Changelly Exchange Review
Changelly is a cryptocurrency platform that has been in operation since 2015. It allows one to trade cryptocurrency without registering at any exchange or needing verification.
Changelly offers instant conversion of 80+ currencies. Originally associated with the Minergate team, Changelly’s aim is to remove the technical barriers of traditional trading platforms.
In many ways, its service is quite similar to Shapeshift (see the comparison chart below). In this Changelly exchange review, we’ll take look at the features, Changelly pros and cons and offers and how Changelly works.
Changelly Pros and Cons
Like all other cryptocurrency exchanges, Changelly too has its advantages and disadvantages:
- Arguably the largest offering of cryptocurrencies
- Easy to use, well-designed web site
- 2FA authentication
- Accepts credit cards
- No deposit storage and instant money exchange
- More than 500,000 satisfied users
- High transaction fee of 0.5%
- Negative comments from the community
- Still a lot to prove (a fairly new company)
When you select the coins you want to get, the Changelly robot sends a rate request to many of the biggest trade platforms, like Poloniex and Bittrex. After the exchanges receive the request, they send in their best rates. All the rates on Changelly are displayed in real time directly from these platforms.
The robot then selects and suggests the best available rate and displays the estimated rate on the web site in a span of milliseconds. Changelly is a link between you and the trading platforms. All these complicated calculations and rate comparisons are done for you and shown in a simple interface.
The rates remain approximate until the transaction time. Because of the high volatility, the exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction.
What Countries are Supported by Changelly?
The list of countries supported by Changelly is too long to mention here. Users can be confident that Changelly is supported in every country that supports a credit card.
List of Currencies Supported by Changelly
Changelly supports 90 different altcoins.
The Changelly supported coins in alphabetical order are: AdEx, AdToken, Aragon, Ardor, Augur, Bancor, Bitcoin, Bitcoin Cash, Bitcoin Gold, Byteball, Bytecoin, Chronobank TIME, Civic, Cofound.it, Darcrus, Dash, Dashcoin, Decent, Decred, DigiByte, DigitalNote, DIGIX, District0x, Dogecoin, Edgeless, EOS Token, Ethereum Classic, Ethereum, Expanse, Factom, Fantomcoin, FirstBlood, FunFair, GameCredits, Gnosis, Golem, Golos, Gulden, Guppy, Humaniq, LBRY Credits, Lisk,Litecoin , Lunyr, MaidSafeCoin , Melon, Metal, Monaco, Monero, Mysterium, NAV Coin, NEM Neo, Next, NuBits, Numeraire, OmiseGo, Patientory, PotCoin, Power Ledger, Qtum, QuazarCoin, Radium, Ripio Credit Network, Ripple, Salt, SNGLS, Status Network Token, Steem, Stellar, Storj, Stratis, Swarm City, Synereo, Syscoin, TenXPay Token, Tether USD, TokenCard, Trustcoin, Verge, Viberate, Waves, Wings, Xaurum, and Zcash. (Source: “Supported Currencies,” Changelly, last accessed February 6, 2018.)
Changelly has a very easy and simple-to-adopt verification process
Changelly Verification Process
All one needs for the Changelly verification process is an e-mail ID. You can also opt for two-factor authentication (2FA). This provides extra protection for the account. The 2FA can be turned off at any time.
Changelly Verification Time
Unlike other exchanges, which take one to three days for the verification process, the Changelly verification time is less than 24 hours.
The Changelly fee structure is pretty straightforward. Changelly charges a flat fee of 0.5% for every trade. It also claims to offer the best exchange rates for cryptocurrency. However, traders should do their due diligence and research exchange rates on other exchanges before doing a transaction.
- Changelly Deposit Fee: There are no Changelly deposit fees
- Changelly Withdrawal Fees: There are no Changelly withdrawal fees
- Changelly Credit Card Fees: No extra fees
- Changelly Debit Card Fees: No extra fees
Please note that while the banks themselves could charge for a credit card transaction, other than the 0.5% flat fee, there are no Changelly credit/debit card fees.
Ways to Deposit/ Withdraw Money from Changelly
Since Changelly does not accept fiat currency, there is no way to deposit/withdraw money from Changelly.
How to Deposit/Withdraw USD from Changelly
Since Changelly does not accept fiat currency, there is no way to deposit USD in Changelly or withdraw USD from Changelly. However, you can exchange USD for a cryptocurrency. The process is quite simple and takes a few minutes.
- Go to the home page and select USD or EUR on the left and the crypto you want to buy on the right.
- Check the rates for the amount of cryptocurrency you are going to receive.
- Specify your cryptocurrency wallet address.
- Double-check all the payment details, especially the estimated amount you will receive. Once the exchange rate shown is acceptable to you, go to the next step by clicking ‘Exchange.”
- Next, click “Pay with MasterCard/Visa.” The processing is done by a third party. Enter your card details; your card should support 3D-secure (verification by phone number). Enter a valid phone number associated with your card. You will immediately receive a phone call, in which you’ll hear a digital code to enter. Once you enter this code in the space provided, your transaction will take another five to 30 minutes to complete.
How to Deposit Money with a Debit/Credit Card on Changelly
Since Changelly does not accept fiat currency, there is no option of depositing money with debit card or credit card on Changelly.
What is the Minimum Deposit/Withdrawal Limit on Changelly?
The minimum Changelly deposit limit is US$30.00 (or cryptocurrencies worth the same amount).
What is the Minimum Deposit/Withdrawal Time on Changelly?
The minimum Changelly deposit time is anywhere between five and 30 minutes. The same goes for withdrawals as well.
Changelly vs. Shapeshift
For those people looking for Changelly alternatives, the best option is Shapeshift. Although many of the services offered by these two exchanges are quite similar, there are a number of differences between them, as you can see in the Changelly vs Shapeshift table below:
|Fees||Flat 0.5% per trade||Varies from Coin to Coin|
|Transaction Limits||High||Comparatively Lower|
|Trust||Building Trust (New)||Established Trust|
|Personal Information||Required||Not Required|
|Execution Time||Few to 30 Minutes||Few Minutes|
|Exchange with Fiat?||USD, GBP, Euro||No Fiat Currency|
Is Changelly better than Shapeshift, or is Shapeshift better than Changelly? The truth is there is no clear winner. While one has better features, the other has a solid reputation. As far As I’m concerned, Changelly gets my vote, thanks to its verification.
Is Changelly Safe to Use?
So far, there have been no major concerns about safety, but consider that Changelly is relatively new.
Having said that, there have been reports of “errors” in transactions in the recent past. So, is Changelly safe? I’ll sit on the fence here and say “yes and no.” Yes, it’s safe to do trading. No, it’s not safe to store coins on. As with all exchanges, it’s best to use the exchange for trading purposes only and withdraw the coins into a personal wallet as soon as the transaction is complete.