Changelly is a cryptocurrency exchange platform that’s been around since 2015, allowing users all over the world to perform exchanges between cryptocurrencies as well as buy over 35 different altcoins. The exchange platform was created by MinerGate enthusiasts and is partnered with Jaxx, Coinmarketcap, BRD, Mycelium, Coinpayments, Uquid debit card, and Coinomi, among other well-known companies. This Changelly review aims to explain the security of the platform, how to use the services offered and points to be noted before using Changelly. Hopefully, after reading it, you will be able to decide whether you want to join the over 2 million users already registered with Changelly.
To begin exchanging between cryptocurrencies, users will need to first register by providing an email address or by signing in with a social media account. Once signed in, the process is very simple, you enter the type and amount of currency that you want to exchange, ‘What You Have’, and a quote will be given in the currency of your choice, ‘What You Want’. You can choose between any of the dozens on altcoins available on Changelly and all combinations are possible.
When you are happy with the rate quoted by Changelly, enter the ‘recipient’s wallet address’ (where the currency will be sent). Here it is important to note that all quotes are estimations made by Changelly and are subject to change depending on market changes as they do not fix rates. So during the processing time, the rate can change which has angered some users.
Now you will be sent a wallet address and a QR code, for mobile users, to which you send the funds that you want to exchange. Upon receiving the payment, the transaction will be processed and sent to the recipient’s wallet address (usually between 5 and 30 minutes). On straight crypto-crypto exchanges, Changelly charges a reasonable fee of 0.5%.
With Mastercard or Visa debit/credit cards, users can buy over 35 different altcoins. The process is very similar to above, however in the ‘What You Get’ field, EUR or USD is selected.
The recipient wallet address must be entered and once the Changelly quote has been accepted then you click on ‘Pay with Mastercard/Visa’. The credit card being used must support 3D-Secure which means that it is telephone verifiable and a phone number is therefore also required. After completing the phone verification process, the transaction can be processed (usually between 5 and 30 minutes).
The fees associated with buying altcoins with a debit/credit card on Changelly are 5% and the card processor also charges 5%.
Privacy and Security
On Changelly when completing crypto exchanges no account or identity verification is required, only an email address in order to manage your account. However, when using a credit card some private information must be shared. Changelly is also in compliance with AML directives.
The exchange doesn’t store funds for users or offer wallet services, instead of delivering funds to the desired wallet addresses which gives the user power over their funds’ safekeeping.
Changelly also automatically runs 2-step verification for all accounts and the second device with Google Authenticator is required. The 2-step verification can be disabled.
Changelly can be contacted over their website, via firstname.lastname@example.org or they have a live chat with support staff available on the webpage. Response times and quality of support are reportedly quite good. On their website is also an in-depth FAQ page that is useful not just for info or troubleshooting but also for crypto beginners.
Changelly Review Summary
In this Changelly review, we have learned that the exchange is good for beginners, low on fees for crypto-crypto exchanges (not so low for buying with a debit/credit card) and they are a secure exchange platform that does not require too much in the way of identity verification when exchanging cryptocurrencies. Some points to remember are that the fees are reasonable but due to a policy of not fixing rates, it is possible that the quote offered differs from the actual amount received due to the volatile nature of cryptocurrency markets. Some users have complained about long transaction times that have also affected the actual exchange rate that was received. This is probably the main question for users of the site, they need to decide between low fees or the possibility of receiving a lower rate as originally quoted.
We are hoping that this Changelly review has helped if you had any doubts regarding this exchange platform. To make an account on Changelly, click here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Changelly review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.