There is no shortage of cryptocurrency exchanges in 2021 but not all are equal. In this post, we are doing a Changelly review and will be revealing everything we learned.
Launched in 2015, Changelly is a non-custodial cryptocurrency exchange, which has, over the years, established itself as one of the leading crypto-trading platforms globally. It facilitates its clients to trade their cryptocurrencies in a top-notch secure, and smooth environment.
Changelly was initially introduced in the market by a team of a renowned mining pool, MinerGate. Later on, both Changelly and Minergate parted their ways. At the moment, it’s operation is led by Eric Benz and the company behind it is Fintechvision Ltd.
The Changelly exchange, in fact, acts as an intermediary between its clients and many popular crypto exchanges (e.g., Binance and HitBTC, etc.). Users can exchange over 150 cryptocurrencies on the Changelly Platform against a pretty low fee of 0.25%.
- Supports over 150 digital assets
- Charges a flat 0.25% for each crypto-to-crypto swap
- 24/7 customer support
- Fund your account via bank or debit
- Notes of delayed transactions
- Higher fiat exchange charges (5%)
- Expect KYC verification for some transactions
In this digital era, the cryptocurrency exchange market is booming with diverse choices. With every new exchange induction in the market, the competition to lure the user to the platform also increases. Hence, opting for a more suitable trading platform or exchange can be quite a feat for both beginners and experienced cryptocurrency traders. Changelly is one of those popular trading platforms that has proved itself to be reliable in the crypto-sphere.
In our today’s article, we are going to discuss all the aspects of Changelly, such as its trading fees, essential features, pros and cons, and many more. Let’s dive in.
Changelly: A brief Introduction
Changelly provides its clients the ability to trade crypto via it’s integrated algorithms, allowing you to buy and sell digital assets on the most popular exchanges all in one spot.
The platform has amassed a large user-base of more than 2 million due to the convenience of securing best available rates and executing trades within milliseconds.
Changelly: Key Features
Like all other leading crypto-exchanges, Changelly also has garnered its popularity among the crypto-enthusiasts partially because of its exciting features. Let’s have a look at them.
Users remain anonymous: One of the key features that have attracted a large crypto community to the platform is anonymity. To create an account on Changelly to trade your cryptos, users do not have to provide their personal information. All that the exchange need is an email id from you to make your account and future transaction on it, secure.
Non-custodial service: Changelly itself is not a trading exchange per se but acts as an intermediary between its clients and other trading exchanges. All it does is to find the best price for your cryptocurrency on exchanges. Hence, at no point, Changelly holds your funds.
First-rate Customer Support: To help all kinds of customers, amateur or experienced, Changelly provides excellent customer support. If a customer gets stuck somewhere using the platform, all they need to do is contact the platform either through a chatbox given on its website or via emailing them at email@example.com. The platform responds within the first hour to the queries. Besides this, the platform also provides a clear set of instructions on its website to help users utilize its services.
Easy-to-use Mobile Application: The platform also provides its users to trade their cryptocurrencies via its smartphone application. The application is available on both versions(iOS and Android).
A secure trading platform: Changelly ensures top-level security to its clients for trading, which understandably is the main requirement of any platform dealing with finances. As we mentioned earlier, clients do not need to identify themselves while performing any activity. Furthermore, the exchange does not store any cryptocurrency. The digital currency involved in a transaction, comes and goes directly to the users’ private wallets.
Changelly: Trading Fees
Understandably, fees are one of the prime factors that influence users to either use a particular platform for their needs or not. Needless to say, like all platforms, Changelly also charges its customers for the services it provides. The exchange, however, is pretty upfront and clear about the fees it acquires on each transaction.
For each crypto-to-crypto transaction, the platform will charge a 0.25% fee of the total amount of particular trade. The platform automatically deducts its fees when a swap occurs; users will not really have to keep track of its deduction process.
On the other hand, users who want to change their cryptocurrency into fiat, will require to pay a hefty 5% fee. Although the platform claims that this fee is the lowest compared to its competitors, it is still huge and needs to be reduced. Changelly, however, defends these high rates as for such transactions(crypto-to-fiat), the platform requires third-party payment services like Indacoin and Simplex, which cost them considerably.
How to register?
If you want to use the Changelly services to trade your cryptos, you need to register with the platform. Creating your trading account on the platform’s official website is as easy as pressing the sign-up button and providing your email by following the below steps.
- Go to the official Changelly webpage and press on the ‘Sign up’ button showing on the top-right corner.
- Provide your email id and press on the ‘Continue to exchange’ icon.
- You can also create your account on Changelly with the help of your Facebook, Google+, or Twitter account as well.
- Navigate to your email account, which you have associated with the platform; you will receive a confirmation email.
- After confirmation through the email link, you will receive another email containing your login id and password.
How to trade through Changelly?
As we have mentioned earlier, Changelly is not an exchange itself but an intermediary service to provide its community with on-the-go trading without doing much research. The platform works with other popular trading exchanges such as Binance, Poloniex, Bittrex, and others.
When a user wants to trade his cryptos, its automated trading software then makes a round on partnered exchanges and shows you the best possible rates on the market for your desired cryptos. This is the reason why these rates tend to change until you perform the transaction at a particular rate. The user will receive the exchanged coins only after these exchanges receive the funds. By following the below super-easy steps, you can trade your cryptocurrency on the platform.
- After login into your account, you will need to select both the currencies you want to exchange on the homepage. For instance, if you’re going to buy ETH by selling your already owned BTC:
- Write the amount of BTC that you want to exchange into ETH.
- Tap on the ‘Exchange now’ button.
- Next, you will need to put your recipient’s (Ethereum’s) wallet address and then click on the ‘Next step’ button.
- Changelly will now show you the transactional details, which you need to review carefully and confirm by clicking on the ‘Confirm and make payment.’
- At this point, your transaction is generated, and you will see a QR code along with a wallet address’ field below. Here you will need to provide the address of your wallet where you are holding your BTC.
- Once the exchange receives your wallet address, it will do the process, and you will receive your ETH currency in the wallet address you have given in Step 4 above.
It is important to note that this transaction may take 5-30 minutes, depending on the network delays. Once the whole procedure is finished, you will receive a receipt and an output hash that is proof of your transaction’s completion.
Changelly: Advantages and Disadvantages
- According to the platform’s claims, for each crypto-to-crypto swap, it charges a flat 0.25%.
- The exchange supports over 150 cryptocurrencies for trading.
- For each possible assistance, an effective customer support service is available 24/7 on the platform.
- Facilitates buying of cryptocurrencies using three major fiat currencies such as EUR, USD, and GBP.
- A highly secure and safe platform for users to trade their cryptocurrencies because of its non-custodial feature.
- User does not need to provide their private information while registering on the platform.
- Expensive while exchanging fiat to cryptocurrency, charges 5%.
- Suspicious transactions could result in KYC(Know-your-customer) check.
- The transaction process can be slow, depending on the network’s delay.
Changelly Review Conclusion
Overall, If you want to trade your cryptocurrencies, Changelly can be a suitable exchange for you. Its secure and smooth environment enables you to execute your trade at competitive prices. Although the platform charges high when buying your crypto against fiat, it is still hard to beat the platform’s trading efficiency. It only takes 5-30 minutes to do the transaction through the platform, which is good if we compare it with its competitors.
If you are one of those who do not want to share your private details, Changelly is the best choice for you. It only needs your email id to start trading through the platform.