Owning cryptocurrency in 2021 is a norm, given the sheer amount of revenue it can generate in a short span. The crypto world is becoming a global phenomenon, with 10,000+ cryptocurrencies circulating on the web. With the market inundated with options, it is viable for traders to face confusion.
But the real trouble starts when traders quickly start exchanging cryptocurrencies and fail to handle them. The ideal solution under this scenario would be converting the cryptos into one. This is where crypto exchanges chime in, offering multiple currency pairs and trading alternatives.
Most exchanges ask for registration in the form of KYC. While the process enhances safety, it can take days before users can make their first transaction. That is why numerous traders opt for Changelly, an esteemed crypto exchange with no registration process and an abundance of cryptocurrencies on offer.
A mere 0.25% transaction fees, esteemed UI, and 150+ trading pairs are some of the reasons why Changelly is a crowd-pleaser. Contrarily, Changelly fees appear exorbitant in front of some exchanges, making it less desirable for fiat currency traders.
While this is an apt summary for Changelly, below is a detailed Changelly Review for any trader who is wondering, “how does Changelly work.”
What is Changelly?
|Supported Fiat Currencies||USD, EUR, GBP|
|Supported Countries||Austria, UK, Israel, Spain, Malta and few more|
|Minimum Deposit||Minimum deposit should be enough to cover all costs required by a blockchain|
|Deposit Fees||No fee for crypto deposits|
|Withdrawal Fees||Depend on crypto|
|Application||iOS & Android|
|Customer Support||Through Support Ticket|
Founded back in 2015, Changelly is a cryptocurrency exchange platform where traders can conduct transactions without registering their identity.
The trading platform commenced in Prague and was accompanied by the Minergate team. However, the companies parted ways and its headquarters moved to Malta due to an active blockchain industry and crypto-friendly regulations.
Changelly User Interface
The exchange is owned by Fintechvision Ltd., a private organization with its root set in Hong Kong. With 150+ cryptocurrencies on offer, Changelly is one of the best crypto exchange platforms in the market.
Changelly’s USP lies in its simple approach, making it accessible to both newbies and veterans.
The trading platform boasts an instant exchange mechanism, allowing traders to convert cryptocurrencies within approx. 30 minutes. The function is available on any device with an active internet connection. Plus, Changelly’s mobile application makes it easy to approach globally.
Additional perks like affiliate programs make Changelly a popular alternative. The program can be availed of by simply creating an account. Opting for the program offers 50% of the income incurred by the traders invited on the trading platform. The chain mechanism is valid for the first 90 days of the registration, garnering new users every day.
Using the platform gives access to 150+ cryptos, with popular names like Bitcoin, ETH, LTC, USDT, DOGE, Bitcoin Cash, DASH, etc. Changelly has partnered with SEPA and Simplex to facilitate the trading procedure. This simplifies the process for users as they do not need to browse for ideal exchange rates.
Features of Changelly
Changelly exchange is accessible in every country except Bangladesh, North Korea, Cuba, Crimea, Syria, the US, Bolivia, and Sudan. Additionally, its UI supports languages like English, Hindi, Russian, Japanese, Chinese, Spanish, Korean, Arabic, Turkish, Portuguese, German, and French.
On the security front, Changelly boasts a two-factor authentication system. Additionally, traders need to check their transaction data through emails, making for a foolproof ecosystem. Standard perks like high limits, 24/7 Changelly support, and quick transactions are also a part of the exchange.
How Changelly Works
Pros and Cons: Changelly Review
While the platform is a prevalent platform, no Changelly review can be complete without listing its pros and cons. So. here is a brief list of benefits and disadvantages of using Changelly:
|Pros of Using Changelly||Cons of Using Changelly|
|Changelly’s simple UI makes it ideal for experienced and new traders. With no clutter or complicated trading view, Changelly excels at delivering its services.||Since Changelly uses a floating exchange rate, computing the final transaction price can be challenging.|
|Changelly’s fee is significantly lower than most crypto exchanges at a mere 0.25%.||Other exchanges like Binance offer even better transaction rates, so finding cheaper options is possible.|
|There are 150+ types of supported cryptocurrency on Changelly. Plus, there are multiple payment options like debit cards/credit cards and cryptocurrencies.||Changelly is not ideal for fiat traders due to its high transaction trading fees.|
Unique Aspects of Changelly
Account Opening Process
Many traders wonder exactly “how does Changelly work and why many experts review Changelly.” Before delving into the in-depth details of Changelly’s functioning, traders are suggested to first open a Changelly account. While it is not compulsory, it makes further transactions smoother.
Here is the step-by-step process to open an account on Changelly:
- Reach the official Changelly website.
- Look for the “Sign Up” option on the top left.
- After clicking on the tab, a screen with multiple log-in options will appear.
Login Window of Changelly
- Choose the most suitable option and approve the log-in.
- This wraps up the process, and now traders will see an Account option instead of Sign Up.
Changelly User Account Section
- Users can access their transaction history, affiliate programs, and referral link by clicking over the tab.
Payment Methods – Deposit and Payment methods
A major reason behind Changelly’s market success lies in its multi-payment methods support. Here is a list of options traders can choose from:
- Debit Card/Credit Card
- Virtual Credit Card
- Prepaid Cards
The platform boasts 150+ cryptocurrencies with no restriction on trading pair creation. It allows users to choose the ideal pair and execute the transaction via a preferred payment method. To make a pair, users merely need to choose two cryptos, and voila, the matchmaking software will handle the rest.
The process is simple for making payments via any fiat currency, i.e., debit/credit cards, virtual or prepaid cards too. Traders can select the crypto they wish to buy and choose the suitable payment option or through a bank account on the checkout page. Traders should always review the payment charges before finalizing the transaction.
Other than offering multiple payment options, Changelly fees also offer multiple alternatives. The first one is the floating rate exchange, where the price charged can differ once the transaction is completed. The second one is fixed exchange rates trade, where a specific price is maintained until the transaction’s completion.
When traders use the floating rate exchange, a fraction of the difference between the transaction completion can incur changes in the exchange amount. While it can work in traders’ favor, it can also result in unnecessary trading fees. The major upside to choose the method is a low trading fee of 0.25%.
Contrarily, using the fixed-rate trade provides a guarantee that users will be charged a specific price. There is no second-guessing under the method, but it incurs relatively higher fees. Depending on the involved third party, users can experience a network fee from 5% to 10%. This does not bode well with some traders, and they even call it absolutely ridiculous borderline robbery.
The bank transfer system is smooth, with options like Apple Pay available to users. Plus, the added benefit of no withdrawal fees is a part of Changelly’s offers.
As per the detailed review, traders should opt for the floating method under low volatility. Similarly, the fixed-rate method is ideal for a volatile crypto market setting as it offers minimal exchange fees.
Changelly Affiliate Program
A major reason why most Changelly reviews are positive is initiatives like the Changelly affiliate program. Participating in the program starts by inviting a friend to the platform. Once that friend makes a successful transaction, 50% of the fee is provided to the user.
Changelly Affiliate Program
While the offer is permanent, the offer for one person stays valid for 90 days since the friend’s registration. Changelly users can either use the referral link or the Changelly Widget to invite a friend. Several exchanges facilitate a permanent commission mechanism where users get constant rewards through a referred friend.
Changelly crypto exchange also practiced a similar approach, but the model was changed after some time.
Services Provided by Changelly Cryptocurrency exchange
Changelly services are quick, seamless, secure, and reasonably anonymous. Traders can avail of the services via three major options:
- Official Website
- Mobile Apps
- Third-Party Wallets
While the website and mobile apps are the mainstream choices, many traders opt for third-party wallets too. That is why Changelly supports several popular wallets, like:
Another reason why Changelly reviews show a green light is its custom payment widget and API. The widget allows traders to use Changelly without even accessing the website using Simplex to facilitate transactions results in simple trades, even with fiat currencies.
While the exchange is renowned for its no-registration policy, Changelly verification becomes mandatory if a trader acts suspiciously.
Changelly Review: Mobile Apps
Changelly crypto exchange also caters to the mobile-only audience with its seamless and intuitive app. The mobile app is available for both Android and iOS devices on their respective app stores.
While the exchange started the mobile-friendly approach with the Android OS, it quickly launched its iOS counterpart too. The app serves its purpose impeccably as it is simple and intuitive with a seamless user experience. Using the mobile app does not hinder the UX, as traders can choose between exchange rates as well.
The app also supports multiple payment options, making it a viable choice for every trader. Using Simplex to conduct trades means traders can even use a debit card or credit card to complete the payment.
The experience is taken a notch higher with Changelly’s crypto-tracking functionality. It allows traders to track charts and prices for different cryptocurrencies. The list can be customized at any time, improving the app’s handiness.
Watchlist on App
Users can also log in to the app to streamline their website and app proceedings. The process is simple as traders merely need to tap on the “Account” option and a familiar interface will launch. Here users can choose the Sign-Up or Sign In option as per their status.
The Sign Up option will ask users for their email to get a verification message. Once the email is verified, the Changelly verification process will be completed.
Sign Up or Sign In
The Sign In option is simpler as it merely requires traders to input their verified email address and password. Doing so integrates their previous data within the app as well.
Due to its responsiveness and performance, the app is certainly one of the best crypto-related apps on the market. Therefore, there is no denying that Changelly mobile app is ideal for trading crypto for both newbies and seasoned traders.
Safety Parameters to Securely Exchange Crypto
Merely researching on topics such as “how does Changelly work” is not enough. Every rational trader needs to review the security parameters implemented by the exchange. The sole fact that Changelly has experienced no security breaches since its debut in 2015 shows its capabilities.
Fraud and incompetent exchange platforms are not a rare sight in the crypto sector. However, the Changelly crypto exchange eradicates every shred of second thoughts with its proven market performance. In shirt – Changelly is a tried and tested secure platform.
Any traders that have reviewed Changelly’s terms and conditions understand what they will be receiving. Changelly’s floating exchange rate raises several concerns with new traders, but the exchange openly addresses the topic. Additional issues like delayed transaction completion are generally resolved within the initial 24 hours.
So how does the Changelly platform facilitate such security? With a simple and efficient approach. Simple in the sense that the platform does not hold the users’ digital assets. And efficient in the sense that it uses historically proven tools.
As a non-custodial exchange, so even if the platform ends up being breached, traders’ assets and portfolio will not be affected. Any purchased crypto directly goes to users’ deposit addresses. Moreover, the Changelly exchange uses HTTPS protocol measures to offer additional security to users. The protocol fends off unwanted requests, saves processor memory, and facilitates an overall seamless experience.
Users can also avail themselves of the renowned two-factor authentication (2FA) system to secure their accounts. The 2FA system foolproofs the account from unwanted access. The only scenario where the system fails is when users share their login credentials and OTP with someone. Therefore, as long as the traders act rationally, there is no threat to their funds.
Demanding more security protocols from the exchange is reasonable. However, given its non-custodial nature merged with the 2FA security system, there is nothing to worry about.
If traders use Changelly, they get direct transfers to wallet addresses and complete a safe cryptocurrency exchange. What if something happens? Changelly offers esteemed support solutions to resolve the issue.
Changelly support is one of the best parts of the exchange. Many even consider supportingcompletely the reason why Changelly reviews are mostly positive. For starters, Changelly support is available 24/7, ensuring no time zone difference or geographical restriction hinders the user experience.
(Before contacting support, it is suggested to make a detailed description of the issue.) Once users contact the support and share the concern, the Changelly team starts working on it ASAP. To contact the team, traders can either use the email provided on the Helpdesk or fill the feedback form.
Using the Helpdesk button generates a support ticket, which generates a 24-hour response at most. For the email part, traders can contact Changelly on [email protected]
Moreover, the platform offers an extensive FAQ section to help users garner standard details. Changelly also boasts a blog section where the latest information regarding its services is updated. Users can avail of numerous handy topics to gain a better understanding of its services.
Beginners can also go through Changelly’s crash course to quickly purchase crypto. With numerous supported countries, Changelly can also be used to sell crypto worldwide.
The platform is active on multiple social media platforms like Facebook and Twitter too. Even a live chatbot is integrated on its website to provide quick service to users.
Overall, Changelly’s customer support plays a key role in its success as it offers an esteemed and quick resolution experience to users.
Our Verdict: Exchange Fees, Safety, Use Case, and More
Going through the web, most traders can see what the masses think about the platform. As per Trustpoint, the exchange is performing well and is trusted by its user base. Our verdict regarding the crypto coin exchange is similar as well.
Changelly stands true on the stature it has established on the market. It is simple, efficient, user-friendly, affordable, and offers ample support. The cryptocurrency exchange has never faced a security breach and equips the necessary tools to maintain the trend.
The bottom line lies in how traders use the trading platform. In most cases, Changelly is the ideal platform for crypto trading. Using Changelly for fiat trades incurs high expenses, reducing its use case.
While many will not call Changelly a transparent company, considering its track record, there is no need to doubt it either. If users ask, “is Changelly legit”, the answer will be a big yes. Its non-custodial nature, user-friendly approach, and esteemed support solutions make the platform a crowd-pleaser.
So is Changelly safe? Yes. Is using Changelly pro a sound investment advice? Definitely. Can it be used to sell cryptocurrency? Absolutely as the platform supports both cryptocurrency trading and fiat currencies.
Even the Bitcoin community loves Changelly for its esteemed cryptocurrency trading and contribution to the decentralized finance sector. With LiveChat support, a low total fee, debit card acceptance, users can quickly start trading on Changelly pro.
The platform offers the best price, shares no personal information, provides a quality conversion rate, and supports Ethereum addresses as well. Even distant areas like US Virgin Islands have traders that use Changelly.
However, no online platform is barred from negative reviews. While the consensus regarding the Changelly review is positive, most negative reviews target its latest KYC addition.
Nonetheless, the positives outnumber the negatives by a landslide, proving that Changelly is a legit and safe cryptocurrency.
Is Changelly legit?
Changelly is one of the most popular and trusted exchanges on the web. The company has never faced a security breach and offers ideal customer support. Even with 150+ cryptocurrencies, the platform keeps adding new cryptocurrencies. With multiple payment alternatives and efficient UX, Changelly is indeed an ideal cryptocurrency exchange.
Is Changelly safe?
Changelly is one of the safest cryptocurrency exchange platforms on the web. The platform has faced no security breaches ever since its introduction in 2015. It practices a non-custodial approach and a 2FA security system to ensure no security concerns arise. Changelly also offers API and widgets to offer exchange services directly from the wallet address.
Is Changelly regulated?
No, Changelly is not a regulated exchange crypto. However, most crypto exchanges do not own a regulatory license. Changelly is still a trusted platform with no fraud and security breaches from 2015. The exchange does not hold users’ digital assets and directly transfers the crypto coins to the private wallet. Traders can bank on Changelly’s proven history to trust the platform and facilitate transactions.