Changelly Exchange Review
In this post we give a non biased review of the Crypto Exchange Changelly and share details about features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
Changelly Exchange Review – QUICK NAVIGATION
QUICK FACTS – Changelly Crypto Exchange
Type: Trading platform/crypto exchange
Founder: Minergate
Headquarters: Malta
Changelly Crypto Exchange Review:
Overview of Changelly Exchange
Changelly is different to alot of exchanges as it allows you to trade cryptocurrency instantly and without registering at any exchange or verifying your identity. In operation since 2015 and headquartered in Malta, Changelly was originally associated with the Minergate team. However both companies have since parted ways and Changelly is now a separate company.
It uses a trading robot which operates with some of the larger trading platforms out there including Binance and Bittrex as typical examples Changelly operates by a making asks and bids on respective exchanges to suggest the best available rates on trading pairs.
Crypto Exchange: Getting Started & Signing up to Changelly
Registration
The process for registration is simple as you do not need to sign up
First, you decide what coins you want to change (e.g., Bitcoin to Ethereum, Litecoin to Dash, etc.).
After that you just verify the transaction fees, enter your receiving address and confirm and pay in your chosen currency.
So that’s it, after about half an hour, you should receive the requested coins in your wallet.
Although Changelly has a relatively simple and relatively anonymous buying process, it is stipulated that full KYC may need to be carried out if the account is deemed to be suspicious
The mobile version is quite similar to desktop and reports no known problems.
How to Deposit on Changelly exchange
Offering access to over 140 cryptocurrencies means exchanging between two currencies quite straight forward. Changelly is different to other trading platforms as it isn’t as limited to the selection of trading pairs, which means you do not have to make multiple transactions to receive your desired cryptocurrency
You have the option to create your own trading pairs with different cryptocurrencies on the Changelly platform with one transaction, all you need to do is select the trading pair of your choice and the Changelly software will do the rest for you making this is quite an innovative procedure.
Changelly has also recently added fiat currency support, with the inclusion of credit and debit card purchases. However fees for this are rather high so it’s important to note these before you take the plunge.
Changelly Exchange Bonuses: Sign up bonus
Changelly offers an affiliate program that anyone can readily participate in upon registering on the site.
Changelly offers a 50% share of revenue that their individual referral would bring to the company – which means when you make a referral to a friend or family member etc and they make a transaction within Changelly you will be awarded 50% of the funds the referral brought to the site.
Trading on crypto exchange: Changelly
As already mentioned, there’s a trading bot taking care of all the trading you need on Changelly.
Changelly Exchange Fees
All trades on Changelly guarantee a 0.5% fee, which is quite competitive if you had to compare to other platforms. In fact, if you’re making multiple trades to move altcoins, then Changelly may actually become a cheaper option, particularly with smaller amounts.
The situation changes when it comes to trades using fiat currency since there’s a bit of a snag here. Trades from fiat currency eg GBP, USD claim to hold the 0.5% static fee, but due to exchange rates this fee can differ, this is due to Changelly using a third-party provider Indacoin and Simplex whose rates vary dramatically
Changelly has direct buying fees. When you buy cryptocurrencies with a credit card on Changelly, you will see that the fees are considerably higher. It’s important to understand that all bank card transactions on Changelly are provided by Simplex and Indacoin, therefore again incurring a fee.
Simplex provides the exchange for the following cryptocurrencies BTC, BCH, LTC, XRP and ETH Changelly supports direct payments from this provider, therefore, you can buy these cryptos without double conversion. However, when purchasing any other coin listed on Changelly, the transaction will be operated by Indacoin, which means the desired fiat amount will be converted first from fiat to BTC and then from BTC to the desired cryptocurrency
Withdrawal on Changelly Exchange
Withdrawals are simple to do although as mentioned earlier, for fiat currencies these are quite costly.
User Experience on Changelly
Navigation
The platform isn’t too hard for a newbie but at the same time it is also good for a pro too.
Interface
No charts, but simple exchange, buy, sell interface that is highly intuitive and easy to use.
Offerings/Markets
Changelly lists around 140 different coins mostly from the top 200. There are a number of questionable coins but with very low turnover they are rarely traded.
Mobile Experience
The Changelly experience on mobile is pretty good and is not dissimilar to the desktop experience.
Security
Changelly is a well known and respected exchange and you would be hard pressed to find claims of Changelly being a scam or fraudulent.
Governance
Changelly is headquartered in Malta with an undisclosed number of employees. They are a trading platform although they rely on third parties to complete their crypto transactions whilst fiat transactions also involve someone else. They are a private company so the governance model is not disclosed.
Support & Social
Changelly has a good 24/7 support service and chat available. There’s also a crash course in cryptocurrency on the site as well as an extensive help database with a search facility for topics. You can also find excellently produced video guides. Changelly has an active Telegram channel which is quite responsive.
Crypto Exchange: Our Rating of Changelly
On the whole Changelly is a secure and safe exchange platform both for beginning crypto users and for experienced pros
Due to the nature of blockchain and as more people are using it at once it slows down for everyone. But that’s quite a rare occurrence.
