Changelly Review: Insights before you start using it [Updated for 2020]

With several exchange platforms available to us, it is crucial to use the one that is understandable and secure. With 2FA security and easy to use interface, Changelly is one of the popular exchanges used by budding investors and traders.

ADVERTISEMENT

Article Index

  1. Introduction
  2. Changelly Review: Is this a legit exchange?
  3. Changelly Fees
  4. Changelly Cryptocurrencies
  5. Changelly Bitcoin
  6. Changelly Ripple
  7. Changelly Limits for bank cards and supported countries
  8. Changelly Customer Support
  9. Changelly v/s Shapeshift
  10. Frequently Asked Questions (FAQ)
  11. Conclusion

 

Introduction

The world of cryptocurrencies is expanding every day as new crypto coins are launched, or a new exchange platform is launched, which allows us to get those cryptocurrencies. If we talk about the big daddy of the cryptocurrencies – Bitcoin, we have plenty of options from where we can buy Bitcoin.

But for the altcoins like XRP, Monero, ETH, LTC, BCH, etc., we have only selected exchanges that help us in buying the cryptocurrencies. In the past few months, we have seen the altcoin market booming as the traders have moved towards this market due to less volatility and lesser price per unit. However, the development of these altcoins is slow, so we often face problems in buying them.

The best way to buy these cryptocurrencies is by using an exchange that provides support for several cryptocurrencies, and finding one is a tiring task. However, we have a solution for you as we bring you closer to the exchange that has almost all of it- Changelly.

With its headquarters in Prague, Czech Republic, Changelly was found in 2015, and it is one of the oldest cryptocurrency exchanges that has been in the market. Over these years, it has gained the trust of millions of users from around the world. But for a first time user, you can have several questions like:

  • Is Changelly a genuine exchange or not?
  • Can we have faith in the exchange with our money?
  • If something happens, will I get customer support from the platform or not?
  • Is it prone to hack attacks like other exchanges?

After extensive research and going through several customer reviews, we decided to review the exchange and wish to help you out with this Changelly review. Some reviews even mentioned how Changelly is better than Shapeshift, but we’ll discuss that later.

 

Changelly Review: Is this a legit exchange?

Changelly is an anonymous cryptocurrency exchange that provides fast transaction services, and it includes support for almost all the cryptocurrencies that are present in the market. Changelly uses an automatic trading bot that unites with large exchanges like Binance, Bittrex, etc., makes bids on behalf of the traders, and provides the best rates for exchange for the trading pairs.

Changelly offers an instant and relatively anonymous exchange for one cryptocurrency to another. The service is available either via their website or by the mobile app. Several 3rd party wallets also support this exchange like Trezor, Ledger, Jaxx, and Coinomi. There are various features of the platform, such as:

  • exchange of BTC to any other supported cryptocurrency
  • support fo the newly launched USD Tether (USDT)
  • purchase of Bitcoin using credit/debit cards
  • exchange fees for the network are 0.5%
  • a user account allows tracking of past transactions

Note: The exchange reached the first milestone of 1,000,000 users in the year 2017, indicating the acceptance of the exchange. The exchange processes about 17,000 transactions per day.

 

Changelly Fees

Just like every other cryptocurrency exchange platform, Changelly also offers a small charge for the services that they offer, but they have not fixed the rates. The reason behind not setting the fees is that the crypto market is volatile, and the rate for the fluctuation levels keeps changing. Another reason is that they have to offer a part of the transaction to the blockchain networks that are involved, which then goes to miners for processing the transactions.

These are the reasons which make Changelly’s fees slightly higher than the competing exchanges that have fixed fees for the transactions. However, the exchange has the upper hand in the matter of its usage. The exchange is easier to use for beginners, which is a problem they might face with different exchanges.

The fee structure of Changelly is as follows:

  • 0.5% commission on trades between cryptocurrencies
  • 5% Changelly commission and 5% Simplex Processing fee if credit/debit card is used for the purchase

 

Changelly Cryptocurrencies

The platform offers support for more than 90 cryptocurrencies, which includes the leading cryptocurrencies like Bitcoin, LTC, ETH, DOGE, etc., to those that you’ve never heard of like XDN, FCN, FCT, RADS, and NBT. Along with this, the platform also offers other cryptocurrencies to list their token on Changelly’s platform by filling a form.

 

Changelly Bitcoin

The largest cryptocurrency in the world with a market cap of $166,299,914,777 is Bitcoin, and the platform has an estimated trade of over 60,000 BTC every day. The easy to use interface allows the user to exchange BTC to their desired cryptocurrency from the home page of the website.

The platform also has a blog platform where they post charts and price predictions for all the cryptocurrencies.

 

Changelly Ripple

With 3rd place in the charts, Ripple is another most used cryptocurrency on the platform where people either use it for trading or exchange it into another cryptocurrency. The XRP token has a market cap of $12,665,666,616, and it is among the top exchanged cryptocurrency on the platform.

The price predictions by Changelly for Ripple are present on the website as the altcoin continues to grow in the market bringing more users on the exchange.

 

Changelly Limits for bank cards and supported countries:

The very first thing to notice is that it is not recommended to use debit/credit cards on the platform as the transaction charges are way higher than other exchanges. For those using certain limits are imposed for the payments by the cards:

  • The U.S., Canada, and Australia have an initial limit of $50 USD. After four days, it is $100, and then seven days later, the buying limit is $500. The first week only allows three payments, and there is no monthly payment limit.
  • For Europe or non-CIS-region, the first transaction is $100, four days later limit is $200, and a week then is $500. No monthly limits for them, but the first-week payment limit is a maximum of six payments.
  • For CIS regions, limits for the first transaction are $200, and in 24 hours, the threshold will increase. The first week’s limit is $2000, and a monthly limit of $10,000 is imposed on these countries.

 

Changelly Customer Support

A feedback email is sent to the helpdesk team via an email that is present on the website. The support link is present on the website, and at any moment, the user can contact the support team. No phone support is offered yet, and the platform gets mixed reviews giving it a 3/5 rating on TrustPilot with reviews containing compliments and complaints.

 

Changelly v/s Shapeshift

Both the exchanges have a neck to neck competition with each other as they work similarly but have their pros and cons. While Changelly offers lower fees and higher transaction limits as compared to Shapeshift, it also requires an email address for signup on the platform.

On the other hand, Shapeshift requires no information on the platform for user signup; however, it has higher transaction fees and lower levels for the limits.

 

Frequently Asked Questions (FAQ)

1. Where is Changelly located?

Changelly has its headquarters in Prague, Czech Republic, and it was founded in 2015.

 

2. How can I add funds to my Changelly account?

A user can fund their Changelly account through cryptocurrencies or by using Debit/Credit cards.

 

3. How many users does Changelly have?

Changelly has over 1 million users right now on its platform.

 

4. Is Changelly safe?

With two factor authentication, Changelly is a safe platform for transactions of cryptocurrencies.

 

5. How much time does a transaction take on Changelly?

The transaction time depends on the network of the cryptocurrency you are dealing with, and it can range from a few seconds to a few hours.

 

Conclusion

With over 1 million active users and support for more than 90 cryptocurrencies and altcoins, Changelly is one of the oldest and leading cryptocurrency exchange. The vast user base answers itself for its user safety and security.

ADVERTISEMENT
Malaki Braydon
Malaki Braydon
Braydon has been into the crypto and blockchain space from the past 7 years. Based in New York City, Braydon has completed his masters from Kingsborough Community College.

Leave a reply

Please enter your comment!
Please enter your name here