Changelly Exchange Review
Changelly is one of the most popular cryptocurrency exchanges which lets the users to purchase cryptocurrency using Fiat currencies USD, EUR, GBP etc and they also offer crypto exchange service, which lets you trade/exchange the cryptocurrency that you own for any other cryptocurrency that you want to purchase.
Now if you’re new in the world of Cryptocurrency you must own either Bitcoin (BTC) or Ethereum (ETH) to start trading or investing in other smaller cryptocurrencies as a vast majority of the new cryptocurrencies are only paired with these 2 major cryptocurrencies.
Changelly was launched as a startup in 2013, the company headquarter is located in Prague, Czech Republic.
It was launched by Minergate ( a very prominent Bitcoin mining pool and cloud mining contracts provider.) to provide exchange services exclusively to the Minergate customers. However, In 2015 Changelly became an independent exchange service. Changelly uses sophisticated API and automated trading bots which are integrated with some of the largest training platforms like Bittrex, Poloniex, Kraken etc.
Changelly lets you purchase the cryptocurrency using Master/Visa Credit/ Debit card, not all crypto exchanges offer this service only a limited number of exchanges have this service.
With over 1.6 million users the aim of Changelly is to remove the technical barriers of a trading platform and allow people with no trading or technical background to invest or trade in cryptocurrencies.
Changelly platform has some limitations, for example, US, Canadian and Australian citizens can only exchange $50 for their initial transaction. If you make another purchase within the next 4 days you are allowed to exchange $100. At 7 days, you exchange limit is increased to $500 after that you’re free to exchange without any limitation.
Changelly charges a fee of 0.5%. on each trade. However, a lot of users complain about the exchange rate of Changelly which is not consistent so I recommend checking the cryptocurrency prices before proceeding with the trade/exchange.
Most of the instant cryptocurrency exchanges don’t have attractive exchange rates but the fact that they are able to process the orders instantly (5-30 Minutes) is what makes them attractive and the fiat-to-crypto conversion option is very convenient.
Here’s an example of how Changelly exchange works:
How to use Changelly:
Step 1: Select the coins/currency that you want to change (e.g., Bitcoin to Ethereum, Litecoin to Dash, USD to Bitcoin etc.).
Step 2: Verify the transaction fees.
Step 3: Provide your receiving (wallet) address.
Step 4: Confirm the details that you have provided and pay with the currency of your choice.
The exchange normally takes 30 minutes, you’ll receive the requested cryptocurrency in your wallet without any issue.
All you need is an email address to exchange coins. Fiat-to-Crypto or Crypto-to-Crypto.
Changelly offers support via email at [email protected].
Changelly vs Shapeshift
Both of these exchanges are very similar and work the same way, Changelly. However, has slightly lower fees and higher limits.
Shapeshift requires no information for trades or exchange. Changelly on the other hand requires a user account but no other verification documents.
We do not see a huge difference between the two and suggest users try both Changelly and Shapeshift to see which they prefer.
Although you don’t have to deposit funds or cryptocurrency in order to proceed with the exchange on Changelly. Exchange rates on Changelly can be very high when compared with other Altcoin exchanges.
Other popular exchanges like Coinbase are also a good Changelly substitute if you’re looking to purchase Cryptocurrency using Debit/Credit Card or Wire Transfer but Coinbase currently only offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Changelly is easy to use and offers a convenient way to buy/exchange cryptocurrency and also you’re not required to provide any personal information when placing the order or to use the service.
UPDATE: Changelly, a popular instant cryptocurrency exchange, has partnered with Binance, TOP-1 trading platform, to bring more tokens, faster transactions and better rates to users.