Changelly Review
Changelly is a one-of-a-kind digital currency exchange that operates out of the city of Prague in the Czech Republic. The team behind the well-known company “MinerGate,” which launched the exchange in 2016, is responsible for its subsequent success in attracting more than one million members. This success has contributed to the overall success of the exchange. Changelly provides its customers with a straightforward and lightning-fast user interface that enables them to buy and sell a wide variety of cryptocurrencies. On the Changelly website, in contrast to those of other cryptocurrency exchanges, you are able to simply convert a wide range of cryptocurrencies to a variety of other cryptocurrencies in a rapid and simple manner. Users of Changelly also have the option to acquire several cryptocurrencies using fiat currencies such as the United States Dollar or the Euro. Users who wish to swiftly acquire a cryptocurrency in exchange for another cryptocurrency are the ideal customers for the Changelly exchange, which is ideally suited to their needs.
What does Changelly stand for?
Changelly is a decentralized cryptocurrency exchange that does not hold customer funds and allows users to acquire cryptocurrencies using either fiat currency or other cryptocurrencies. In this context, “non-custodial” refers to the fact that the exchange does not have access to your private key information. You are the only person who has access to your cryptocurrency tokens.
More than 400 distinct tokens are made available by the exchange for use on a variety of blockchain networks. The platform accepts more than 160 different fiat currencies, and you may make purchases with those currencies via bank transfers, VISA or Mastercard cards, Apple Pay, or one of a few other supported wallets.
In conclusion, in order to complete the majority of the transactions, all you need to do is sign up with your email ID and proceed with the transaction. There is no need for a KYC check. On the other hand, Changelly may request that you finish your KYC if the size of the transaction seems unusually large or fishy.
An Overview of Changelly
Pros
• There is no need for authentication or registration in order to conduct exchanges
• Cryptocurrency exchanges that are quick and have cheap fees
• Access to more than 150 different cryptocurrencies
• Extremely high limitations
• Website and mobile app that are intuitive and easy to use
• An easy and convenient approach to trade altcoins Purchase bitcoins with traditional money. Exchanges outside the custodial setting Doesn’t require registration Service that is both quick and reliable 24/7 customer assistance
Cons
• Exorbitant costs for the use of credit and debit cards to buy cryptocurrencies
• A verified identity is required in order to make transactions using a credit card
• A possible trigger for a Know Your Customer check is an unusual transaction Purchasing cryptocurrencies with fiat currency might be difficult due to high transaction costs and the need to provide proof of identity. Can result in higher transaction costs than centralized exchanges
Identifying characteristics
According to the website for the exchange, Changelly is one of the most widely used quick exchanges for cryptocurrencies, and it has earned the trust of more than 2 million users. It does not require you to register an exchange account or go through extensive KYC procedures in order to facilitate crypto-to-crypto transactions, and it does not retain your assets in a custodial wallet. This sets it apart from normal exchanges in a number of important respects. Additionally, it functions as a gateway from fiat currency to cryptocurrency, enables the direct purchase of cryptocurrency using a bank card, and has an integrated capability to sell bitcoin via SEPA for consumers in European countries.
• An instant method that is both trustworthy and fast for buying and selling cryptocurrency. Changelly’s seamless experience is made possible, in large part, by the fact that the platform does not require users to join up before exchanging cryptocurrencies. Transactions from fiat currency to cryptocurrency do, however, require certain identifying information to be provided.
• Over 150 different cryptocurrencies are supported, and there are over 25.000 different pair combinations. Changelly is an exceptionally flexible exchange thanks to the extensive coin pairing options it provides.
• Non-custodial service. Changelly is a service that works as a middleman and does not at any stage have your funds in its possession.
• A practical smartphone app known as Changelly It is compatible with iOS and Android mobile devices, and gives you the ability to purchase and sell cryptocurrencies while you are on the move.
• Excellent customer support, with more than two million people who are happy with it. The customer service offered by Changelly is both helpful and easy to get. You can contact them by using the chat feature that is embedded into the website, sending an email to support@changelly.com, or using the mobile app.
The operation of Changelly
With the knowledge that Changelly is a non-custodial exchange that does not require an account, the following question arises:
How does the Changelly platform function?
Changelly collaborates with a number of other cryptocurrency exchanges, including Binance, Bittrex, Poloniex, as well as others. Its trading algorithm will place bids and asks on different platforms in order to find you the best possible rate, and it will display that rate to you.
Because of this, rates have a tendency to fluctuate until you either conduct a transaction or make the conscious decision to lock in the rate. As soon as they have received your funds, the coins that were exchanged for them will be returned to your wallet.
Background
Changelly is a well-established participant in the cryptocurrency industry and has been running its business since 2013. MinerGate, which is a bitcoin mining pool, was the company that initially established it as a startup, then in 2014 it was transformed into an independent exchange. The year 2016 has seen significant technological advancements at the exchange. Since then, it has provided services to more than 2 million consumers all around the world.
Who is the company’s owner?
Changelly is a digital currency exchange platform that is run by Hong Kong-based company Fintechvision Limited. At the moment, Eric Benz, a seasoned financial professional who has been active in the cryptocurrency industry since 2012 in various capacities such as a founder, investor, and board director, is in charge of running the exchange.
In addition to Eric Benz, the following members of the Changelly team are also considered to be essential connections.
Where exactly is the Changelly office located?
Changelly’s headquarters are located in Hong Kong, Hong Kong, China; however, the company does not at this time have a physical office that its clients can visit. It is located at 1801-03, 18/F., East Town No.41 Lockhart Road, in the Wan Chai district of Hong Kong.
Nevertheless, it’s services are available in the vast majority of countries globally.
Is it possible to use Changelly in the United States?
Unfortunately, according to the terms and conditions of Changelly, users from the United States as well as nationals of the following countries are not permitted to make use of the Changelly exchange service:
• Cuba
• Iran
• The Democratic People’s Republic of Korea is in Northern Asia
• Crimea
• Sudan
• Syria
• Bangladesh
• Bolivia
• Sanctions imposed on other countries by the United States
However, the regulations in the United States have a tendency to differ from state to state, so it is important to verify with Changelly’s support to determine whether or not these limits genuinely apply in your scenario.
Fees & Costs Associated with Changelly
Because of the significant volatility of cryptocurrencies, the rates at which you buy bitcoin through Changelly are not fixed prices. This is because of the nature of cryptocurrencies. Therefore, whenever you go to buy, Changelly will always display the current rate that the currency is at; however, this rate is subject to a small degree of variation when your buy order is processed. Changelly, on the other hand, consistently wins the bid at the lowest feasible price whenever it purchases cryptocurrencies. Having said that, Changelly does provide fixed costs, but they are only 0.5 percent and are plainly set out during the buying process.
When using cryptocurrency exchanges such as Changelly, one thing that is important to keep in mind is that the aim of the exchange is not to achieve the highest possible rates; rather, the purpose of the exchange is to obtain the lowest possible rate in the shortest period of time. The exchange places a strong emphasis on both speed and convenience, making it an excellent choice for consumers with varying degrees of familiarity with cryptocurrencies.
As can be seen, the cryptocurrency exchange costs offered by Changelly are rather competitive; nonetheless, centralized exchanges such as Binance can still provide better prices. However, due to the extensive number of pairs that it supports, Changelly is a much more user-friendly choice for engaging in direct altcoin trades. On Binance, for instance, you would need to carry out at least two or three trades in order to properly swap XRP for ARK; however, Changelly just requires you to carry out one trade in order to accomplish this task.
Finally, but certainly not least, Changelly collaborates with Bits of Gold, a platform that enables users in Europe and Israel to trade cryptocurrencies in exchange for euros. The normal charge for selling bitcoins through their platform is 6.5%, and the proceeds will be credited directly to the bank account you have registered with SEPA in Europe. The lowest amount you can sell in a single day is 250 Euros, and the most amount you can sell in a single day is 5000 Euros. The settlement time can take anywhere from one to seventy-two hours.
In a nutshell, Changelly is an excellent instant-exchange provider in terms of the rates it charges. Although purchases made from fiat currency into cryptocurrency may at times be more expensive compared to other exchanges, they are often able to give significantly better rates than some of its competitors.
Limits and Liquidity
When it comes to purchasing or trading one cryptocurrency for another cryptocurrency, the possibilities are virtually endless. The fact that users can exchange their cryptocurrencies for those of other users whenever and however frequently they wish results in the market having a high degree of liquidity.
However, while purchasing a cryptocurrency with fiat cash, there are restrictions that can change depending on the country and location in which you are located. Please see the restrictions listed below.
Residents of the United States of America, Canada, and Australia are restricted to a single transaction maximum of just $50 for their initial purchase. The customer is allowed to make a subsequent purchase of up to $100 four days after the initial transaction. 7 days after the initial transaction, the $500 buy option will become available. After this point, there are no more restrictions.
People who live in the CIS region are only allowed to spend a maximum of $200 on their first transaction. Following this, they are allowed to spend up to a maximum of $2000 over the course of the first week, and up to a maximum of $10,000 over the course of the first month.
Users in the EU and other regions have a restriction of $100 for their very first transaction. The customer is allowed to make a subsequent purchase of up to $200 four days after the initial transaction. 7 days after the initial transaction, the $500 buy option will become available. After this point, there are no more restrictions.
How secure is the Changelly platform?
Cryptocurrency traders want to conduct business only on reputable and protected exchanges, and Changelly satisfies both of these requirements.
Changelly is what’s known as a non-custodial exchange, which means that it merely acts as a facilitator for the exchanges and does not, by design, keep any of your assets in its possession. Instead, it works by receiving cash straight from your wallet and then transferring them back to the wallet you provided once the exchange has been finalized. As a result, Changelly makes it possible for you to put into practice the well-known crypto aphorism that was developed by Andreas M. Antonopoulos and states, “Your keys, your coins. Not your keys, not your cash.” Only you are responsible for keeping track of your keys and monies while you are here.
Regardless of the circumstances, you are able to register for an account with Changelly. The following are some of the advantages that come with creating an account:
• Possessing an exhaustive record of past financial dealings (for accounting purposes, etc.).
• It will be simpler to buy cryptocurrencies using fiat currency.
• Less waiting time for exchanges because you won’t have to go through the KYC process several times.
Entering and verifying your email address is the only need for creating an account, thus the process is quick and painless. You can protect your account using Google Authenticator if you are concerned about its safety (2FA).
Is Changelly a reputable company?
Changelly claims to have served over 2 million customers on its website and gives the impression of being a completely legitimate bitcoin trading service. But who is in a better position to appraise the situation than the exchange’s former clients?
When looking at reviews posted online, the overwhelming majority are positive. For example, the app receives a rating of 4.5 out of 5 stars on the Google Play Store, while the platform itself has approximately 1,350 reviews with an average rating of 4.4 out of 5 stars on TrustPilot. Some of the reviews can be summarized as follows:
“I created an account on Trustpilot solely for the purpose of giving Changelly five stars because their support crew and security team are outstanding! They will fix all of your issues and will make every effort to be of assistance to you. Because of how they conduct themselves, they are deserving of praise. Maintain that stance, you guys!”
“Both prompt and reliable. This is the second time I’ve used this exchanger, and I plan to continue using it for all of my future business needs.”
“Without a doubt, the most advantageous Exchange available online at the present time. I would like to tell you about my experiences with Changelly, and if anything goes wrong along the process, you have always and round-the-clock help available, out of which I would like to single out Marceline as one of the very finest. Maintain the excellent work that you’ve been doing!”
Privacy of Changelly.com
Because Changelly does not demand any verification in order to use their exchange, it may be appealing to users who would rather maintain their anonymity than use the service. There are no verification requirements imposed by the government, unlike many other bitcoin exchanges. The only thing that is required from the users is an email address, which will never be shared with any third parties. This is the only thing that is required from the users.
The Positives and Negatives of Using the Changelly Exchange
1. The Advantages of Using the Changelly Exchange
The following is a list of the numerous advantages of using Changelly as an exchange:
a) Not Involving Detention
Changelly is an example of a decentralized exchange. This indicates that the exchange does not keep custody of the funds you transfer through it. Therefore, you have full control over all of your assets.
This is preferable to using a centralized exchange such as Binance, Coinbase, or FTX, all of which hold full custody of the assets you trade.
a) Exchanges within the Same Chain
You are able to trade cryptocurrency tokens across a variety of blockchain networks with Changelly. This enables you to trade Bitcoin Core (from the Bitcoin Network) for Ethereum Core (from the Ethereum Network) on the platform. There are very few non-custodial platforms available on the market that offer this feature.
This offers more advantages than many other well-known decentralized exchanges (DEXs), such as Uniswap, that are currently available. You are only able to trade Ethereum-based tokens that adhere to the ERC 20 standard with one another on Uniswap. Despite this, Uniswap also supports the Polygon network, which allows users to trade a limited number of tokens depending on Polygon with one another. However, there is no functionality for cross-chain swaps at this time.
b) Partial KYC
The Know Your Customer (KYC) processes do not need to be carried out for the vast majority of transactions. Because of this, a user is able to instantaneously trade their token without having to provide any of their personal information with the platform.
c) Support for Fiat
Changelly’s platform is capable of supporting more than 160 different fiat currencies. In the market, only a very small handful of non-custodial exchanges offer support for fiat currency.
d) Mobile Application
Changelly offers a mobile application that is completely functional for both Android and iOS devices. In addition, the user interface is quite inviting and effective for its intended purpose. Users are able to engage in trade while moving about.
However, Changelly does have some restrictions in place as well.
2. The Constraints Placed on the Changelly Exchange
The following are some of the restrictions that apply when using the Changelly Exchange:
a) The Cost of the Transaction
The charge for transferring cryptocurrency to cryptocurrency is not the least expensive one available on the market. People who are looking for the trading fees that are the least expensive available on the market may consider using a centralized exchange such as Binance.
b) The Length of the Transaction
The amount of time it takes to complete a Non-Custodial exchange transaction is contingent on the network that the transaction was requested on. Because of this, the transaction time is significantly longer compared to that of any centralized exchange, including Coinbase, Binance, and FTX.
c) Changing Up the Lineup
Changelly’s senior leadership has undergone several personnel changes throughout the course of the previous few years. The co-founders have moved on to new endeavors and are no longer involved. This is not a healthy situation for the expansion and development of the platform as a whole.
d) KYC Issues
There have been multiple occurrences in which non-KYC transactions have been halted because the Changelly system has flagged these transactions as questionable.
This might lead to opportunity loss if someone tries to time the market. Therefore, CoinSutra strongly recommends that you finish your KYC before you start any transaction on Changelly.
The Various Stages of Security and Verification
Changelly is a cryptocurrency exchange that is incredibly safe and secure, and it is supported by the same company who developed MinerGate. There is no need for the users’ identities to be verified because there are no such processes necessary. Additionally, a user’s cryptocurrency is not kept on the exchange; rather, it is moved to and from the user’s individual cryptocurrency wallet. Every user account is guarded by a two-factor authentication system for an additional layer of safety. Changelly is a trustworthy cryptocurrency exchange that is used by over 500,000 happy clients and continues to expand as a result of its reputation for being both straightforward and secure.
Changelly’s Support for Customers
When it comes to cryptocurrency exchanges, the customer assistance that Changelly provides is at a satisfactory level. Changelly provides customer service to its users by email at the address support@changelly.com. To contact Changelly customer service, click here. In addition, the exchange provides users with a Frequently Asked Queries (FAQ) page that is rich in information and answers many of the fundamental questions that users may have. In addition, the website provides comprehensible guidelines on how to make use of the company’s services.
The Pros and the Cons
Pros
• A Trustworthy and Secure Digital Currency Exchange
• A straightforward and user-friendly user interface
• Impressive limits and liquidity
• Recognized and used in each and every country
Cons
• The fees may be more expensive compared to those of some other exchanges
• The inability to exchange cryptocurrencies for traditional currencies
The design as well as the usability
Using Changelly to make coin exchanges is as simple as a piece of cake. You are never further than a few mouse clicks away from exchanging your money, regardless of whether you are a novice trader or an experienced one.
The following demonstrates how simple it is to utilize Changelly.
Instructions for Using Changelly
Changelly provides users with a straightforward three-step process for trading cryptocurrency.
Make a decision regarding the digital currency that you wish to trade. Examine the current rate of currency, and keep in mind that you will be charged an additional service fee of 0.25% for carrying out the transaction. In addition, Changelly requires that you input the address of the wallet to which it should send your cryptocurrency.
Verify that the transaction was successful. Confirm the transaction after deciding whether you want to use a fixed conversion rate or the best one that is currently available. It is important to note that you are not required to join up for the exchange; however, if you do so, you will be able to save your transaction history and enjoy additional benefits.
1. Start the transaction by sending it. Changelly collaborates with a variety of different trading platforms in order to obtain the best possible exchange rates. The platform will offer you with their address for the dedicated transaction, which is where you would transfer the coins that you wish to exchange for another currency. You have up to a maximum of thirty-six hours to finish the transaction. After you have done so, the cash will appear in your chosen wallet within the next half an hour.
Watch this quick video to get an idea of how this process usually works:
As was discussed in the section on KYC/AML that came before this one, there are times when your transaction may cause the system to perform an additional check, which in turn may cause the process to take longer.
How do I buy bitcoins using the Changelly platform?
You can buy bitcoin and other cryptocurrencies using Changelly’s fiat-to-cryptocurrency gateway in addition to exchanging altcoins for bitcoin, each other, or vice versa. Changelly also allows you to exchange altcoins for bitcoin. You can buy bitcoin and/or any of the supported altcoins directly with U.S. Dollars (USD), Euros (EUR), or Great Britain Pounds by using a credit or debit card issued by Visa or Mastercard. Alternatively, you can use your card to make a debit purchase (GBP).
After clicking the “Buy crypto” button, all you have to do is follow the instructions that appear on the screen.
The vast majority of countries in Europe, as well as Australia, Brazil, Canada, Hong Kong, Japan, Mexico, Russia, South Africa, and South Korea, all offer access to the service.
In order to complete a fiat-to-cryptocurrency swap, you will need to provide some Know Your Customer (KYC) information. If you are willing to share some basic information, you will be able to purchase up to USD 150 worth of cryptocurrency each month. However, if you are willing to verify your identity and residence address, you will be able to purchase up to USD 2,000 worth of bitcoin and altcoins each day, for a total of up to USD 20,000 each month.
Changelly is a mobile application.
Because it offers a specialized application for both Android and iOS devices, you are not required to use the Changelly website in order to access its services.
The mobile application is designed in the same way as the website and incorporates all of the features that are available on the website. Because of this, you can now trade cryptocurrencies or purchase them directly from your mobile device.
Questions that are asked repeatedly (FAQ)
Which cryptocurrencies are compatible with Changelly?
Changelly currently supports more than 150 different cryptoassets. You can find the comprehensive list of supported cryptocurrencies right here.
How much time does it take to make a coin exchange through Changelly?
Changelly estimates that the time required for a typical switch falls somewhere between 5 and 30 minutes. If your swap is subject to the KYC check, the time may be adjusted accordingly.
Changelly will accept a maximum of how many confirmations?
In order for Changelly to begin processing your transaction, any transactions involving the Changelly wallet must first receive at least two confirmations.
Changelly account deletion – what are the steps?
It’s just as simple to delete your Changelly account as it was to create it. Simply navigate to your account settings and look for a button labeled “Delete Account” toward the bottom of the page. That’s all there is to it.
In Conclusion: Is Changelly a Legitimate Company?
Changelly is exactly what it claims to be: a straightforward and easy way for users to trade cryptocurrencies to meet their individual requirements. A cryptocurrency trade fee of 0.5% is not exorbitant; in fact, it is quite affordable for a product that provides this level of convenience.
The most important thing to keep in mind is to avoid using Changelly for any transactions involving fiat currency because the exchange rates are absurdly high.
The business operation as a whole is not as open and honest as it might be. Its owners are not forthcoming in disclosing their identities, which is always a little worrying because it raises the question of who will be held accountable in the event that everything goes wrong.
Having said that, Changelly does not store your coins in an account because it first deposits funds into large cryptocurrency exchanges before depositing them directly into the wallet of your choice.
Personally, I’ve been using Changelly for almost a year now, and during that time I haven’t come across any significant problems with the platform. The Changelly team always responded quickly whenever I had a problem with the software’s functionality. Changelly is a good option to consider if you want to trade alternative cryptocurrencies in a streamlined and straightforward manner.
Do you have any prior experience using the platform Changelly? Please share your thoughts with me in the comment section below.
