Today the crypto market is booming at a fast pace. Bitcoin is the most popular cryptocurrency that can be found on almost every crypto exchange. But when we want a hold of more cryptocurrencies we find ourselves in limited options.
Very few numbers of crypto exchanges offer a wide variety of cryptocurrencies and one of them is Changelly. If you’re a person who takes interest in the crypto market you must have come across this name on many social networking websites like Reddit.
This is an exchange which provides one of the best cryptos – to – crypto service.It provides you one of the lowest trading fees and users can deal with over 150 types of cryptocurrency.
That was a brief introduction to Changelly. If you want a detailed analyses keep scrolling. We would cover the following points in this review:
- What is Changelly?
- How does it work?
- Is Changelly legit?
- Is Changelly safe?
- Registration and login on Changelly
- How to swap crypto using Changelly
- How to buy crypto using a debit or a credit card
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What is Changelly?
Changelly is a well-known cryptocurrency exchange that allows users to trade almost any cryptocurrency available today. It also allows its users to buy a bunch of coins using US Dollars, by a credit or debit card.
The best part is Changelly’s algorithm integrates with some of the largest trading platforms like Binance, Poloniex, and Bittrex.
The results are, in a span of milliseconds Changelly suggests the best exchange rate available and the estimated amount you will receive for that trade.
It was founded in the year 2015 by Konstantin Gladych which was originally a part of the MinerGate Team (an online mining pool). But today these are two separate companies.
How Does it Work?
Once you visit the website you will notice the interface is extremely simple, which means even a novice trader can find his way to the different features offered by Changelly.
Also, with Changelly the signup procedure is extremely simple and super anonymous which implies that you don’t need to upload any photos or personal identification documents while signing up.
You can literally sign up and start trading in under 10 minutes.Changelly has a trading bot that integrates with some of the largest exchanges for getting coins at the lowest price.
When the bot finds the best price it buys the coins you’ve ordered and delivers it directly in to the wallet address which you give while making the order.
All coins on Changelly are high-volume cryptocurrencies. ‘High-volume’ implies that these coins are constantly traded in the market and will always be available for you to buy.
High volume coins are always available in the market and therefore can be bought at any time.This platform is known to have the fast trading speed as compared to any other crypto exchange.
Is Changelly Legit?
According to our research Changelly is not only a legitimate website but also a website that crypto traders must bookmark.
They have a good reputation in the market and are widely recognized for what they are doing. So it’s pretty sure that they’re not going to fled taking your hard-earned money anytime soon.
They constantly update their website and their support team is also quick at resolving issues (if any arise).All in all, it is a trustworthy exchange.
Is Changelly Safe?
This platform is non-custodial, which means not a single coin or money of yours is stored on the platform, so the question of hacking and stealing is out of the window.
Changelly specially provides two-factor authentication to its users to give an additional layer of security to their accounts.
This exchange does not ask for any personal details of the account holders which should prove that how serious the company is regarding your anonymity.
Also, this exchange is trusted and used by over 5, 00,000 customers and it still continues to expand its user base.
Registration and Login on Changelly
As mentioned earlier, setting up an account on Changelly is a breeze,
Step 1:Go to Changelly’s homepage
Step 2: From the list of currencies select the currency you wish to exchange.
Step 3: Enter the amount you want to exchange and click ‘EXCHANGE’
Step 4: On the nest page you will see the available exchange rate. If you agree with the rate click ‘Next’
Step 5: The next page will prompt you to input your wallet address. After typing the address recheck it and press ‘Next’
Step 6: Before confirming your payment Changelly gives you all the details of your order, so be patient to recheck and confirm it. Next click on ‘Confirm and Make Payment’
That’s it. You have successfully traded the coin of your choice. The transaction could take up to an hour to reflect in your account.
How to Swap Crypto using Changelly?
Heres how you do it-
Step 1: Open your Changelly account.
Step 2: Chose the crypto pair you want to exchange and recheck the amount. For reference, we have used ETH – DOGE crypto pair.
Please make sure you agree to the exchange rate. After that paste your wallet address and click on NEXT STEP.
Step 3: View the order you’ve made and after checking click on ‘Confirm and Make Payment’
Step 4: Send the exact amount of crypto to the address you write on Changelly. To do this Go to your crypto wallet and paste the Changelly address into the corresponding field.
Step 5: Next the exchange process begins which is in 3 stages namely
– Getting Confirmation
– Exchanging
– Sending to your wallet
And your transaction is safely completed.
How to Buy Crypto Using a Debit or a Credit Card?
Buying crypto by using a debit or a credit card is a bit more complex procedure as it requires identity verification
Step 1: Select your desired Currency from the widget menu.
Step 2: Select the fiat money and cryptocurrency that you want to buy
Step 3: Check the exchange rate and make sure you agree to it. Type your wallet address
Step 4: Next, you need to provide Changelly with anyone personal identification document these include any one of the following
– International Passport
– National ID card
– Driving License
Step 5: Enter the verification code sent on your phone number
Step 6: Submit your personal information to prove your identity. Complete the transaction.
After completing it might take up to 30 minutes to reflect this transaction in your wallet.
Fee Structure
1. Trading fees
Changelly charges a flat 0.50% fee on any type of crypto trade.
2. Deposit and Withdrawal fees
Changelly charges zero cost on deposit or withdrawal. A small fee network fee is charged depending upon the network load and type of coin.
3. Debit and Credit Card fees
A 7% – 10% fee will be charged if depending upon your service provider (IndaCoin, MoonPay, Simplex). Plus additional fees of 2.5% charged by Changelly.
PROs
- Lowest cryptocurrency exchange fee
- Safe and secure exchange
- High limits and liquidity
- Easy-to-use interface
- 24/7 live customer support
- Huge customer base
- Dealing in more than 150 types of cryptocurrencies
- Available in every country
CONs
- Higher fees for credit and debit card dealing as compared to other exchanges.
- Cannot sell cryptocurrency for fiat money.
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Conclusion
Changelly is a good option for traders who are looking for a platform that provides a wide variety of cryptos. Changelly is trying its best to make buying and selling cryptocurrency easier and to a certain extent has been successful in it.
Changelly is best suited for people who want to buy and trade various types of cryptocurrency and don’t mind paying a small premium for that. This is also the best choice for people looking for simple and straightforward exchanges without much drama.
According to our research many users are happy with the way Changelly works because along with being fast and handling complex transactions it is very easy to trade on it. Changelly has rightly earned its place in the crypto market.
We definitely recommend you check Changelly’s services yourself and we bet you won’t be disappointed. That’s it. This is the end of our review on Changelly. We hope you gained a good insight on Changelly and its services.