Have you ever heard the term Changelly when it comes to successfully exchanging cryptocurrencies? What makes this cryptocurrency exchange platform different from the rest of the crypto exchanges available in the market? Is it good to invest in Crypto through Changelly?
Well, several questions might spin in the mind of an investor, who has no idea whether investing in Crypto through Changelly, will bring good user experience and successful results or not. To clear your mind with all misconceptions, we have shared a detailed Changelly review article, where we will let you know about how this cryptocurrency exchange works and why you should invest through it.
Let’s get into the discussion!
What Is Changelly?
Changelly is known as one of the most demanding and popular crypto exchanges worldwide. The reason why this exchange is getting extremely popular is its instant crypto-to-crypto service. This Changelly review platform offers excellent and competitive trading fees and is providing around 150 cryptocurrencies for exchange.
By visiting the Changelly cryptocurrency website, you will find a user-friendly interface through which you can convert different cryptocurrencies without any hassle and too quickly. Another best thing about Changelly is that its users can purchase various cryptocurrencies with fiat money, such as USD and the Euro.
Changelly Exchange General Information
|Name of Exchange||Changelly|
|Headquarters’ Location||Hong Kong, HK|
|Daily Volume||88010 BTC|
|Mobile App Access||Yes|
|Is it decentralized?||No|
|Types of Transfer||Debit Card, Credit Card, and Crypto Transfer|
|Supported pair of Fiat||GBP, USD, EUR|
Who Created Changelly Exchange?
Changelly started working as a cryptocurrency exchange in 2013. Konstantin Gladych introduced it. Headquarter located in Prague, Czech Republic. This platform supports its users to perform the trading of more than 130 cryptocurrencies. The changelly started working officially in 2015.
Is Changelly Safe?
To invest in Changelly, it is mandatory to know is Changelly safe or not? Changelly has made itself to be a reliable and safe cryptocurrency exchange that is non-custodial. The users’ funds are not stored on this online platform, which might increase the chances of getting compromised or hacked. Users can protect their account through 2 Factor Authentication, with which they can provide their account with extra safety and protection.
How Does Changelly Work? What Does Changelly Do?
Due to Changelly API, a variety of third-party wallets, as well as service providers, have successfully integrated Changelly’s exchange feature. With this firm’s help, a user can also integrate its white-label exchange solution with third-party wallets in just 3 days. In short, all the API users will receive full technical support.
Changelly wallet works by using a trading algorithm that integrates with other largest cryptocurrency exchanges such as Bittrex, Binance, and Poloniex. Hence, all the changelly users will be able to swap Crypto at great possible prices easily.
Are Coins In Changelly A Good Investment?
As we define Changelly meaning, it is essential to let the users know that is Changelly legit or not! Putting all your investment in Changelly coins will bring successful results for you in the future because this is a legitimate website.
But at the same time, it even offers you some valuable service that every cryptocurrency user needs to bookmark. Changelly’s customer service is outstanding in solving all your queries and in knowing details about fees.
In simple words, with the help of Changelly, you can save much of your time to get hold of some popular cryptocurrencies in a short time.
Is Changelly An Exchange?
Changelly works as a non-custodial exchange. It does not hold any liquidity and acts as an aggregator that sources liquidity from other exchanges to execute the trade. Plus, a user does not need to deposit crypto to trade through Changelly exchange. Therefore, we always call Changelly to be one of the most reliable and secure platforms for trading.
When Changelly was introduced back in 2013, at that time, it was just a prototype. Minergate, a famous mining pool, created this platform. But, Minergate and Changelly are the two separate entities.
You can know more details about the Changelly review and its working process by visiting the official site of https://changelly.com/.
How Do You Use Changelly Exchange?
Using Changelly is so simple and straightforward in which you just have to create your account. Once you create your account, click on the button “sign up” and then enter your email address.
Changelly will automatically generate a powerful and secure password for you. You can use this exchange in almost 180 countries. But the residents of North Korea, Cuba, and Iran cannot use the Changelly services.
Users can easily trade any supported cryptocurrency by selecting the cryptocurrency pair they want to trade, picking the specific amount, and mentioning the receiving address. Once Changelly has received the accurate amount, they will deposit the selected cryptocurrency into the deposit address that you will provide.
Pros and Cons of Changelly
Now let’s move towards the discussion related to the pros and cons of Changelly below:
|Pros Of Changelly||Cons Of Changelly|
|100% safe cryptocurrency exchange||Fees are higher as compared to other exchanges|
|Easy and friendly intuitive interface||Not able to sell cryptocurrency for the fiat money|
|Excellent limits and significant liquidity|
|It can be used in any country.|
|24/7 customer help support|
|Does not need any registration|
How to Use Changelly with Coinbase?
Are you looking forward to using Changelly with Coinbase? If yes, then carefully follow the below steps for your convenience:
- You have to first navigate to the main Portfolio page located on the top navigation bar.
- Now choose the send option to select your cryptocurrency wallet from which you want to send the amount.
- From the dialog box, choose wallet address if you wish to send a cryptocurrency wallet as external to Coinbase or your email address if you are sending it through your email.
- In the amount field, you have to mention the required amount of cryptocurrency. You can also mention the amount in your local currency. But the notes will be sent in the form of cryptocurrency and not as your local currency.
- Select the option of “continue.”
- Review your transaction details and click the “send” option.
Does Changelly Require KYC?
The simple answer is “NO”! Changelly is a centralized Altcoin swapping service that does not require you to complete AML or KYC to use the services. Hence, you don’t need to cross yourself from any ID verification registration for using the services. For improved security, users can also use this service with a VPN. Looking at Changelly’s review on various sites can help you more to know about the KYC procedure.
Changelly Transition to Defi with No KYC
Changelly has always tried its best to protect its users from all sorts of fraudulent or scammer schemes. To prevent money laundering, the platform has also introduced the standard AML/KYC procedure.
If the transaction seems to be suspicious at any point, you can instantly pause it and select the “check out” option. After few minutes, you will receive an email in which you have to mention few details for an identification discussed below:
- Driving license and ID picture
- Evidence document of funds
- Bank details
Once you have entered all the details, the funds will be fully exchanged and released.
How Do I Buy Bitcoins on Changelly Exchange
All the users of Changelly can easily purchase Crypto with debit or credit cards through Simplex, MoonPay, or Indacoin. Get ready to learn how to exchange Crypto with Changelly with the simple steps discussed below:
- Select the specific currency from widgets such as GBP, USD, or EUR.
- Now enter the fiat amount you want to spend and then choose any cryptocurrency you wish to buy.
- Review the specific rates and do check the crypto amount which you will receive.
- In the next step, type your cryptocurrency wallet address.
- Enter your billing details, personal information, bank card details, and residential information.
- Enter the appropriate verification number that you will receive on your registered mobile number.
- Submit all the details for the identification proof.
How to Retrieve Crypto Back from an Address Changelly?
Suppose you have accidentally sent the deposit to any mistyped or wrong address. In that case, there is a possibility that you will irretrievably lose your coins because no one else will have the key address to access the coins. We would like to mention that all blockchain transactions are completely irreversible, so ensure that your destination address does not include any errors or typos.
Now you don’t need to take the stress anymore because Changelly customer support help is available 24/7 to help you in every deed. You just need to give all the details about your address and cryptocurrency; the Changelly will immediately retrieve the ETC sent to the ETH address.
The whole retrieval process is time-consuming, so we expect the users to show a little bit of patience and calmness. You will get back your amount after getting approval from various Changelly PRO departments and once all the transaction details have been checked.
Changelly Vs. ShapeShift
Changelly and ShapeShift are the two most well-known and demanding cryptocurrency exchanges in the past few years. They are both similar to one another in terms of functionality, but they differentiate from one another when it comes to selling and buying cryptocurrencies. Shapeshift acquired Portis and strengthened its play in the crypto space.
Below we will compare these two exchanges in several ways based on the transaction process, fees, payment methods, security, and ease of use.
Changelly offers its users various payment methods for the sake of depositing or withdrawal by members. But the users can use these payment methods just for crypto-to-crypto transactions. Plus, a user cannot use fiat currencies to pay for the cryptos. The best thing is that with Changelly, the users can use their debit or credit cards to make payments easily.
When it comes to ShapeShift, you have to look for the Crypto from the exchange that accepts fiat before you make any purchase from Shapeshift. The same goes at the time of assets withdrawal. This will, all in all, eventually make the whole payment process a little time-consuming and tedious for beginners.
Changelly will apply a fee of 0.5% on all basic user transactions, which is quite affordable. But the ShapeShift will evaluate the transaction charges based on fixed fees. Fee charges will be hence based on the specific cryptocurrency which is being transacted.
Both of these exchanges have their formidable security controls. But one common thing about these exchanges is that both do not prefer to store the user funds. There is always a risk of losing the funds to hackers or face a scam. In 2016, ShapeShift faced a huge security issue when 5800 Ethereum and 400 Bitcoins were suddenly lost from the hot wallet.
Ease of Use
Both of these exchanges are simple and friendly to use. You just have to provide your email address to log into the process of the exchange platform.
Changelly vs. Shapeshift
|Exchange Fees||0.5% per trade||Varied based on coin|
|Deposit Fees||Medium||No fiat deposit|
|Number of cryptos supported||1000+||10|
What Coins Are Supported In Changelly?
Below we have the list of major Changelly supported currencies for the users to pick from:
- Aryacoin (AYA)
- Basic Attention Token
- Bitcoin Diamond
- Bitcoin Cash
- DAOBet (BET)
- Binance token
- Bancor Network Token
- Bread Toke
- Bridge Oracle
- Bitcoin SV
- Bitcoin Gold
- Nervos Network
- com Coin
- CUR Token
- DigiDinar Token
Changelly Exchange Fees
You have to evaluate the Changelly fees before you plan to use this cryptocurrency exchange. This is extremely important if you are swapping larger crypto amounts to another crypto. Details of the fees or charges are discussed below:
This platform will apply a trading fee of a flat 0.25% to all the crypto trades.
Deposit & Withdrawal Fees
As far as deposit and withdrawal fees are concerned, Changelly does not charge you for it. A minimum fee of the network is charged, which is determined by the Blockchain. This fee will vary based on network load and the crypto coin.
Debit & Credit Card Fees
If you are purchasing the cryptocurrency using a credit or debit card, the platform will charge you with some additional fees. This fee will be approximately 5% based on the service provider you are using, MoonPay or Indacoin. Plus 2.5% will be Changelly’s fee. This same fee will be applied if you sell the Crypto back into fiat currency or even if you transfer it into your bank account.
Changelly Login Process
For a successful Changelly login process, follow the below steps:
- First of all, open Changelly’s official site changelly.com.
- Once the website is opened in front of you, choose the option ‘Exchange Now’ or click the ‘Sign Up’ button.
- Mention the email address in a dialog box.
- You will receive a confirmation link at the entered email address. As you will click on the link, your account will be confirmed.
- Once the account confirms, Changelly will forward you another email based on your login address and password.
Changelly Exchange Alternatives
If you cannot use Changelly exchange or if it does not fall according to your requirements, you are left with various alternatives similar to Changelly exchange . Let’s take a look at a few of them below:
First, we have KuCoin, which is a top-leading cryptocurrency exchange to offer the services of four different crypto holders worldwide. Few impressive services of this exchange are staking and lending, fiat onramp, margin trading exchange, and peer-to-peer (P2P) marketplace. You can buy and sell almost 200 cryptocurrencies at incredibly low fees worldwide. It charges a 0.1% fee as per trade.
NiceHash is the platform from where you can exchange Crypto to Crypto or from Fiat to Crypto. Some advanced trading options are available with API for smooth transaction processing. With the NiceHash mobile app’s help, you can hence manage all your activities in a NiceHash account. This platform is all in all specially designed for medium-sized or large mining farms.
Next, we have CoinSwitch, which is popularly known to be a secure and user-friendly platform. This platform is just designed for India’s residents from which they can buy more than 100 different currencies such as Ripple, Bitcoin, or Ethereum. Various payment methods are available for convenient transactions at cheap rates.
Changelly Exchange Social Media Handles
- Facebook: https://www.facebook.com/changellyteam
- Twitter: https://twitter.com/changelly_team
- Telegram: https://t.me/changelly
- Linkedin: https://www.linkedin.com/company/changelly
- Medium: https://medium.com/@Changelly
- Reddit: https://www.reddit.com/r/Changelly/
- Github: https://github.com/changelly
Takeaway – Changelly Exchange Review
To sum up the whole discussion of the Changelly exchange review, we will state that yes, Changelly is a simple and user-friendly platform that is an excellent choice for cryptocurrency novices. It works perfectly for the users who have a lack of time to trade manually in crypto markets.
So far, Changelly exchange reviews from the previous customers have been satisfactory and successful. It has relaxed KYC requirements and provides a simple, intuitive user interface for beginners. If we compare this platform with other currency exchanges, then Changelly is unbeatable in its efficiency and speed. In just 30 minutes, your entire processing will end up. We hope that with the Changelly guide, you must have gained enough knowledge about this exchange.
What else do you wish for? Are you ready to invest in Changelly?
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates