Changelly.com review 2020 – Fees, Is Changelly Exchange Safe & Legit?
Changelly.com is a fast, trustworthy and unique exchange. The platform allows users to buy and convert your crypto to another crypto instantly with no required verification. That’s why this exchange is termed as instant cryptocurrency exchange. In this article i.e. “changelly.com review” we will make an unbiased detailed review of the changelly exchange with the complete set of features and the services offers by the platform. And later conclude the article analyzing whether changelly exchange is safe and legit for your day to day transactional needs?
The platform was established in 2013 in Prague, Czech Republic as a prototype by MinerGate(mining pool). Although now, Changelly.com exchange and MinerGate are two separate companies. The Exchange started to gain limelight around 2016 – this is when it was fully established as an complete Instant cryptocurrency exchange.
Over the years, Changelly exchange has impressed online crypto-preneurs around the globe. It has now over 2 million customers worldwide and an annual turnover of more than 600000 BTC / month.
Changelly uses an automatic trading robot that integrate with a few of the best altcoin trading platforms like Binance, Poloneix, and Bittrex. It operates by making bids and asks on these trading platforms and then suggest the best rates available on trading pairs.
In simple words, Changelly.com allows you to exchange one cryptocurrency for another in the most convenient way possible. It does this by aggregating and suggesting the best rates directly on its website.
Changelly also allows you to buy Bitcoins and other 140 supported cryptocurrencies instantly with credit and debit card via simplex
Changelly.com review – Features
No personal info – Buying and trading cryptocurrency largely anonymously
One of the strongest feature of changelly exchange is that it allows buying bitcoin and other cryptocurrencies with debit and credit card without any personal info. Same follows for crypto to crypto conversion
It has simple and relatively anonymous buying process, but a full verification process can be required if a certain trade or user seems suspicious.
Changelly only requires an email to create an account. It helps in tracking your ongoing and past transactions.
Changelly also offers a full fledged android mobile app with very simple interface. You can buy and trade cryptocurrencies on the go with in minutes. You can also access changelly service with various 3rd party wallets. The most popular wallets that integrate Changelly are Trezor hardware wallet, Ledger wallet, Edge, JAXX, and Coinomi.
Changelly.com has very fast Exchange Process. It usually takes 5 minutes for a transaction to complete. So you can buy bitcoin with credit card with in 5 minutes from the platform. It can take up to 15-30 minutes if trading amount is more than 1 BTC.
Changelly gives amazing OTC Services to its OTC clients by making it easier for them to exchange large amounts of crypto through our customer support system.
Measures have been placed to ensure that all users needs, queries and problems are well attended to and on time
How to use Changelly Exchange – Convert Crypto to another Crypto?
- Go the Changelly exchange homepage.
- Select the currency you wanted to exchange.
- Let’s convert Bitcoin to ethereum
- Here we wanted to convert 0.1BTC TO ETH.
- So we entered 0.1 BTC in BTC currency column and it shows How much Ethereum we will receive.
- Then Click on Exchange now
On the next page, you’ll see the exchange rate.
You should also create an account if you wanted to keep track of your transaction
- Now enter the wallet address on which you wanted to receive your converted cryptocurrency.
- In this case, we will enter Ethereum wallet address (Always use hardware wallet to store your cryptocurrency securely)
- Then click on Next
- Now check and review all transaction details. Check the exchange fee and network fee and the total amount you will receive after conversion in your ethereum wallet address.
- Then click “Confirm & make payment”
- Now you can see the Bitcoin wallet address provided by the changelly to deposit the Bitcoins (0.1 BTC).
- Now send the funds to the provided address. Changelly give 36 hour time period to the make the payment otherwise it will get automatically cancelled
- Once you have make the payment ( i.e. deposit the Bitcoins). It will take 5 to 10 minutes to convert the funds (In our case Bitcoin to Ethereum)
I have used the changelly about 50 times, and it usually takes 5 to 15 minutes to completing the transaction.
Once the exchange is completed, you will receive your transaction and a confirmation email with your receipt
You can login your account to check receipt any time from your Changelly dashboard.
You only need to provide your phone number or email address to start a Currency Exchange or to buy a cryptocurrency with debit and credit card
Changelly Exchange review – Supported Cryptocurrencies
Changelly supports more than 150 cryptocurrencies
- Gnosis GNO
- Populous PPT
- Eureka Coin
- VeChain VET
- TRIGx token
- Tether ERC20 USDT20
- Crypto euro (EURS)
- Rupiah Token
- Horizen ZEN
- Zcoin XZC
- Kyber KNC
- Loopring LRC
- Bread Token (BRD)
- Bitcoin Cash
- Bitcoin Gold
- Wings DAO WINGS
- Ethos ETHOS
- WAX (WAXP) WAXP
- SOLO coin
- IoTeX (IOTX) IOTX
- Gas GAS
- Zap ZAP
- Bitcoin Rhodium XRC
- Ignis IGNIS
- 0x Protocol Token ZRX
- Fetch.AI FET
- Swarm City SWT
- Telcoin TEL
- Humaniq HMQ
- Red Pulse Phoenix Binance Coin
- Waltonchain WTC
- Cosmos (ATOM) ATOM
Users believe that the main feature that is attracting them to Changelly is its fee rates. Most exchanging platforms do not have a fixed price as this would lead to them covering the market risks.Therefore, a certain fee is charged as commission regardless of the mode of payment.
Changelly fees covers: trading fees, withdrawal fees and deposition fees.
The initial charge was 0.5% on each trade, however in 2019, Changelly lowered its trading rate to 0.25% on each trade.
Before any transaction, the user should always check the trading fees.
By using the Maker-Taker Model, makers form liquidity in the market while takers match this liquidity to an existing order. However, Changelly.com uses the Flat-Fee Model where both the makers and the takers are charged a neutral fee.
This means that both the markers and takers pay 0.25% of the total order during crypto to crypto conversions
- Flat crypto to crypto conversion fee – 0.25%
However, these fees vary when you wish to buy Bitcoin and other cryptocurrencies directly using the credit card.
A higher fee of up to 10% can be charged depending on the currency in question. This increase is high because third parties like Simplex, indacoin and moonpay are involved.
Changelly prefers direct payments which are provided by Simplex without being converted twice. Changelly charges 5% fee with Simplex
However, when buying fiat on Changelly, Indacoin exchange will handle the transaction. The fiat amount will undergo double conversion, from fiat to BTC and from BTC to you cryptocurrency of choice
Overall Changelly charges about 5-10% fee when you buy cryptocurrencies using the Master Card and Visa Card (depending on the 3rd party involved)
- Simplex – 5% fee
- Indacoin – 10% fee
- Moonpay – 7% fee
If you want to withdraw FIAT from the exchange then Changelly charges flat 5% Fee which is relatively low then other Exchanges.
- Credit Cards
- Debit Card
- Prepaid Card
- Virtual Credit Card
Changelly is available worldwide except below countries
USA, Cuba, Iran, North Korea, Crimea, Sudan, Syria,Bangladesh and Bolivia.
If you are dealing in crypto there is no exchange limit at Changelly.com
If you are using a credit and debit card then certain limits applies
US, Canada, and Australia
- First transaction using a credit & debit card has a limit of $50.
- For the second transaction, buying limit will increase to $100.
- After 7 days from the First transaction, users buying limit raised to $500 with no more than 3 payments within the First week.
- After a month from the First transaction, there is no limit on buying with a credit and debit card
EU and rest of the World
- Users can spend $100 on their First transaction
- Users can spend up to 200$ for their second transaction but after minimum 4 days of first purchase
- After 7 days of the first transaction, the buying limit increased to $500 with maximum of 6 transactions within the first week.
- There is no buying limit for all transactions made in a month
For every business one wants to venture in, their business security should be their top most priority.
Changelly takes this with the top most caution and ensures every user’s funds are under 24 hour protection. How?
For Changelly to be considered non-custodial means, it has neither access to users account nor does it keep their funds. Instead, Changelly sends the Crypto to their wallet immediately after they make a purchase.
Any trade made in Changelly requires users to register their accounts using an email only known to them.
Besides, Changelly has its 2FA authentication that should be enabled every time a user logs in.
By implementing the KYC and AML policy, users can be asked to show proof of funds through KYC if Changelly’s automated risk management system confirms suspicion on a certain transaction.
However, users are first alerted about this using a checkbox before they send funds to the platform
The platform observes transparency and no major issues like scams, malfunctions and break-ins have been reported till day.
A user applauded Changelly’s staff members for sending back his huge amount of money that he had sent to the platform accidentally.
This platform considers the verification process to be very important that it requires a valid wallet address.
Unless one wants to use fiat, then other documents like credit cards will be required.
Most users are pleased with the customer service shown by Changelly team members. Queries are often replied to in a few hours time and any problem reported is attended to as soon as possible.
According to Trustpoint, Changelly is doing a good job since it scores highly on the trustpoint review
The Changelly website is simple,brief and easy to understand. This enables users to easily manoeuvre within the website with minimal distraction and eventually start trading
A chatbox has been provided on the website. Users can live chat with the support staff directly as they trade.
Changelly responds to each and every review regardless of it being positive or negative. There are a few negative reviews about expensive trades and missing funds that the customer support staff has responded to.
The Helpdesk button at the bottom section of the website is for sending a support ticket to Changelly.
When a ticket is sent,a 24hour response will be provided by the Help Desk software.
The FAQ section is provided to guide users on the common problems faced by other users and the answers or solutions are already provided.
Changelly gives support by providing an email email@example.com. To contact them, send an email through submit a request
For easy understanding, Video tutorials are provided to educate users step by step on how to buy cryptocurrencies and exchange cryptocurrencies instantly
Is Changelly safe and legit?
Without a doubt Changelly is a safe and legit exchange. More than 2 million active members is a transparent proof of this.
Changelly exchange is a reliable and trustworthy instant cryptocurrency exchange that offers a blend of transparency, convenience and quality under one roof.
It’s a must use platform for every crypto user.
When ever you need to get hold of cryptocurrency quickly Changelly.com is the place to go.
There has been no major security issues like hacks, scams, malfunctions and break-ins have been reported with the exchange till day.
Changelly.com is a non-custodial exchange. It means Changelly doesn’t hold your crypto on any account, as it sends funds into large cryptocurrency exchanges before depositing straight to your chosen wallet.
I’ve been using Changelly.com for almost two years now, and haven’t experienced any major issues.
Whenever I ran into a some kind of issue, the Changelly customer support was quick to respond
- It offers a flat exchange fee of 0.25% (competitive)
- Only requires an email to access the platform services
- Highly trustworthy exchange
- Can buy and sell cryptocurrencies using credit and debit card ( but exchange rate is very high)
- Speedy transactions
- Awesome customer support
- Support more than 150 cryptocurrencies
⦁ Relative High credit card buying fee 5% to 10%
- Competitive Instant Cryptocurrency Exchange Fee of 0.25%
- Support more than 150 Cryptocurrency
- Can Buy Cryptocurrency with credit & debit card
- Speedy transactions
- Responsive customer support
- Relatively high credit card buying fee 5% to 10%