Ever heard of a super fast exchange that carries out your work in a matter of seconds. Well, here it is, Changelly. Fast and secure, Changelly offers the best rates on the market as well as high exchange limits. With more than 2 million customers, Changelly sure does reach your expectations.
So now, in this review, let's have a look at what Changelly is, about it, it’s exchange pairs, Changelly Pro and many more interesting features that this platform offers. Without wasting time, let's dive into the world of Changelly!
Table of Contents
- What is Changelly?
- About Changelly
- Pros and Cons of Changelly
- Supported fiats, cryptos and countries
- Changelly partners
- Start trading on Changelly
- Deposit to your account
- Changelly fees
- Changelly Pro
What is Changelly?
Started in 2016, Changelly (based in Hong Kong) was founded to enable an effortless exchange process for anyone looking towards it. Trusted by 2 million customers, this exchange offers reasonable fees and 24/7 live chat support. Since 2016, Changelly has been providing an intuitive platform for fast crypto exchanges. This crypto exchange was based in Prague, Czech Republic but is now based in Hong Kong along with various offices at different locations from around the world.
This exchange is best geared for those who want to buy cryptos. It is most commonly regarded as one of the most popular exchanges around. Some people even state that Changelly is the best exchange from all around the world. One important thing to remember is that this exchange is a non-custodial exchange. This means that Changelly does not hold your funds at any time. In other words, they do not store any user funds inside the service. Instead it acts as an intermediary. What this means is that it takes it’s funds directly from your wallet and sends it back to your provided wallet. So, as the trade-off is over, you securely get your cryptos inside your personal crypto wallet.
Another interesting thing is that you don’t need to verify your identity or even register. You can just pass with your email address, Facebook account, Twitter account or by using Google. This makes it quite easy for people who want to trade instantly.
Years ago, a team of well-known mining poolers, MinerGate, founded Changelly in 2013. Back at that time, it was only a prototype. However, currently MinerGate has no involvement with this company, at this point both of them are two different fintech companies. Previously Konstantin Gladych used to run the company. But now the current CEO of this fintech company is Eric Benz.
When Changelly had first started, it only launched 30 cryptocurrencies on board. Though, currently, more than 170 cryptos are listed. Later, in 2016, this platform hit its first checkpoint when the number of active users exceeded 100,000. The first ever stablecoin that got listed was UDST and also had its first successful token-swap for QTUM cryptocurrency.
This is what Changelly CEO quotes “Changelly was created to provide the most efficient way to purchase and exchange crypto no matter what wallet or platform is used. We have established ourselves with both exchanges and partners as an important component and business in the ever-growing crypto and blockchain ecosystem. Changelly will continue to innovate and provide products, which will make the buying and selling of crypto easier than anywhere else.”
Pros and Cons of Changelly
Pros of Changelly
Changelly claims that it offers the best rates in the market with high exchange limits.
This exchange provides 24/7 support that over 2 million people trust and use.
It offers fast 5-30 minutes transactions and also transparent reasonable fees..
Cons of Changelly
High fiat fees
Chat quite long wait time
The normal fees that gets applied for transactions are reasonable but in terms of fiat fees, it’s considered high.
When you want to chat with Changelly and click on the “Chat with us” button, it says something like “You are number 15 in the queue. Your wait time will be approximately 26 minute(s). Thank you for your patience”.
Supported fiats, cryptos and countries
As of now, Changelly supports a wide range of cryptos as more than 170 cryptos are listed to exchange. According to Changelly/supported-currencies, there seems to be a total of 199 cryptos currently available. A few of the available cryptos are: Bitcoin, Ripple, Litecoin, Dogecoin, Ethereum, Bitcoin Cash, Cosmos, Cardano etc.
As for fiat currencies, This platform has mentioned that only three currencies are available for buying or exchanging cryptos. They are USD, EUR, GBP.
This crypto exchange was based in Prague, Czech Republic but is now based in Hong Kong along with various offices at different locations from around the world. So Changelly is available all around the world except for some places mentioned in the Changelly terms and usage.
Changelly has a wide range of partners with a lot of companies for large social network communities ranging from crypto beginners to experts alike. This exchange has become partners with crypto services from wide fields such as trading, gaming, crowdfunding, coin-tracking, wallets etc. Changelly also has corporate partners that allow you to deposit your funds through regular fiat transfer. These partners are: VISA and MasterCard.
This platform also partners with exchanges, wallets etc. This platform claims to have over 350 partners, including note-worthy companies such as Binance, Coinmarketcap, Exodus, Coinomi, Trezor, Jaxx Liberty etc. What happens in the partnership is that it’s algorithm is integrated onto these platforms. By the way, this exchange has partnered with a lot of companies. This means that it autonomously bids/asks for the currency to buy/sell. Then it gets exchanged. Changelly has partnered with credit card partners such as Simplex and Indacoin. This allows you to exchange your coins quickly without any long trading process. A few examples of the partnered companies are:
Exodus, Binance, CoinSwitch, Simplex, Huobi Wallet, MyEtherWallet, Trezor, Ledger, Edge, Coinomi, BRD, Jaxx Liberty, Bittrex, Okex, Mycelium, Nem, Math Wallet, Lumi, Trust Wallet, Cointelegraph, HitBTC etc.
Start trading on Changelly
Step 1: The first thing that you have to do is to navigate to Changelly.com.
Stage 2: After you have done that, click on the green coloured “Sign up” button located at the top right corner.
Step 3: Here you will find that you can create an account by email, Facebook, Google or Twitter. email and Google are literally the same thing but in mail, you have to enter your email and password whereas in Google, you can pick from the accounts that you already have.
Stage 4: From here on, I will just explain for mail. All options are the same but you just have to choose an account to create an account for. Once you have clicked on “Continue with email”, enter your email.
Step 5: Now, once you have entered, this gets displayed “Send me promos, market news and product updates”. You can either click on “Don’t agree” or “Agree”.
Step 6: Now, a screen appears displaying “Check your email. In order to complete your registration, please click the activation link that was sent to your email”. You can resend the link in 30 seconds if you want.
Stage 7: From here on is the simple part. You will receive a confirmation mail.
Step 8: To activate your account, click on the link. Thats it, Voila.
Step 9: You have successfully created an account. Log in with your credentials. Good luck trading.
Deposit to your account
Now, let’s look see how to deposit cryptos into Changelly Pro:
Step 1: Once you have logged in, click on the “Deposit” button which can be found at the top right corner of the browser.
Step 2: Using the “Search” option, select the currency that you wish to deposit.
Stage 3: Click on the button in the deposit line. This generates a deposit address.
Step 4: Copy the generated deposit address. All you have to do now is paste it into the correlated field to place your address as the place for your transaction, and this transaction will be deposited to your Changelly PRO account.
Step 5: You have successfully deposited. So start trading and good luck.
This platform charges fees for you to exchange just like any other crypto exchange. Fees are one of the top factors that decide whether an exchange is good for you or not. So now, lets see what fees this exchange charges:
Changelly states that it charges a fee of 0.25% flat. This means that both the makers and takers have to pay 0.25% of the total value. It’s website says that it offers the lowest withdrawal fees on most popular coins and tokens. When withdrawing BTC, you only get charged 0.0001 BTC. This can be considered very low as some exchanges charge more than 4 times this amount. So overall, it can be considered competitive.
Changelly Pro is a service that is offered by Changelly along with it’s mobile app and Changelly Earn. This service, Pro, is a full-fledged cryptocurrency trading platform where you can trade over 100 crypto pairs. Launched in July 2020, this exchange offers expanded trading experiences with full-features. With great charts, UI and UX, this platform is great for novice and experienced traders alike.
This platform opens up a whole new world of trading with top coins and real liquidity. Unlike the Changelly platform, you have to sign up to use this service. However, you can still view the charts of popular cryptos by clicking at any coin offered by Pro. Pro too offers 24/7 support for anyone who’s stuck or has any doubt. Here is the full list of features offered by Changelly Pro from its website:
- Simple fee structure
- Multiple payment methods
- Quick registration process
- Available both on desktop and mobile
- Lowest withdrawal fees on cryptos
- Access to 50+ markets
- Interactive and customizable terminal
- 24/7 multi-lingual support and learning materials
- Competitive trading fees
- Assets are secured with 2FA protection.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.