Changelly Exchange Review: Pros and Cons
What is Changelly?
Changelly is an instant cryptocurrency exchange which was initially created in 2013 as a project of a team of MinerGate developers. In 2014, the platform parted ways from the mining pool group and began functioning independently from it. The following year, the platform went through a major overhaul, shaping the platform into its current form.
Since 2015, it has become one of the most used and trusted exchanges for crypto-to-crypto transfers, having more than 1.5 million customers, and processing up to 15,000 transactions on a daily basis. This Czech-based company boasts fast transactions, an impressive number of trading pairs and top-notch security.
Changelly offers support for a wide variety of cryptocurrencies, its list counting more than 90 coins and tokens. The platform lists the most popular cryptocurrencies, such as Bitcoin, Litecoin, Dash, Ethereum, Dogecoin, Stellar, Zcash, NEM, Monero, in addition to lesser-known coins like XDN, BCN, FCN, NBT, NXT, FCT, ENJ, STX, and RADS.
Users can also make suggestions of tokens which can be listed on the platform by completing an online form available on the platform’s website.
The exchange currently processes only crypto-to-crypto transactions, and therefore no fiat currency conversions are possible. However, 35 cryptos are available for purchase via the use of the US dollar or the euro.
Changelly’s services can be accessed by users from all over the world.
According to recent reviews, liquidity rates on Changelly are considered to be quite high. But keep in mind that high volumes are only for the more popular coins such as Bitcoin or Ethereum. Newer coins that have recently been introduced in the market might not have such high rates.
Which payment methods are accepted?
Almost any cryptocurrency listed on the platform can be used as payment, and the same principle applies when it comes to receiving payouts. Cryptocurrency purchases are also possible via credit or debit card in US dollars or in euros, but this option incurs rather high fees.
There are no fixed rates due to the market’s volatility. The fees are as follows:
- the commission is set at 0.5%, and it applies to all crypto-to-crypto transactions
- the trading commission is 5%
- the network fee is different for each coin in particular, and it varies on daily basis, according to their trading volume.
- a Simplex processing fee of 5% is charged on debit/credit card purchases.
- Depositing fees range between 1 and 7.1%, and the same range applies to withdrawals.
Crypto-to-crypto transfers are normally finalized anywhere in between 5 to 30 minutes. But these processing times can vary greatly depending on the processing ability of the blockchain network when you start trading.
When it comes to the transfer limits, there are some which apply to bank card payments, although they increase considerably after very few purchases. The limits are lifted after one month for users, regardless of geo-location.
- 1st transaction- $500 limit
- After 4 days- $1000 limit
- After 1 month- no limits
Changelly uses two-factor authentication (2FA) and HTTPS security protocol to ensure account protection. Google Authenticator can also be used to add extra security. Also, fiat currency deposits cannot be carried out while transactions are executed instantly.
This feature is available for only USD and EUR wallets. Aside from 2FA, there is no other protection for your funds like with other cryptocurrencies, such as multisig options.
Account Registration and Verification
To register on Changelly, you will only be required to provide a valid email address. Later on, you will be sent a password code which you will change. Unlike other platforms, identity verification is not needed in order to trade.
Users are able to contact Changelly by using email and social media in case they have any inquiries or issues related to their accounts or trading operations. The company’s website also aneatures a FAQ section which contains a wide array of responses for most common questions.
Traders who are searching for a platform that offers a wide variety of cryptos should know Changelly is a good option. However, the platform does not feature more advanced trading tools and is lacking in the security department.