Our take
You are a crypto trader holding several coins. You need to swap them fast and securely for one crypto or two. You know there are several crypto exchanges, each proclaiming its virtues. But you are hesitant because you are not sure if they are legit, safe, or secure. After all, you have probably lost funds or know someone who has.
You dare not take chances with your hard-earned coins. After all, who would be foolish enough to gamble after working so hard for their crypto? What you need is an exchange platform that will not take the keys to your coins from your hands. No! You want to be in charge, with the keys to your coins in your hands.
Since Bitcoin came on the scene in 2009, you have interacted with many exchange platforms trading cryptocurrency. But what you want is a one-stop-shop that supports top cryptocurrencies including Litecoin, Monero, Dogecoin and Etherum without making you jump through various hoops.
But as you mull things over, a certain name keeps ringing in your mind: Changelly. Yes, Changelly. You have heard its reputation round about town. Rumors say that it is one of the super-convenient, simple intermediaries that complete exchanges in minutes. Can you trust it? How does it work? This Changelly review is your trusted guide to what you are looking for.
What is Changelly?
Changelly is a highly popular non-custodial exchange in the cryptocurrency industry with a solid track record. This means that Changelly only facilitates the exchange without holding your coins. Sounds cool, right? The company has a simple and clear mission: making exchange effortless for people who invest in crypto.
While there is no doubt the altcoins market is flourishing, there exists the ever-constant challenge of identifying a reputable exchange platform you can trust to buy or sell your cryptocurrency. Yes, every crypto trader wants a platform they can swap their coins without fear of losing their funds.
Changelly does what it says on the tin. It facilitates the quick exchange of cryptocurrency at a flat 0.5 percent trade fee without asking you to register or verify your identity on the website.
USD Margin Lending- Return rates optimized daily
- Secure, stable investment growth
- No minimum
- No lock-up period, withdraw anytime
The history of Changelly
Changelly was founded in 2013, back then it was an exchange prototype. The platform was founded by a team from MinerGate, a cryptocurrency mining pool. In 2015, Changelly became a fully-fledged exchange platform complete with a dedicated mobile app. Later, Minergate and Changelly separated with the exchange platform moving its headquarters to Malta.
Since 2015, the platform has attracted more than 2 million registered users globally. Getting 2 million users and keeping them happy and satisfied with your services shows that you are doing something right.
Changelly is owned by Fintechvision Limited, in Hong Kong, with Eric Benz as the CEO. Eric Benz is a highly experienced fintech professional who has been heavily involved in the cryptosphere field as an investor, board director, and founder.
What are the supported cryptocurrencies on Changelly?
This platform allows you to trade more than 140 cryptocurrencies. You can buy or sell these coins using your bank card or by transferring them from other exchanges. Supported cryptocurrencies include:
XRP
Bitcoin
Cardano
Ethereum
BitTorrent
Litecoin
Aion
Dash
Dogecoin
What makes Changelly unique?
One of the unique things that make Changelly stand out among its peers is that you do not need to register, verify or store your coins on the platform before exchanging them. All you require is your email address and you are good to go. Just specify the target wallet you want to send your coins to and leave the rest to Changelly. The platform will deposit the desired coins into your wallet.
Changelly is also unique because it is more of a cryptocurrency exchange service compared to an exchange platform. So, when you swap cryptos on the platform, you are not buying them from Changelly. Instead, you are buying coins from another exchange such as Bittrex or HitBTC. Changelly is simply giving you a platform to exchange coins from other platforms at the best rates. It acts like a big brother watching over you in a bad, mean world.
How does Changelly work?
The platform has its algorithm integrated into the largest and most reputable crypto trading and exchange platforms such as Poloniex, Binance, and Bittrex. This enables the algorithm to ask around on different platforms, place bids, and select the best rates. These rates are then displayed on Changelly.
Since exchange rates change constantly, what you see displayed on the website are estimates. That’s why you might notice a slight difference between the estimated rates and the actual rates when the swap is completed on the blockchain.
Is Changelly secure and trustworthy?
Safety and security is a major issue in the mind of any trader and rightly so as you do not want to lose your coins to scams, fraud, or security breaches.
At the time of writing this review, there are no reported claims of security breaches or fraudulent activities. Changelly is quite transparent with its transactions and there are no major security concerns.
In addition, Changelly uses 2FA authentication to secure your account. Whenever you log in to your Changelly account, you will need to use a Google Authentication app.
Why use Changelly?
Changelly offers you two great options when swapping your crypto: fixed or floating rates. When you use the fixed rate option, you get the opportunity to know the amount you will get before you initiate the swap without worrying about crypto volatility.
On the other hand, there is the floating rate that puts into consideration the crypto market volatility and the ever-changing nature of network fees. This explains why the displayed rate may change at any moment in the course of your transaction. Traders using the floating exchange rate often notice a slight change in the amount they receive once the exchange is complete compared to what they expected when they initiated the trade.
Customer support- The cryptocurrency industry is struggling to offer the best customer experience. Changelly seems to be doing much better judging by their high satisfaction on TrustPilot. Customer queries and concerns are normally addressed within hours and complex problems mostly resolved within 24 hours.
Frequently Asked Questions About Changelly
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.How long does it take for Changelly to exchange cryptocurrencies?
Does Changelly accept debit cards?
What fiat currencies does Changelly support?
Changelly supports 3 fiat currencies for buying crypto on their platform. These are GBP, USD, and EUR. When buying crypto using bank cards, your transaction is completed in less than 30 minutes of completing the purchase. But if it is your first time buying on Changelly, your transaction will take longer as the platform requires you to upload proof of identity. Normally, it takes about 30 minutes to verify your identity.
Crypto to fiat transactions may take up to 3 business days after the rates are locked. However, the funds are normally sent a few hours after the rates are locked.
Changelly’s KYC and AML policy
While Changelly strives to conduct business without poking their nose into their user's lives, they have to balance their respect for privacy and protecting users from fraudsters and scammers. To accomplish this, they have put in place Know Your Customer (KYC) and Anti-Money Laundering (AML) processes in place.
If your activities on the platform look suspicious, they will be flagged down, and picked out for closer examination. When this happens, Changelly will send you an email asking you to provide the following documents for identification:
- Proof of the origin of funds
- A high-resolution picture of your driving license or ID
- Other relevant documents to authenticate your identity
Once Changelly confirms that you are not engaging in any fishy business, your transactions will go through and the exchange completed.
Pros & Cons of Changelly
- Buy or sell cryptocurrencies using your bank card
- Non-custodial exchange with no deposit required
- Does not ask for registration or verification
- Cool, friendly, and easy to maneuver interface
- Fairly good customer support
- High fees and KYC for fiat to cryptocurrency exchanges
- Suspicious activity is likely to trigger KYC check
- Occasionally, service is slow when exchanging Bitcoin
Changelly’s KYC and AML policy
While Changelly strives to conduct business without poking their nose into their user's lives, they have to balance their respect for privacy and protecting users from fraudsters and scammers. To accomplish this, they have put in place Know Your Customer (KYC) and Anti-Money Laundering (AML) processes..
If your activities on the platform look suspicious, they will be flagged down, and picked out for closer examination. When this happens, Changelly will send you an email asking you to provide the following documents for identification:
Proof of the origin of funds
A high-resolution picture of your driving license or ID
Other relevant documents to authenticate your identity
Once Changelly confirms that you are not engaging in any fishy business, your transactions will go through and the exchange completed.
Using Changelly
One of Changelly's winning points is its ease of use regardless of whether you are a seasoned trader or just learning the ropes. The platform has a user-friendly interface geared towards helping you swap your coins easily with just a few clicks.
To exchange your coins on this platform, you start by selecting the crypto you intend to trade and examining the current exchange rate. When considering the exchange rate, keep the swap fee in mind. You also need to insert your wallet address where Changelly will send your coins.
Next, you choose whether you wish to use the floating or fixed conversion rate and confirm the transaction. Normally, Changelly does not require you to create an account with them but if you do, you get added benefits such as saving your transaction history.
Finally, you send the exact amount to the address provided by the platform for the coins you want to swap, sit back and relax. You will receive the crypto in your wallet in less than 30 minutes.
Occasionally, some transactions trigger the system which calls for an additional check-up. This means you might have to wait longer but you will get your coins once everything checks out.
Changelly fees
The platform boasts of some of the best exchanges you can get anywhere. It is also great for clear exchange fee terms with no hidden charges.
Changelly charges 0.5 percent which is relatively competitive. While centralized exchanges might offer better swap fees, Changelly offers convenience because it gives you the option of direct crypto exchange due to its wide range of supported coins.
Therefore, while you have to perform two or more trades in exchanges such as Binance which charge lesser fees to change one crypto to another, Changelly takes the headache out of exchanges by giving you the option of executing a swap with a single trade!
Keep in mind that Changelly does not hide the fact that using bank cards attracts higher fees compared to buying coins using other cryptocurrencies. However, the platform has an explanation why fiat currency trading attracts higher fees. To process fiat-related transactions, Changelly has to use third-party payment services such as Simplex or Indacoin. The exchange platform has no influence on third-party rates, which explains why your fees might go up.
Conclusion
Finding a solid, reputable cryptocurrency exchange is no walk in the park nowadays. So, when you find an exchange platform that supports more than 140 cryptos and keeps adding new currencies, offers you anonymity, great customer care, competitive exchange fees, and no history of security breaches, you do not require much persuasion to call it home.
However, keep in mind that Changelly will charge you more for fiat swaps as they have to use third-party payment services. In addition, their exchange fees are not the lowest as you can get lesser rates in other platforms.
But all things holding constant, Changelly will save you a lot of headache and precious time when you need to exchange your cryptocurrency fast without making you jump through hoops as long as you do not mind paying higher fees.