Subscribe for our daily recaps of the ever-changing Crypto-currency market.

Changelly DEX

Changelly DEX

The cryptocurrency exchange is easy to use and accepts payments in almost any cryptocurrency, and it is possible to exchange between other cryptocurrencies as well.

The fee charges is 0.5% per trade.

How it works?

First, you will need to create an account to transact at Changelly. This provides access to transaction history, password editing and other account settings. You can also create an account through one of the social media platforms listed on the website.

Furthermore, the DEX protects accounts with a 2 factor authentication (meaning you will need a second device with Google Authenticator installed to login into the account) and does not store deposit.

Changelly robot, which integrates with Poloniex, Bittrex and other major cryptocurrency trading platforms, uses a bidding system where it asks respective exchanges to suggest rates on trading pairs. It will select and suggest the best rate and display the estimate rate on the website. This rate is approximate until completion of the transaction.

To receive your amount when doing exchange, you require providing a wallet address where the amount will go. By figuring out the type of coin you want to buy, you can know which wallet you need. You might start with the coin’s official wallet. Your private keys for the wallet are to keep and it is necessary to save them well and to understand how to restore them in case of a loss or misplacement.

Once you select the coins you want to trade, you verify your transaction fees, enter the receiving address, the confirm and pay using the chosen cryptocurrencies. You then receive your requested coins in your wallet after about 30 minutes.

How to Buy a Coin?

Buying coin is also simple. Visit the website and then select the coin for exchanging, on the left side of the website. Click exchange button. Confirm the amount to buy and hit next to then specify the wallet address of the recipient (this is where the exchange sends the coins you need). Click next. A QR code and a wallet address appears below and this is where you send the coins you want to exchange for.  Scan the QR code if using the wallet app on mobile phone. They receive the request and exchange, after which you get the hash to confirm completion of the transaction.

Remember: never to continue if the recommended amount for exchange is lower because there is a high risk that the transaction will not go through and you can lose your sent coins.

Although the fee is around 0.5 percent per trade for crypto, this doesn’t appear to be so for fiat options. You can see full details on network fees here.

Benefits

With Changelly, 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 0.5% 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.

Get Ultimate list of Decentralized Exchange

Shares 0

Author

David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.