Changelly Review – Can You Trust This Cryptocurrency Exchange?

About Changelly

For users looking for an intuitive process whilst buying Bitcoin and other cryptocurrencies, as well as exchanging one token for another, Changelly may be a good fit for you. This non-custodial exchange has a reputation for providing customers the ability to seamlessly purchase and swap cryptocurrencies in a pain-free way. 

A Brief History of Changelly

In 2014, Changelly was started by a group of Bitcoin miners, collectively known as Minergate. The company revamped its platform and relaunched in 2016. In September 2018, Changelly announced that their CEO, Konstantin Gladych, would be departing from the company, with COO Ilya Bere to take his place. The company also announced that they would be moving their headquarters from Prague, Czech Republic, to Malta (likely due to regulation). Since then, Changelly has forged themselves as an invaluable tool for exchanging cryptocurrencies in a fast and easy manner. As of today, Changelly is run separately from the operations of Minergate. 

Changelly Product Offerings

Currently, Changelly offers over 140 cryptocurrencies for sale/swap, including Bitcoin, Litecoin, Ethereum, and more. Changelly is unique, as any of the 140 cryptocurrencies offered can be made into a trading pair (NANO/MITH, for example). This means that a person can effectively exchange one exotic token for another. A full list of Changelly’s cryptocurrency offerings can be found on the Processing page.

Opening an Account/Using Changelly

Changelly is a straightforward platform in that all a user needs to use the service is a valid E-mail address. Once entered, Changelly will send an email to verify that the E-mail address is correct and valid. After the email is verified, the customer is then able to Buy/Exchange cryptocurrencies. Changelly will email the user with their login credentials (they provide the password that will be used – a method of 2 Factor Authentication security). Please note that under Changelly’s Terms of Use, customers in the following countries will not be able to use the service: Crimea; Cuba; North Korea; Sudan; Iran; Syria; Bolivia; Bangladesh; The United States of America (and all U.S. Territories); and any nation on the United Nations Security Council’s Sanctions List. The company has the right to deny service to anyone in these countries. 

Once registered, the process of using Changelly is extremely easy. In the top row of boxes on the exchange interface window, simply enter the quantity of the particular coin (found in the drop box) you would like to exchange/use to buy a cryptocurrency. Next, select which cryptocurrency you would like to swap for in the drop box next to the bottom box. Changelly will automatically calculate the estimated conversion total. If, after viewing the Terms of Use, Privacy Policy, and AML/KYC terms, the company’s terms are found agreeable, check the box and click the green “Next Step” button. Changelly doesn’t require users to complete KYC information, but certain transactions will be put on hold if any transactions are deemed to be suspicious; halted transactions will proceed once the customer provides proper KYC credentials. 

The next step is to enter into Changelly the address of the receiving wallet belonging particular cryptocurrency desired to receive from the swap. This address is usually supplied by any wallet, and is known as the Deposit Address. Once the address is entered into the interface, Changelly will provide a wallet address to send the cryptocurrency desired to swap. After the funds are sent to Changelly via the provided wallet address, Changelly will send the swapped cryptocurrencies to the user’s wallet. The whole process can take anywhere from 5-30 minutes, with larger transactions sometimes taking a little longer. 

Behind the magic curtain, an automatic robot trader is used across different exchanges such as Bittrex, Poloniex, and Binance. The trader places buy and sell positions on the different exchanges, thus ensuring that the customer gets the best exchange rate possible. This essentially lets cryptocurrency holders buy and trade cryptocurrencies without having to send their funds to an actual exchange.

For Fiat-to-Crypto purchases using a Visa card or bank card, Changelly has a partnership with two different companies: Simplex, and Indacoin. Simplex is used for transactions with Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash. The Simplex transactions go from fiat directly to the preferred cryptocurrency. For any of the other cryptocurrencies offered, Indacoin is used, which converts the money twice (Fiat to BTC to Crypto) before the desired cryptocurrency is attained. For Simplex transactions, the first transaction is limited to $50-$10,000, with a daily limit of $20,000, and a $50,000 monthly limit. Indacoin transactions have similar limits, with a $3000 limit on the first payment, a $10,000 daily limit, a weekly limit of $15,000, and a monthly limit of $30,000.

Many wallets have integrated Changelly into their product, allowing users to exchange/swap their cryptocurrencies for others directly from the wallet itself, no sending of funds necessary. This integration is a convenient option for those who do not wish to deal with major exchanges. Changelly can be found in wallets such as the hardware wallets by Ledger and Trezor, as well as software wallets including Enjin, Exodus, and more. 

Changelly Fees

According to Changelly’s FAQ relating to Changelly’s Fees, the company only charges a flat fee of 0.25% for every transaction made on the platform. Because of this, the amount received may be slightly different depending on the volatility of the market. This is due in part to the fact that Changelly’s automatic trader is constantly attempting to achieve the best possible price in the most convenient amount of time. 

Changelly’s Customer Service

Changelly’s customer service includes a number of different features to help customers in various ways. The first is an FAQ section featuring commonly asked questions. A Help Desk is also featured, which consists of articles covering a wide range of topics, video guides, and API for developers. 

Changelly also has a Blog with articles ranging from price analysis to cryptocurrency news stories, as well as some basic cryptocurrency tutorials. 

For those looking to take a deep dive into cryptocurrency information, Changelly’s Crash Course features information ranging from Types of Cryptocurrencies to Anonymity, Popular Scam Schemes, and more.

For customers needing immediate assistance, Changelly’s Support Chat is extremely responsive. Changelly has received rave reviews on Trustpilot, and Changelly’s customer support is partly responsible for their 4.5/5 star rating. 

What Sets Changelly Apart From Others?

Changelly is unique in that it allows users to seamlessly buy and exchange cryptocurrencies with an easy click of a button. It is a non-custodial exchange, meaning that Changelly does not allow users to store their cryptocurrencies on their platform; the user always remains in control of their funds. Changelly’s customer service has helped the company build its outstanding reputation. 

Is Changelly Trustworthy?

Changelly is absolutely a trustable option for any person looking to buy/exchange cryptocurrencies in a seamless fashion. Though it may be a little worrisome to trust that they will send you the bought/exchanged cryptocurrencies in your wallet, the company has proven time and again since 2014 that they are a reliable platform. In reality, the service is really no different than trading on a custodial exchange; trusting that the company will properly send your funds is required. Should any issues arise, Changelly’s customer service will no doubt attempt to alleviate the problem. 

Conclusion

Changelly is a perfect solution for anyone that wants a straightforward experience without having to time the markets for the best prices. Many wallets feature Changelly’s service, which is ultra-convenient, saving the hassle of having to send funds back and forth with an exchange. Changelly’s service allows users to buy/swap cryptocurrencies at the speed of a rocket (and probably a whole lot easier than it is to fly, too).