There are numerous Cryptocurrency exchange platforms which have come into existence with the expansion of the Crypto market, and one such is Changelly. The following review on Changelly focuses on its features, operation, and trading fees, the cryptocurrencies that it supports, its customer support, and pros/cons.
What is Changelly?
Changelly is a well-known cryptocurrency exchange which came into operation in 2015.
Changelly makes bids and takes suggestions of the best available rates on trading pairs by respective exchanges. It tries to remove the technical barriers of traditional trading platforms by using an automatic trading robot.
Associated with the Minergate team initially, Changelly has two different companies at present. It is integrated with a few of the largest trading platforms, including Poloniex and Bittrex.
It is very much similar to Shapeshift based on the services that it provides. Changelly facilitates the trade of cryptocurrency without registering at any exchange and needs no verification.
One of the remarkable features of Changelly is that it allows for an instant and seamless conversion of 80+ altcoins and tokens.
At present, Changelly processes more than 50000 BTC per month and also boasts over 700000 customers at present. The company has been partnered with reputed firms like Coinomi, Bittrex, Jaxx, Coinmarketcap, and more.
Key features of Changelly are:
- Supports more than 80 altcoins so the Bitcoin can be exchanged with any among these.
- The exchange fees are only 0.5%.
- Changelly supports USD Tether (USDT).
- Facilitates buying of Bitcoin using credit/debit card.
- You can track your past exchanges through a user’s account at you create.
- It takes only 5-30 minutes to process and convert your exchange.
- It has high limits and substantial liquidity so that you can make a trade of any size.
How Does It Work?
There is a simple step-by-step interface that Changelly takes you through to exchange your assets. With ample information and instruction along the way, you will easily be able to make your profile and use the platform for exchange.
- You begin by selecting the cryptocurrency that you would like to exchange; you merely have to click the two dropdowns. You then have to enter the amount of currency you want to exchange. Then you will see an estimate of the amount of the new (exchanged) currency you’ll receive.
- Then as you go on the next page, you will have to change and confirm the amount that you had initially been entered. The page clearly shows the exchange rate, the amount you’ll receive, and estimated arrival time after conversion. For your ease, it calculates and displays their 0.5% transaction fee.
- After completing the second step, you’re required to enter the wallet address where you would like the fund to be sent. It is vital that you check the address more than two times since entering the wrong address might lead the fund to go elsewhere. If this happens, there’ll be no way to access your cryptocurrency after the exchange is made.
- After that, on the next page, you will get to see all of the information from the previous pages You will have to confirm that everything is correct. Take some time to look over the information that you have provided since it is essential to check for inaccuracies in such a sensitive matter. After you have sent funds to the Changelly wallet, there is no way to fix this information so be sure to check it twice, even thrice.
- Then the final step is to transfer the funds of the original currency to the wallet which Changelly provides. To do this, you must copy the wallet address listed, or you can also scan the QR code which is placed at the bottom of the page.
(However, if you’re sending STEEM, Ripple, or XEM, this is not the final thing you will have to do, there is more)
- After Changelly receives your funds, an email confirmation will be sent to you. It takes around 5-30 minutes for most exchange pairings. You will soon have your fund in your wallet.
There is a flat fee of 0.5% for each transaction. The transaction fees charged by Changelly is much lower than many other popular exchanges. However, there are some cases when the exchange rate it uses to make trades is worse than the current market rate.
One of the specialties of Changelly is that it supports several coins and pairings like Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, Factom, Golem, Litecoin, Monero, NEO, Ripple, TenXPay, and more.
It supports more than 80 cryptocurrencies at present. With the increase in different cryptocurrency, there is also an increase in the number of cryptocurrencies supported by this platform. New currencies are being gradually supported by Changelly.
Before you put all your faith and funds in Changelly, it is vital to know if you can trust the company or not and if the company can provide you enough security or not.
Created in 2013 by the team behind MinerGate, a Bitcoin mining pool, Changelly began operating in 2015. At present they have partnered with well-known wallets like Coinomi and Jaxx, which are known to be highly secure.
The platform boasts 700000 traders at present. However, there are a few disappointed traders who complain about the poor exchange rates.
Changelly does not provide the details about their security policies. However, it does not mean that you have to worry about the fund security.
You are at safe hands since your funds are never stored on Changelly. Your funds are immediately sent to a wallet after they’re exchanged. You might feel safe to know that Changelly uses two-factor authentication for sign-ins just for that extra protection.
Check also: Coinbase Review – Everything You Need to Know
Finding customer support on the Changelly website is quicker. The customers were not satisfied with its support but recently Changelly has implemented live 24/7 support. It will help you to resolve any of your issues faster.
Pros and Cons
Some of the PROS of Changelly are:
- It is an easy and convenient way to exchange Altcoins.
- Your personal information is not required which saves much privacy.
Some of the CONS of Changelly are:
- The transaction rates are slightly higher than other altcoin exchanges.
- There are problems regarding withdrawal due to the probable temporary influx of new users and jam-packed Bitcoin network.
- There are a few glitches that might occur like the system may crash at times, and there are cases where the buttons do not work properly.
Looking at the overall performance of the platform, it is safe to say that Changelly is a legitimate website which can be trusted.
Changelly keeps on introducing new support for many consistent cryptocurrencies.
Also, it can be said that their support system is remarkable. It will save your time when you need to get a hold of a popular and trendy cryptocurrency.