Changelly is a Czech based crypto trading sites that give you a chance to buy dozens of the most popular virtual cryptocurrencies with ease. Started in 2013, the exchange is highly regarded by crypto traders and enthusiasts for enhancing crypto to crypto exchange services, becoming one of the most trusted companies in the market.
To help you learn about Changelly, we are going to dig deeper into it, looking at the fees the website charges for crypto trading, a comparison with other major exchanges, and everything in between.
The number of fees that every transaction attracts is paramount to every trader. It is important to understand how the charges work before joining an exchange. Unlike other exchanges that are available, you’ll be amazed to know that Changelly has a very reasonable fee of 0.5%. This is the only fee you will be charged both as withdrawal and commission. The fee is very fair compared to other exchanges in the industry, something that gives it an edge over other trading sites.
Changelly vs. Coinbase
These are two of the largest cryptocurrency exchange platforms in the world, providing divergent services to the blockchain community. For instance, Coinbase is mostly used as on romp as it helps you to change fiat currency to cryptocurrencies or other blockchain assets, while Changelly allows you to change one cryptocurrency to the other. It is easier to fund your account using bank transfer, credit and debit cards as well as wire transfers in Coinbase.
However, Changelly has no wallet, meaning that you cannot fund your account. Instead, you use your credit and debit cards to buy cryptocurrencies and send to any wallet that is not in the Changelly system. The two exchanges have simple to use websites as they have been developed with the end user in mind. You’ll face minimal hurdles even if you’re new to any of them.
When it comes to the number of crypto coins available on the site, Coinbase offers Bitcoin, Litecoin, and Ethereum. However, in Changelly, you will have in excess of 100 cryptocurrencies to trade with.
Changelly vs. Bittrex
Bittrex is also one of the major exchanges in the world. Though it’s fairly new in the industry, it has gained lots of popularity, especially in America. The two exchanges offer almost identical services to crypto traders. However, Bittrex charges are lower than those of Changelly, but it takes longer to verify a client’s details.
How to create an account on Changelly
Like is the norm with many cryptocurrency exchange platforms, you’ll need an account for you to start trading. Luckily, with Changelly it’s very easy to create one. Here are the steps to follow when creating an account:
- Click on the signup button
- Sign up using your email or other social media accounts: Email would be better since it would be easy for you to recover your account in case you forget your login details. You can also receive updates on your emails.
Voila! You got yourself a Changelly account registered and set for use.
How to use Changelly
Now that you have created an account and are set to start trading using Changelly, here’s how to navigate through the site:
- First, visit Changelly.com
- In the first dropdown select the currency you want to exchange and in the second dropdown, select your preferred currency
- At this juncture, you’ll get the details of your transaction inclusive of the transaction costs
- Enter the destination address, wallet details
- Click confirm & make payment button
- Your transaction will be confirmed in less than 10 minutes
Is Changelly Safe?
Safety is essential when choosing the right exchange platform to use. You would want an exchange platform that guarantees you security and not one that can be easily compromised through hacking. To ensure safety, Changelly requires a two-factor authentication in any transaction. This means that before login, you’ll require a second device. And since you cannot store any cryptos in the exchange since it does not have a wallet, your coins are always safe since they are not on the exchange platform. This makes the platform secure and free from any infiltrators.
Which currencies does Changelly support?
Different exchanges offer divergent coins. Depending on your needs you’d want an exchange platform that will support your favorite currencies. Apart from the most common currencies like Bitcoin, Ethereum and Litecoin, Changelly supports more than 50 currencies. The best thing about this is that the exchange is quick to admit new currencies with a high potential for growth. This provides you a chance to trade with numerous currencies of your choice.
Changelly customer service
One aspect that is very important to traders is the customer service offered by an exchange platform. When it comes to Changelly, it operates a 24/7 support service. They are quick to respond to your issues using different platforms on the social media platforms.
How to buy on Changelly
The process of buying the coins is the same for all currencies. Here are the steps to follow:
- Login to Changelly and choose the coin that you want to be exchanged, this is the coin that you already own, choose the coin to buy and then click Exchange
- Before clicking the next button, double check the details of the buy order
- Key in the recipient wallet address
- Click Next after rechecking the details
- The transaction is already created and you’ll receive a QR code and an address which you will send the currency that is to be exchanged
- Go to your wallet and paste the address of the currency you want to be exchanged in the given field
- After the money is received, your transaction will be completed in 5-30 minutes and you will be issued with an output transaction hash
The steps are the same when it comes to selling but you’ll interchange the currency that you want to be exchanged.
Payment methods are accepted in Changelly
While there are no limits when it comes to the exchange of the cryptocurrencies, the exchange has a limit when it comes to using of fiat currency. The maximum you can use to purchase cryptos using USD is $5000. Similarly, when using visa or master cards, you can only transact only $50 on the first transaction if you are in US, Canada, and Australia. If you are in EU you will only use $100 and when in CIS region the limit is $200 for the first transaction. However, after one week of transactions, there are no limits imposed.
Today, cryptocurrency trading is popular worldwide. Changelly is a worldwide exchange platform that allows you to trade irrespective of where you are in the world. The very fact that one can trade from any corner of the globe makes its accessibility and availability easy.
Frequently Asked Questions
Like any other exchange platform, there are a number of frequently asked questions about Changelly, all of which we have addressed in this post. Here’s a brief of what many people ask:
- How does it work?
- Is it trustable?
- How do I register in Changelly?
- Does it have a wallet?
- What are fees?
- How can I buy coins in Changelly?
- How long does a transaction take to be completed?
- Does Changelly accept USD and other fiat currencies?
- Can I use my bank cards to buy coins in Changelly?
- Does Changelly have a mobile app?
Changelly has numerous advantages compared to other exchanges in the market. Here are the major ones:
- Fast: Transactions are completed within very little time and it takes about 5-30 minutes.
- Accepts fiat currency: You can use your bank cards, both Visa and MasterCard, to buy different coins in Changelly
- Wide pool of currencies: Changelly offers a wide pool of cryptocurrencies compared to other exchanges in the market
- Superb support: The platform runs a 24/7 support system which ensures that your queries and concerns are well attended to
- Reliable and trustworthy: It has more than 1 million users and has received numerous positive reviews and feedback from the users
Like any other exchange platform, the exchange has its own shortcomings. Key among them are:
- Higher and hidden charges: While the platform says it charges only 0.5%, many people claim that you’ll end up paying more than this.
- Limitations: The site has limitations on the fiat amount you can use to buy cryptos
- It is mandatory for you to provide your mobile number when using a bank card which infringes on your anonymity
Changelly Wallet Review
You will need a wallet for your trading in any exchange. However, Changelly does not offer wallet services and you’ll have to use your personal wallet while buying or selling cryptocurrencies
Changelly App Review
While most exchange platforms have mobile apps, Changelly is yet to come up with one at the time of this review. However, plans are underway to develop one in the near future.
Changelly Review Conclusion
From the review, it is evident that Changelly is an outstanding Exchange platform. It offers a wide array of cryptocurrency to you. The support platform is amazing and you are free to contact them at any given time and get an instant feedback. Perhaps the best part is that it allows you buy cryptocurrencies using your bank cards whether Visa or MasterCard payment methods. We hope in the near future the platform will consider having its own inbuilt wallet and reduce the transaction fees to make it more attractive.