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Changelly Exchange Review
4.1 (25 votes)

Changelly Exchange Review

We need crypto exchanges to buy, sell, or exchange cryptocurrencies, and they have become more important with the rising interest of investors in Initial Coin Offerings or ICOs (such as Joinwell, Lendo). By launching ICOs, the companies introduce their crypto assets, commonly known as tokens, which are created using blockchain technology. With an ICO, a startup can raise funds to finance their projects without relying on traditional venture capital. With more projects raising funds through ICOs, the number of tokens has also increased. However, the limited options of centralized exchanges to liquidate the tokens makes the convertibility of one token to another a real challenge for both the operators and investors alike. A decentralized exchange offers a superior alternative when it comes to dealing with diverse digital assets, as it leverages the underlying blockchain technology behind the trading of cryptocurrencies. Here, we are going to review one such crypto exchange, called Changelly.

Overview

Founded in 2013, Changelly is an instant digital currency exchange that has emerged as a popular crypto-to-crypto exchange service in the market. The unique proposition of this exchange is that it allows the investors to exchange one cryptocurrency for another in the most convenient way. Its robot is able to suggest the best possible rate on its website within milliseconds. It allows the companies to charge a very low commission fee for facilitating exchanges and trades. The platform has made the trading and ICO investment process very easy for the investors as it not only allows you to use the website for trading and ICO investment purposes but you may also submit the coin to other online wallets.

Key information about Changelly

  • Site type: Cryptocurrency exchange.
  • Company location: Prague, Czech Republic.
  • Deposit methods: Cryptocurrency, credit card, debit card.
  • Withdrawal methods: Cryptocurrency.
  • Available cryptocurrencies: BTC, ETH, LTC, DASH, XLM, ZEC, ADX, BCN, BNT, DOGE, CVC, CFI, and 70+ more coins.
  • Customer support: Good.
  • Community trust: Good.
  • Security: Great.
  • Available countries: Changelly is available all over the world.

How does Changelly work?

The exchange makes use of an innovative algorithm which is quite different to those used by other exchanges. With its enormous processing power, the exchange makes queries to within a fraction of a second and computes the best rates offered at any point of time. This best rate is then offered to the user as the estimated rate for exchange. However, until the user confirms the transaction and it is completed on the blockchain, Changelly ensures that the best suggested rate is only an estimate. It is not fixed until the transaction is locked down on its public ledger.

Real time exchange rates

The exchange allows you to purchase digital coins with their original rates. Due to its capacity to provide you with a real-time currency rate, you can save money by purchasing the altcoin at the time when the price of your desired cryptocurrency is either stable or decreasing. On many cryptocurrency websites, they display high rates of digital coins, and the company earns their own profit in addition to transaction fees. So, if you are looking for a platform where you can buy cryptocurrency at the same rate it is being traded for, then Changelly is a good option.

Users may notice some difference between the rate being displayed and the actual rate displayed at the time of the transaction. However, the difference is almost always negligible, as the algorithm is super precise.

Key features of the exchange

  • The exchange fee is just 0.5%.
  • Support for exchange between Bitcoin and numerous other cryptocurrencies.
  • Supports USD Tether (USDT).
  • Bitcoins can be bought using credit card and debit card.
  • An exclusive exchange only platform.
  • Past exchanges can be tracked through user account data.

 

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Signing up on Changelly

The exchange allows you to sign up with your:

  • Google+ account.
  • Facebook account.
  • Twitter account.

Registration on the platform is 100% free and very easy too. It does not ask you to submit a lot of information as you can also register on the website using your social accounts like Facebook and Twitter or Gmail account. The registration is quick and takes less than a minute to complete. You can just enter your email address to sign up on Changelly and you will land on the coin exchange screen. There is no need to create a password, and hence a password change option will not be needed. You can use its multitude of features without paying any registration fees.

Transaction fees

One of the major benefits of investing through Changelly is that it offers static-rate fees. While other networks charge very high fees for exchanging the currencies from their network to the wallet, Changelly charges a flat fee of only 0.5% for each transaction, which is much lower than other popular exchanges. This network exchange fee is fixed, no matter what amount of money you exchange. Whether it is USD 1 or USD1 million, the network fee percentage will be the same. With most other crypto exchanges, the exchange fee is flexible, and increases with the increase in amount to be exchanged. Generally, ICO investors lose some amount of money on every transaction, but not with Changelly.

Available cryptocurrencies

Changelly supports a wide variety of cryptocurrencies and pairing including the following:

  • Bitcoin
  • Ethereum
  • Dash
  • EOS
  • Bitcoin Cash
  • Ethereum Classic
  • Litecoin
  • Golem
  • Factom
  • Ripple
  • Monero
  • NEO
  • TenXPay

Deposits, withdrawals, and transfer limits

The exchange has very high limits and good liquidity, so trades of any size can be made on it. During the first week of trading, Changelly limits the amount of fiat currencies that can be exchanged. Residents of the USA, Australia, and Canada can only trade USD50 in their first transaction. There are restrictions on bank card payments, although the limit rises significantly after a few purchases.

Here is the segregation of the limits:

  • First transaction: USD50.
  • After 4 days: USD100.
  • After 7 days: USD500.
  • After one month: No limit.

There is no limit to the amount of cryptocurrency that you can exchange on Changelly. Nevertheless, your transfer amounts must be big enough to pay for the blockchain network’s fee.

When it comes to making deposits and claim withdrawals, Changelly has a very intuitive interface which is easy to understand and follow. Users from the USA, Canada, and Australia will have to wait for four days to make a second transaction. Although this time delay may seem inconvenient, this is actually an excellent security feature that allows users to report any fraudulent transactions in good time.

The transfer limits are changed after a week, depending upon in which region of the world you are located, and after a month, the restriction on the limit is removed. EU, Americas and CIS regions have their own specific limits.

Which cryptocurrencies you can buy or sell?

Changelly deals in crypto-to-crypto transactions and also accepts US dollar and Euro. Some of the cryptocurrencies that the platform supports are as follows:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Dash
  • Bytecoin
  • Dogecoin

Making exchanges on Changelly 

Here is a step-to-step guide to making exchanges on the platform.

  • Head over to the Changelly homepage and select the currency you wish to exchange.
  • You will have two dropsdowns, select the two cryptocurrencies you would like to exchange.
  • Let’s say you want to exchange BTC for XRP.
  • Enter the exchange amount and the platform will then show you the estimate of the amount of the new currency that you will receive.
  • Click “Exchange.”

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  • On the next page, the exchange rate for the cryptocurrency pair will be displayed.
  • Note: If you are asked to create an account, please create the account.
  • Click “Next”.
  • On the next page, enter the address of the wallet in which you wish to receive the payment. Double and triple check the wallet address, as if you enter a wrong address, you won’t be able to access your cryptocurrency once the exchange is made.

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  • Then click “Exchange”.
  • At this point, you’re almost done. Before the exchange provides you with a deposit address, it will show you all the details of your transaction. Review your details carefully and check for any inaccuracies for the final time before confirming the payment. Once you send your funds to the Changelly wallet, the information that you have confirmed cannot be altered.

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  • Thereafter, click on “Confirm & Make Payment” to successfully complete the transaction.
  • For the final step, you will have to transfer the funds from the original currency to the wallet address that Changelly provides. You will be shown the wallet address in which you need to deposit the cryptocurrency. You can copy the address of the wallet or scan the QR code displayed at the bottom of the page. The exchange may take from a few minutes and up to 1 hour to be completed. Most exchange pairings take place between 5 to 30 minutes, and you are most likely to receive the final currency in your wallet within this timeframe. You will receive an email notification about the confirmation of your crypto exchange.

Additional exchange tips:

You can check if your transaction has been added to the block using the payment ID provided by Changelly.

Changelly 5If you can’t find the transaction, it means it hasn’t been confirmed yet. If you find the transaction, you just need to wait for the coins to be transferred as it means that the transaction has been added to the block and is waiting to be accepted by the system.

Changelly6After the transaction is processed, you can find its details in the history section.

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Payments accepted

The exchange supports payment through:

  • Cryptocurrencies
  • Credit card and debit card.

Not all exchange websites provide support for credit card payments due to security concerns as the personal information may be compromised during the buying and selling process on the crypto exchange. However, Changelly has put strict security measures in place and has made it possible for investors to easily purchase digital coins by making payment through credit cards. Be sure of the restrictions put on the use of credit cards, which are as follows.

For the residents of Russia, Kazakhstan, Ukraine, Georgia, and Armenia, there is a first transaction cap limit of USD200. An increase in the cap limit is made 24 hours after the first transaction. For the first week, the cap is raised to USD2000 and for the first month, it is raised to USD10,000.

For the EU and the rest of the world, a cap of USD100 is placed for the first transaction. The next purchase can be made after four days and the cap is also raised to USD200. Seven days after the transaction, the cap is raised to USD500 with maximum number of transactions being limited to 6 in the first week. There is no limit cap for all transactions made within a month.

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User security features

The exchange has a two-factor authentication and an HTTPS security protocol to ensure the security of your account. The investors’ funds are made safe as they are not stored within the exchange but processed directly to the user’s wallet. Moreover, while creating your account on Changelly, you don’t need to confirm anything via email and the transactions remain anonymous.

Customer support

Click on the customer support link on Changelly website. A pop-up window will appear where you can submit your issue or query. Customer support can be contacted directly via email and social media.  There is also the FAQ section where a new user of the platform will get answers to most of their questions.

Summarizing

Changelly offers a nice option for investors who are interested in trading among various cryptocurrencies without going through the hassles of a normal exchange. It’s the right choice for those looking for a clean and simple solution for ICO investments and trading in altcoins. Most of the exchanges do not go beyond the staple BTC, ETH, and LTC trades, while Changelly accepts almost all active coins and you can convert numerous altcoins to BTC with just a few clicks. It saves your time by making the transaction process fast and charges only a fee of 0.5% on the transactions. You can use it to transfer money into your altcoin wallet without worrying about extra commission and transaction fees. With more competitive exchange rates, the platform will attract more users who wish to quickly switch between coins.

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