Changelly Review: Everything you need to know about Changelly
Due to the overwhelming choice for trading in major altcoins, many a time the beginners fail to make the right decision. Even, lack of advanced features constraints the professional and experienced investors to get a profitable result with their upbeat and astute reflexes. Also, many big exchanges in the world fail to provide their customers with incredible choices of crypto coins. Deciding on an exchange platform is as difficult as choosing between a stable job and a great paycheck. This is because every platform is meant for different individuals and has its own set of advantages and disadvantages. But in this crypto space, if you want to trade with a variety of coins securely without much verification process then you can give Changelly a try. If you want to plunge in the world of cryptocurrency and want to make astonishing gains then considering Changelly exchange platform will definitely be a good choice. This is an entrenched and emerging cryptocurrency broker which allows you to trade in a vast number of altcoins at a great rate with its rapid and secure network. Their popular and reliable background helps you with all your daily transaction in just a few clicks even without giving any of your personal details. So complete anonymity while maintaining expeditious transactions is the prime motive of the traders using Changelly platform. But, there is still a lot to know about this growing exchange company before proceeding to invest in it. Here is a didactic and detailed review with all the considerable points about this exchange to help you streamline your focus towards it.
What is Changelly?
Changelly is a renowned cryptocurrency exchange website which was founded in 2013 and is primarily based in Prague, Czech Republic. It is well known and reputed crypto broker which offers services for more than 50 Cryptocurrencies to meet the requirements their clients and patrons. This cryptocurrency website is being used by more than 500,000 customers while the monthly visitor number is as high as 3 million. The company app is associated with instant exchanges services where you don’t have to compulsory load the funds to any kind of wallet or buy a certain amount of Cryptocurrencies to start with the trade. Without giving any kind of personal information, you can proceed with the trading network and deal with a variety of Cryptocurrencies and observe the complexity in a simple and swift manner. Earlier, there was not any scope for buying and selling digital assets as the process was very gruesome with its website glitches and inconvenient. Also, lack of features like spot trading and playing in different cryptocurrencies was a major drawback. It never looked like the Cryptocurrency will ever be able to replace the paper currency. Bitcoin holds the major chunk for providing a broad and significant perspective to the digital exchange currency. Nevertheless, the digital exchanging websites at that time were full of glitches and it was very difficult for the traders to buy or sell Cryptocurrencies whenever they want. The launch of Changelly platform totally changed the mindset of the people towards the digital currency and gave a new impetus to this ever-increasing crypto network. Since 2013, Changelly has emerged as a reliable and fast platform for transacting in cryptocurrency where the users are not limited to a few altcoins options. This Czech company app has offered something for both beginners and semi-professional traders through its instant and innovative amenities.
What is unique about Changelly website?
Changelly has been a popular choice among intermediate level traders and beginners due to its sleek interface and easy navigation. Also, the functions which are available to the users are not just a few. The traders also find the privilege to trade it fiat for cryptocurrency but many people don’t use this platform for the purpose. There are many other competitors which are extremely famous all around the world but still consider Changelly as one of the biggest threat to their growth. With an affordable and challenging exchange fees and a variety of payment options, you are going to get a lot from the company. The users can even buy cryptocurrency with their credit and debit cards and sell them for other cryptocurrencies whenever they want. So, the top-notch flexibility and informative graphs make it a perfect choice among the people who really want to rise to the top and are ready to devote some time to this excellent exchange platform. At Changelly, you first have to register for trading in your favorite Cryptocurrency and then enjoy the enormous options of more than 70 crypto coins which include the biggest players like Bitcoin, Ethereum, Dash, Litecoin, Ripple to even the recently arrived and growing altcoins like Zcash, Stratis, etc. The best part of being at this website is that you are able to exchange one type of crypto coin for a different cryptocurrency according to your need and comfort. With complete transparency, you are able to get a clear-cut idea of the fees which are levied and which will be levied as you progress towards buying and selling your desired cryptocurrency. Many major exchange platforms are not available throughout the world like BitPanda but this company takes care of all your needs regardless of your location. Also, another great thing is that the robot proposed by the Changelly was used by the top exchange networks in the world like Bittrex and Poloniex. Through this Changelly’s robot, it will take just a few milliseconds to transfer your funds into a cryptocurrency and sell it back. It suggests you the best rate while dealing with the volatility of cryptocurrency. So, the network does not ask for a high commission for successfully completing the work.
Cryptocurrency options at Changelly
As it is available worldwide with minimal verification, getting started at Changelly is just a minute task. It has over 2700 cryptocurrency pairs along with around million of customers back up solely because of their instant transaction and intuitive interface. The users even have the entitlement to check different complex graphs for all the major Cryptocurrencies and make the most appropriate decision for themselves. Changelly allows you to trade on a vast number of Cryptocurrencies like Bitcoin BTC, Dashcoin DASH, Dogecoin DOGE, Ether ETH, Litecoin LTC, Bytecoin, Monero, Digital Note, QuazerCoin QCN, Fantomcoin FCN, Nubits NBT, Ripple XRP, Aeon AEON, Next NXT, Radium RADS, Synereo AMP, Factom FCT, MaidSafeCoin MAID, Lisk LSK, NEM XEM, Ethereum Classis ETC, Expanse EXP, LBRY Credits LBC, Steem STEEM, Ardor ARDR, Stratis STRAT, Augur REP, NAV Coin NAV, Gulden NLG, Zcash ZEC, Golem GNT, GameCredits GAME, Tether USD USDT, Waves WAVES, Swarm City SWT, Golos GOLOS, SNGLS, Melon, DIGIX, Xaurum, Chronobank TIME, Trustcoin TRST, PIVX, Byteball GBYTE, Edgeless EDG, Wings DAO WINGS, Gnosis GNO, Guppy GUP, Decred, Darcrus DAR, RLC iEx.ec RLC, Syscoin, Stellar, Lunyr, Bancor, Aragon, Basic Attention Token, Civic, Qtum, PotCoin POT, TenXpay Token, Status Network Token, Neo NEO, Bitcoin Cash, EOS Token, AdEx, FirstBlood, OmiseGo, 0x Protocol, Decent, Monaco, Metal, TokenCard, Cofound.it, Storj, Patientory, District0x, DigiByte, Verge, Bitcoin Gold, Mysterium, AdToken, Funfair, Humaniq, Salt, Viberate, Ripio Credit Network, Power Ledger. There are currently more than 7 Cryptocurrencies and the list is growing rapidly. With the recent entry like Power ledger to keep track of solar energy generation and manage transactions to the rarest and private decentralized network like Zcash ZEC, Changelly have everything. You will never need to look anywhere else to find your favorite cryptocurrency and trade for profitable outcomes. Even, you can purchase the coins with 35 different Cryptocurrencies in addition to US dollar and EURO. The traders even get the flexibility to manage funds through their credit cards and debit cards. Having said that the volatility behind the crypto space is so high, Changelly works by not fixing the rate. This helps them to charge a very low commission while providing all premium benefits.
How does the Changelly exchange work?
Changelly fills the gaps between the major cryptocurrency exchange platform and the users who want to trade in their desired altcoins. The feature is simple yet efficacious where you can swap coins for bringing about massive profits. IOT automatically provides you the best rate by looking at the current market trends with its own custom made API. Through the rest API, it is able to communicate with the major exchanges in the world like Bittrex, HitBTC, and Poloniex. It also includes a feature called order book which is an advanced trading feature for watching the collection of all bids and the orders for the specified cryptocurrency pair. So, the Changelly collects all the bids from other exchanges and use their price ration to provide you with the best results. The process starts by matching the cryptocurrency to the opposite pair according to the exchange rate. Then Changelly Android app or iOS app sends the trade request made by you to the different platforms and automatically replies you with the most cost-effective trade. It calculates the price for the exchange of the cryptocurrency pair after searching for the most reasonable exchange and sends you the final amount after adding everything. You can also achieve this but you have to make several accounts on all the popular cryptocurrency exchange services and look for the best price by considering the fees, limits and then transfer the coin. Making an account and starting with the trade is not at all simple in most of the exchange services as the verification level are very tiresome and requires a lot of personal details and photocopy of the documents. Also, you have to transfer the funds to your wallet and then trade for the desired cryptocurrency. Changelly does not have a function of the wallet so the money does not stay in the exchange platform but it is completely yours. For example, if you want to send 15 LTC to any of your wallets, you have to pay a certain minimal amount for carrying out the process. 15 Litecoin is equal to 0.316 Bitcoin and 0.316 Bitcoin is worth 466,650 DOGE. Changelly asks you for a minimum charge of 0.5% which comes to be around 2333 DOGE. So, if you want to send 15 LTC, you are going to get 464,317 DOGE which is 14.94 LTC. The transaction fees of 0.06 LTC is not even 10 USD. So, Changelly takes care of the affordability and gives the lowest rates. This is the best thing with Changelly as it automatically gives you the best price while allowing you to control all your funds. Changelly does the work for you in just a matter of few clicks. Until now, there have been very few cases of transaction errors even on Reddit and there are still series of features to be explored.
Overview of the Changelly Company
This Czech established company is dealing with the digital assets from 2013 and has achieved a stable position in the crypto space. The company comprises of a dedicated developer team which was behind the popular MinerGate establishment. The strong support team and the interface is one of the main reasons why people are actively participating in the trade with Changelly. The platform was released as an independent exchange service but later in 2015, it became popular as a powerful cryptocurrency exchange network. This was made possible after some significant updates by the ebullient developer team. The headquarters of the company is based in Belusova Prague with a supportive community to help you draw out of any problem. But, the customer support team has been a downfall for the company. However, they are improving considerably on this part and now; the experience of the users with their team is getting better day by day. With the success in the digital currencies, a growing and well established online casino Dao.Casina has extended its hand for a partnership with Changelly. Apart from all these things, the website is progressing towards incorporating advanced security protocols with many additional features. The two-factor Authentication is one of the features which save the traders from hacking attacks. Even, if the hacker gets your login credential, he will still be not able to enter your account and get personal details and hard-earned money. However, there has not been any major hack on the platform making it a trustworthy choice among the regular traders. All your funds are directly loaded to your wallet instead of being stored at the platform. Changelly is one of the easiest cryptocurrency exchange platforms in the world where you can trade anonymously. Even, the verification is done just by giving your Email Id.
Benefits of using Changelly platform over others
Changelly is one of the most sought-after cryptocurrency brokers where the users are more than satisfied with its quality services and cost-effective fees structure. However, there are many other reasons for this as well which are as follows:
This is one of the key features of Changelly as it permits the user to get some real returns without paying much. It levies a trading fee of just 0.5 percent which is far less than the industry average rate. Also, there are no charges for withdrawing or depositing funds to your wallet or account and has no additional commission. It has no fixing rates which enable them to charge an extremely low commission for every profit you get. In addition to that, the transparency of the fees structure and the relevant technology to endow the best and cheapest rate makes it a great choice among the crypto users. The Changelly robot automatically provides you with the cheapest rate and does the transaction for you within seconds of initiating it.
Although Changelly is based in the Czech Republic, its regional coverage is not limited to that country only. It even accepts the US client to trade on their website as well as people from any other country. There are many digital exchanges which fail to offer such high regional coverage but this platform stands up in this category. While accepting traders from all over the world, the customer support and the language support is also widening.
Changelly is a platform which is made by keeping in mind both the newcomers and the veterans. Here, it does not matter if you want to just want to get your feet wet with digital assets or what to trade in large numbers. This is because; there are no minimum or maximum limits applicable to restrict you from trading in your desired coin. You can even start with few dollars or trade in millions. There are rarely few cases where the users are constraint by a certain amount of trading limit to cover the network or convenience fees. However, the chances for this is quite narrow as most of the coins do not come with any kind of minimum or maximum limits.
With so many exchange platforms asking for so many documents to verify you and provide premium features, the Changelly app is substantially different when it comes to verification stages and anonymous trading. The users can register with the platform with the help of a Google plus account, a Facebook account, a twitter account or just with an Email ID. Also, for trading in crypto-to crypto exchanges, you don’t need to give any of your personal information. So, the company ensures that you are completely comfortable while using any of the features and don’t find yourself in a difficult position while giving up any information for trading. You can even trade in cryptocurrency to avoid giving the credit cards or debit cards details as well. So, with just the deposit address and an email Id, you can do wonders in this platform. Just in the case of fiat currency, you have to pay using the credit cards from your wallet and there is no complete anonymity. But overall, this website is a boon for novice and intermediate traders who are scared while giving the personal details.
Another great point about Changelly is that you get the privilege to pay using cryptocurrency and credit cards. While the payment fee for transacting using credit cards is very high with some platforms, Changelly takes care of it by providing you unlimited excess with just 5% of payment fee or 10 USD. The website accepts the Visa and MasterCard credit cards by meeting sufficient security protocols to prevent any hacking attempts. The traders can complete the transaction from any country without any need of wallet and with any type of currency. The payment amount is first converted to EURO or USD and then it automatically reflects your account.
Available Fiat currencies
Changelly offers an extensive choice of cryptocurrency where you make the transactions in around 35 Cryptocurrencies. This is significantly higher than most other website and its competitors. Many of its competitors are only bestowing services for larger Cryptocurrencies like Bitcoin, Ether, and Litecoin. But, nowadays as so many digital currencies with a bright future are entering the market, it is necessary to incorporate them and allow a wallet for them to the users to trade in them. Changelly is constantly improvising on this part and integrating additional and recent altcoins to foster the growth of their customer and provide them ample flexibility for choosing the cryptocurrency.
Platform and processing speed
Even, the company is including advanced features, the interface is still so simple that even a newcomer can relate it with other websites and enjoy the benefits. Everything is transparent on Changelly making it easy for the traders to stay with their decision and act wisely. However, there is a lack of advanced graphs, algorithms, and tools, Changelly is targeting newcomers and intermediate traders who want to see versatility and flexibility in trading. If you have a lot of experiences in trading and want to innovate and advances features and tools to monitor complex graphs and structures then you can get a better option. But, if you just want to trade regularly and instantaneously and are relatively new to digital assets and exchanges then Changelly is the ideal choice for you. You can securely load the funds or altcoins from your bank cards or cryptocurrency and buy another cryptocurrency with that amount. With the simple feature of spot trading, Changelly makes it easier for the people to trade in a number of Cryptocurrencies and buy one coin and sell it for other at a higher profit.
Available coins and tokens
With a huge list of tradable coins, the Changelly makes it clear that they take care of their customer. Also, the company acknowledges the proposal for embracing other and new altcoins. You can even convert Bitcoins or other currencies to Iota and the process is super simple. The list is widening every now and then and in the near future, you will see Changelly at the top of all the cryptocurrency exchange platforms for the most number of available coins.
Does Changelly have any official Android or iOS app?
As Changelly have been involved in providing a stable exchange network to their clients and patrons, it has started with an android app with has over 1 million of download. It is available in both the Android platform as well as in Apple devices. The Changelly Android or iOS app is named as MinerGate Mobile Miner and has a user rating of about 3.6 out of five. The biggest problem with the Smartphone app is that you can’t enjoy all the privileges. But still, this is a great addition to purchase your desired altcoins on the go.
Transaction limits and liquidity in Changelly
When it comes to the trading limit by taking in mind various withdrawal methods or deposit methods, Changelly Android app or iOS app do not have any limit for it. It gives preference to both the newcomers who want to trade in a low amount and professionals to want to cross every limit and trade in millions. Also, there is no kind of wallet in between to store the funds. As there is no website wallet, the process is simple and peaceful. There is no daily or monthly limit allowing everyone to trade efficiently and at the same rate. It allows the user to trade whenever they want with the instinctive Changelly Android or iOS app. The App allows looking at the cryptocurrency list and using the different deposit methods and then making the payment without worrying of anything. However, there is some minute transacting limit due to networking costs and nature of the Blockchain. But these are applicable for few Cryptocurrencies and the limit is considerably less even for new traders. Changelly Android app or iOS app will automatically suggest a minimum level of the amount which will have some implicit fee to complete the transaction. The minimum amount of withdrawal or deposit differs according to the cryptocurrency selected and even there are some other limits and fees while using the EUR or USD for paying and buying the coins from the bank account. Also, there are some restrictions for the people in some countries for certain and pre-determined successful transactions. If you belong to the first world (USA, Canada or Australia) and want to trade in USD, you are restricted to $50 for their first payment and the second payment can be done after 4 days. The third transaction should be a week later after the first purchase. On the other hand, the situation is completely different for the people living in the CIS region. If you live in the second world (Russia or Eastern European countries), the limit are substantially higher. For the first payment, the limit is increased to $200 while the second transaction can be done the next day with the first weekly limit of $2000. You can buy the cryptocurrency worth of $10000 in the first month. If you are an EU resident, the first withdrawal or deposit is limited to $100 while you can have only 6 transactions in the first week. Nevertheless, instead of all these restrictions, you can trade with higher amounts and enjoy unlimited access after the first month irrespective of your location. With many withdrawal methods, the process with be simple and the way you want it to be. If we are talking about liquidity, there are only a few other exchanges which are better than Changelly. As the company has a connection with major and the most reputable exchanges in the world, you can be sure that the cryptocurrency cost will be placed according to the latest market trends. Changelly gives you the best deal for your altcoins and lets you exchange freely by acting as a mediator between you and the reputed digital exchanges platform.
Privacy and security of the Changelly platform
Privacy and security are actually one of the strongest points about Changelly as the company always strives to offers the best security by providing complete anonymity. For the traders who don’t trust the banking systems, this place is fro hem. Exchanging digital currencies is simple on most websites but not as effortless as this platform. Changelly is such a website which does not ask for any personal information other than a valid email id. Also, there is no requirement of keeping a wallet to store the funds and other cryptocurrency making the situation safe even if there is any hijacking. You can even sign up with your Google plus account or a Twitter or Facebook account. But, many traders prefer giving an Email Id and then verifying it directly by clicking on the link provided by them. For transacting and getting the best deals on the website, you need to create an account with an Email Id and directly commence with the cryptocurrency transaction. As there is no website wallet, the funds and the purchased crypto coins are not tracked by the company and you are not expected to give any personal details. Many exchange platforms in the world lack this feature as they ask for many details including valid government assigned documents like Passport, Driving license, etc. Some even expect us to indulge in a live chat with their representative and complete the verification process. This system can be very exasperating as you don’t want to give all the personal information and waste your time on doing all these things. You can check for the integrity of the website on Reddit. On Reddit, you can find all the problems which people face with the platform and Changelly Android app is one such website which will never let you down. The sensitive part of the website like payment and other process are protected by Https protocol thereby ensuring optimum level of security while avoiding any malicious attempts. In addition to this, you have the feature of two-factor Authentication to prevent your account further. There is no compulsion for using this extra layer of security but it is recommended to do so. This is because even if the hacker gets your credentials he will not be able to unlock your account to exploit it. Changelly never asks for personal details so you can freely enjoy its premium services at the ultra-secure and fast environment.
How popular is the Changelly exchange platform?
Until its inception in 2013, the App has driven past many competitors in terms of reputation and is known by almost all the major investors and traders in the world. It has a good reputation among the traders where there have been no major cases of any fraudulent service. The website is never been hacked or stolen any personal information or spread any misleading information. However, by going through the user reviews, it is evident there have been few cases of technical glitches and some withdrawal or deposit errors. Traders have faced problems related to incomplete transfers but this can be due to an error in entering the correct addresses. Even, there are lot of positive reviews and information on Reddit. As the platform is created by a team of reputed developers of MinerGate, it is renowned and recognized throughout the crypto space. Is Changelly legal? If you have any such question pertaining to the integrity of the website then you can be assured that the platform is absolutely legitimate and will bring your lucrative outcomes.
How is the company image on Reddit?
Reddit is a platform which allows the users to discuss their problems related to different digital exchange websites. If you have a look on the Reddit forums for Changelly, you will find many mixed reviews where the main problem is the transaction errors and fund missing. The problem posted on Reddit can be due to misinterpretation of writing the deposit addressor any other human mistakes. Some people on Reddit even call the website scam because of the failed transaction errors. But, they might be fake users to spoil the name of the website on Reddit and other discussion forums or those maybe mere human errors. Reddit is a place where people discuss about problem to find a solution and to help other restrict making the same mistakes. Mainly, the issue on Reddit about Changelly is Transaction delay and the app not working properly. The transaction errors can be due to improper usage of deposit address but to some extent there is many things listed correct on Reddit. As listed on Reddit, Changelly has some server problem where the website fail to produce and process the order at the same speed while there are a lot of traders online.
Disadvantages and drawbacks of Changelly network
Although the platform is emerging rapidly in the minds of the people, it still has some flaws which are restricting its fast growth. The app is on the verge of addressing these problems and finding a solution to them but, it is necessary to know about them. Here are some of the major problems which the traders face and the website limitations.
Conversion to fiat currencies
Changelly supports fiat currencies deposit but lacks the feature of converting the available cryptocurrency amount to fiat currency. Also, you can deposit funds easily and in just few clicks. This is a category where the platform has to improve a lot as the traders have to use the credit card options only for carrying out fiat transactions. This makes them give credit cards details if they aspire to do fiat currency transaction.
Processing time and speed
This is a severe drawback of the website as you don’t know the exact time of completion of the entire exchange. If there are a large number of traders making the payment or transacting on the platform it may overload the websites and cause some significant delay in processing the exchange. This is understandable to a certain extent but it may get annoying if it takes longer than expected for confirming the transaction. It usually takes few minutes to process the order but can take up to 30 minutes for processing the digital exchange if the Blockchain is too busy.
If you lose your money during the sloppy exchange process then getting help from the customer support can be a big issue. Changelly is working on improving the tardier customer service but still has a long way to go. As the customer support fail to reply to the queries of the customer in a prompt manner, some people end up thinking that the exchange platform is a scam.
Due to lack of advanced features, the experienced veterans avoid Changelly. The main feature which the company has to focus on is margin trading. Trading on leverages has become a basic necessity and the reason why the platforms like BitMEX, Bitfinex, BitBay, etc. have become so popular is due to premium entitlements like margin trading. Margin trading is a feature where the users can trade for more money than he actually has in their account. The lack of Margin trading is becoming a big downfall for the Android app or iOS app and drawing more customers towards other exchange platforms which provide this service.
Credit cards limits:
The discrimination or rules for different regions is another problem for the company. While the traders from CIS region can enjoy high withdrawal limit with many withdrawal methods for the first month, the limits are comparatively very low for the US residents. Even, there are restrictions for a specified number of payments in the first week. However, the limit is for the first month only and then you are not bounded by any limit.
Lack for payment options
Changelly has a couple of payment options where you also get the chance to pay using 35 different Cryptocurrencies. But, the deficiency of PayPal, SKRILL, and NETELLER is definitely a problem while trading on the platform. Although credit cards compensate for the absence of PayPal, there is still of a need for some more options. Also, some people prefer wire transfer over other alternatives as the payment fee is significantly less than using credit cards or PayPal.
Changelly widgets for the publishers
Along with the Changelly exchange services, it offers a series of software widgets for the publishers. These software widgets can be incorporated in the website and catered to the third parties platforms. This allows the merchants, publishers, bloggers and market analysts to use the website for exchanging one cryptocurrency for another without leaving the platform.
Changelly API and its significance
Changelly has a smart paying API which is specially made for the merchants to help them trade on the exchange platform directly. It is similar to what the gambling and entertainment websites used where the merchants are giving the entitlements to purchase the coin with any cryptocurrency list and convert those coins to any other coins or funds.
How to get started with the Changelly trading platform?
If you want to drive start your trading business with Changelly then you have to create a free trading account by visiting its website portal www.changelly.com. Here is the step by step process to manage the trade at Changelly exchange and play in your desired alt-coin.
- Registering the Changelly exchange platform by providing your Email address and choosing a password. You can even start by login with your Google plus account or with a Facebook or Twitter account.
- Verify your account by clicking on the link provided by them and then log in to your account.
- Decide which cryptocurrency pair you want to use (e.g. you want to convert your Bitcoin to Ethereum, Litecoin to Bitcoin, etc.)
- If you want to buy coins with any other cryptocurrency, click on the currency which you want to exchange on the left side of the screen and the currency you want to purchase on the right.
- Check the total amount which is calculated automatically including the withdrawal fees. Cross verify that the amount of exchange is what you want and you have chosen the right currency. Also, verify that how much you are going to get after the transaction is completed.
- After verifying everything, you need to mention the receiver address. You can put your wallet address to loads the funds and send the specified amount of cryptocurrency to the receiver.
- After this, once again check all the details and the address as the transaction may not be reversible. Also, note that the amount you see right now will just be an estimate as the rate keeps on fluctuating and the amount you get will be a bit less or more than the displayed amount.
- Once you ware done with this, your transaction will be created and you will be able to see a QR code and a deposit address. The deposit address is the address of the wallet where you want to see the currency.You this QR code or the wallet address to send the payment and after a specified time the desired exchange amount will reflect in your cryptocurrency list wallet.
- Now, the money received to your wallet will be sent to the receiver address within 5 to 30 minutes. You can track the process by visiting the transaction history. It may even take longer if the volume is very high and there are many traders doing the exchange simultaneously.
- When the complete process of withdrawal or deposit with various withdrawal methods or deposit methods is complete, you will get a receipt for the successful transaction with a Transaction Hash ID.
How to make the exchange at Changelly?
Changelly offers hassle-free exchange service where you just have to decide about the cryptocurrency list and let the magic happen. There is no verification level or status on the platform to restrict you for trading on the website. After a month of tolerating few restrictions for security purpose, you can move ahead with unlimited access and no withdrawal limits. Here, we have included a step by step process to make the desired exchange in just a matter of few minutes. Visit the Changelly homepage and decide about the cryptocurrency list you want to trade on. After selecting the digital currency which you want to exchange from the list of choices, you have to enter the exchange amount. Click on the exchange button on the right and cross verify the details. After this step, you will be able to see the exchange rate with expected fees and a time estimate. Click on next and review all the information. Don’t hurry in this process as the transfer is irreversible and can be a problem if you make any mistake. Enter the recipients’ address and confirm the payment. It will display you a QR code and the funds will be deposited the required account. Mostly, the transaction takes less than 10 minutes but it can take time than expected. Sp. you have to be patient while treading on Changelly and enjoy the cheap and reliable service.
Who are the Changelly competitors?
Changelly has a long track record of having a stable and secure exchange platform by giving its users the entitlements to trade in a vast number of crypto coins. But still, there is a big room for improvement in Changelly and list of competitors of the platform is also wide enough. Coinomi, Touch Titans, Shapeshift, CoinPouch and Synereo are the biggest threats to Changelly. Coinomi offers a wide range of cryptocurrency list and is extremely secure to handle different operations. It also has a universal HD wallet to trade instantly. Synereo is a decentralized social platform which can be used by startups for fundraising and is for a company whose main focus is to improvise the economy. CoinPouch is a growing application which is considered scam or useless by many customers but is still compared a lot with Changelly. It has an innovative concept but still has a long way to go to achieve the reputation that Changelly has. Another big threat to the growth of this Czech app is Coinbase. Coinbase is a US based company which offers a secure environment for trader in a number of Cryptocurrencies with a variety of payment options. With options like Wire transfer and challenging exchange rate, Coinbase is perhaps the most popular cryptocurrency exchange platform in the world. However, some of the services of Changelly suppress Coinbase but the former has to improve a lot to reach the heights of Coinbase. The closest enemy of Changelly is Shapeshift which offers similar services at a great rate. Here, is a detailed review of Changelly vs. Shapeshift to help you decide which one is a better deal.
Company and trading platform
Both the companies have been on the market for few years and the reputation is also very comparable. Shapeshift is relatively old and well-established company which was founded in 2013 by marketing specialist Erik Voorhees. The app is offering straight and direct crypto to crypto exchanges with the options for almost 50 diverse digital currencies. However, it does not allow the customer to trade for fiat currency. The interface is extremely user-friendly to act as an easy means of exchanging Cryptocurrencies. The uncomplicated navigation and no verification is the best thing about Shapeshift. Even, the user can start with the trading process without giving a valid Email Id. The user can create an account for trading on the exchange platform but there it is not mandatory. This is the reason why many traders prefer it over its alternatives. The money is never kept on the centralized exchange or any wallet but it is transferred directly to offer you instantaneous service. Shapeshift has few advantages over Changelly but some cons as well. The processing speed of Shapeshift is better than Changelly as it does not overload easily while multiple users are trading simultaneously. But, on the other hand, there is a specific withdrawal limit beyond which the users will be constrained to trade. This is not the case with Changelly. This Prague based company is managed by a committed team of developers who also established the popular MinerGate platform. This mining pool offers all the services which are necessary to guide you towards the mining process. Until now, the company has managed to attract more than one million customers with is attractive, user-friendly and convenient exchange options. But, there are few problems which Shapeshift have managed to rectify but Changelly has not yet. The server overloading and the deposit errors are the few drawbacks of using Changelly. But, no withdrawal limits and exchange in fiat currency are an add-on with Changelly.
Trading and exchange fees
The best thing with Shapeshift is that it does not ask for service fees. It just charges you for the receiver cryptocurrency miner fees which is fixed and very reasonable. Some online details and commentators even state that Shapeshift makes the money by the difference between the actual mining fees and the fixed miner fees of the company. In addition to this, not all the fees are upfront and transparent making it a poor choice when compared with Changelly in the price segment. Many online reviews suggest that Changelly is a better platform when it comes to fees transparency even if it asks for a minute service charge. Also, there is no fixed rate making it a better choice for the volatile crypto market. Changelly requires a small amount of money for showing its magic and it is far less than any other platform. Whatever you see after clicking on the exchange button on the right is the complete estimate of what you are going to get. This is the finest thing about the platform as you can conclude about the website integrity and its implicit performance. This doesn’t mean that Shapeshift is not legitimate and has a lower reputation. In fact, Shapeshift is more preferred by newcomers as it does not have any verification and the reliable speedy process.
Which one to choose?
Shapeshift and Changelly have quite comparable features and performance but still are big competitors. If you are looking for a Changelly alternative due to performance errors and technical glitches, you can go for Shapeshift. On the other hand, if you want to trade in fiat currencies with many more options and in a transparent environment then choose Changelly. The fact that Shapeshift does not require any kind of personal information, not even your Email ID for trading is often mentioned by its patrons. Apart from the low privacy risk and risk to financial theft, it has an advanced API to handle multiple operations and trades simultaneously. Nevertheless, Changelly is rapidly being used by beginners and intermediate traders because of its flexibility and low commission fees. Nothing is hidden to you when you use Changelly. Also, the interface is beginner friendly and it has the largest Cryptocurrencies offering on the market. So, if you want options by giving a low commission and are okay with a bit slow process then you must give Changelly a try. As the difference between the two is so unattainable, it will be better to try both Shapeshift and Changelly and come to a conclusion that what suits you the most.
Website integrity of Changelly: Is it Safe?
If you still have questions like Is Changelly scam? Or is it worth using Changelly? Then you can be completely confident that your money and details will be absolutely safe in the website. The company has been working for many years and has proven an honest and considerable track record of offering genuine and effective methods for generating funds. It is one of the best engines for buying and selling in a variety of altcoins with swift withdrawal and deposit processing with unlimited exchange volumes. There are many other exchanges which fail to give you the same efficiency at high volumes and the system ends up crashing. But, with this website, you can progress towards your goal and make the withdrawal complete instantaneously without any freezes. Although, there is some problem of overloading when there are high volumes and multiple traders. But, Changelly is constantly improving on this part. You just need to give your Email ID so that they can contact you for giving out useful information and helping you stay updated from time to time. You can trade on this exchange without giving any other personal details and your money will be safe from hackers due to its advanced security protocols. In addition to this, it also has a 2- factor Authentication will include Google Authenticator to prevent any hijacking damages in your account.
Need for improvisation and the platform future
Changelly is considered to be a safe and reliable platform for carrying our daily withdrawal and deposit with its high limits. It bestows a number of benefits for trading in multiple digital currencies and getting the most out of it at a very low commission. As it acts as a mediator between you and the popular exchanges, it grants you the best exchange rate at the best possible price. You get a chance to pay with USD or EURO with your credit cards and the free for any kind of errors. Also, you can pay with 35 different Cryptocurrencies with the MinerGate android or iOS app. With its compelling service, Changelly is attracting more and more people to its platform especially newcomers. However, it is a great platform for intermediate users as well as they get a chance to trade in an enormous number of altcoins with various cryptocurrency selection. It has several unique features with added support for every cryptocurrency. It has a wide range of offering to let you trade in the most growing and emerging altcoin in the world. But, it has certain issues as well limiting people to use it. The worst thing about Changelly is its processing speed. While you are not sure how much time it will take to complete the withdrawal, the processing speed is always a mystery on Changelly. During the peak trading periods, it may take around 30 minutes or even more for the exchange to show up while during the nonpeak time it will take no longer than 10 minutes. The slowdowns and server overload can be very frustrating for the traders and is definitely a segment to improve for the exchange platform. Nobody likes when the things get out of control and the website hangs or keeps on loading. There are chances of withdrawal and deposit errors and losses due to this problem. But fortunately, the developers and the Changelly team are working on it and we can expect some significant changes in the future. Another problem is that you can’t trade and exchange cryptocurrency for fiat currency. This means that if you want to convert your available altcoin to USD, EURO or other real currencies, you have to first transfer them to other exchange or wallet and then it can be cashed out. This can be costly and time-consuming as you have to bear the exchange fees and create a new account or some other exchange if you don’t have any. The credit cards charges are even high as compared to other platforms like Coinbase, Coinmama, BitPanda, etc. The company also has to add new and advanced features like margin trading to compete with the major exchange giants in the world. Changelly is incorporating such features and is constantly trying to foster the need to their customers.
Pros and Cons of Changelly
Changelly hosts a series of unique features which add up to your comfort while trading in Cryptocurrencies.
- One of the largest Cryptocurrencies offering in the entire crypto world.
- As there is no rate fixing, it assures competitive and low commission for crypto to crypto exchanges.
- User-friendly and innovative UI and UX design.
- Reputed and secure platform preferred by over 1 million customers.
- No verification and personal details required for trading.
- Accepts credit cards and 35 different types of Cryptocurrencies.
- 2- Factor Authentication for added security.
Although the features and the concept are unique, there are some significant drawbacks by considering the competition and the available features form other exchange platforms.
- A high transaction fees of 0.5%.
- Can’t convert Cryptocurrencies to real money directly.
- Transaction errors and poor speed during peak trading period.
- Sluggish customer support replies.
- Users don’t have the privilege to trade with leverages (margin trading)
Changelly offers everything to its customers with its fast, painless and easy bridge of connecting users to the best exchange process in the world. With appealing website design and intuitive interface, the app is progressively towards inviting and engrossing new customers to its effortless trading network. Over the past few years, it has satisfied its customers with an ever-increasing list of options. Today, it accepts almost all the coins in the market and asks for a reasonable commission. However, it has to improvise on few aspects to compete with the major cryptocurrency exchange giants. But still, if you want something new, cost-effective and unique for your regular trades, make sure you give Changelly a try.