The field of cryptocurrency is ever growing and more and more people are becoming conversant and attracted to this market. Therefore, it is important to understand how you can turn your dollars and Euros into Bitcoin and vice versa. That’s why we keep reviewing this cryptocurrency exchange sites now and then.
Product: Changelly Exchange
Owner: The team behind MinerGate
Price: Changelly charges a 0.5% trading fee
Who is it for Cryptocurrency traders
Today we bring Changelly Exchange review. At this time and age, it is really easy to buy Bitcoin or any cryptocurrency you fancy due to the number of exchange websites out there today. Coins like XRP, ETH, LTC, XMR, and of course BTC, can be bought easily with the help of these exchange websites. Today we will be looking into one website which is called Changelly.com. Is it a scam website or not?
When exploring a new website to try out, what would be the first questions that would run through your mind? One of the first questions that run through my mind would be the security involved. Are they are a legit company? You know, with all the technology we have today, it isn’t hard to create a sham website that acts as an exchange but in the end, they are just there to steal all your hard earned money along with your personal information. Since Changelly.com is fairly new to us (compared to other well-known exchange websites), let’s look into this company a little further.
About Changelly Exchange
Changelly is a Czech spot cryptocurrency exchange, launched in 2013. It offers instant exchange services in over 50 cryptocurrencies – both major and smaller, 2700 cryptocurrency pairs, as well as trading in fiat for cryptocurrencies. The fiat currencies accepted are USD and EUR and they can be traded against around 35 of the alt-coins in Changelly’s instrument portfolio.
Changelly’s trading robot is integrated into some of the largest cryptocurrency exchanges, among them Poloniex and Bittrex and selects the best available rate to display on Changelly’s platform. The rates, however, are approximate until the completion of the transaction on the blockchain and the final rate may vary a little.
Changelly Exchange Review
Changelly is a cryptocurrency exchange platform with several unique features. First, it doesn’t accept any fiat currencies. The exchange is exclusively available for transferring funds between cryptocurrencies and digital currencies.
The other unique feature of Changelly is that it aggregates rates from other trading platforms across the internet, then suggests the best rate based on that information. This makes it easy for traders to get the best rates on their cryptocurrencies whether they’re buying or selling.
One more thing that sets Changelly apart from other services is its flat rate fee structure: the company always charges a fee of 0.5%. That’s it – no exceptions, bulk discounts, or minimum purchase amounts. A simple rate of 0.5% at all times. There are no withdrawal fees or additional commissions.
Overall, the goal of Changelly is to remove technical barriers between customers and the world of cryptocurrency. Although a 0.5% fee is higher than other exchanges, Changelly users may still come out ahead due to the lack of additional fees and the ability to get the best rate on all trades.
Changelly emphasizes the fact that it’s fair, fast, and trustworthy. Here are some of the key features of the platform:
- Fair Fees: Changelly charges a fee of 0.5% on trades. There are no charges for withdrawal, and no additional commissions. This is a simpler fee structure than most other exchanges in the world today.
- Fast: Enter the amount and address, then transfer your coins and complete the transaction. That’s it.
- Trustworthy: Changelly was created by the developers of MinerGate, a group that has a long history of work within the crypto industry.
- Credit Card Deposits: Changelly accepts Visa and MasterCard deposits.
- Convert At The Best Rate: Changelly scans exchanges across the internet and finds the best rate. Then, it lets you trade at that rate. You can avoid volatility while taking advantage of the liquidity of bigger exchanges.
How Does Changelly Work?
As we continue we this Changelly Exchange review its good to note that, the key feature of Changelly is its ability to change coins at the best rate. As an example, let’s say somebody is converting 15 LTC into DOGE. The transaction starts on Changelly, and the platform finds the best rate based on information across the internet. Changelly scans cryptocurrency exchanges to ensure you’re always getting the lowest rate.
In the example given on the Changelly website, 15 LTC is worth 0.17 BTC, and 0.17 BTC is worth 396,000 DOGE. Changelly charges a fee of 0.5% (1980 DOGE), then sends a total of 394,020 DOGE to the receiving wallet. That’s the entire Changelly exchange process.
Changelly supports a surprisingly diverse range of currencies – including all of the major cryptocurrencies and dozens of lesser-known currencies. You can view the full list of supported currencies on their site.
Some of the supported currencies worth mentioning include Bitcoin, Litecoin, Bytecoin, Monero, QuazarCoin, DigitalNote, Dashcoin, Fantomcoin, Dogecoin, and Ethereum. Dozens of others are listed on the official website.
Another unique feature of Changelly is that it doesn’t hold currency for traders. There’s no wallet service attached to Changelly. Instead, you use the wallet of whatever coin you wish to buy.
Each Changelly transaction takes about 5 to 20 minutes to be processed. However, larger-value transactions (over 1 BTC) may take longer depending on the size of your transaction and the capacity of the blockchain.
What is the Maximum/Minimum amount for exchange or purchase?
Here at Changelly.com, they do not have a cap on your transactions. But there is still a catch. Though the website doesn’t restrict your transactions, having a very low amount to trade would cause some problems due to the network fees placed by a blockchain, if you are unsure of what I meant by that, you can read more about network fees here.
- Credit Cards
- Crypto Currency
Not all exchange websites out there today accept Credit Cards as a payment option due to the security involved that needs to be dealt with. Just imagine all the information that is compromised just to purchase Bitcoins? That is why not all exchange websites have this feature. With Changelly.com, they made it possible for people to easily purchase coins from them.
- No Cryptocurrency for fiat. Changelly does not allow the conversion of cryptocurrency to fiat currency, but only the purchase of alt-coins for fiat currency.
- No PayPal. For the time being Changelly does not accept payments through PayPal. But we’d say the acceptance of credit cards compensates for this.
- Credit Card limits. Changelly has put some restrictions on the first few transactions with credit cards. They are the following:
The USA, Canada, and Australia – $50 limit for the first transaction, the next purchase could be made in 4 days (100$ limit), $500 after 7 days of the first buy. No more than 3 payments within the first week. No limits in one month at all.
- CIS region (Russia/Ukraine/Belarus/Kazakhstan/Armenia/Georgia) – $200 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $2000 and for the first month is $10000.
EU and other countries – $100 limit for the first transaction, the next purchase could be made in 4 days with 200$ limit. And $500 after 7 days of the first buy. No more than 6 payments within the first week. No limits in one month at all.
- Slow Speed. Judging by customer reviews elsewhere, it seems that in cases of busy trading the service can get quite slow. To a certain extent, this is understandable, as at such times the blockchain network gets very busy and takes longer to confirm the transactions. On the other hand, however, this is quite frustrating and clients lose money. Besides, often the customer support is overworked and sometimes cannot reply in a prompt manner. Apparently, it does so in the end, but customers end up thinking the site is a scam.
- Phishing. According to Changelly’s own admissions, their open API can be and is sometimes used for phishing scams. They say they are working on resolving the problem and informing the clients.
- No Leverage. Changelly does not offer leveraged trading and this is quite common among the cryptocurrency exchanges. There are several, like Kraken, CexIo, Coinbase, and bitFlyer, who offer this type of service. There are also quite a few forex brokers who are offering CFDs on some of the major cryptocurrencies for trading on margin.
Is changelly Exchange a Scam? – Verdict
Changelly is a popular cryptocurrency exchange with a large alt-coin portfolio and conveniently accepting fiat deposits with credit cards. Users can remain anonymous and can be a resident of any country. There are no minimum or maximum limits for exchanging cryptocurrencies. However, there are some restrictions for the first few deposits made with credit cards. Additionally, clients must keep in mind that even though they can make a deposit in any fiat currency, it will be converted into USD or EUR and the rate can be disadvantageous. This and the above cons make Changelly exchange not recommendable. But no It is not a scam it is a fair deal.
Changelly is a unique trading service that helps you get the best rates on popular cryptocurrencies – and lesser-known altcoins. The trading platform was created by the team behind MinerGate. Today, Changelly is headquartered in Prague, Czech Republic. The trading fee of 0.5% is higher than other trading platforms.However, depending on your transaction, you might still come out ahead: Changelly doesn’t charge any withdrawal fees or additional commissions. There’s just a 0.5% flat rate on exchanges. That’s it.
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I wish you the best!
Crypto trader and blogger on: