Changelly is one of that fastest and highly anonymous crypto exchange offering 150+ cryptocurrencies.
Well known for its diversity in trading altcoins, Challengly exchange is popular among traders. Offering as low as 0.5 % of trading fees is a key point but exchange with fiat currencies is very high.
Do you know? As of today, Changelly exchange has reached 2 million users worldwide and supports 150+ cryptocurrencies.
Pros & Cons
- Supports multiple coins
- Reduced fees from 0.5% to 0.25%
- Relatively good Customer support
- High fees when buying cryptocurrencies
- Negative comments from the community
Usually, the first question that we encounter in a review article is What. So what is Changelly? Let’s understand from this Changelly exchange review.
What is Changelly Exchange?
Changelly is a cryptocurrency exchange. This exchange boasts allowing you to exchange crypto fast and buy it with a bank card. The service provides the best crypto-to-crypto rates and supports over 150 cryptocurrencies available for exchange.
Changelly is one of the most used cryptocurrency exchanges that has gained the trust of more than 2M users from all over the world.
Since it is a decentralized exchange, The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work with a list of 150+ cryptocurrencies that are constantly increasing.
Further reasons to choose Changelly:
- No deposit storage.
- Each account is protected with 2-factor authentication and an HTTPS protocol.
- More than 2 million satisfied users.
It is non – custodial. That means, it does not store User funds in the exchange.
Changelly exchange has been operating since 2015. It locates the exchange headquarter in Prague.
Also, the cryptocurrency ecosystem also processes transactions within 5-30 minutes. You are also able to trade different cryptocurrencies in one transaction hence minimizing the number of tasks, amount of time spent, and cost.
Did you know? Changelly handles thousands of transactions per day. ETH/BTC trading pair is the highest traded pair on the exchange.
A fee of 0.25% per trade is somewhat lower than some cryptocurrency exchanges and merchant APIs, and it also offers a higher limit when compared to some other DEXs. However, fiat options might add costs up to 40% on a bad day.
The exchange uses a trading bot that integrates other larger trading platforms including Poloniex and Bittrex. It is also reputable with or has partnerships with Jaxx, Coinmarketcap, Coinpayments, Uquid debit card, Coinomi, and other reputable companies.
You can also trade without the need for registering and or verification. Moreover, this DEX also added fiat support recently.
Changelly Mobile App
Changelly exchange can be accessed using their official website and Android mobile app. iOS version is still to be developed.
Here’s what Eric Benz, CEO of Changelly, thinks about the app,
“The Changelly mobile app has completely transformed the way in which our customers interact with the platform. The intuitive interface makes it easier than ever before to use Changelly on the go! By focusing on building a very easy-to-use mobile application we wanted to make the purchase and swap of crypto even easier for our customers. I couldn’t be more excited about its continued development.”
The platform has great Customer support. There is a 24/7 live chat available on the website. Also, the FAQ section and beginner’s guides have detailed information about the exchange.
Changelly Exchange Fees
Changelly boasts about its fees. The exchange charges a minimum of 0.25% transaction fees on every exchange irrespective of its type.
However, charges while buying the tokens using Bank Cards (Fiat currency) are not stable. Though the exchange claims the fees to be only 0.25%, the rates vary on a higher side.
Are there any limitations for exchange?
As of now, there are no limitations for crypto to crypto transactions. The website does not restrict minimum transactions. As we know, network fees are applied to every transaction other than exchange fees. Hence, if you exchange less than a network threshold amount, the network fees will cause a problem. Make sure to check the network fees and its limitations.
However, Fiat transactions have some geographical limitations. According to geographical restrictions, you cannot use the exchange if you reside in one of the following countries – Cuba, Iran, North Korea, Crimea, Sudan, Syria, United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and the US Virgin Islands (St. Croix, St. John and St. Thomas), Bangladesh and Bolivia, as well as any other country subject to United Nations Security Council Sanctions List and its equivalent.
Also, read on top Exchanges in the Crypto industry
Changelly Affiliate Program
The exchange introduced a referral program for loyal customers. The users can refer to the exchange and if anyone joins the exchange using that referral link, the user will get 50% of the revenue share. The link once generated will be dedicated to that user. The rewards will be given in Bitcoins. Additionally, users can add the Changelly widget to their website or blog and refer to the exchange.
Accounts are secured with 2FA authentication. Users need to use Google Authenticator to access their accounts in case you misplace your wallet logins. If you misplace your hardware wallet, contact the support via mail and they will block the wallet integration. All in all, your tokens are safe.
Changelly takes KYC very seriously. If the exchange finds a transaction to be suspicious, it is put on hold until KYC is completed. KYC procedure includes confirming the identity of Users by means of:
- A high-quality photo of their ID (passport or driving license) valid in their country;
- Proof of the origin of funds;
- Any other applicable documentation.
Upon successful completion of the KYC procedure, the transaction will be executed.
How Changelly works?
Up until this point, the Changelly review gave you an introduction to the exchange. Below is a diagrammatic representation of the Changelly workflow.
- Decide what coins you want to change Bitcoin to Ethereum
- Verify the transaction fees.
- Enter your receiving address.
- Confirm and pay in your chosen currency.
Changelly makes bids and asks on the platforms, then selects and suggests the best available rate and displays the estimated rate on our site. The rates remain approximate until we actually make the transaction on the blockchain. Hence the exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction.
Moreover, the transaction takes only 5- 30 minutes as per the website’s claim.
Changelly Platform View
Changelly offers an intuitive interface. You can easily swap from one token to another.
The exchange also provides an option to buy crypto using Bankcard which is a useful feature.
Changelly exchange can be accessed using their official website and Android mobile app. the iOS version is still to be developed.
The exchange also provides a customizable API. One can integrate this API on their website and trade directly without accessing the official website. Dozens of crypto businesses already use Changelly API which empowers their functionality with the instant swap feature.
Additionally, Changelly wallets integration is also well known. The wallets supported are Trezor, Coinomi, Freewallet, Trust wallet, Mycelium and many more. Changelly plans to integrate more wallets in the near future.
How does wallet integration work?
All the mentioned wallets have integrated Changelly API to their interface. Traders login to their respective wallets, search for this Changelly interface. Then they can trade from their wallet itself. The trading will follow the Changelly workflow in the background.
How to create a Changelly account?
Changelly allows account creation in a few clicks.
The user can easily signup with Google or social media accounts. The platform does not ask for any verification from the users.
April 2020: Changelly celebrates 5-year Anniversary
The exchange has been catering to traders since April 2015. In these 5 years, Changelly has become one of the top exchanges to provide fast crypto transactions. The platform also supports 150+ cryptos.
March 19, 2020: DAO Wallet now compatible with Changelly exchange
The DAOWallet integration with Changelly allows users the benefits of in-wallet instant crypto exchanges. Also, the exchange added a BET token to the trading pairs.
Changelly boasts itself as an instant crypto exchange which is true to some extent.
To summarise, Changelly will save you a lot of time when you need to quickly exchange any popular cryptocurrency.
Changelly offers exchange between other cryptocurrencies instantly. It charges 0.25% fee per trade.
Changelly charges a low commission fee of 0.25% for crypto-to-crypto swaps and offers the best available rate at the moment of transaction. That is the only fee you will incur.
Changelly is not available in the following regions – USA, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh or Bolivia, as well as any other country subject to United Nations Security Council Sanctions List and its equivalent.
Changelly exchange charges 0.0001 BTC in withdrawal fees for BTC-withdrawals.