Changelly.com is a fast, trustworthy, and unique exchange. The platform allows users to buy and convert your crypto to another crypto instantly with no required verification. That’s why this exchange is termed an instant cryptocurrency exchange. In this article i.e. “changelly.com review” we will make an unbiased detailed review of the Changelly exchange with the complete set of features and the services offered by the platform. And later conclude the article analyzing whether Changelly exchange is safe and legit for your day-to-day transactional needs?
The platform was established in 2013 in Prague, Czech Republic as a prototype by MinerGate(mining pool). Although now, the Changelly.com exchangeand MinerGate are two separate companies. The Exchange started to gain limelight around 2016 – this is when it was fully established as a complete Instant cryptocurrency exchange.
Over the years, the Changelly exchange has impressed online crypto-preneurs around the globe. It has now over 2 million customers worldwide and an annual turnover of more than 600000 BTC / month.
Changelly uses an automatic trading robot that integrates with a few of the best altcoin trading platforms like Binance, Poloneix, Bittrex, and OKEx. It operates by making bids and asks on these trading platforms and then suggesting the best rates available on trading pairs.
In simple words, Changelly.com allows you to exchange one cryptocurrency for another in the most convenient way possible. It does this by aggregating and suggesting the best rates directly on its website.
No personal info – Buying and trading cryptocurrency largely anonymously
One of the strongest features of Changelly exchange is that it allows buying bitcoin and other cryptocurrencies with debit and credit cards without any personal info. The same follows for crypto to crypto conversion
It has a simple and relatively anonymous buying process, but a full verification process can be required if a certain trade or user seems suspicious.
Changelly only requires an email to create an account. It helps in tracking your ongoing and past transactions.
Changelly also offers a full-fledged android mobile app with a very simple interface. You can buy and trade cryptocurrencies on the go within minutes. You can also access changelly service with various 3rd party wallets. The most popular wallets that integrate Changelly are the Trezor hardware wallet, Ledger wallet, Edge, JAXX, and Coinomi.
Changelly.com has a very fast Exchange Process. It usually takes 5 minutes for a transaction to complete. So you can buy bitcoin with a credit card within 5 minutes from the platform. It can take up to 15-30 minutes if the trading amount is more than 1 BTC.
Users believe that the main feature that is attracting them to Changelly is its fee rates. Most exchanges do not have a fixed price as this would lead to them covering the market risks. Therefore, a certain fee is charged as commission regardless of the mode of payment.
Changelly fees cover trading fees, withdrawal fees, and deposition fees.
The initial charge was 0.5% on each trade, however, in 2019, Changelly lowered its trading rate to0.25% on each trade.
Before any transaction, the user should always check the trading fees.
By using the Maker-Taker Model, makers form liquidity in the market while takers match this liquidity to an existing order. However, Changelly.com uses the Flat-Fee Model where both the makers and the takers are charged a neutral fee.
This means that both the markers and takers pay 0.25% of the total order during crypto to crypto conversions
Flat crypto to crypto conversion fee – 0.25%
However, these fees vary when you wish to buy Bitcoin and other cryptocurrencies directly using a credit card.
A higher fee of up to 10% can be charged depending on the currency in question. This increase is high because third parties like Simplex, induction, and moon pay are involved.
Changelly prefers direct payments which are provided by Simplex without being converted twice. Changelly charges a 5% fee with Simplex
However, when buying fiat on Changelly, Indacoin exchange will handle the transaction. The fiat amount will undergo double conversion, from fiat to BTC and from BTC to your cryptocurrency of choice
Overall Changelly charges about 5-10% fee when you buy cryptocurrencies using the Master Card and Visa Card (depending on the 3rd party involved)
Simplex – 5% fee
Indacoin – 10% fee
Moonpay – 7% fee
If you want to withdraw FIAT from the exchange then Changelly charges a flat 5% Fee which is relatively low than other Exchanges.
Changelly is available worldwide except below countries
USA, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh, and Bolivia.
If you are dealing in crypto there is no exchange limit at Changelly.com
If you are using a credit and debit card then certain limits apply
US, Canada, and Australia
First transaction using a credit & debit card has a limit of $50.
For the second transaction, buying limit will increase to $100.
After 7 days from the First transaction, users buying limit raised to $500 with no more than 3 payments within the First week.
After a month from the First transaction, there is no limit on buying with a credit and debit card
EU and Rest of the World
Users can spend $100 on their First transaction
Users can spend up to 200$ for their second transaction but after minimum 4 days of first purchase
After 7 days of the first transaction, the buying limit increased to $500 with maximum of 6 transactions within the first week.
There is no buying limit for all transactions made in a month
For every business one wants to venture into, their business security should be their topmost priority.
Changelly takes this with the topmost caution and ensures every user’s funds are under 24-hour protection. How?
For Changelly to be considered non-custodial means, it has neither access to the user’s account nor does it keep their funds. Instead, Changelly sends the Crypto to their wallet immediately after they make a purchase.
Any trade made in Changelly requires users to register their accounts using an email only known to them.
Besides, Changelly has its 2FA authentication that should be enabled every time a user logs in.
By implementing the KYC and AML policy, users can be asked to show proof of funds through KYC if Changelly’s automated risk management system confirms suspicion on a certain transaction.
However, users are first alerted about this using a checkbox before they send funds to the platform
The platform observes transparency and no major issues like scams, malfunctions, and break-ins have been reported today.
A user applauded Changelly’s staff members for sending back the huge amount of money that he had sent to the platform accidentally.
This platform considers the verification process to be very important in that it requires a valid wallet address.
Unless one wants to use fiat, then other documents like credit cards will be required.
Most users are pleased with the customer service shown by the Changelly team members. Queries are often replied to in a few hours and any problem reported is attended to as soon as possible.
According to Trustpoint, Changelly is doing a good job since it scores highly on the trust point review
The Changelly website is simple, brief, and easy to understand. This enables users to easily maneuver within the website with minimal distraction and eventually start trading
A chatbox has been provided on the website. Users can live chat with the support staff directly as they trade.
Changelly responds to every review regardless of it is positive or negative. There are a few negative reviews about expensive trades and missing funds that the customer support staff has responded to.
The Helpdesk button at the bottom section of the website is for sending a support ticket to Changelly.
When a ticket is sent, a 24hour response will be provided by the Help Desk software.
The FAQ section is provided to guide users on the common problems faced by other users and the answers or solutions are already provided.
Changelly gives support by providing an email at firstname.lastname@example.org. To contact them, send an email by submitting a request
For easy understanding, Video tutorials are provided to educate users to step by step on how to buy cryptocurrencies and exchange cryptocurrencies instantly
Is Changelly safe and legit?
Without a doubt, Changelly is a safe and legit exchange. More than 2 million active members are transparent proof of this.
Changelly exchange is a reliable and trustworthy instant cryptocurrency exchange that offers a blend of transparency, convenience, and quality under one roof.
It’s a must-use platform for every crypto user.
Whenever you need to get hold of cryptocurrency quickly Changelly.com is the place to go.
There have been no major security issues like hacks, scams, malfunctions, and break-ins have been reported with the exchange today.
Changelly’s trading algorithm is integrated into the largest cryptocurrency exchange platforms, Like Binance, Poloniex, Bittrex, etc. In the span of milliseconds, Changelly makes bids and asks on the platforms, then selects and aggregates the best available rate and displays the estimated rate on their site. These types of exchanges are called instant cryptocurrency exchanges because you can convert crypto with another in a matter of minutes
What is an exchange rate?
The exchange rate is the rate at which a unit of one currency can be exchanged for another. There are two exchange options available at Changelly instant cryptocurrency exchange: floating exchange rate and fixed exchange rate.
What is the difference between a floating exchange rate and a fixed exchange rate?
Floating Exchange rate – As the name suggests, due to the volatile nature of the cryptocurrency market, each transaction gets done at its unique exchange rate, the rate might change at any moment. That’s why you might get a different exchange than the rate you started or expected once your transaction is completed. Fixed exchange rate – The fixed exchange rate is a rate that remains the same from beginning to completion of the transaction. The fixed exchange rate is independent of any further cryptocurrency rate volatility
Which Fiat currency can be withdrawn from the Changelly exchange?
Currently, You can only withdraw BTC into the EURO.
It offers a flat exchange fee of 0.25% (competitive)
Only requires an email to access the platform services
Highly trustworthy exchange
Can buy and sell cryptocurrencies using credit and debit card ( but exchange rate is very high)
Hello, I am Harsh Vasistha B.tech (IT) from New Delhi, India. Owner and chief author of the Coinexpansion (An Altcoin & Exchange Hub) and Cryptopickup and also run a YouTube vlog https://harshunveiled.live. In fact, I am not a techie but got infatuated with blockchain technology. Coinexpansion is the product of my cryptocurrency learning lust.
Hobbies - An avid reader, knowledge seeker, sports addict, and obsessed with learning diverse stuff.