Buy, sell, and instant exchange cryptocurrency. Changelly offers the simplest way to buy cryptocurrency only using your bank cards, Mastercard or Visa. Also, the Changelly platform connects with the biggest cryptocurrency exchanges to deliver the best rates for their users. Is Changelly legit and safe? Keep on reading this Changelly review to find out more about this instant crypto exchange platform.
Limited time offer for the first-time users of MoonPay. Until March 31, 2021, the buy crypto feature on Changelly via MoonPay will be without fees. Check out more details here.
Changelly started its services in the year 2015, as an intermediary between some of the biggest crypto exchanges and cryptocurrency enthusiasts. The intermediary process was constructed to make cryptocurrency exchanges faster and, with a better user experience, to immediately exchange and buy cryptocurrencies.
In 2020, the Changelly platform expanded its services with a custodial cryptocurrency trading platform, Changelly PRO. As a result, with Changelly PRO, users can trade multiple cryptocurrencies on a user-friendly exchange platform. All major cryptocurrencies are supported in multiple trading pairs. For example, Bitcoin – BTC, Ethereum – ETH, Tether – USDT, Binance Coin – BNB, Litecoin – LTC, Cardano – ADA, and much more others.
Also in 2020, the instant swap crypto feature on Changelly reached a number of 170 cryptocurrencies listed.
More to say about the Changelly platform is that it has some pretty impressive partners. For example, Binance exchange, Trezor, Exodus, Coinomi, Nexo, HitBTC.
The CEO of Changelly is Eric Benz, a person with a history in financial institutions and blockchain companies. On a quick search on LinkedIn, everybody can see his business activity history.
What is Changelly? In simple words, Changelly is a non-custodial instant cryptocurrency exchange platform, on which users can buy, sell, and exchange their crypto-assets. All these in a very simple way and without holding the user’s funds.
The process behind Changelly might seem easy but is not quite as simple, and firstly, let’s take the instant crypto exchange. Changelly has integrated a trading algorithm, on some of the world’s biggest cryptocurrency exchanges, for example, Binance, Poloniex, HitBTC, Bittrex, and other exchanges, to deliver the best exchange rates. Therefore, once a user makes an exchange order on Changelly, an automatic process of making offers and requests on these exchange platforms is triggered, and then is selected the best rate found. As a result, Changelly will display this selected exchange rate, and the user can choose it to finish the order.
The buy crypto orders with bank cards or bank transfers are done through third-party platforms. For example, MoonPay, Banxa, Simplex, Coinify, Indacoin, and others. As well as the instant exchange feature, Changelly will display the best buying rates, so the user can choose the best option. On some cryptocurrencies there are pretty high fees, therefore everybody should do their research before investing, buying, or selling.
As well as in the previous two cases, with the Changelly sell crypto feature, the platform will choose the best-selling rate. Users can sell their crypto assets for fiat money, and the funds will be sent to their bank account. On this feature, there are also, some pretty high fees. Therefore, before selling crypto, see the coin’s exchange rate to decide if this works well for you, and not lose too much money on fees. The selling orders are executed through the third-party company, Mercuryo.
The process is pretty easy and simple. Once you are on the main page of the Changelly platform, all you have to do is choose into what currency to buy and what cryptocurrency to buy. Also, enter the amount you want to spend on that specific order. Changelly is also integrated into my blog, therefore all the features are available on this website. Press the button below and it will pop-up an exchange widget.
Be informed that, on the Changelly platform, is also a minimum buy amount of $50. And users can choose from multiple cryptocurrencies to buy. For example, Bitcoin, Ethereum, Litecoin, Dash, Cardano, ChainLink, Elrond, and many others.
For the new users, the process can be a little long, but once they are registered, it is very simple and fast, to buy crypto using Changelly and bank cards.
There will be some daily and monthly limits on buying cryptocurrency using the third-party platforms on Changelly. Therefore, let’s take everyone and see these limits and the necessary KYC – know your customer.
Users of Changelly can swap between multiple cryptocurrencies with this feature. For example, Bitcoin – BTC, Ethereum – ETH, Cardano – ADA, ChainLink – LINK, Binance Coin – BNB, Elrond Coin – eGold, and much more. How this feature works, was described above in this Changelly review. Therefore, let’s take this in simple steps and see how to trade on the Changelly platform.
The transactions can take up to 30 minutes, from the moment the payment is received by Changelly. Every order will have a transaction ID, therefore it is advised to save it if something goes wrong with the transaction.
Also, take notice that Changelly has a risk scoring system to prevent illegal activities. If a transaction is signaled as suspicious by this system, it will be put on hold, and as a result, the user must pass the KYC procedure.
We all know the high volatility of cryptocurrencies, therefore a floating rate will make sure the transaction will be executed if the rates change. A floating rate can change at any time, and as a result, you can get a different amount of crypto when the transaction is executed. This can work in your favor or, at the same time, against you.
A fixed-rate will lock the rate displayed by Changelly. Therefore, all the time users will know the amount of crypto that will have to receive. Also, if the transaction will not get executed for some reason, every user who chooses this fixed-rate will need to enter a refund crypto address.
As I said above, these transactions will be executed through a third-party company, called Mercuryo. For now, the only crypto asset that can be exchanged for fiat money is Bitcoin – BTC. And it can only be exchanged for EURO currency.
The minimum amount of Bitcoin that can be sold is set to $250, and for the users who pass the advanced KYC procedure, they can sell an unlimited quantity of Bitcoin. For the users with the basic KYC, there will be a maximum amount of $10,000 to sell.
Bitcoin to EURO transactions can only be executed in some of the European countries. Therefore, before you make any transaction, make sure to check the list on the official Changelly website.
Changelly is far from being a scam. It is in the crypto market since 2015 and it has more than 2 million users worldwide. Also, with the latest crypto exchange release, Changelly PRO, the company indicates that is here to stay.
Changelly has some high trust scores from its users. But at the same time, there are also some user reviews, where they encountered some issues with their transactions and high fees.
On the other hand, I use for quite some while the Changelly services and didn’t face any problems. Every time, my funds arrived fast and without any issues. More specifically, my last transaction was executed in under 10 minutes.
Changelly is a non-custodial cryptocurrency exchange, that is also available as a mobile app supported by both IOS and Android operating systems. Therefore, you can buy and exchange cryptocurrency on the go.
Regarding the fees on the Changelly platform, on some crypto coins, there are pretty high. But to understand why, Changelly automatically buys cryptocurrency from some of the biggest crypto exchanges, and in these fees are included the blockchain transactions fees and the trading transactions fees. Therefore, these might seem high, but Changelly only imposes 0.25% in fees.
Also, in the buying transactions fees, orders that are executed on the crypto exchanges, are included multiple transactions. More explicitly, some crypto coins only have trading pairs with Bitcoin, for example. And if users choose different pairs, there will be made multiple transactions to complete the order. As a result, the fees will be higher on some coins.
Nowadays, we can use so many platforms to buy and exchange our digital assets. Changelly comes as an intermediary between us and these platforms. As a result, Changelly offers a quick way to buy and exchange cryptocurrency, without holding funds, or creating many accounts on different exchanges.
To avoid the high fees, as I do it, only buy or exchange on the Changelly platform, those cryptocurrencies with low fees. More exactly, those who don’t have high blockchain fees or require multiple transactions to complete your order. For the other ones, I use different crypto exchanges. Always check the rates and the fees at the moment you make your order.
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This Changelly exchange review, and if Changelly is legit and safe to use, is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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