If you’re looking for an exchange that primarily focuses on coin exchanges and doesn’t include buying and selling options, then Changelly is a great choice.
Changelly currently has over one and a half million users all over the world. These days, they’re averaging over fifteen thousand transactions daily, with a monthly turnover of more than sixty thousand bitcoin. They also trade in more than ninety types of altcoins, a huge selling point for buyers and sellers interested in investing in more than just bitcoin. This exchange prides itself on account security, transaction speed, and an intuitive, easy to use interface. This up and coming exchange is definitely worth keeping an eye on.
Our Verdict: This is a solid exchange that’s an excellent option for the investor who is interested in trading one type of coin for another, without having to deal with the day to day hassles that come with trading on a larger, standard crypto exchange. As a newer exchange, Changelly certainly still has some glitches in their system that they need to work out, at least in terms of navigation, however, the exchange itself has a lot to offer new and experienced investors. We expect even bigger and better things from this growing exchange in the near future.
Continue reading to learn more regarding how this newer crypto exchange works.
Exchange Overview
This unique exchange allows you to exchange one type of coin for another, quickly and easily. It also tells you where you’ll find the best rates, directly on the site. The exchange’s robot has access to all of the major trading platforms, which is how the site is able to suggest where you can go to get the best rates for many of the leading cryptocurrencies. And this is all done in a matter of seconds.
Since the market is so complex and volatile, the exchange also doesn’t fix rates. This allows them to charge a lower than average commission fee for transactions.
This exchange puts a strong emphasis on trustworthiness and speed. Speaking of speed, many of their transactions or so fast the entire process is completed within seconds. Thanks to their association with Miner Gate they also have a major rep in the industry as an exchange you can trust.
A Smooth Process
Your basic transaction with this exchange will begin with a digital wallet and the coin of your choice. Based on the coin type and amount, the exchange will select the top trade and the best rate among a variety of exchanges. It will then convert your money into the coin of your choice, at the best rate. They currently charge a fee of just half a percent. Next, they’ll deliver the newly converted coin into your wallet.
If you’re more interested in using cryptocurrency exchanges that allow person to person transactions click here to read our guide on the leading crypto exchanges in the industry.
User-Friendliness
For beginners in search of an exchange that offers more details, Changellly has a robot that’s integrated into the largest trading platforms all over the world. In a fraction of a section the robot will create a bid or search platforms, then it will choose the best rate, and display its estimates directly on the Changelly site. The rates are only approximations until the transaction goes to the blockchain. This means the rate can slightly differ.
Fees
This exchange doesn’t fix rates because the market is volatile enough that rates can fluctuate by the minute. If the exchange chose to fix the rates then it would need to cover market risks and currency volatility, which would require high commission fees. The exchange also has to factor in the associated fees from the network per transaction. These fees are linked to the blockchains involved. The fees are sent to the miners who process the transactions.
With simple, straightforward transactions, this exchange is easy to use, making it a great choice for beginners who are put off by other exchanges and their complex interfaces.
The exchange does offer fiat purchases via debit card or credit cards but their fees are high so we don’t recommend using them for this purpose.
Their fees are as follow:
- Commission on coin to coin trades- half a percent
- Five percent exchange commission fee and five percent processing fee on debit card or credit card purchases
Currency Options
As we mentioned earlier, this exchange deals in more than nine types of coins. You can find a complete list of the currencies they allow on their supported currency page. You’ll find that they allow trades and exchanges in extremely popular coins include Dash, Litecoin, bitcoin, Ethereum, Dogecoin, and more.
Account Info
In order to protect your privacy, the exchange doesn’t require you to create an account to use their conversion services. This means that you don’t have to submit any personal info, you just need a digital wallet. However, keep in mind that if you’re buying coins with a debit card, then you may be required to provide verification before purchase. Buyers who stick with coin to coin conversions don’t need to use any type of verification.
Buying Coins
When you buy crypto on this exchange, it’s a very straightforward process, regardless of the type of coin you buy. You can use the search function to locate your crypto of choice, faster. Enter the amount of coin, then adjust the crypto on the right sidebar to the type you want to purchase and hit the exchange button. You’ll need to confirm the specified amount you’re selling and the amount you want to receive. Click next.
The next step is entering your wallet address, which is where the coin will be sent.
Once you’ve confirmed the transaction, at any time you can view the status by going to your transaction history. You’ll get a notification when the transaction is complete. This can take between four and twenty minutes. If there are network delays it can take longer. Once the transaction has been completed you’ll get a receipt.
Keep in mind that the transactions can’t be canceled on the blockchain. Rolling back a transaction simply isn’t possible on any platform. Because of this, it’s important that you always confirm the details of a transaction before you send it
Purchasing Coins with a Debit or Credit Card
The exchange accepts payments via debit cards in euro or USD for more than thirty-five different currencies. When converting coin, the process of buying it with your card is fast and easy. Just keep in mind that your card needs to support 3D secure. 3D secure involves verification with a phone number.
Debit Card Limits
People who purchase coin with their debit card will have purchase limits for the first few transactions. Cards from Australia, Canada, and America will have a fifty dollar limit for the first transaction. The net purchase can be made in four days and involves a one hundred dollar limit. After seven days, the limit is bumped up to five hundred dollars.
Once your account is established, you won’t have to worry about minimum or maximum trades.
Customer Service
Like many exchanges, Changelly offers customer service and support via email. Unfortunately, this exchange has a reputation for a poor response time, which can be a major drawback for some users.
A Classic Crypto Exchange
If you’re searching for a reputable crypto exchange that allows trading and has a more pro feel, then Changelly really isn’t the right exchange for you. Instead, the Binance cryptocurrency exchange would be a much better option. They offer comparable fees and are a better fit for pro traders.
Security
We’ve learned how this exchange works, what type of fees they charge, and gotten a general feel for what you can expect in terms of ease of use and user experience, but is this exchange really safe?
Most people who have used Changelly consider is one of the most trustworthy exchanges on the market.
The exchange uses the two step Google Authenitcator process to ensure no one has access to your funds.
Additionally, your information, such as your email address, will remain private and secure and is only used by customer support to contact you regarding your account, if needed.
Pros
- Beginner-friendly
- A large variety of coins to choose from
- Secure system
Cons
- Customer service is slow to respond
Crypto Vetter.com Product Rating:
The Changelly exchange doesn’t allow person to person trades, which can be a downside for some users, but this exclusion is also what makes this exchange a safe option for beginners. To date, there have been no hacking attempts reported.
Very beginner-friendly, Changelly is an exchange that offers an incredibly appealing platform for people who are interested in converting their coins. Since the exchange doesn’t store money there aren’t really any security issues to worry about. Additionally, the exchange offers a very straightforward system that allows the newbie to learn more about the process of trading and converting coin, in a safe, controlled environment. We gave this exchange a rating of four out of five stars.
Checkout Changelly Here!
