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.
Changelly Exchange Review
QUICK NAVIGATION :
- what is Changelly?
- Why Changelly?
- Changelly Platform View
- How Changelly works?
- Changelly Fees
- Changelly Affiliate Program
- Customer Support
Changelly is an 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 140 cryptocurrencies available for exchange.
It 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 decentralised 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 140+ cryptocurrencies that is 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 is operating since 2015. It locates the exchange headquarter in Prague.
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 Bank card which is an useful feature.
Changelly exchange can be accessed using their official website and Android mobile app. iOS version is still to be developed.
The exchange also provides a customisable 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 near future.
How wallet integration works?
All the mentioned wallets have integrated Changelly API to their interface. Traders login to their respective wallet, search for this Changelly interface. Then they can trade from their wallet itself. The trading will follow the Changelly workflow in the background.
So, what exactly is Changelly workflow?
How Changelly works?
Up until this point, Changelly review gave you introduction to the exchange. Below is a diagrammatic representation of Changelly workflow.
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.
Changelly boasts about its fees. The exchange charges minimum 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%, but the rates vary on a higher side.
Is there any limitations for exchange?
As of now, There is no limitations for crypto to crypto transactions. The website does not restrict minimum transaction. As we know, network fees are applied to every transaction other than exchange fees. Hence, if you exchange less than 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.
Changelly Affiliate Program
The exchange introduced a referral program for loyal customers. The users can refer 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, User can add the Changelly widget to their website or blog and refer the exchange.
Accounts are secured with 2FA authentication. Users need to use Google Authenticator to access their accounts in case if 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.
The platform has a great Customer support. There is a 24/7 live chat available on the website. Also, the FAQ section and beginners guides have a detailed information about the exchange.
You can buy coins with credit card or debit card although the rates are higher. It is supported in many countries. In addition, it supports more than 80 altcoins and tokens, and has more than 700,000 customers on-board and processes over 50,000 BTC monthly.
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.
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, Bittrex, Coinpayments, Uquid debit card, Coinomi, and other reputable companies.
You can also trade without need for registering and or verification. Moreover, this DEX also added fiat support recently.
Use this referral link to register: https://changelly.com/?ref_id=49pysspbhppw2ovd
July 2, 2019 – Changelly and Infinito team up to provide instant exchange solutions for users, developers & businesses.
Jun 10, 2019 – Changelly Launched Widget 2.0, Fully Customized Crypto Exchange & Purchase Tool
May 7, 2019 – Changelly Launches Premium OTC Exchange
Changelly boasts itself as 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.