Changelly Exchange Review
Changelly can be classified as an instant cryptocurrency exchange. Along with other instant exchanges like Shapeshift, this platform aims to provide individuals with a quick and easy way to obtain digital tokens. The benefits of using Changelly are a low fee structure, a simple interface, and fast transactions. This exchange is a good choice for individuals who simply want to buy cryptocurrency without becoming an active trader.
Changelly made its appearance in 2016. It was founded by individuals who have considerable experience with digital currencies. Their previous venture was a service called MinerGate. The MinerGate platform existed as a mining pool which also offered guidance to those who wanted to learn more about the mining process. Over time, mining has become more difficult for the cryptocurrency enthusiast. This is perhaps what led the creators of MinerGate to create Changelly. The exchange is registered as a legal business entity in Prague. In the short time the exchange has been operating, more than one million individuals have used Changelly to buy crypto tokens.
The user interface of the exchange is simple and straightforward. Users are able to observe an exchange rate and complete transactions that are processed almost instantly. Changelly aggregates rates from numerous exchanges to provide users with the best rate. Because of the volatile nature of cryptocurrency, the rate displayed can change to some small degree between the time a user requests a buy and time time the transaction is completed. In almost every case the discrepancy will be a micro amount.
It is a goal of this exchange to remove the barriers people face when buying cryptocurrency. Users can exchange one digital token for another, but they can also exchange fiat like the USD or EUR for 80 different cryptocurrencies. A Visa or MasterCard can be used to make token purchases, and the service is available in almost every corner of the world. While geographical limitations are scarce, the amount of digital currency that can be purchased with a bank card can vary from region to region.
Nothing more than accessing the Changelly webiste is required for using this exchange, but users do have the option of creating an account if they wish. Creating an account requires a minimal amount of information, and once the account has been verified it is possible for the user to view past transactions that they have made.
Those who have a cruptocurrency website will appreciate that Changelly has created many software widgets that can be integrated or embedded into a website. If you blog about digital tokens, these widgets can allow your visitors to use the Changelly service. This is convenient, and it can also help web developers to increase visits to their pages. Likewise, Changelly has also created APIs for merchants. Smart Payin is a Changelly feature that will let those who accept cryptocurrencies exchange any token for ones that are accepted.
If one chooses not to create an account with Changelly, there is a certain amount of anonymity that can be achieved. However, using a credit or debit card to purchase tokens is not possible without providing some personal information. The exchange does not store cryptocurrency like other exchanges, so there is less risk for individuals who simply want to make an exchange.
Getting Started With Changelly
Using Changelly is much simpler than using other cryptocurrency exchanges which require a verification process. This process can take weeks. At Changelly, the user simply navigates to the exchange website and proceeds with making their transaction.
The user will be presented with fields which indicate the type of token they would like to buy and the token or fiat currency that will be exchanged. Once the user has selected each, an estimated value will be displayed based on the current rates of exchange. Changelly aggregates rates from multiple exchanges to provide what they feel is the best possible rate at the time of the transfer.
The user then enters the appropriate information to process a transfer from a cryptocurrency wallet or a credit or debit card. Once the order has been submitted, processing takes only a short amount of time. It should be noted once again that users will be prompted to enter an email address, but the address can be a disposable one. Of course, those who want to track their transactions on the exchange will need to use an email that they regularly access.
Changelly Fees and Limits
Changelly uses a flat fee pricing structure. The fee is 0.5% per exchange. Changelly does promise to offer the best current exchange rate, but users would be wise to shop around before they commit to an exchange. Some users have complained that the rate they received was not competitive with other exchanges, but this is to be expected. Instant exchanges typically charge more than a trading exchange because they are a tool of convenience. They exist for those who want to purchase cryptocurrency fast with a minimum of trouble.
The exchange claims that there is no limit on transactions, but this may not be specifically true. In our experience, the minimum purchase for with a debit or credit card was $100. We were not able to determine if there was a maximum purchase, although this would not be uncommon.
Popular Opinion of Changelly
This exchange generally receives good reviews online. Most individuals report that they have been able to complete their transfers with no issues. But, in the interest of full disclosure, some users have reported delays in their transfers being processed. Others have complained that customer support is virtually non-existent when an issue does occur.
The exchange has a limited social media presence, but otherwise it meets many standards that a reputable business should adhere to. The company is transparent about its leadership, and it makes the location of its headquarters known.
Instant cryptocurrency exchanges
More than 80 tokens supported
Buy cryptocurrency with a credit or debit card
Fees can be high compared to other exchanges
Poor customer support
Our Opinion of Changelly
It is unfair to compare Changelly to other cryptocurrency exchanges like Bitstamp or Kraken because the essence of the service is not the same. Changelly only provides instant exchanges of digital currencies. It is not a trading platform, nor does it provide wallets for individuals to store their tokens.
It concerns us that the customer support at this instant exchange is lacking, and there is also some question about the rate of exchange that is provided. With that being said, the exchange generally succeeds at the service it is intended to provide.
We award Changelly 4 out of 5 stars on our cryptocurrency instant exchange rating scale.