dominance, the crypto assets supported by Changelly are plentiful.
Changelly currently supports a whopping 398 cryptocurrencies in total. To inspire decisiveness in an investor, the asset prices and charts are updated in real time every eight seconds.
For instance, while navigating Changelly’s website (changelly.com), you will notice that it is impossible to view its pages offline, let alone buy or sell crypto without an active internet connection. This security measure protects investors and their investments.
A few of the supported cryptocurrencies include:
- Ether (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Uniswap (UNI)
- Dogecoin (DOGE)
- Chainlink (LINK), etc.
When talking about trading pairs, users must know what asset they can get using which other asset. Fortunately, the site is beginner-friendly and designed to help even total novices understand what pairs are compatible with each other right from its homepage.
Some of the most popular trading pairs include:
- ETH to BTC
- BTC to ETH
- BTC to XMR (Monero)
- DOGE to BTC
- ETH to USDT (Tether), etc.
Regarding best practices, Changelly has strategically set the option of Bitcoin and Ethereum as the default trading pair users will see when they navigate the online exchange rates form. This is because the two assets are widely used and easy to acquire. Therefore, beginner investors will feel less intimidated as they explore this new world.
Notably, when using any platform, it is advisable to first trade in your cash for Bitcoin. Then, after purchasing Bitcoin, you can move on to explore other forms of cryptocurrency. This makes the process of tracking your transactions more streamlined and straightforward.
While the platform accepts a variety of currencies, US dollars serve as the baseline currency. Therefore, before buying crypto or before you trade cryptocurrencies with your preferred currency, for instance Euro (EUR) or GBP, Changelly will first convert it to USD.
Visa, Mastercard, and Apple Pay are the most popular options for transferring funds to buy crypto.
Changelly’s trading fees are relatively low by any standard. This is one of the main reasons the platform has attracted millions of users.
It is almost impossible to find a user complaining about exorbitant transaction fees, even those involving vast sums of money.
While most trading platforms institute extra charges, especially on altcoins, this is not the case for Changelly. In fact, Changelly once pulled a million-dollar move by slashing its flat fee per trade in half—i.e., from 0.5% to 0.25%. This move was received with satisfaction by its users and crypto enthusiasts.
Another area of concern with crypto exchanges is the floating fee. Exchange services use this fee to deal with the volatility of the crypto market. The amount of the floating fee depends on the crypto asset prices.
If you are on Changelly’s site, you can lock in this fee for 15 minutes by pressing a “Lock” button to sustain the current floating fee rate while making a trade. However, one should note that even the best traders can only go so far with this technique, so it’s wise not to overuse it.
With Changelly, trading crypto to fiat currency entails a different process. The trading fees in this instance will depend on the amount of the funds in question and the type of currency being transacted. If the amount is higher, the conversion rate goes up as the prices of fiat currencies are controlled by several entities that a decentralized cryptocurrency exchange cannot influence.
It is also important to note that the blockchain may charge a small network fee on top of the fixed rates and floating rates.
Is Changelly Legit and Secure?
While some other crypto exchange platforms would require specific confidential details on their users before allowing them to partake in transactions, Changelly only needs an email address and a 2FA (two-factor authentication) during registration for verification process.
This aspect has raised a few eyebrows among certain governments and regulators, especially in the USA which currently represents the largest market for BTC transactions.
The KYC (Know Your Customer) checks in the US require financial institutions to have their users’ details such as physical addresses, identity photos, and legal names to prevent scam and money laundering. However, most crypto businesses (like Changelly) consider this idea controversial because it conflicts with their economic decentralization agenda.
Other than that, Changelly’s transactions are almost instant, putting its users at ease regarding the whereabouts of their investments.
Because Changelly does not provide a dedicated wallet, you have the option of storing your money with them. This makes the platform trustworthy, as investors will not lose their funds if the system goes offline. Users can choose where to keep their money (i.e., in a hot or cold wallet) without restriction. Other exchanges provide wallets, thus leaving them (and their users’ digital assets) vulnerable to hacking.
As mentioned above, Changelly insists on two-factor authentication. In this digital age, when everyone wants something from someone, this is a great feature to have in one’s arsenal. The 2FA adds layers to the process of account access, protecting the holder from identity theft. This allows you to take control of your account even when someone attempts to access it using your password.
Getting in contact with the team at Changelly is relatively easy.
First, you can contact the team via a direct live chat for a faster response. A live chat button that opens up to a chat dialogue at the bottom of the website makes this possible. This system links to a ticketing system to ensure every region receives a faster response.
Alternatively, one can always send an email to the team for less urgent issues. The Frequently Asked Questions page is also available for those who need it. The customer support team does its best to respond to every inquiry in a timely manner.
Changelly also engages with users through its Twitter account.
- Changelly protects each user’s privacy, as one can transact without having to provide personal information
- Changelly offers a diverse selection of crypto assets
- The interface is beginner-friendly and easy to use
- Changelly supports many currencies and accepts payments from many bank cards
- Changelly is convenient, as it may not require one to create an account to use the platform
- The low fixed fees of 0.5% are an added advantage
- Their customer service support is available 24/7 and operates through various channels, including social media
- The crypto-to-fiat exchange fees remain high, as they are not entirely within Changelly’s control
- Given the ever-increasing number of users, sometimes the system can be slow
- Changelly is unregulated in the US, despite the US boasting the highest number of Bitcoin users
- The minimum trading amount on the platform is high at around $50
Other Than Bank Transfers or Bank Account, Does Changelly Support Different Methods of Payment?
Changelly supports SEPA, Apple Pay, credit cards, and debit cards as means of payment to buy and sell crypto. Still, one may go through third-party gateways like Simplex to use other payment methods. If you’re curious if Changelly supports PayPal, unfortunately not.
Is Changelly a Global Company?
One can access Changelly’s services regardless of their geographical location. That being said, keep in mind that said access depends on whether the user in question is operating in a country where cryptocurrency trading is legal.
Is Changelly Mobile Responsive?
Changelly supports mobile transactions with their mobile app through its iOS and Android apps in the various stores. The mobile widget is available for free, and through them, one can enjoy the same perks they would in desktop mode.
The web version also works on mobile devices as it is intuitive and responsive.
How Can I Get a Wallet with Changelly?
As of this writing, Changelly does not offer a wallet on its platform. Instead, it provides users with the option of choosing their preferred wallet from other providers. Options provided by Changelly may include the likes of Exodus, Ledger, Coinomi, and Trezor, among others. These options enhance user experience through collaboration and accommodation.
Importantly, as a user, you are advised to store your wallet address and passwords securely and, most preferably, offline.
Changelly Crypto Exchange Review for Australia
Are you an Australian trader looking to buy Bitcoin or other kinds of crypto assets such as BCH or EOS? Then Changelly is for you!
Changelly is a crypto exchange that enables users to buy, sell, and trade more than 200+ crypto assets. With a straightforward and intuitive platform, trading tools that enable you to find the best exchange rate quickly as well as multiple forms of payment methods and currencies accepted, the exchange simply provides a broad range of benefits over other exchange platforms out there.
All in all, Changelly represents a straightforward crypto exchange platform that is best suited towards crypto beginners and those that don’t have the time to manually trade digital assets. Changelly sports a very intuitive user interface. Aside from that, the exchange’s easy Know Your Customer requirements and lack of exchange limits make Changelly incredibly accessible.
Even though Changelly classifies itself as the cheapest instance exchange solution out there, it also often uses less than favorable exchange rates for many digital assets, which reduces the return for crypto traders. Despite this, in terms of efficiency and speed, it’s difficult to beat Changelly’s thirty minute maximum processing time!
In case you don’t feel like trying Changelly, here’s a comprehensive article about the best cryptocurrency platforms in Australia.
Changelly Crypto Exchange Review for Canada
Are you a Canadian crypto trader who’s looking for a user-friendly crypto exchange where you can execute fast crypto transactions?
Changelly is operated by Fintechvision Limited, a legal entity in Hong Kong. It is a cryptocurrency exchange platform that enables its users to buy, sell, and trade over 200+ digital assets. With an intuitive and straightforward platform as well as trading tools that will allow you to find the best exchange rate fast, Changelly simply gives a wide range of benefits compared to other exchanges out there. Plus, Changelly has multiple currencies and payment methods accepted.
To sum it up, Changelly represents an easy to use crypto exchange platform that is ideal towards crypto novices and those traders who don’t have a lot of time to manually trade crypto. Moreover, Changelly boasts a very intuitive user interface. Apart from that, Changelly’s KYC processes and lack of exchange limits make it very accessible.
Although Changelly categorizes itself as the cheapest exchange platform in the crypto space, it also often uses less than favorable exchange rates for dozens of crypto assets, which minimizes the return for cryptocurrency traders. Despite this, when it comes to speed as well as efficiency, it is quite hard to beat Changelly’s thirty minutes maximum process time! So what are you waiting for? Open a Changelly account now!
In case you don’t feel like trying Changelly, here’s a guide about the best Bitcoin trading platforms in Canada.
Changelly Crypto Exchange Review for United Kingdom (UK)
Changelly is a legal crypto exchange platform in Hong Kong operated by Fintechvision Ltd. It is a crypto exchange that allows crypto traders to buy, sell, and exchange mover than 200 cryptocurrencies. With a straightforward and intuitive platform and trading tools that allow users to find the best exchange rate quickly. The platform simply provides a broad range of benefits unlike other crypto exchanges out there. In addition, Changelly supports multiple currencies and payment methods.
Overall, this exchange represents an easy to use crypto platform that is suitable towards beginners and those crypto traders who don’t have plenty of time to manually trade crypto assets. Furthermore, Changelly features a very intuitive user interface. Aside from that, Changelly’s KYC and lack of exchange limits make Changelly easily accessible to everyone.
Even though Changelly classifies itself as the cheapest exchange out there, it also often uses less than favorable exchange rates for myriad of crypto assets, which minimizes the return for crypto traders. Despite this, in terms of speed and efficiency, it is pretty tough to beat Changelly’s 30-minute maximum processing time.
In case you don’t feel like trying Changelly, tap here for our list of UK’s best Bitcoin exchanges.
In summary, it is clear that most people are satisfied with Changelly. While there is no ideal online crypto platform, Changelly comes close in several ways and can be considered as one of the best exchange crypto. But take note that Changelly’s relatively high fees and sub-optimal rates imply that it is not that suitable when it comes to fiat transactions.
The platform doesn’t require the registration of confidential details, which enhances security. Thus, in case of a hack, intruders will not access a user’s personal information. The system is also quite popular with the community, thus attracting more users.
Changelly also has a clean and novice-friendly interface, which makes it easy to locate services on the site. Changelly is a stable system owing to its developers, community, and customer support.
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