Changelly Review | The Complete Guide
Assume that you are holding ten different cryptocurrency assets in ten other wallets. That’s quite inconvenient for you to be in such a situation since you must go through a lot of typing and spend a lot of time accessing all of them when you want to!
This is a scenario where exchanging the two currencies into one specific currency, such as Bitcoin, would be advisable to avoid chaos. Isn’t that the best thing to do? To do that, you’ll have to use a platform that allows you to trade cryptocurrencies. However, the question remains: how do you determine which one is right for you? Well, you have the solution now. Changelly is one such solution. Yes, you heard it right!
The user experience on a crypto trading platform must be smooth and secure for it to work and be attractive to potential users. There has been a lot of buzz surrounding Changelly over the past few months, and that is why we now look at how legit it is, how safe it is, what it charges, and ultimately – how you can use Changelly in your crypto trading ventures.
To clear all your confusion regarding this platform, we will put together a complete changelly review covering all these aspects.
What is Changelly?
It was founded in 2015 and has become one of the leading cryptocurrency exchange platforms in the world. It allows traders to exchange cryptocurrencies without having to register their identities.
During the launch in Prague, the Minergate team was present to support the platform. Despite this, the companies parted ways, and the headquarters moved to Malta because of its cryptocurrency-friendly regulation and active blockchain industry.
Founded in Hong Kong, Fintechvision Ltd. owns the exchange. There are over 150 cryptocurrencies on offer at Changelly, making it one of the best cryptocurrency exchanges in the United States.
How Does Changelly Work?
The Changelly trading algorithm combines the best cryptocurrency rates from today’s largest crypto exchanges, such as Binance, Poloniex, and Bittrex. A user chooses a trading pair to exchange on the platform, and the platform then searches its liquidity partners to find the most competitive exchange rates for the pair selected by the user.
The user’s conversion rate is locked in as soon as the transaction has been confirmed on the blockchain. Using the Changelly platform, users can find the best price across multiple trading platforms without having to create a separate account with each exchange they are interested in using.
When the transaction has been completed, the assets will be transferred directly to the wallet address provided during the transaction. Aside from providing the infrastructure to facilitate the exchange of cryptocurrencies, Changelly does not store or maintain any assets in its exchange, such as coins and tokens. Providing a safe and secure environment is an essential benefit of this platform. It eliminates the risk of losing private keys related to trading Bitcoin or any other asset on the platform.
Features of Changelly
The USP of Changelly lies in its simplicity, which makes it accessible to both beginners and veterans.
Traders can convert their cryptocurrencies using the platform’s instant exchange mechanism within just a few over thirty minutes, making it a convenient way to convert cryptocurrencies. It is possible to use the function on any device with an active internet connection and access to the internet. In addition, Changelly’s mobile app enables global accessibility.
Aside from its affiliate program, Changelly offers additional benefits. As far as the program is concerned, it can be accessed by simply signing up for an account. Those who choose to participate in the program will be able to receive 50% of the earnings incurred by traders whom they invite to the trading platform. During the first 90 days following the registration, the chain mechanism is valid for 30 days, meaning new users are added daily.
Aside from viewing 150+ cryptos on the platform, there are also popular cryptos like Bitcoin, Ethereum, LTC, USDT, DOGE, Bitcoin Cash, DASH, etc. Changelly partners with SEPA and Simplex to make trading easier, making it easier for users because they don’t have to look for the best exchange rate.
Anyone who needs more direct help can chat with 24/7 live support, which typically gives them a response within minutes.
Various promotional materials are provided to assist users in promoting their affiliate links more easily on the exchange.
It is common for exchange platforms to charge fees for their services, and Changelly is no exception.
The firm charges a flat fee of 0.25% on all crypto-to-crypto trades, keeping things simple by being extraordinarily upfront and transparent about its fees. When creating an order, these fees are automatically included in the exchange rate, eliminating users’ need to account for them manually.
As a standard fee, Changelly charged a 0.5% commission for most of its existence. In August 2019, the fee was reduced to 0.25%, helping the platform to establish itself as one of the most cost-effective instant exchange platforms.
When using the platform, customers do not incur any specific deposit fees, but when making an exchange, they have to factor in cryptocurrency transaction fees. There is no transaction fee for Changelly since they will cover the fee associated with completing its side of the trade.
As far as crypto-to-fiat exchanges are concerned, Changelly charges a flat 5% fee for transactions to be completed, which it notes is one of the lowest prices to be had in the crypto-to-fiat space. This 5% fee applies no matter what cryptocurrency you’re trading or where you’re from.
In terms of the Changelly Pro platform fee schedule, you will find that the Changelly Pro platform operates on a maker-taker model with discounts based on volume rather than a traditional maker-taker fee structure.
It is important to note that the taker and maker fees are charged at the basic level, and the rate slowly decreases if a user achieves more than 50 bitcoins in 30 days. As trading volumes exceed 80,000 BTC, the trading fees for makers and takers reduce to only 0.05% and 0.03%, respectively. Discounts on volume-based fees are available only to Changelly Pro customers who verify their accounts.
Fees for withdrawals
The same goes for customers withdrawing cryptocurrencies from Changelly Pro, a custodial exchange solution that charges 0.0004 BTC for Bitcoin and 4 USDT for Tether (USDT).
Deposit and Withdrawal Methods
A key characteristic of Changelly is that it is non-custodial, unlike most other crypto exchange platforms. The consequence is that customers cannot fund their accounts later to perform exchanges.
The platform generates a new payment address every time a user wants to exchange, and the exchanged funds are automatically sent to the address entered by the user. Typically, the whole trade takes just minutes to complete.
The exchange platform Changelly supports more than 150 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and dozens of other popular and less popular cryptocurrencies.
As far as fiat-to-crypto purchases are concerned, Changelly accepts Visa, Mastercard, Apple Pay, and Bank Transfer-all of which may differ based on the region in which you reside. EU customers also can sell BTC for a SEPA payment if they live within the EU.
How to use Changelly
The process of using Changelly is straightforward, and even if you are starting with it, you will not have to deal with any hurdles on your way.
The site allows users to begin creating trades before they open an account, but they must create their accounts before completing the process. In addition to being able to see a history of previous exchanges once a user creates an account, they will also be able to view the date of the exchange, as well as the values of the exchange.
Sign up for an account
To sign up for a free account, you must click the ‘sign-up button and enter your email address.
To log in to their newly created account for the first time, users must use the password that Changelly will automatically generate. There are over 180 countries where Changelly is available to users. Still, unfortunately, service is not available to nationals and residents of Cuba, Iran, North Korea, or a few other countries.
With just a few clicks, users can buy, sell, and exchange more than a dozen supported cryptocurrencies by simply choosing the pair of cryptocurrencies they are interested in, selecting an amount, and entering their receiving address.
Changelly provides users with an address where they can deposit cryptocurrency in the correct amount. As soon as the Changelly team has received the cryptocurrency, it will deposit it to the address provided with the deposit.
In addition to an extensive range of fiat currencies, customers in over 30 countries can also conduct fiat to crypto transactions – where you can buy crypto with USD, EUR, or GBP and sell BTC to EUR (for customers only in the EU).
It is important to note that Changelly does its best to ensure both the privacy of its customers and the security of their funds at all times. Upon accessing the website, all traffic is encrypted with SSL, and KYC practices are selectively enforced to detect and prevent fraudulent activity.
How safe is Changelly?
Few can match Changelly’s spotless reputation and long track record of providing a quality exchange service at a low cost in terms of instant cryptocurrency exchange platforms. Throughout its half a decade of operation, there have never been any data hacks or leaks, and it is considered one of the safest exchanges.
Unlike other exchange platforms, Changelly does not hold user funds, so it does not pose a significant threat to hackers since it is a non-custodial exchange platform. Customers can add a layer of security to their accounts via two-factor authentication to ensure they are protected against unauthorized access.
Changelly has earned more than 2 million customers worldwide because of its unblemished security record.
Changelly Verification Requirements (AML/KYC)
In most cases, Changelly doesn’t require users to provide KYC or AML information. The KYC process may, on rare occasions, be made mandatory—for instance, if a transaction is flagged by the automatic risk score system of the company as being a potentially risky move.
KYC is typically only required if a transaction appears suspicious or illegal activity is suspected. There is no need to spend much time on KYC, as it is fairly straightforward and usually takes no more than a few minutes to complete.
Users that undergo KYC must upload a picture of their passports or any other valid form of identification that proves their identity and provide proof of the origin of their funds. Furthermore, they may also be required to submit other relevant documents as part of the application process. After the transaction has been processed, you will be notified that the transaction has been completed.
Benefits of Changelly Exchange
Changelly exchange offers the following benefits:
Exchanges like Changelly are not custodial. There is no custody held by the exchange over your funds, meaning you do not have to worry about them. As a result, you have complete control over the assets you own.
To ensure that your assets are secure, you should use an exchange like Binance, Coinbase, or FTX.
You can exchange crypto tokens across multiple blockchain networks through Changelly. In this sense, BTC (Bitcoin Network) and ETH (Ethereum Network) can be exchanged on the platform to include crypto assets. This is a sporadic feature on non-custodial platforms that are available on the market today.
As a result, using this DEX (Decentralised Exchange) is more beneficial than other popular DEXs like Uniswap. It is only possible to swap Ethereum-based tokens on Uniswap (ERC20 standard) with each other. It is worth mentioning that Uniswap is also offering a Polygon network where you can exchange a few Polygon-based tokens between each other. However, there is no feature of cross-chain swapping in the system.
Most transactions are not subject to KYC procedures, so there is no need to complete these procedures in most cases. Using this method, a user can instantly swap their tokens without having to provide any personal details to the platform.
There are more than 160 fiat currencies available on Changelly’s platform. The market has very few non-custodial exchanges that support fiat currencies.
The Changelly mobile app is available in both Android and iOS versions and is fully functional. Additionally, the software’s user interface is straightforward and efficient. In this way, users can trade while they are on the move.
Generally, Changelly can be thought of as a simple platform for trading cryptocurrency. It is likely most suitable for those new to cryptocurrency or who do not have the time to trade markets manually.
The user interface is very intuitive, KYC requirements are relaxed, and there are no exchange limits.
Even though Changelly bills itself as one of the cheapest instant exchange solutions available today, it also frequently uses exchange rates that are not favorable for many cryptocurrencies, reducing customer return.
While this is true, Changelly’s maximum processing time of 30 minutes sets it apart from the competition in terms of speed and efficiency.