Changelly is a Cryptocurrency exchange that has been in operation since 2015, its creators aimed to eliminate the technical barriers associated with traditional trading platforms, by creating an easy to use service that works just as well as any traditional exchange.
Upon its inception in 2015, Changelly was a subsidiary of the minergate team but as time went on, it gained an independent status (as revealed by a reliable source inside Changelly).
Changelly integrates with traditional trading platforms such as Binance and CEX through an automatic trading robot. What the robot does is, it makes bids on these trading platforms and requests for suggestions on the best possible rates on any given trading pair. Just the way shapeshift, does it?
What is the point in using Changelly when you can sign up with Binance or any other traditional exchange? Your answer is, while other exchanges will need you to sign up and verify your identity Changelly will not. You can trade Cryptocurrencies in Changelly without registering or verifying your identity.
With over 700,000 customers, Changelly processes 50,000+ BTC on a monthly basis and currently offers instant conversions of over 80 altoins and tokens. It is partnered with reputable companies such as Coinmarketcap, Jaxx, Coinomi, Coinpayments, Uquid debit card amongst other companies.
This review intends to point out the features, pros and cons associated with trading in the Changelly platform.
Open a Changelly Account
How To Use Changelly
Step 1: Visit the Changelly official website (Changelly.com) or download Coinomi app (Changelly can be accessed through Coinomi)
Step 2: Choose the currency you wish to exchange. Example, Ethereum to verge, Bitcoin to Ethereum etc…
Step 3: Confirm the transaction fees (very important)
Step 4: Enter your receiving address
Step 5: Confirm and pay in your chosen currency.
It takes the platform an average of 30 mins to deposit your converted coins into your wallet. But as at the time of writing this article, it has been reported that Changelly’s withdrawal time is taking longer than usual maybe due to an influx in the number of new users or the current congestion in the Bitcoin network (it is important that you take this into account).
Currencies Supported By Changelly
The problem with most traditional Cryptocurrency exchanges is the unavailability of sufficient trading pairs, leaving users with no choice but to resort to making multiple transactions to get their desired Cryptocurrency. For example, you might want to convert your BTC to EOS but since the exchange you use doesn’t have the BTC/EOS trading pair you will have to convert your BTC to ETH before converting your ETH to EOS, and in both transactions, you will be charged fees.
Changelly offers a wide variety of Cryptocurrency pairs, users are offered the opportunity to make up their trading pairs while the software does the hard work. Changelly supports the following currencies (as at the time this review was written).
- Bitcoin (BTC)
- Litecoin (LTC)
- Bytecoin (BCN)
- Monero (XMR)
- DigitalNote (XDN)
- QuarzarCoin (QCN)
- Fantomcoin (FCN)
- Dashcoin (DSH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- NuBits (NBT)
- Dash (DASH)
- Ripple (XRP)
- Next (NXT)
- Aeon (AEON)
- Radium (RADS)
- Maidsafecoin (MAID)
- Factom (FCT)
- Synereo (AMP)
- Lisk (LSK)
- Ethereum Classic (ETC)
- Nem (XEM)
- Expanse (EXP)
- LBRY Credits (LBC)
- Steem (STEEM)
- Ardour (ARDR)
- Stratis (STRAT)
- Augur (REP)
- Gulden (NLG)
- NAV Coin (NAV)
- Zacash (ZEC)
- Potcoin (POT)
- Gamecredits (GAME)
- Golem (GNT)
- Tether USD (USDT)
- Waves (WAVES)
- Scarm city (SWT)
- Golos (GOLOS)
- Trustcoin (TRST)
- Chronobank (TIME)
- RLC iEx.ec (RLC)
- Edgeless (EDG)
- Byteball (GBYTE)
- Wings DAO (WINGS)
- Gnosis (GNO)
- Darcrus (DAR)
- Guppy (GUP)
- Basic attention coin token
- Status Network Token
- TenXpay Token
- Bitcoin Cash
- Eos Token
- Neo (NEO)
- Ox Protocol
- Bitcoin Gold
- Ripio Credit Network
- Power Ledger
Changelly recently added an option for Fiat currencies, where users are afforded the opportunity of purchasing Cryptocurrencies directly with their credit or debit cards. Although, it is of great importance that you pay close attention to the transaction fees that come with buying cryptos directly with your credit/debit card.
Fees Charged By Changelly
What keeps this platform competitive is the fact that its fees are static; it charges 0.5% fees for all transactions. However, some traditional trading platforms charge less than 0.5% but these platforms seldom have limited trading pairs, making Changelly an ideal option. Changelly is also a cheaper option due to the fact that it charges no withdrawal fees and has more currency pairs.
Furthermore, it is pertinent to note that the platform claims to charge 0.5% for trades done with fiat currencies but this is not completely true, I discovered that the fees charged from trades with fiat currencies are dynamic and vary from time to time. Before trading with fiat currencies it will be in your best interest to pay attention to the charges, you might lose up to 30% on a bad day, trading with fiat.
The reason why fees charged on trades with fiat currency are not static is easily understood in the fact that, Changelly relies on a third-party payment system (Indacoin) to process transactions with fiat currencies and as such, the rates charged by the third party system determine the amount charged on it users. This seems infuriating but it tends to remind us of the importance of Cryptocurrencies, as they afford people from around the world the opportunity to exchange assets with minimal cost without a third party system.
The issue of poor customer support continues to plague the industry and companies are striving to provide proper customer service to their teaming customer base. Although some companies have found a solution to this problem others are still battling to escape from this quagmire, Changelly is one of them.
Changelly seems to be doing a pretty nice job, user’s queries are being attended to by team members and bots are also in place to respond to frequently asked questions. Users have had good as well as bad experiences; some have reported cases in which their problems have been resolved within 24hrs while others talk about getting the same reply over and over again from autoresponders.
Customer support can be reached through an email form present on the website. Although some customers will prefer a phone line, Changelly or any of it rival platforms like shapeshift etc… currently do not have a phone line option. The website is simplified and easy to understand, it has an in-depth FAQ section to keep customers abreast on the rudiments of Cryptocurrency trading, leaving users with little need for customer support.
Public Opinion About Changelly
There are various opinions about Changelly on the internet today, from websites to forums and social media handles, its users have always had a thing or two to say concerning their various experiences with the platform.
The only sore point in this platform seems to be the fees attached to fiat to Cryptocurrency trades, many customers have found this frustrating and have taken to forums and social media handles to voice their discontentedness. I earlier talked about the 0.5% fees charged on trades involving fiat currencies, and how the fees vary from time to time and can reach even up to 40%. The team has since explained the reason behind the unexpected expenses, though that doesn’t seem to appeal to users who want a permanent solution to this.
Most users have praised the platform for providing convenient services, especially as it has to do with their privacies. Users do not have to pass through the ordeal of account validation or a possible raise in trade limits, due to the fact that Changelly does not ask for any personal information, although you will need to offer an email address, you will not be required to confirm it, giving you an opportunity to trade anonymously.
The problem of pending transactions or missing funds is not new in the industry; the world of cryptos is still developing and scaling through technology barriers. Users may experience some of these problems at one point in time or another. The Changelly team has been doing the best it can to resolve errors that emanate from Blockchain choices or wallets.
How To Trade Safely With Changelly
Some customers have complained of pending transactions and missing funds, the source of such problems seldom come from the changelly site but from user-error, hence the reason why some praise the platform and others castigate it. To have a smooth experience with Changelly you have to always endeavour to triple-check the fees attached to any transaction you are involved in and your wallet addresses as well, to ensure they are correct.
Changelly has been doing a nice Job so far, millions of users have successfully traded Cryptocurrencies with the platform, and the 0.5% trade fee will definitely provide you with great value for your money considering the convenience it provides.
It is important to note that, the company is not as transparent as it should be. Its owners have kept their identity secret as is the case with Minergate, in an event where things go wrong who will be held accountable? But not to worry, your coins are not deposited into Changelly’s account; they are sent to Changelly’s partner exchanges and then deposited into your designated wallet address.
I have personally used Changelly for quite some time and have never run into any issues; a couple friends of mine who have had few issues with the platform in the past have since had their issues resolved by the support team. Changelly is a decent choice for those who will love a simple and clean solution for trading their Altcoins with minimal fuss.
Open a Changelly Account
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