Review for Changelly
You are probably familiar with foreign exchange (FOREX), the conversion of one country’s currency to another country’s currency. In case you are a widely traveled individual traversing across countries and continents, you know what FOREX bureaus mean for travelers such as you.
Cryptocurrency exchange bear the very similar concept behind FOREX platforms. They are online platforms where cryptocurrency users can swap one digital currency for another digital currency or other fiat currencies.
What is Changelly?
- Changelly is a swift cryptocurrency exchange platform that boasts of the best crypto-to-crypto rates on the market. The site associates itself with the MinerGrate team of crypto enthusiasts, a Bitcoin mining pool.
- Changelly first surfaced as a startup in 2013 when its blueprint was released by the MinerGrate team. It was later developed as a self-supporting exchange service in 2014. Consequently, the platform was later released in 2015 after undergoing major redesigns and technological updates. The company is headquartered in Prague, Czech
- Changelly supports residents from every country across the world.
How does Changelly work?
- Changelly collects and suggests the best cryptocurrency exchange rates from the largest cryptocurrency trading platforms.
- Its robot is integrated into the largest virtual currencies trading platform such as Poloniex and Bittrex.
- When a buying or selling (exchange) request is made, the robot makes a bid by requesting the trading platforms the latest rates in existence. The Changelly bot then selects and suggests the best available rates which are in-turn displayed on their interface.
- The rates remain as estimated until the requested transactions are executed on the blockchain.
- Suppose I have 30 Litecoin which I want to trade for IOTA, I will first submit the request indicating my intentions to exchange Litecoins for IOTA.
- Changelly will then select the best crypto trade rates between either Bitcoin or Ethereum (as they are widely accepted as a means of exchange for other altcoins).
- Suppose I land for Bitcoins, it will display the best rate that Litecoin is currently trading at for Bitcoins.
- Subsequently, it will also do the same for IOTA.
- After a consensus is reached and all the trading options are listed on my Changelly dashboard, I can then exchange my Litecoins for IOTA via Bitcoins.
What exchange (buying and selling) options does Changelly offer?
- Currently, there are over 60 cryptocurrencies listed on Changelly. Additionally, Changelly accepts USD and Euro payments.
- The good news is that the exchange platform doesn’t have restrictions on exchange amounts. However, there are some cases where minimum amount apply. When the amount you want to transact is very low, you should ensure that it covers all the network fees.
- Changelly advises that you adhere to the minimum amounts recommendations they provide. Otherwise, they indicate that there is a high risk of you facing a failure in a transaction or losing your money when you ignore their provisions, something which some users have referred to as ‘Changelly scam’.
- As a tip to avoid market pump or dump while executing your exchange transactions, it is advisable that you divide large amounts into smaller ones and send them in shifts, a couple of hours preferably. This practice will most likely make your final purchase profitable.
What are the buying and selling payment methods recognized by Changelly?
- Changelly accepts payments in more than 50 cryptocurrencies it has listed.
- On the other hand, you could also buy cryptocurrencies using your USD or Euro debit and credit cards.
What cryptocurrencies are supported on Changelly?
- The exchange platform currently supports 50+ cryptocurrencies which include; Bitcoin (BTC), Litecoin (LTC), Bytecoin (BCN), Monero (XMR), Digital Note (XDN), QuazarCoin (QCN), Dash (DASH), Dogecoin, Fantomcoin (FCN), Ethereum (ETH), NuBits (NBT), Dashcoin (DSH), Ripple (XRP), Nxt (NXT), Aeon (AEON), Radium (RADS), MaidSafeCoin (MAID), Factom (FCT), Synereo (AMP), Bitcoin Gold, Verge, among many others.
What are the verification requirements for trading on Changelly?
- You need an email address to create an account on Changelly. The email address gives you the access to your transaction history, password editing, and other account specifications.
- Alternatively, the platform also permits sign ups using some social media platforms including Facebook and Twitter.
How are the fee rates on Changelly?
- Every exchange process on the Changelly platform goes through a blockchain which requires network fees.
- The fees are fixed and taken each time whenever an exchange is made. Every cryptocurrency traded on Changelly has some amount taken from it whenever it is part of a transaction.
- Surprisingly, Changelly does not influence or regulate the network fees since they are taken when a user’s money is included in a blockchain.
- As for changelly, they charge a commission of 0.5% per transaction. The fee is imposed after the network transactions have been completed, but before money gets sent to the recipient’s
- Since the fees are a combination of what blockchains charge and Changelly impose as commission, they will constantly fluctuate depending on the volatility of a given cryptocurrency.
- Some users have launched complaints regarding Changelly fees. There have also been claims of Changelly scams which the company has vehemently denounced.
According to the exchange platform, it is mandatory that users ensure the amount they want to exchange in Changelly cover the transaction costs in totality. These include both the fees for sending your original currency and receiving your new currency. If the fees you register are too low to cover the amount required by the network, the transactions will not be fulfilled and the amount lost.
Does Changelly have some special features?
Some of the special features offered by the crypto exchange platform include;
- Use of bank cards from any region to purchase cryptocurrencies. However, the cards must be enjoying 3-D security features and transactions will be carried out in either USD or EUR. Where necessary, conversions will be applied.
- Currently, Changelly doesn’t support PayPal as a means of payment.
- Some special terms for your first several transactions via bank cards are as follows;
- USA, Canada, and Australia enjoy a $50 limit for the first transactions. The next purchase (which could be made in 4 days), enjoys a limit of $100. A $500 limit after one week from the first purchase. Not more than 3 payments should be made in the first week of transactions using the bank cards.
- Users from the CIS regions including Russia, Ukraine, Georgia, Belarus, Armenia, and Kazakhstan enjoy a $200 limit for the first transaction. After 24 hours from the first transaction, they can enjoy the next limit increase up to a total of $2000 for the first week and $10000 for the first month.
- EU and other countries have $100 limit for the first purchase and a $200 limit for the next transaction (made in four days after the first purchase). No more than 6 payments should be made within the first week of registering with Changelly.
- It is currently not clear whether users can enjoy other special features on Changelly such as instant exchange without verification, paying for goods and services, loans, and much more.
Is Changelly safe?
What is users community’s reactions to Changelly safety?
In April 2017, Changelly hit a 1,000,000 mark of users currently taking advantage of its services. Having been launched a few years from then marks how popular the platform has grown indicating satisfaction on the part of most buyers. So far, there are no major issues that have been reported by users.
What security protocols has Changelly implemented?
Is Changelly legit? The exchange platform offers a two-factor verification step for users to access their accounts. There is, however, doubt as to whether they use a cold storage option for securing the funds of users just in case they face an attack from hackers.
Generally, Chengelly’s community of users enjoys an average customer support with fairly fast processing speeds of both their requests and transactions.
How to use Changelly?
In this guide, we will demonstrate how to use Changelly using the platform to convert Bitcoin to Ethereum.
- You will head to Changelly’s site.
- And select a Bitcoin and Ethereum pair by stating that you have Bitcoin and want to get Ethereum.
- You will then click on the exchange after which you will be led to the next page with details of the transaction.
- Assuming you ain’t already signed up with Changelly, they will require you to do so using an email address. The email address will enable you to log into the platform anytime in future and revisit your transactions.
- After the sign-up, you will go to the next option requiring you to key in your Ethereum’s wallet address, where you will receive the converted Ether.
- The next click will lead you to a page with the details of the exchange you are just about to make. If everything appears well on your side, you can proceed and confirm the transaction with the ‘confirm and make payment’ option.
- The next page that you will be led to will display a QR code and the Bitcoin Wallet Address to which you will send Bitcoins to convert into Ethereum.
- You will send the Bitcoin payment and get an email confirmation once the transaction has been completed.
- You can then use your Ether for anything you anticipated!
Changelly Review Summary
“Can I trust Changelly?” Generally, Changelly is a good platform for converting different cryptocurrencies. I have personally used it several times to make conversions from Bitcoins to other altcoins. Having been officially released almost three years ago, the platform has made a tremendous growth and seems to have a promising future.
Pros of using Changelly
- The platform supports many coins.
- It offers good support for users.
- The fees are relatively low except for the fiat currencies.
- No personal information is required for use.
- It is an easy and convenient way to switch between cryptocurrencies.
- The owners of Changelly haven’t come clear on their identity.
- Users have complained of extremely high fees while making conversions to fiat.
- The rates charged by Changelly are not quite clear.
Thank you for checking out this Changelly review and please visit our website where you will find other informative and useful articles, guides, reviews about the crypto economy.