Changelly Review

Changelly Review

Changelly Review

Today, everybody wants to enter the exploding marketplace of cryptocurrencies. Although the most prominent one, Bitcoin, has been around since 2008, this year saw the start of mass adoption of various currencies. Since their underlying technology, called blockchain, has virtually limitless potential applications, the future of this exciting technology is nothing but bright. There are various ways of obtaining one of many available currencies – the most popular one is by swapping regular currencies for cryptos on a cryptocurrency exchange. However, some don’t feel comfortable engaging in cryptocurrency trading. Also, some want an option that enables them to quickly swap one cryptocurrency for other, due to the high volatility of the market that makes every second count. Transferring coins from cryptocurrency wallet to an exchange, trading them for other coins, then putting them back in the appropriate wallet may turn to a long-lasting and laborious procedure, especially for newcomers.

Fortunately, there are some dedicated cryptocurrency exchange offices, that don’t offer any trading functionality, but rather serve as a simple exchange place for swapping two cryptocurrencies. One of the most popular ones is called Changelly, and is present on the crypto market since 2013. It enables fast and secure transfers with various payment methods and fixed fees, and is also really simple to use. In this Changelly exchange review, we’ll be analyzing the core features of this platform, including using Changelly app, transaction limits, existence of fixed Changelly fees and many more. Stick around and learn why this platform should be your entrance to cryptocurrency market!

Changelly Review | Payment Methods Accepted

One of the most important features of Changelly app are surely available payment methods. Regardless if complete newcomers or experienced traders on the cryptocurrency market, potential users want a freedom of choice. In other words, the more available payment methods, the better. Fortunately, the team behind Changelly is aware of this fact, so here you’ll be able to trade either by using existing cryptocurrencies, or by depositing fiat currency through your bank card. Bear in mind that exchanging cryptocurrencies on Changelly app requires registration – we’ll be talking about this process a bit later. For now, let’s focus on transfer procedures available.

If you already have some coins in your cryptocurrency wallet, the procedure is fairly simple and consists of several steps. Let’s say that you have some Bitcoins and you want to convert them to Ethereum coins. First, you need to specify the amount of Bitcoins that you want to convert. After entering the desired number, you’ll be provided with information regarding exchange rate, mandatory Changelly fees and estimated conversion duration. Then, you’ll be asked to input address of destination cryptocurrency wallet, which in this case supports Ethereum coins. It is extremely important to input the correct address, since even the slightest error might render your funds lost. Best practice is to check address existence using one of many dedicated blockchain explorers that can be found online. After you’ve checked the address, you’ll be asked to once again revise and verify all transaction details. Upon confirming, you’ll be given an address to which you’ll have to deposit a selected number of Bitcoins. After the payment has been sent, the conversion process will commence, and upon its completion, an email will be sent to you with all transaction details. And that’s it – quick, safe and painless!

Changelly Home Page

Changelly Home Page

If you don’t have any existing cryptocurrencies, you can use Changelly app to easily use fiat currencies on your bank account to purchase any supported cryptocurrency. The procedure is even simpler than when swapping currencies. You simply define the amount of money you wish to spend, the cryptocurrency you want to buy, and the address to its cryptocurrency wallet. Then, input card details and verify your card by entering the three-digits number in transaction details reflected on your bank account. Once your card is verified, your purchase will be completed and you’ll become a proud owner of your first cryptocurrency! As you can see, commencing transactions on Changelly is fast, simple and secure, so it will surely delight you. Interested in learning how this actually works? Keep on reading our Changelly exchange review and learn all about the background process behind the platform!

Changelly Review | How it works

Basically, the purpose of Changelly is creating a bridge between investors looking to participate in cryptocurrency trading and major cryptocurrency exchange platforms. When you define currencies you wish to swap and underlying amounts, Changelly provides you with best prices for given trade in a given moment. Let’s see how this works under the hood.

Changelly How It Works

Changelly How It Works

Using its own custom-made API, the platform is able to communicate with reputable liquidity providers including Bittrex, Poloniex and HitBTC. These exchanges, among some advanced trading features, also contain something called order book. It denotes the collection of all bid and ask orders for a specific currency pair. Basically, cryptocurrency trading goes down to matching your order to the corresponding opposite order in terms of price ration. Changelly sends your trade request to all exchanges it can communicate with, searching for the best possible trade you can get. Once it finds it, it calculates cryptocurrency prices after conversion, reduces it for mandatory Changelly fees and returns the final number to you. In order to do this manually, you’ll have to create trading account on several cryptocurrency exchange services, track price changes on all of them simultaneously, transfer your coins to cryptocurrency wallet of the selected exchange and engage in trading. Changelly does all of this for you, and since there is no Changelly wallet present, only you are in control of your funds. This is how this exciting platform operates, and during the test conversions we’ve executed for the sake of this Changelly exchange review, we haven’t experience any problems at all. However, some features are still left unexplored, the first of them being trading limits and liquidity. Keep on reading and learn all about them!

Changelly Review | Limits and liquidity

When talking about trading limits, Changelly doesn’t have any, regardless of cryptocurrency type you want to trade. That’s right – Changelly app lets you exchange as much as you want at any time. However, you should keep in mind that some minimum amounts exist, due to the nature of blockchain that demands certain fees to be paid. Therefore, Changelly will always suggest minimum amount for each cryptocurrency, depending on the mandatory fees needed to process transaction. Also there are some restrictions if you’re trying to enter cryptocurrency market by buying them directly with EUR or USD from your bank account. Depending on your locations, some restrictions are placed for the first several transactions on the platform. That being said, if your country of residence is USA, Canada or Australia, your first purchase is limited to 50$, second one can be made after 4 days, and the third one week after the initial purchase. If you belong to a CIS region, first transaction is limited to 200$, first week is limited to a total of 2000$, while you can buy up to 10 000$ in the first month. For EU and other countries, first transaction is capped at 100$, and the first week is limited to 6 payments. All restrictions are removed after one month since first transaction, meaning you can start trading higher amounts.

Changelly Card Limits

Changelly Card Limits

As for the liquidity, cryptocurrency trading platforms that Changelly connects to are the biggest and most respectable ones in the world. Therefore, you can be sure that cryptocurrency prices you get will always be in accordance to latest market movements. That being said, Changelly stands as the ideal mediator between you and cryptocurrency market, giving you nothing but best deal for your coins. Now, let’s see if this platform is just as much successful when it comes to privacy. Read on!

Changelly Review | Privacy

Since we’ve already covered some important features, this part of Changelly exchange review will focus on one of the most important advantages of cryptocurrencies – privacy. Due to the fact that cryptocurrencies enable anyone to exchange funds virtually anonymously, they are recognized as a great market by those who don’t trust banking systems. And we’re happy to say that Changelly hasn’t affected this feature at all. Although you will be required to create an account in order to commence transactions, once you send your funds, they won’t be kept on any Changelly wallet and tracked, but instead sent directly to the exchange platform. Also, sensitive parts of website are protected with HTTPS protocol, ensuring maximum security and disabling any malicious attacks. Furthermore, you can activate two-factor authentication protection for your account, thus making potential breaches to your account virtually impossible. Bear in mind that, when trading on exchange, you’ll generally be asked to verify your account by providing some personal information and copies of your documents. With Changelly, your personal information will never be requested, so you can freely enjoy exchanging with best cryptocurrency prices. That being said, let’s see how fast will you receive your new coins!

Changelly Privacy Policy

Changelly Privacy Policy

Changelly Review | Speed

On the highly volatile cryptocurrency market, speed is a crucial factor, and minutes can sometimes decide between profit and loss. Therefore, fast transaction processing is extremely important, and the great news is that Changelly is aware of this fact. The initial search for the best cryptocurrency prices, due to the advanced technology of trading robots, takes just seconds. Once the transaction has been approved, it will take between 5 and 30 minutes for new coins to be reflected on your cryptocurrency wallet balance. And, due to the fact that there is no Changelly wallet, the whole process becomes much easier and faster. However, there can be cases when it could take a bit longer for a transaction to complete. The most common reason is blockchain overload that happens when there are more trades waiting for confirmation than blockchain can handle. This causes clogs that can last hours, depending on the number of pending transactions. Therefore, prior to actually triggering your transaction, it’s best to check the status of blockchain using specific online explorers. Longer transaction times can also occur when some coin updates are performed, such as hard forks. These transactions will resume after coin updates are finished. Finally, some delays may be experienced if the coin’s blockchain is under DDoS attack. All these reasons for delays are subject to specific coin, and are beyond Changelly’s jurisdiction. Our experience with Changelly is extremely positive – there were no delays on any transaction, regardless of coins chosen. However, do other users think the same? Read the next part of our Changelly exchange review and read the opinions of others!

Changelly Review | Reputation

Based on other review of the Changelly app we’ve managed to find, as well as by reading other people’s opinions, we can say that Changelly has a good reputation among traders. Most traders have had pleasant experience using this platform, however, there are some that are reporting missing funds and incomplete transfers that are still pending on the network. We strongly believe that these traders are either spreading false information trying to ruin the reputation, or they have simply failed to input correct addresses while creating transactions. Nevertheless, the growing number of clients that surpassed one million speaks for itself. Also, we should state that this platform was created by the team behind MinerGate, a multi-currency mining pool which is highly recognized in the world of crypto. Furthermore, there are currently over 50 supported cryptocurrencies, with more and more to come, meaning that this platform will always keep track to the cryptocurrency market. Having that in mind, it’s safe to say that doing business with Changelly will bring you nothing but joy and great experience. Now, let’s demystify all Changelly fees that might occur on your transactions. Read on!

Changelly Feedback

Changelly Feedback

Changelly Review | Fees

We have mentioned Changelly fees several times before, and now we’ll discover what they actually mean. First of all, there is a fixed fee that company charges for its services, which is 0.5% of the transaction’s value. Next, there are network fees that are required in order to verify your transaction on a blockchain. And finally, there is an exchange fee paid to the chosen exchange that offers best cryptocurrency prices for your desired transaction. Let’s explain all of these on an example.

Let’s say you have 5 Ethereum tokens and you want to switch them for some Litecoins. You define these parameters on the main page of Changelly app. When you submit it, trading robots will place buy and sell orders on several cryptocurrency exchange platforms and choose the best deal for you. The final price is reduced for the amount of Changelly fees. For instance, based on current platform exchange rates, one ETH token will get you roughly 5 LTC coins. This means that you’ll be getting around 25 LTC coins, while Changelly permission will be 0.125 LTC. Once you submit the transaction and deposit the required amount of ETH to a given address, your trade is placed on a chosen exchange. Your ETH is transferred to cryptocurrency wallet on an exchange and converted to BTC. Then, BTC is used to buy LTC, and new coins are pulled from exchange and transferred to the LTC address you’ve provided. Here, we have additional two fees. Network fee is paid for conversions to BTC and LTC, while exchange fee is paid when withdrawing LTC coins to your wallet. And that’s pretty much it! Of course, prior to sending your transaction, you’ll be shown the sum of all fees required in order to process transaction, so no additional expenses will be required. And since there is no need to make additional transfer to Changelly wallet, the whole process is even cheaper. Now that you know why fees are present, let’s see who you can contact in case anything suspicious happens. Keep on reading our Changelly exchange review and learn all about customer support!

Changelly Exchange

Changelly Exchange

Changelly Review | Customer Support

If you’re having any questions regarding fixed cryptocurrency prices, securing your account, transferring large amount of coins or virtually anything regarding cryptocurrency trading on this platform, Changelly support team is here for you. There are two main ways of interacting with them – sending an email explaining your problem, or sending a message via contact form. You can also attach additional files if needed, as well as write your transaction ID for reference. Our experience with this team is nothing but positive. We’ve reached out to them multiple times regarding various subject ranging from cryptocurrency exchange fees to using their API on other websites, and they’ve always responded quickly and professionally. Therefore, we strongly believe that when exchanging via Changelly, you’ll always be kept safe by a team of experts and trading professionals. And this is a huge deal, especially on the highly volatile cryptocurrency market. However, prior to wrapping up this Changelly exchange review, we still have to inform you how to create a trading account here. Read on and learn all important information!

Changelly Contact

Changelly Contact

Changelly Review | How to register

As we have already stated before, in order to complete any transaction using Changelly app, you’ll have to create a free trading account. You can do this in several ways. If you have an active account on popular social networks like Facebook, Twitter or Google+, you can link it to Changelly in order to open an account. On the other hand, if you don’t have at least one of these or simply don’t want to link it, your email address will suffice. Once you’ve registered, you’ll be provided with your login details, including password that you can use to secure your account. You can also change it at any time, as well as create another security layer by activating two-factor authentication. This is a very safe method that requires you to enter a unique code generated by an app on your mobile phone that changes every 30 seconds. Furthermore, you can link your social accounts, as well as change the email address associated to your accounts. You can also browse a history of your transactions, see addresses and amounts processed, export the list in a form of spreadsheet, view receipts for each transaction and much more. The sole reason why you are required to create an account is so that, if any problem occurs, customer support can easily verify your account. None of your personal data except email address from your social account will be kept or given to third-party companies. Your privacy will be kept, lack of Changelly wallet will always make you an owner of your funds, and your experience here will surely be fantastic. That being said, we believe that now is the time to bring this Changelly exchange review to its end.

Changelly Account

Changelly Account

Changelly Review | Conclusion

Offering a unique approach to cryptocurrency trading by forming a bridge between traders and exchanges, Changelly has passed our review with flying colors. And there are many reasons why that is so. First of all, it provides a fast, easy and painless way of converting your existing cryptocurrency or fiat to other cryptocurrencies, without the need to go to exchanges. Over 50 different coins, including all major ones will surely give you enough to choose from, and to take advantage of sudden dips and rises of prices. Ultimate privacy is ensured via advanced protection systems, implementation of HTTPS protocol and lack of requirement for providing your personal data in order to create transactions. Moreover, absence of dedicated Changelly wallet makes you a true master of your coins, since the platform serves only as a mediator between you and cryptocurrency exchange. Finally, great customer support and positive feedback from the community are solid proofs that the future of Changelly is brighter than ever. In the past 4 years, Changelly has done a lot for the community, and it will surely continue to do so. That being said, we can only recommend you to head over to their official website and try the platform out – you won’t be sorry!

Author's overall rating:
Author: Ben Prescott
Updated:

RISK DISCLAIMER
BinaryOptionsTrading-Review.com has taken reasonable measures to ensure the accuracy of the information in the website, however, does not guarantee it. The data exhibited in this website is not necessarily always real-time or completely accurate; this includes market analysis, forecasts, signals, assets’ price quotes and charts. Readers should not treat any opinion expressed by the authors of BinaryOptionsTrading-Review.com as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of their current opinion. The risks involved in trading binary options are high and may not be suitable for all traders. BinaryOptionsTrading-Review.com doesn't retain responsibility for any losses readers might face as a result of using the information presented in this website. This website is owned by Next Media Corp.
In accordance with FTC guidelines, BinaryOptionsTrading-Review.com has financial relationships with some of the products and services mentioned on this website. BinaryOptionsTrading-Review.com may be compensated if consumers choose to click links in our content and ultimately sign up for mentioned products.