Changelly is a cryptocurrency exchange founded in 2015, and formerly associated with the Minergate team. This exchange aims at removing the technical barriers of traditional trading platforms.
Changelly uses an automatic trading robot that blends with some of the top-tier trading platforms, like Poloniex and Bittrex. This robot functions by making bids and asks on different exchanges to recommend the best available rates on each trading pairs, just like the service offered by Shapeshift.
Basically, Changelly lets you trade digital currencies without registering at on the platform or requiring any form of verification.
Changelly provides an instant and seamless conversion of more than 80 tokens and altcoins. The company already has more than 700,000 clients onboard and processes over 50,000 bitcoins monthly. Changelly is in partnership with many reputable companies, including Coinmarketcap, Bittrex, Coinpayments, Jaxx, Uquid debit card, and Coinomi.
In this review, we’ll talk about the functionalities, pros, and cons offered on Changelly, and whether the exchange suits your needs.
How to use Changelly
Step 1: Decide what cryptocurrency you want to change (for instance, Bitcoin to Litecoin, Ethereum, to Dash, etc.).
Step 2: Verify the charges on the transaction.
Step 3: Input your receiving wallet address.
Step 4: Confirm and pay in your preferred currency.
That’s it—after about half an hour, you should get the requested digital asset in your wallet.
Changelly Currency Support
The wide variety of cryptocurrency trading pairs available makes the exchange platform especially appealing. It creates the chance to exchange any two currencies with little or no fuss. Conventional cryptocurrency trading platforms usually have a limited selection of trading pairs, implying that users sometimes have to make many transactions to get their desired digital currency.
With Changelly however, you can make up your trading pairs with one transaction, leaving the software to take care of the trades.
For instance, you’re able to trade steem for dodge easily in one transaction.
Fiat currency support was added to Changelly just of recent, with the inclusion making purchases with credit and debit card. This is a desirable addition for new entrants, although there do appear to be teething issues during the conversion between fiat currencies and digital assets. It’s especially crucial to pay attention to the fees with this functionality.
Changelly brags about its static-rate fees as a significant benefit of its service. Every trades incur a 0.5 percent fee, which is relatively competitive when all is said and done. However, when working directly with market trading platforms, cheaper rates are available. But Changelly may actually become a more affordable option if you’re making multiple trades to move altcoins, particularly with smaller amounts. Zero percent withdrawal fees and commissions continue to be very good too, so you are not likely to find many hidden charges.
There’s a huge hint worth mention here: Changelly claims trades from fiat currency (i.e., USD, EUR, etc.) hold the 0.5% fee, but in actuality, this doesn’t seem to be true! The rates differ with this method. Users will probably be trading at a huge cost— bordering on 40 percent on a bad day.
The Changelly team does warn users about the high fees, and they claim this is not in their control. Changelly needs a third-party payment service to process these transactions, which massively varies the rate. It is pretty frustrating, but this is proof of why digital currencies have such a bright future: they let the world exchange assets without a third-party, thereby making it possible to keep fees minimal.
It is no news that the whole cryptocurrency industry is struggling to provide reliable customer support service. Most crypto-companies are speculative startups that are building their client bases exponentially. The teething issues remain prominent everywhere, including Changelly.
Changelly looks to be doing a respectable job for the most part.
There are numerous reports of problems being fixed in under 24 hours, and the customer support often replies to queries within hours.
The website is exceptionally designed and easy to understand, so users have the least learning curve to trade cryptocurrencies. An in-depth FAQ section also helps users educate themselves about the ins and outs of primary digital currency trades. Support is provided via an email form available on the website. It would be helpful to have a customer telephone line, but this just doesn’t exist on Changelly or any of its competing platforms like Shapeshift.
Public Opinion/Online Changelly Reviews
There is a whirlpool of differing reviews for Changelly, and this has become extremely problematic for the exchange. Audacious fee claims continue to be a sore spot for clients. A lot of one-star reviews about expensive fiat-to-cryptocurrency trades permeate the internet.
As mentioned earlier, even though Changelly claims to have 0.5 percent fees, in reality, it’s a lot costlier for USD and EUR transactions. The exchange does give an explanation for this unforeseen expense, but users are still keen to voice their disappointments.
Besides this issue, most have a decent experience on the platform. There’s no fussing about when it comes to raising trade limits or validating accounts. You do need to provide an email address, but it doesn’t require confirmation, so you can maintain anonymity if you wish.
Changelly users, who make mistakes with blockchain or wallets choices say their issues are rectified quickly when possible. There’s the odd review that shows transactions becoming stuck in the system or funds going missing, but this isn’t something new in the industry, with cryptocurrency services still growing and overcoming technical barriers.
It’s likely you’ll have a pretty smooth experience on Changelly if you’re careful to double-check your wallet addresses and the fees.
Conclusion: Is Changelly a Good Exchange?
The name Changelly is an exact description of its qualities: Users can simply and quickly trade cryptocurrencies to suit their needs.
A 0.5 percent cryptocurrency trade fee is not unreasonable—it’s genuinely quite cheap for such a handy product.
The exchange itself is not as clear-cut as it could be. Just like Minergate, its owners are not keen on disclosing their identities, which is always somewhat worrying, as users don’t know who to be held responsible if things go wrong. Apart from that, Changelly does not hold your cryptocurrencies in an account as it sends the coins into large exchanges before depositing straight to your preferred digital wallet.
On a somewhat personal record, we’ve been transacting with Changelly for a while now, and we haven’t experienced any problems. Whenever we did encounter a technical problem, the Changelly support team was quick to respond. Changelly is a decent choice for altcoin trades that need a clean, simple solution.