Changelly is one of the most popular instant cryptocurrency exchange services. It gives traders the chance to trade cryptocurrencies anonymously. It is cheap and convenient with a competitive cryptocurrency trading fee of 0.5%. The platform allows traders to shift between coins without making deposits to the exchange. Changelly has gained reputation for its fast transactions, security, favourable exchange rates, and user-friendly interface.
The exchange is based in Prague, Czech Republic but it accepts cryptocurrencies traders from across the globe, including the USA. It was established in 2015 by the MinerGate team and has since attracted at least 1.5 million users worldwide. Over 15,000 transactions are processed daily. Its monthly turnover is approximately 60,000 BTC, and it has listed over 90 altcoins and 2700 cryptocurrency pairs.
This exchange is different from others because users can buy a range of 35 cryptocurrencies using fiat money such as the euro and USD. Very few exchanges offer this option – and even those that do only offer trading options for popular cryptocurrencies against fiat money.
Next, we look at features of Changelly including commissions and trading fees, Trust, Security, and Safety, Desktop experience, Opening an Account, deposit and withdrawal options and more. Our goal is to give a balanced analysis of each future to help you determine whether this is the right cryptocurrency exchange for your needs.
Commissions and Fees
Changelly is a bot that is connected to the world’s largest forex platforms such as Poloniex and Bittrex. Within a fraction of a second, Changelly bot places bids or asks on the connected platforms, analysis them and finds the best rates, and displays the results to traders.
Based on how the platform works, Changelly does not offer fixed rates because cryptocurrencies are volatile, and their price can change within milliseconds. What the platform shows you are estimates. The actual fee is calculated and displayed before the transaction goes onto the blockchain.
Changelly fees model is supported by the fact that if it decided to offer fixed fees, it would have to cover lots of market risks. Also, the brand must take into account that variable network fees must be paid for every transaction – network fees refer to fees charged by the relevant blockchain as compensation to miners for processing the transaction.
Even so, the exchange tries as much as possible to offer users the lowest bid. Users are required to pay a fixed fee of 0.5% per trade.
It’s also important to keep in mind that the purpose of using the exchange is not to get the best rates but rather, getting the lowest rate within the shortest time possible. Changelly is, therefore, worth trying since its speed and convenience are remarkable.
Trust, Security, and Safety
Making transactions online can be risky because you are required to share personal information such as your bank accounts, residence, and email address. This is one area where Changelly truly shines. Changelly does not require traders to create an account to use its crypto exchange services. In other words, you do not need to disclose your personal and financial data to trade crypto on this exchange. You only need a valid wallet address.
However, note that if you wish to buy cryptocurrencies using fiat money, you will need to provide additional data before you can make a purchase. The data you share is protected using two-factor authentication and HTTPS protocol.
Users who only trade crypto for crypto do not need to verify their accounts. It’s fully anonymous. Changelly is safe and secure.
Just in case you have forgotten your password, you have the option of clicking on the “forgot password, and an email will be sent to your mail detailing the guidelines on how to create a new password.
Deposits and Withdrawal Options
Changelly supports a huge portfolio of cryptocurrency deposit and withdrawal options with over 90 altcoins available on the platform. However, the platform does not allow users to sell altcoins for fiat money. You can only use fiat money to buy altcoins, but you can’t convert altcoins into fiat money. You can deposit fiat money using debit or credit card, either in Euro or USD.
Like aforementioned, Changelly is a full crypto exchange. The process of buying coins on this exchange is straightforward, and users have over 90 different coins. These include:
- Ethereum Classic
- Power Ledger
- Bitcoin Cash
- Bitcoin Gold
The close competitor of Changelly is Shapeshift, a cryptocurrency exchange established in 2014 and which has earned of respect among the Bitcoin community. The two services are roughly equal in strength from the traders perspective, but ShapeShift is slightly cheaper. Also, Shapeshift is also more transparent when it comes to sharing information about the owners and management of the exchange.
There are various features that make Changelly outstanding. They include:
- 24/7 customer care support is offered
- You can buy crypto for fiat
- An email is not required for users to start making transactions
- Token for internal operations is offered on ChangeNOW
- It does not require wallet address when users make repeated transactions
- Mobile apps are offered to the user for a superior experience
- Users can buy crypto using debit and credit cards.
Right from its birth, Changelly focussed on being easy to use and secure cryptocurrency exchange for traders of all type. Its service fee may be slightly higher compared to the competition, but the platform has lots of special features that give real value for money. For instance, you do not have to waste time between multiple exchanges; you can do all the trades you need on this platform. Besides, the high numbers of users indicate that the exchange delivers an awesome experience.
Is this your final decision?
We suggest you visit one of the most popular crypto trading platforms instead!
- It has the best rates in the market; 0.5%/
- The fees are transparent and reasonable
- You are offered 24/7 live chat support
- There are no maximum limits
- VISA/Master card payments are accepted
- Rates are slightly higher than in other exchanges
- It does not allow for sale cryptocurrency for fiat money
- There are various negative comments from the users
7 Binary Options review: Changelly: 4 stars