Changelly Review
Established in 2015, Changelly is recognized as one of the most popular ‘instant’ cryptocurrency exchanges and has more than 1.5 million registered users spread in different parts of the globe. At this stage, almost 15,000 transactions are processed by Changelly every single day and its monthly turnover is about 60,000 BTC. This cryptocurrency exchange gives you the opportunity of exchanging or buying more than 90 altcoins and there is also a long list of trading pairs that customers can use. Changelly stands out in the crowd due to the account security, fast transactions, an intuitive and easy to use interface and top exchange rates it has to offer.
The platform puts a great deal of emphasis on its trustworthiness, speed, transparency and fairness. It is also very quick as transactions are completed within a few seconds. Changelly’s associated with MinerGate has also enabled it to gain the trust of people because this team boasts one of the longest track records in the cryptocurrency market.
How does it work?
You need a cryptocurrency wallet and choose the cryptocurrency of your choice to begin a transaction on Changelly. Based on the amount and the cryptocurrency, the platform will choose the best cryptocurrency trade and then look for the best rate amongst the various exchanges out there. That rate is used by Changelly for converting the money into your selected currency and it charges a fee of 0.5% for this service. Then, the newly converted cryptocurrency is transferred to your wallet by Changelly.
If you are looking for more details, a robot is integrated by Changelly into the biggest trading platforms in the world, such as Poloniex and Bittrex. Bids and asks are created on the exchange by the robot in milliseconds before it searches for the best available rate, which is displayed on the website. The rates that are shown are approximations until the transactions are moved onto the blockchain, which means that the actual rate may be slightly different.
Fees
Rates are not fixed by Changelly because cryptocurrency is very volatile and the rate tends to fluctuate regularly. If the rates are fixed by the exchange, then it will have to take the responsibility of covering market risks and currency volatility and this can lead to higher commission charges. The network fee associated with each transaction is also something that Changelly has to factor in. These are the charges imposed by relevant Blockchains that are involved and they are paid to the miners who process the transaction. Due to these factors, some users may find the charges of Changelly a bit high as compared to going to the exchanges directly.
However, the benefit of using Changelly is that beginners find the interface easy to use as opposed to the complex interfaces that other exchanges have. Changelly does give users the option of using debit or credit cards for fiat purchases, but the fee can be a bit on the high side. The charges that the exchange imposes include 0.5% commission on cryptocurrency trades and 5% Changelly commission and the same Simplex processing fee on debit and credit card purchases.
Currencies
There are 90 cryptocurrencies supported on Changelly and there is a ‘Supported Currencies’ page on the website that provides you a list of all currencies along with a description of each. There are some extremely popular and familiar cryptocurrencies such as Litecoin, Bitcoin, Monero, Dogecoin, Ethereum and Dash and also some of those that you may not have heard of such as BCN, XDN, FCT, NXT, RADS, NBT and FCN. Due to this large listing, it is very likely that you will be able to find the cryptocurrency of your choice on Changelly. You can also find a form on the website where you can make suggestions about adding the token of your choice on it.
Account
One of the most unique features of Changelly is that you don’t need to create an account in order to start using its conversion services. This means that no personal information has to be submitted by the users and they only ask for a valid wallet address. However, you should bear in mind that if you are buying cryptocurrency with a bank card, you may have to obtain additional verification before making a purchase. But, if you are only going for crypto-to-crypto conversions, you will not need any additional verification.
Payments
Payments for more than 35 cryptocurrencies are accepted on Changelly via debit and credit cards in Euros as well as US dollars. Just like converting cryptocurrency, the process of purchasing cryptocurrency with your bank card is quick and simple. An important thing to bear in mind is that 3-D secure should be supported by your bank card, which means verification through a phone number. The card can use any currency and can be from any country, but having 3-D secure is a must and the transaction should be conducted in US dollar or Euros.
Time
A transaction on Changelly takes anywhere between five and thirty minutes to be processed. Some reasons may cause the transaction to take a bit longer such as a blockchain overload. Bitcoin blockchains and also those based on Bitcoin, are known to experience too many pending transactions and you will have to wait in this case. Coin updates may also be a reason why transactions may take longer. Some coins may be turned off by Changelly for updating a client and you will get the money once they are turned back on.
Customer Support
A ticketing system on the website is how Changelly offers customer support and you can visit the support link provided. A popup will open through which an email can be sent to the team with the helpdesk software. No phone support is provided, but you can get an answer to your question.
Due to its ease of use, Changelly has become an appealing and unique exchange platform for those who want to convert their cryptocurrency. Security is not a concern as the exchange does not store your money.
