A Changelly Review for 2022
With hundreds of cryptocurrencies on the market (almost 400 to be exact), finding an exchange to accommodate trading more than a handful of digital assets is essential, especially if you are well versed in crypto investments.
However, if you are a newbie looking to get started, it’s nice to have a simple tool that makes buying, selling, and trading cryptocurrency practically foolproof.
Say hello to Changelly! Changelly is a beginner-friendly cryptocurrency exchange that facilitates the trade of over 170 cryptocurrencies within minutes.
Changelly is updated every 8 seconds, so you get the best, most up-to-date rates that instantly integrate with the best crypto wallets.
This Changelly review covers everything you need to know about what Changelly is, how you can use it, and how it differs from other popular cryptocurrency exchanges.
Table of Contents
Changelly Review: Features, Fees, Funding Methods, and More
Changelly provides simple, safe, and user-friendly cryptocurrency trades to over 2 million customers. We’ll highlight some of the best features that are making some waves in the cryptoverse.
Below, you'll find Changelly's most outstanding features.
- Anonymous Trading: One of only a few anonymous cryptocurrency exchanges in the marketplace. Changelly does not require KYC (know your customer) verification to use and trade within the platform.
- Fast Transactions: The average processing time for transactions is between 5 to 30 minutes. Large transactions (worth over 1 BTC) may take longer depending on blockchain capacity.
- Secure Accounts: Funds are hosted on a secure external platform to minimize the risk of hacking or losing private keys. User accounts require 2 Factor Authentication (2FA) for additional security and safety.
- High Exchange Limits: Changelly does have limits on the amount that you can exchange within the first week. However, once you have hit the 7-day mark, there is no limit on the amount you can trade.
- 24/7 Support: Changelly is committed to providing exceptional customer service. The help desk is available through 24/7 live chat with real people and support tickets that are typically replied to within a few hours.
- Changelly Pro: Experienced users can expand their trading options in 50+ markets with competitive trading fees, multi-currency wallets, and an interactive, customizable terminal.
Changelly charges a fee of 0.25%* on crypto-to-crypto exchanges, which is one of the lowest instant exchange prices out there. Customers making crypto-to-fiat exchanges will be charged a 5%* transaction fee. Changelly Pro has a volume-based, maker-taker fee schedule ranging from 0.03%* to 0.10%*.
There is some controversy surrounding the 5%* fee for fiat currency trading. The rates vary depending on the currency in question, in addition to a 2.50%* Changelly fee. Some users have voiced their disappointment with the company’s lack of transparency and inconsistent fiat fees.
Changelly does earn some brownie points by not charging cryptocurrency deposits or withdrawal fees. There is a minimum network fee that is determined by the blockchain. This fee varies depending on the crypto coin and network load.*Rates current as of August 2021
Changelly: Funding Methods
Changelly offers a few funding methods to make purchasing and trading easy for users. However, some funding methods depend on the user’s country of residence. Changelly users can purchase crypto with a debit or credit card, bank transfers, apple pay, cryptocurrency, and SEPA.
What is Changelly?
Changelly is an easy and intuitive platform for purchasing and exchanging over 170 cryptocurrencies.
The company was established in 2015 in association with the Minergate Team. Changelly became an independent cryptocurrency exchange in 2016 and launched Changelly Pro to meet the needs of its maturing crypto community.
Over the years, Changelly has continued to expand its products and features to grow with the increased demands in the blockchain industry, introducing Changelly Buy, Changelly Instant Swap, and Changelly Earn.
How Does Changelly Work?
Changelly’s platform integrates itself into the largest cryptocurrency platforms like Binance, Bittrex, Poloniex, and more.
It's simple to start using Changelly, all you need is an email address to get trading on almost any device with an Internet browser.
In less than second, Changelly bids on the platforms, then selects and displays the best-estimated rates on their site.
Once the trade is complete through the blockchain, you will see the rate at the time of your transaction, which is why rates can differ slightly.
Changelly: Pros and Cons
Pros: The Good Stuff
Reasonable Fees: Changelly offers a flat 0.25%* trading fee on all transactions, which is quite competitive compared to other cryptocurrency exchanges.
Instant Exchange: Users can instantly make crypto-to-crypto trades with a maximum processing time of 30 minutes.
Trusted Security: Changelly is very secure, providing users with peace of mind and a history of never being hacked.
Cons: The Not So Good Stuff
High Fiat Fees: Changelly boasts about its low fee trading. However, if you are not trading crypto-to-crypto, the fees can be high to purchase.
Floating Rates: Due to the volatile nature of the cryptocurrency market and the ever-changing network fees, the rate might change at any moment, making it difficult to control costs.
Our Final Thoughts
Changelly didn’t become so popular by chance. Access to over 170 digital currencies and anonymous trades give this exchange some serious bragging rights.
Besides being super beginner-friendly, the option of Changelly Pro for more advanced trades means that users can stay within the family and grow with their crypto needs and education level. The access to support provided by real humans also earns some gold stars for Changelly.
Frequently Asked Questions
Changelly charges a 0.25%* transaction fee on both types of interest rates: fixed and floating.
A floating exchange rate means that the rate is based on market value which can change at any moment. This means that from the time your transaction starts, the rate could change by the time your transaction is complete.
A fixed exchange rate means that the rate is guaranteed. Changelly offers users a fixed rate, but the transaction must be completed within 15 minutes to receive the offered rate.
*Rates current as of August 2021
Changelly is a centralized exchange, which means it has an authority that controls and adheres to rules and laws and is responsible for the security of funds. Centralized exchanges charge a fee for their service.
However, customers don't have as much responsibility in protecting their assets as those using a decentralized exchange. Centralized exchanges do run the risk of being hacked, but Changelly doesn’t hold funds for its customers, reducing the risk of cyberattacks.
Changelly is exceptionally safe, secure, and is trusted by over 2 million users worldwide. Changelly has never been hacked, which speaks volumes to the security of the platform.
One of the benefits of Changelly is that funds are not stored on the platform itself. Instead, they go directly to the user’s wallet, which helps minimize the risk of being hacked because there’s nothing to steal. To provide users with added security, Changelly offers 2 Factor Authentication, HTTPS protocol for Internet users, multi-signature confirmation for transactions, and secure wallet integration.