Changelly Review – For Trading Cryptocurrencies Instantly
These days, there are a ton of cryptocurrency exchanges that can be found, but Changelly is a rather unique one as it is ‘instant’. The number of registered users on Changelly has increased to 1.5 million worldwide. It processes more than 15,000 transactions on a daily basis and its monthly turnover has reached a sum of 60,000 BTC. One of the best things about Changelly is that there is an extensive list of trading pairs available to customers as there are more than 90 altcoins that you can buy or sell. Changelly prides itself on account security, an intuitive and easy to use interface, top exchange rates and fast transactions.
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The exchange is renowned for its trustworthiness, speed and fairness and transactions are completed within a matter of seconds, which is quite appealing. As Changelly is associated with MinerGate, a team that has the longest track record in the crypto market, the exchange has garnered a lot of trust.
How does it work?
You need a cryptocurrency wallet and the crypto of your choice for conducting a transaction on Changelly. Based on the amount and the cryptocurrency, Changelly selects the best crypto trade and then looks for the most reasonable rate amongst the numerous cryptocurrency exchanges. The most competitive rate is used for converting the money into the currency of your choice and charges a 0.5 percent fee. Finally, the newly converted crypto is delivered by the echange into your wallet.
It also has a robot that has been integrated into the biggest trading platforms of the world like Poloniex and Bittrex. Asks or bids on the platform are created by the robot in milliseconds and then it searches for the best rate available. Bear in mind that the rate is always an estimate until the transaction is finalized and goes into the blockchain, which means that the actual rate might be slightly different.
Fix rates are not charged by Changelly because cryptocurrencies are very volatile and rates can change within minutes. If the platform decides to fix the rates, it would need to cover market risks and currency volatility, which leads to higher commission fees. Network fee for every transaction also needs to be factored in. Simply put, this is the fee charged by the Blockchains involved and is paid to the miners for processing the transaction. Some might find the fee on the high side, but the trade-off is that Changelly is incredibly easy to use for beginners whereas others have complex interfaces or location restrictions are involved.
The fees charged by Changelly is 0.5 percent on crypto to crypto trades and 5 percent Simplex processing fee on debit or credit card purchases and 5 percent Changelly fees.
As mentioned earlier, more than 90 cryptocurrencies are offered on Changelly. You can visit the ‘Supported Currencies’ page on the website to find a list of supported currencies as well as a short description of each. You will come across extremely popular and familiar cryptocurrencies such as Dash, Litecoin, Bitcoin, Dogecoin, Monero and Ethereum and also some that you may not have heard of like BCN, NXT, FCT, XDN, RADS, FCT and NBT. Due to this extensive range available, there is a good chance that most traders will be able to find the cryptocurrency they wish to trade. Changelly also provides a form where you can enter a suggestion for adding your token to the platform.
Opening an Account
In order to protect the privacy of its clients, Changelly doesn’t require traders to create an account on its platform for using its conversion services. This means that when you want to use this exchange, there is no need for you to divulge any of your personal information; all you need is a valid wallet address and you are good to go. However, you should bear in mind that if you are purchasing cryptocurrency with a bank card, some additional verification may be needed before the purchase can be completed. But, you will not require any verification if you are only making crypto-to-crypto conversions.
No matter what altcoin you are interested in purchasing, the buying process on Changelly is quite straightforward. You need to visit the website and use the drop down menu for making adjustments to the cryptocurrency on the left. The default setting is BTC and you can switch to the cryptocurrency you want to buy. You can find the crypto of your choice more quickly by using the search function. Next, you need to enter the amount of the crypto you want to buy, adjust the coin on the right to the one you want to buy and then click on ‘Exchange’. This is the point where you confirm the specific amount you are selling and the amount you will receive.
Once you have done so, you need to click on ‘Next’. Provide your wallet address where you wish to get the cryptocurrency and go over the details again. You can view the QR code and wallet address by clicking on ‘Next’. This is where the crypto will be sent for being changed to Changelly. Make sure you enter the address of the wallet correctly or you can use the QR code if you want to use a mobile app of your wallet. Once the money has been received by Changelly, it will exchange it and then send it to the address you have specified.
The transaction status can be viewed at any point by simply going to the transaction history section. A notification will be sent to you when the transaction is completed and this can take anywhere between 5 to 30 minutes. In case of network delays, this might take a bit longer. When the transaction is complete, a receipt will be provided to you that features the output transaction has thereby serving as proof of completion. You should know that canceling transactions on the blockchain is not possible. Therefore, transaction details need to be double-checked before they are confirmed.
Debit and Credit Cards
Payments via bank cards is accepted by Changelly in EUR and USD for more than 35 different cryptocurrencies. Just like the process of converting crypto, it is quick and simple to buy crypto using your bank cards. You just need to remember that your bank card supports 3D-Secure, which means it is verified by a phone number. The card may use any currency and can be from any country, but should have 3D secure and the transaction should be conducted in either Euros or Dollars.
On the Changelly website, the left side, which mentions the currency you have, should be adjusted to read either EUR or USD. On the right, adjust the currency to the one you want to purchase similar to any other conversion. Confirm the amount and the rate. Now, you have to specify the wallet address where you will get the cryptocurrency. Go over the payment details, which also include the exchange rate and the estimated amount you will receive. There might be some limits or extra requirements if you are making a transaction with a bank card for the first time.
Click on the ‘Continue’ Button after reading the limits and requirements outlined. Next, you will have to enter the data on your bank card. Enter the phone number associated with your card and you will receive a phone call. Put in the digital code. Go to your bank’s online app and check your bank statement to find the three-digit code. After the code is entered, the transaction will take five to 30 minutes to complete.
In some cases, the transactions might take longer such as Blockchain overload. Bitcoin Blockchains as well as those based on this cryptocurrency might have too many transactions pending. This can lead to long waiting times because Changelly cannot resolve the issue of a blockchain overload. It is also possible that coin updates might cause the transaction to take longer. There are times when Changelly turns off the coins in order to update a client. You will get the money as soon as the coins are turned on again. Last, a DDoS attack is also a reason why transactions may take longer and this is a risk with every platform.
Minimum and Maximum Limits
Maximum and minimum amounts for transactions have not been imposed by Changelly, but they are applicable in some situations. When you are converting very small amounts, it is essential to ensure that the network fee required by the blockchain is covered by the transaction. This includes both input and output network fee taken by the blockchain. If you don’t plan on converting enough funds for covering these fees, an error message will be sent to you. The transaction can still be pushed without making any adjustments.
However, this is not recommended because you will lose your money in network fees. Instead, make sure you have the minimum required for covering the fees. In the case of large amounts, there are no restrictions. Nonetheless, you need to keep it in mind that the transaction processing time will vary, depending on the network fee of your wallet and blockchain capacity. Suggestions are also provided by Changelly for avoiding market pumps and dumps. Rather than making a large transaction in one piece, it is a better idea to divide it into several smaller transactions and send them a few hours apart. This prevents an overwhelming demand for the currency of your choice and enables you to get a more profitable and stable final rate.
There is a ticketing system on the website that can be used for getting customer support on Changelly. Visiting the support link will open a popup where you can send an email to their team through the helpdesk software. They provide a quick and efficient response to ensure customers don’t face any problems on the platform.
Users are provided an incentive for sharing the ease of use that Changelly has to offer and this is given in the form of an affiliate program. This program provides you with 50 percent of the revenue share for life. In simple terms, any loyal customer has the option of signing up for an affiliate program. A unique referral link will be provided to you and when your link is used by someone for signing up, they will become your permanent referral. From that point onwards, you will receive 50 percent of Changelly’s commission from every transaction and it is paid out in the form of Bitcoin.
The 50 percent commission and the link is also permanent. Rather than the link, you can also use a widget on the website for bringing in referrals. The best part is that payouts are made within a day of the request.
There are numerous reasons why traders can trust Changelly. First and foremost, it can exchange the money instantly so there is no need for you to store your deposit or have to rely on Changelly for keeping your money safe. Furthermore, every account comes with two-factor authentication. You can look at the number of users for added confidence as the website gets more than 3 million visitors on a monthly basis. There are some well-known members in the crypto community who also use Changelly.
Changelly is undoubtedly an appealing exchange platform for anyone who is interested in buying and selling or exchanging their cryptocurrency due to its ease of use. As the platform doesn’t store your money, you don’t have to worry about the security features as you would in the case of an exchange that requires deposits and withdrawals. Moreover, using Changelly is a straightforward process and those who are new to the cryptocurrency market will find it very useful to be able to buy coins with a bank card. The crypto fees charged by Changelly is very reasonable so this makes it a good choice as well. Hence, it is definitely worth considering when you want to exchange your cryptocurrency or even buy a new one.