Launched in 2015, Changelly is one of the leading cryptocurrency platforms on the market. With 2 million confirmed active users, the company has more than 150 different cryptocurrencies listed, which can be freely bought, sold, or swapped at any given time. The exchange claims to offer “the best cryptocurrency prices” to its customers, with 24/7 live chat support and a large range of useful tools. Further below, we will carefully analyze whether those claims are valid and how you can benefit from using Changelly.
✓ Low exchange fees
✓ Buying crypto through various methods & providers
✓ Lots of positive reviews from the community and a good reputation in the industry
✓ Intuitive interface
✓ Seamless API
✓ Excellent customer support
✗ Occasional transaction delays
✗ Inconsistent fiat fees
✗ Does not allow direct purchase of cryptocurrency assets, additional debit/credit card fees
Changelly’s Main Features & Trading Options
Easy-to-use instant exchange feature
Changelly has one of the most well-structured exchange features on the market. The platform enables the transaction of most cryptocurrencies (with low volume) in about 5-30 minutes. For more popular digital assets, like Bitcoin, the transaction time will often exceed 30 minutes. The tool will also show you how many coins or tokens you will receive after the exchange closes, the current exchange rates of the selected currencies and the fees (taxed by the network & Changelly) subtracted from the total number of assets to be deposited in your account. Moreover, you can check the estimated time of the transaction’s completion following the current network congestion.
Floating & Fixed exchange rate tool
Due to the volatility of the market, crypto exchange rates can change in an instant. Changelly offers customers the option to choose either floating or fixed-rate pricing. By selecting a floating rate, the clients are charged with the current market conversion rate. Fixed-rate pricing allows customers to lock in the most favorable pricing rate currently and hold it for up to 30 seconds until the transaction is closed.
Changelly mobile app
Changelly’s smartphone app is available for both Android and iOS. Customers can use it to navigate through the platform and access its full functionality entirely through their mobile devices. The app is intuitive and straightforward, with a seamless interface favorable to beginners and advanced users.
Changelly’s affiliate program allows you to invite new people to the platform and receive a commission on the revenue generated from their trading activities. The current commission rate is set at 50% and is viable for the first 90 days of your referrals’ registration.
Changelly also offers more experienced customers the opportunity to upgrade to Changelly PRO, an advanced version of the platform that provides them with additional benefits. PRO users can trade dozens of cryptocurrencies with higher limits and receive priority market orders. Moreover, the tool allows you to trade 13 different markets with margins of up to 10x the original deposit.
24/7 customer support
One of Changelly’s most significant features is its expert customer support. Users experiencing technical problems will be assisted in a few hours, with most queries being resolved in under a day. Changelly’s customer support has one of the highest-rated satisfaction scores on TrustPilot, with many positive reviews being left by the platform’s members.
Changelly Pros & Cons
Low cryptocurrency exchange fees
One of Changelly’s most serious claims is that it “offers the best rates in the market” with the “lowest exchange fees.”. Almost all of the digital assets on the platform can be traded with a flat fee of 0.5%. Moreover, Changelly does not in any way limit swapping between different cryptocurrencies and converting your digital funds to fiat. Nonetheless, we need to keep in mind that Binance’s fees on market orders are also 0.5%, while the limit orders go as low as 0.1% – 0.075%.
Buying cryptocurrencies through various methods & providers
There are currently four providers through which you can deposit your funds into Changelly and buy cryptocurrencies – Simplex, Indacoin, Coinify, and Wyre.
Simplex is currently prioritized by users, with daily deposit limits of $20000 and monthly of $50000. KYC information is required for deposits of over $150.
Coinify is the most popular option among European users, with €10000 daily and €150000 monthly limits for bank wires and a €5000 daily limit for debit/credit card purchases. Indacoin comes in second with $6000 daily and $30000 monthly limits. Coinify is the only provider through which you can deposit with a bank card (requires KYC for each transaction).
Wyre and MoonPay have lower deposit limits but provide faster execution and require less personal information to verify the transactions.
A lot of positive reviews from the community and a good reputation in the industry
Changelly is one of the most-liked cryptocurrency exchanges on the market. The company has a reputation of always being fair and respectable to its clients, with many follow-up positive reviews by community members.
Intuitive interface, seamless API, and excellent customer support
Changelly’s website is specifically designed to be easily navigated through by both beginners and experienced traders. Its seamless API is built to integrate with various other platforms and wallets. A great customer support team will always answer your query and assist you in managing your transactions in case of technical difficulty.
Occasional transaction delays
One of the main disadvantages of the platform is the occasional delays in transacting, which could be detrimental when liquidating volatile cryptocurrency assets. While the software is built to provide a seamless experience to clients, customers might have to wait for considerable amounts of time to place their orders when the system gets overloaded. Usually, it would take no more than 30 minutes for a transaction to complete. When facing high network congestion, though, the system could slow down processing and make you wait for hours before placing your market order.
Inconsistent fiat fees
While Changelly is an excellent choice when it comes to trading crypto, the exchange of fiat currencies on the website has been somewhat neglected. The 0.5% fee, which Changelly offers to its clients, is solely applicable when trading digital assets. The platform deducts around a 5% fee on any fiat currency trades (which is above market price, compared to other major exchange platforms).
Does not allow direct purchase of cryptocurrency assets, additional debit/credit card fees
While Changelly could be pretty efficient for buying, selling, and swapping different currencies, you can make your deposits on the platform only through one of its providers. Depending on your preference, deposit fees could range from 1% to 7%, with KYC information required for almost any significant fiat transfer to your account. If you want to use a bank card (preferably a debit), you will have to pay an additional 5% transfer fee, which is considered high by market standards. On the plus side, withdrawal fees are minimal (0.0004 BTC for Bitcoin, 0.25 XRP for Ripple, 0.003 BTC for Ethereum, 4 USDT for Tether).
The platform is suitable for both starters and advanced users, providing a seamless experience with its easy-to-use interface and intuitive design. If you are looking for a place to begin your journey into the cryptocurrency world, Changelly is probably the right choice for you.
If you are trading large volumes of volatile tokens, though, you might think twice before choosing this platform for your activities. While you will still be able to execute most of your essential transactions relatively quickly, you might occasionally face some significant delays, which could potentially reduce your profits. One also needs to keep in mind that fiat currency trades are extremely high by industry standards.
Nevertheless, Changelly is still a very reputable and recommended platform in the crypto community. With its high-class support team and relatively low digital currency prices and fees, the company will surely provide you with the tools and features that you need.
Nothing on this website should be perceived as financial, investment or trading advice. We urge you to do your own research prior to investing and we highly recommend that you consult a certified financial advisor.
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