Changelly Review

Changelly is a cryptocurrency trading service that was launched in 2015 and has its headquarters in Malta. It is wholly owned by Fintechvision Ltd, a company registered in Hong Kong. This Changelly review will take a look at what the platform has to offer so you can determine if it is the right crypto exchange for you.

What Is Changelly?

Changelly is a non-custodial crypto exchange service where users can trade, buy and sell over 190 different cryptocurrencies. As a non-custodial platform Changelly doesn’t hold any cryptocurrencies. Rather you are actually purchasing cryptos from other exchanges like Binance and Bittrex that Changelly has integrated into their platform. Other sites like Changelly include Shapeshift and ChangeNow. Changelly can be used in over 180 countries but is not available to residents of Bangladesh, Bolivia, Cuba, Crimea, Iran, North Korea, Sudan, Syria, United States of America (including all USA territories) and any country subject to the United Nations Security Council Sanctions List.

The key to Changelly’s success is that they have simplified the buying and trading process so that even beginners will have little difficulty in completing transactions. Transactions can be completed with just a few clicks. Although there is no Changelly wallet there are many third-party wallets that integrate Changelly. Changelly accepts three fiat currencies:

• U.S. Dollars
• Euros
• GBP

Other fiat currencies can be used but they will be automatically converted to one of the three accepted fiat currencies and the multiple conversions will increase the cost of your transaction. The available payment methods are Visa, MasterCard, Apple Pay, Bank Transfer or any of the cryptocurrencies supported by the platform. When making your first cryptocurrency purchase using a fiat currency you will have to provide proof of identity. Generally there is no KYC process for purchases made using cryptocurrency but if a transaction is flagged by the platform’s risk scoring system the user may be required to pass Changelly verification for KYC and AML purposes. This will include proof of identity and proof of origin of funds.

Changelly Fees

The Changelly fees for crypto-to-crypto transactions are pretty straight forward. Changelly charges a flat fee of 0.25% plus any blockchain network fees on all crypto-to-crypto trades. Network fees will vary depending on the cryptocurrency and users will be provided with a price breakdown before a transaction is executed. Fees are automatically factored into the exchange rate when an order is created and deducted from the amount of crypto you receive.

 Fees for fiat currency transactions are quite a bit higher than those for crypto-to-crypto trades. Changelly uses MoonPay, Indacoin and Simplex to process fiat-crypto transactions. The combined Changelly and MoonPay fee for transactions is 7.5% and for Indacoin the combined fee is 10% which is quite high.

Changelly Exchange

Changelly users have the option to choose a “fixed rate” or a “floating rate” when buying or trading cryptocurrencies on the site. Choosing the fixed rate means that the rate that was displayed at the beginning of the transaction is the rate that you will receive when the transaction is completed. When you choose the floating rate option the rate you receive may vary from the rate you were quoted at the beginning of the transaction.

 What makes Changelly one of the best crypto exchange platforms is how easy it is to use even if it is your first time. To exchange crypto just follow these easy steps:

 Proceed to the Changelly Homepage

• Select the cryptocurrency you would like to send and the amount
• Select the cryptocurrency you would like to receive
• Select either “Fixed” or “Floating” exchange rate
• Click the “Exchange Now” button. The exchange rate and transaction details (transaction fee, network fee, estimated time) will be displayed
• Enter your wallet address that the crypto will be sent to and click the “Next Step” button
• View the order summary. If everything looks okay click the “Confirm and make payment” button. 
• Send the exact amount of crypto to the address provided by Changelly. If you chose “Fixed Rate” you will need to send your payment within 15 minutes. When “Floating Rate is selected you have up to 36 hours to send your payment.

 Once you have sent the crypto to Changelly the exchange process begins. It generally takes anywhere from 5 to 30 minutes to receive your cryptocurrency. The status of your transaction can be viewed in your transaction history and you will be notified when it is complete. Once a transaction is finished, you will be given a receipt with an output transaction hash as proof that your transaction is completed.

 You can actually begin your first transaction before you have even registered to the site but you will need to sign up before the trade is complete. The only information required to open a Changelly account is your email address. There is no set minimum for the amount of crypto you can exchange but it must be large enough to cover all fees.

 The process for buying crypto with fiat currency can vary depending on the third-party crypto-purchase provider (Indacoin, MoonPay, Simplex etc.)

 Select a default currency which can be USD, GBP or EUR

• Enter the fiat currency amount and select the crypto you want to buy. Depending on the crypto-purchase provider various transaction limits will be set
• Verify the rate and the amount you are going to receive.
• Provide your cryptocurrency wallet address. You may need to verify your email address by entering a 4-digit verification code that will be emailed to you.
• Enter your billing and residential addresses to proceed.
• Provide your bank card data. Proof of identity will be required if it’s your first crypto purchase on Changelly

 Again it will take from 5 to 30 minutes to receive the crypto in your wallet. Buying and trading on Changelly is quite easy and even first time users should have no difficulties. More advanced traders may want to look into Changelly Pro. This is a centralized trading platform that was launched in 2020 and offers more features such as margin trading.

Changelly App

Changelly has a mobile app for both iOS and Android devices. It provides the same features that are available on the Changelly website and includes a crypto price-tracking screen that allows users to view the prices and charts of different cryptocurrencies. The Changelly app is intuitive and easy to use, much like the Changelly website.

Support

Customer support at Changelly is available through a ticket system as well as via email. There is also a live chat feature that can be used to contact support 24/7. The customer support staff are helpful and friendly. The site also has an extensive FAQ that answers many questions that users may have.

Cryptocurrencies

There are currently almost 200 different cryptocurrencies supported by Changelly. All of the popular coins such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Dogecoin, Monero, Tether and Tron can be traded, purchased and sold on the site. There are also many lesser known cryptocurrencies such as BCN, Swarm City, RADS, STX, ROOBEE and others. As of this writing there are a total of 199 cryptocurrencies. The nice thing about Changelly is that on their site any cryptocurrency on the site can be traded for any other cryptocurrency on the site.

Is Changelly Safe?

Changelly uses two-factor authentication and HTTPS security protocol to ensure customer’s accounts are protected. In addition Google Authenticator can be used for an extra layer of security. As a non-custodial platform Changelly is less of a target for hackers. Since they have been in operation Changelly has never been hacked and has a reputation as a safe exchange.