If you are looking to test the waters with the cryptocurrency craze, you might be trying to find a suitable platform to exchange your currencies with ease.
Changelly offers a super easy way to effortlessly exchange your coins for other coins, without having to go through cumbersome signup and verification procedures.
With a click of a few buttons, you can easily and efficiently change your currency to over 60 different altcoins.
In this Changelly review, we will give you the full low down on the pros and cons of using this platform to exchange your cryptocurrencies:
- Supported Currencies
- Privacy and Security
- Customer Service
- Mobile Application
- Depositing Cryptocurrency
- Withdrawing Cryptocurrency
- How to exchange cryptocurrency step-by-step
- Who’s the platform for?
- Overall Verdict
- Name: Changelly
- Website: www.changelly.com
- Type: Cryptocurrency exchange
- Cryptocurrency: Bitcoin, Ethereum, Litecoin and 69 other altcoins
- Fiat Currency: EUR/USD
- Rating: 7.5/10
Changelly is a very popular platform that is often used by investors that are at a beginner and intermediate level.
They predominantly use the platform to exchange one cryptocurrency for another, but it can also be used to trade a fiat currency such as the dollar for a cryptocurrency.
The platform will aggregate and suggest the best currency rates amongst the largest cryptocurrency trading platforms, and its primary objective is to remove all of the unnecessary technical barriers between clients and the cryptocurrency ecosystem.
The first prototype for Changelly was created as a start-up back in 2013, and since then it has developed into an independent exchange service, and in April 2015, it was launched with a brand new design and interface.
Since then it has amassed a modest but dedicated following, and it enjoys an excellent reputation with the cryptocurrency community.
Changelly works as an online, web-based platform that gives clients the opportunity to enter an amount to transfer and to specify a digital currency to convert it take.
The platform also gives users the opportunity to sign up to make an account which will then provide them with a comprehensive history of all transactions made by them.
Changelly also provides software widgets that can be integrated into third-party websites to allow users to exchange their cryptocurrencies directly from that page. This service is aimed at publishers of cryptocurrency news, market analysts, bloggers, and blockchain explorers.
There is also an API called “Smart Payin” which is designed to facilitate the direct exchange of digital currencies on websites that offer crypto wallets, payment provider services, entertainment, and other platforms so that they can accept any coin and have the ability to convert it to one that they accept.
Changelly does limit the amount of fiat currency that you can exchange, but this limit is only in place during your first week of trading.
If you are a citizen of the US, Canada, or Australia, you are only allowed to transact $50 in your first transaction, a limit which is increased to $100 for the next trade within four days. At the one-week mark, the limit rises again to $500, and after that, there are no more limits imposed on trades.
There are also no limits on the amount of cryptocurrency that you are allowed to exchange.
There are however minimum limits in place for each coin, and it is worth noting that if your deposit is not enough to cover the cost of the purchase and the fees, then you may lose your deposit and not receive any currency in return.
Changelly: Supported Currencies
Changelly offers a lot of coins and pairings, so you have plenty to chose from.
Some of the most popular include Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, Factom, Golem, Litecoin, Monero, NEO, Ripple, TenXPay, and another 58 coins.
They are continually adding new coins to the platform so even if you cannot find what you are looking for right now, the chances are it will become available shortly.
You can find a full list on the official website.
Changelly: Privacy and Security
The Changelly platform was created by the same team that founded MinerGate, a popular mining pool.
There isn’t much available information regarding the security of funds, but we do know that the funds are NOT stored on the platform.
Instead, all coins are immediately sent to a wallet that you specify, the minute a transaction is enacted.
There is also additional protection available on your account as well as two-factor authentication for sign-ins so you can be assured that your privacy is more than sufficient.
When it comes to fees, Changelly charges a flat rate of 0.5% for each transaction that you make, which is significantly lower than many other leading exchanges.
The only problem is that sometimes the exchange rate that is used by Changelly is not as good as the current market rate which means you can end up losing out.
Of course, this is a small price to pay for a very easy purchasing method and way of exchanging.
Changelly: Customer Service
Changelly loses a few points here when it comes to customer service.
It is difficult to find the customer service link on the website, and when you do find it, it doesn’t always work.
There were several occasions where we clicked on the link and was just navigated back to the home page.
When it does work, a pop-up window appears where you need to fill in your details and the information relating to your query.
There is, however, an extensive FAQ section that does cover most of the questions that a new user would have about the platform and all things relating to it.
The Changelly interface could not be more simple.
When you access the site for the first time you are greeted with a straightforward screen that takes you through the exchange process, step by step.
There are plenty of instructions to follow for the uninitiated, so even the most novice investor will feel comfortable using the platform.
It is well designed and intuitive, but we did experience a few hiccups when it came to broken links and buggy pop-ups.
That said, we like the design, and it is simple for beginners and novices to get the hang of with minimal fuss.
Changelly: Depositing Cryptocurrency
You do not deposit funds into Changelly as such.
Instead, you directly exchange with the currency that you are looking to exchange with.
No funds go onto the Changelly platform as it acts as a link between the user and other online exchange platforms.
To find out how to exchange currencies, using Changelly, please navigate to the bottom of this article where we provide you with a step by step overview of the process.
Changelly: Withdrawing Cryptocurrency
All cryptocurrencies are sent directly to the wallet that you specify when you fill in the details of the transaction you want to make.
This means that no currency is stored on the platform, so there is no need to withdraw it as such. The funds will appear automatically after being processed, in the wallet that you have specified.
Changelly: Mobile Application
We think Changelly is a great platform, but unfortunately, it does not as of yet have a mobile application.
In a world where most of us use our mobile phones for pretty much everything, we found it incredibly annoying and a little short-sighted that they do not have a dedicated mobile application to allow traders to trade on the go.
We looked around on Google for a bit, but could not even find any information about a Changelly API that would allow members of the community to create their application to support trading.
Again, this was also a disappointment.
We tried to use the website on a mobile browser and found it to be a little clunky when it came to navigation and executing transactions, so instead, we will stick to using a laptop.
With over 500,000 active users, one would hope that they will consider making an app, or at the very least an API available in the coming months as we think that this will significantly increase the popularity of the app, as well as its functionality.
Changelly: How To Exchange Currency Step-by-step
#1 On the main page, you will find two drop-down menus which give you the option to select the two currencies that you wish to exchange.
Once you have entered the amount you wish to exchange, Changelly will provide you with an estimate of the amount of new currency that you will receive.
#2 When you navigate to the next page you can edit or confirm the amount, and you can check that the exchange rate, the amount you will receive, and the estimated arrival time are correct as well.
Changelly also displays their 0.5% transaction fee as well ensuring full transparency and no nasty surprises for you.
#3 The next step is to enter the address of the wallet that you wish to send the funds to.
Be sure to not only double check but triple check that you have inputted the correct address as there is no way to retrieve or reverse the process once you have sent them.
#4 Then you need to confirm all of the information that you have entered on the previous pages. Be sure to check carefully that everything is entirely correct.
#5 Finally, you will need to transfer the funds of the original currency to the Changelly wallet that is provided, by copying the address that they provide or by scanning the QR code that is located at the bottom of the page.
#6 Once Changelly has received your funds; you will receive an email notifying you of the transaction.
Most of the pairings on the exchange take between 5-30 minutes and you will receive your currency in your wallet within that time.
Changelly: Who Is The Platform For?
This is the perfect platform for beginner and intermediate traders as it is easy to use and straightforward to navigate.
More advanced users will probably already be members of an exchange that offers this service, and the majority of them would expect a fully integrated mobile application so they can trade and exchange on the go.
For this reason, it is better suited to those that are just starting out and need a basic site with basic functionality to fulfil their needs.
Changelly: Final Verdict
We like this platform, we really do.
For those just starting out, it is a great way to easily exchange your coins for other coins with the minimum of fuss.
The only drawbacks as far as we are concerned are the poor exchange rates which are significantly worse than many other exchanges, but as we mentioned before, this is often the price that you pay for simplicity and ease of transaction.
Secondly, the fact that it doesn’t have a mobile application does bother us.
If you’re someone that likes to do things on the go, and trading and exchanging is no exception.
For this reason, we have given Changelly a 7.5/10.
It is perfect for quick and simple transactions and exchanges, but if you want to use it regularly or for more in-depth purposes, it probably isn’t going quite to cut it.
In our opinion, it is worth using for the simple fact that you do not need to sign up or submit any documents to use it, and this for us is a big selling point.
What do you think of our Changelly Review? Do you agree with our verdict? Let us know in the comments below!