Changelly is a Czech-based cryptocurrency exchange which began its operation in 2013. It allows instant exchange services in more than 50 digital currencies, 2700 cryptocurrency pairs, as well as trading in fiat currencies for digital coins. The USD and EUR are the only accepted fiat currencies, and they can be traded against almost 35 of the alt-coins in the exchange’s instrument portfolio.
Its trading robot is integrated with some of the largest digital currency exchanges in the world, such as Poloniex and Bittrex. Similar to the service offered by Shapeshift, the robot operates by making bids and asks on several exchanges and picks the best available exchange rate to show on Changelly’s platform. However, the rates are uncertain until the completion of the transaction on the blockchain and the closing rate may be a little bit different.
According to the information on Changelly’s website, it has had more than 500 000 clients and over 3 million monthly visitors on the website. It is partnered with Coinpayments, Jaxx, Bittrex, Coinomi, and other reputable companies. Changelly is based in Prague, Czech Republic, but accepts customers from all over the world, including the United States.
This exchange is renowned for its beginner-friendly platform, where traders of all levels can trade on their choice of digital coin. Changelly aims to eliminate the technical barriers of traditional trading platforms which generally have a limited range of trading pairs, and users sometimes have to make multiple transactions to obtain their desired cryptocurrency. As said earlier, Changelly allows users to trade fiat for crypto, but it will be better for you to use a platform more focused on those types of trades such as Coinbase or Gemini.
Basically, Changelly lets you trade cryptocurrency without registering at any exchange or needing to confirm anything on your email, and therefore, all your transactions can remain anonymous. If exchanging fiat for crypto, however, there is no full anonymity, as the credit/debit card has a holder’s name.
As said earlier, clients do not need to verify their trading accounts on Changelly, and setting up your account with the exchange is effortless. Basically, all you need to do is enter your email address, and you’re good to go. If you accidentally forgot your password, just click on the “forgot password”, and you will get a message on the registered email address, containing the instructions on what you need to do to set your new password. Changelly has a two-factor authentication and an HTTPS security protocol, which helps with the security of your account.
Changelly’s platform is remarkably straightforward, even for a novice trader. However, experienced traders may be irritated by the lack of some essential tools and features such as the price charts, which are normally implemented in the more advanced trading platforms. It appears that Changelly never aimed to be a destination for seasoned traders and instead focuses on providing easy and user-friendly platform for instant exchange. As such, Changelly could be a good starting point for beginners, but is unlikely to provide anything which might retain professional trader past the familiarization tour.
The platform, as we said, has a simple interface that guides you step-by-step through the process of exchanging your assets. It is equipped with ample instructions that will make even the most novice trader feel comfortable using it.
As you log in to the platform, you’re welcomed with two dropdowns for you to select which currency pairs you’d like to swap. After you enter in the amount of currency you want to exchange from, it displays an estimated amount of the new currency you’ll receive. Changelly even estimates and shows you its 0.5% transaction fee leaving no room for confusion as you proceed with the trading process.
Changelly claims its static-rate fees is a significant benefit of its service. All trades incur a 0.5% fee, which is relatively competitive when all said and done. Cheaper rates are however available when operating directly on market trading platforms.
You should take note that trades from fiat currency are claimed to hold the same 0.5% fee, but that is not true at all in reality. The rates differ considerably with this method. It’s more likely you’ll be trading at a massive cost of about 40% on a bad day.
Changelly does inform clients about the high fees, and the team insists this is out of their control. To process these transactions, it needs a third-party payment service, which massively alters the rate.
Deposits and Withdrawals
Clients can make payments and withdrawals on Сhangelly with their Visa and MasterCard credit/debit cards, which is remarkably convenient. It accepts cash transfers with a 3D-secure card from any country, in any currency. The transactions will, however, be converted to either USD or EUR. Changelly is not accepting payment via PayPal.
Changelly limits the number of transactions you can make on your credit card during your first week of trading. Australian, Canadian, and US citizens can only trade $50 in their first transaction. This limit is doubled to $100 for the next trade made within four days. At one week, the restriction increases again to $500. After that, there’s no more limit on your trades.
Is Changelly Safe?
When it comes to Changelly, users can quickly and simply trade altcoins to meet their needs. And the 0.5% fee it charges on cryptocurrency trade doesn’t look like robbery in broad daylight. Company could be a little more open and transparent when it comes to its background but we feel safe to assume that being a fully decentralized exchange Changelly simply has no tools to undertake any illicit activities.