In my post today, I am going to discuss Changelly; the instant crypto exchange service.
By the end of today’s post, I assure you that you must have gotten a plethora of knowledge about the exchange as I have broken down every info.
Changelly marked the evolution of crypto exchange, transforming the crypto to crypto trading pair from the herculean task it was in the past.
I have carefully knitted these sub-headings to help you navigate through this post. Here is what I will cover:
- Changelly Overview
- Changelly Features
- Product and Services
- How to Open an Account
- Currency Supported and Payment Method
- Transaction Fee,
- Country Support
- Customer Support
- Changelly VS Other Exchanges
- Pros and Cons
Now, let’s get into business!
Hope you are ready?
1. Changelly Overview
Changelly is a non-custodial exchange that was launched in 2015 by Minergate (a crypto mining pool).
Non-custodial simply means that it does not hold users’ fund rather it connects the user to an exchange offering the best rate in the market. This is achieved by an automated trading bot that is integrated into exchanges like Binance, Bittrex, HitBTC, etc…
Changelly has its headquarter in Hong Kong with over 2 million visitors currently using the platform worldwide.
Now that we have gotten the bio of the exchange, let’s take a look at the features.
2. Features of Changelly
Changelly has these following features;
- Anonymity: KYC is not required, you can enter your email just to receive transaction notification.
- Security: The exchange does not hold users’ coins and info thus there is nothing to hack. It has never been hacked.
- Seamless Swap: This is the #1 feature of this Changelly. It makes the exchange of trading pair instant and effortless.
- Low fee rate: It has one of the lowest fees in the market.
Note: You do not require KYC to swap crypto on Changelly. However, Changelly employes the services of 3rd parties to process the purchase and sales of crypto with fiat. These 3rd parties like simplex may require verification.
3. Products and Services.
The products and services offered include,
- Swap crypto
- Buy crypto
- Sell crypto
- Crash course
This is where you can trade one crypto for another crypto instantly. Let’s say that you already have ETH but you want to exchange it for BTC. You can do it seamlessly using the swap feature.
How to swap cryptos
Here are the steps;
- Go to the website, Sign in with your email address
- Choose the crypto pair you would like to exchange and enter your wallet address, taking note of the rate and service fee.
- Confirm your transaction
- From your wallet, send the amount to the address provided by the platform and in about 30mins your transaction will deliver.
Here you can buy over 100 cryptos with fiat money.
To buy crypto with fiat
- Click on “Buy crypto”
- Select your payment fiat currency and enter the amount you want to buy. (once you do this the crypto equivalent will be displayed)
- Click Next Step
- Follow the rest of the instructions to complete your payment.
Once you complete the payment, your coin will be sent to the address you provided.
Note: When buying crypto with fiat on Changelly, you will be redirected to the payment processor website where KYC will be required.
Payment for Crypto sales for fiat on Changelly is made via SEPA; thus this service is only available to customers from Europe and Isreal. If you are in Nigeria or USA and want to sell your crypto, you might have to use Luno, Quidax or Binance
Also, the only crypto you can sell on Changelly is Bitcoin.
Changelly partners with Bits of Gold for this service.
The exchange offers free online courses and video guide tutorial for users’ benefit.
However, as at the time of this post, this option was under maintenance and will be implemented very soon
4. How to Open an Account/How Changelly Works
All you need to operate an account with Changelly is your email address, just go the website and sign in using your email address and your account is ready for you.
It is so easy and simple, I encourage you to try it out.
5. Currencies Supported and Payment Methods
Changelly supports over 100 cryptos which leave its users the opportunity to exchange a variety of crypto with little effort. Some of the tokens it supports are;
- BTC, ETH, XRP, ABYSS, ADA, ANT, ARDR, ARN, ATOM, BAT, BCD, BCH, BDG, BETR, BKX, BNB, BNT, BRD, BSV, BTG, BTT, BUSD, CVC, DAL, DASH, DCR, DENT, DGB, DGTX, DOGE, EDG, ENJ, EOS, EOSDT, ETC, EURS, FUN, GAS, GNO, GNT, GRS, GUP, GUSD, and a whole lot of them that I cannot list down here.
For fiat currencies Changelly accepts only these;
Note that if you have to pay with your local currency, it is more likely to be converted to the USD automatically.
Changelly supports the following Payment Methods:
- With fiat: This is payment in USD, EUR or GBP using the Visa Card. This service is powered by Simplex.
- With crypto: this is exchanging any other supported crypto for bitcoin.
6. Changelly Transaction Fees
The four types of fee that can be incurred in this platform include;
- Exchange Fee.
- Network Fee.
- Sell Crypto Fee.
- Buy crypto Fee.
These are fees incurred when swapping one crypto for another.
For every exchange made on this platform, there is a flat fee of 0.25%, regardless of the token exchanged.
This exchange fee is already calculated and included as the exchange rate you will get for the particular crypto you wish to exchange.
Network Fee (Miners fee)
This is the fee incurred on the blockchain network. It is paid to miners and not Changelly.
the network fee is set to each currency and it is displayed at the step 2 transaction creation process.
Network fees are not included as part of the exchange rate but are deducted at the end of the transaction processes.
Sell Crypto Fee
This is the fee charged for exchanging crypto for fiat currency.
Note: the 5.95% bank charge does not go to Changelly or Bits of Gold account.
Buy Crypto Fee
Changelly employs the service of a payment processor (Simplex) for the “Buy Crypto” option.
there are two charges a user should expect when using this option. they are as follow;
- Changelly fee…………..5% (for every transaction)
- Simplex fee……………..5%(depending on the volume of traffic)
Changelly Exchange Rate
An exchange rate could be explained as the price (cost) in which one currency could be exchanged for the other.
for example; $1 could be exchanged for N360. Thus 360 becomes the exchange rate.
Changelly is a platform fully automated to search for the best rate across multiple exchanges,
The two types of exchange rate here are;
- Floating rate: This rate changes in real-time depending on the market condition.
- Fixed-rate: This rate is fixed during the transaction process but is however updated every 30sec prior to the transaction initiation.
7. Countries Support
Changelly has support for all countries other than countries subject to United Nations Security Sanctions List and its equivalent. These countries include;
Cuba, Iran, North Korea, Crimea, Sudan, Syria, United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Island (St Croix, St. John and St. Thomas), Bangladesh and Bolivia.
Let’s look at customer support. Does the exchange respond to users’ questions?
8. Customer Support
Changelly has very strong customer support that is active 24/7.
For any inquiry that concerns the exchange, you can go to;
- The [email protected]Changelly.com and click on the message bar in the right bottom corner of the website, for live chat.
- Reach the exchange via [email protected]
- Follow it on Twitter, Facebook, and Telegram.
- For more info about Changelly products and services, you can do that via [email protected].
Now,how does Changelly fare compared to other exchanges?
Let’s take a look at it below.
10. Comparing Changelly with Other Exchanges
Changelly vs Shapeshift
Shapeshift was founded in August 2014 by Erik Voorhees and supported by a team of highly trained individuals. The company is headquartered in Switzerland.
Changelly and Shapeshift are instant exchange platforms that will allow you to swap crypto to a digital asset in a seamless and highly secured environment.
Nevertheless, these two have their variances;
While Changelly supports a wide range of crypto for users to make their options, Shapeshift offers only a limited number of token.
Again Shapeshift does not support trading with fiat and requires users to provide their personal details before they could make any transaction, this is not so with Changelly.
Changelly vs Binance
Binance was founded in China by Changepeng Zhao in the year 2017. It is registered in Malta but headquartered in Tokyo.
These two exchanges require no verification, have no options for margin trading, support 100+ cryptocurrencies and have never been hacked.
The variances between these two, however, is that;
While Binance has its official token BNB, supports about 25+ fiat tokens, has a chart indicator and a transaction fee of 0.1% (when paying with crypto) and 0.5% ( when paying with BNB),
Changelly, on the other hand, has no official token, supports only 3 fiats, has no chart indicator and adopts a transaction fee of 0.25%.
Also read: Binance Trading Platform:- My Amazing Review
Changelly vs Coinbase
Coinbase came into the crypto exchange space in the year 2012. it was Created by Brian Armstrong and Fred Ehrsam and located in San Fransisco, California.
Although Changelly and Coinbase have no official tokens, require no verification and have never been hacked,
Coinbase supports about 400+ crypto with no fiat and has a chart indicator. This is clearly different from what we have in Changelly.
Moreover, while Coinbase came to the crypto space in 2012, Changelly was launched in 2015.
Also read: Coinbase Review(2020)| How Safe Is it?
Changelly vs Coinswitch
Coinswitch was founded in June 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari.
Changelly and Coinswitch are non-custodial instant exchanges that connect users to the exchange that has the best available rate to trade crypto pairs.
However, Coinswitch provides users with clusters of exchange rates from different exchanges and supports 350+ cryptos with 5 fiat tokens.
It also charges a fee of 0%-0.49% depending on the exchange you have chosen from the platform for your transaction.
This is entirely different from what we have in Changelly.
Here are reasons why you should trust the exchange;
Users do not have to deposit their funds with the exchange.
The Platform is widely recognized as one of the forestanding exchanges that have gained the trust of over 2million users from across the world.
Its exchange also partners with widely recognized exchange platforms considered as reliable, safe and trusted.
There has not been a record of anyone defrauded in the course of using the platform.
The platform basically doesn’t have a stipulated limit for a transaction.
Except for the case of a minimal amount where the inputted amount is very low and could not cover all the cost required by a blockchain, if this happens, you will see the amount you have entered in orange colour.
The minimum limit for fiat currency is 50 USD, EUR, and GBP
Maximum limitations, however, are set based on the purchase provider’s end.
Transaction made on the blockchain is hardly retrievable and cannot bounce back as soon as it is sent from a designated wallet.
This is basically because of the decentralized nature of the blockchain.
I would rather advise you to be extra careful while exchanging your assets and make sure to double-check all payment details before sending it.
This can only happen if;
The exchange does not support the wallet you have used
Wallet address does not match the chosen cryptocurrency
Typos( maybe you have made mistakes inputting a character)
12. Pros and Cons
Here some of the benefits you will gain from this exchange;
- Low exchange fee.
- Best rate on the market.
- Supports a wide range of cryptos.
- Good customer support.
Here are some of the demerits of the exchange;
- Supports only three fiat currency.
- The identity of the real owners of the exchange is still concealed.
- Fees may become higher in the case of a transaction involving the fiat money.
Changelly is a decent choice for those who would love a simple and clean solution for trading their Altcoins with minimal fuss.
A lot of users have reviewed the exchange and have lauded it for its instant, safe and satisfactory delivery
This is where I will wrap up the post for today.
Now tell me, Do you think the platform is worth a trial?
Are there some puzzles about the exchange you would like to get clarified on?
Leave your comments below and I will clear all your doubts.
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- MyTopExchange (2020 Review)- How Reliable Is This Exchange?
- Bittrex Review- Is It Safe? (2020 Update)
Ease of Use8.0/10
- Low exchange fee.
- Best rate on the market
- supports a wide range of cryptos
- Good customer support
- supports only three fiat currency
- The identity of the real owners of the exchange is still concealed
- Fees may become higher in the case of a transaction involving the fiat money