Imagine that you’re holding ten different cryptocurrencies in ten different, designated wallets. That’s a very inconvenient situation to be in – it takes a lot of time and typing to access all of them when you want to!
Naturally, the best thing to do in this type of situation would be to exchange them into one, specific currency like Bitcoin, right? Well, to do that, you’ll need to use a cryptocurrency trading platform. But how to choose the right one? Well, you’re in luck, because today in this Changelly review, we’ll be taking a look at one of such platforms.
A crypto trading platform has to be secure and smooth for it to work and attract users. Changelly has been a growing instant exchange platform since 2015, which is why we’ll take a look at questions such as “is Changelly legit” and “is it safe?” We’ll also cover Changelly fees and ultimately talk about how to use Changelly in your crypto trading ventures.
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Max Zheng
Director of Investments at Blockchain Founders Group (BFG)
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Pros
- Flat cryptocurrency exchange fee of 0.25%
- No history of security breaches
- Offers widgets and API
- 24/7 live customer support
- No need to sign up
Cons
- Quite high fees when trading fiat
Table of Contents
What is Changelly?
If you’re reading this guide, chances are that you’re already familiar with cryptocurrencies and how they generally work. Keeping that in mind, you probably know that when you want to quickly exchange one cryptocurrency for another (i.e. Bitcoin to Ethereum, XRP to Dogecoin, etc.), you have to rely on what is called a cryptocurrency exchange platform.
Changelly Deal Active Right Now:
In most cases, these platforms belong to huge companies that specialize in hosting crypto exchange services for certain fees. In return, they offer security, anonymity and so on.
You can be sure that your exchange will be smooth and anonymous while the company gets a certain amount of tax as revenue – simple and effective, right?
Well, as cryptocurrencies have grown in popularity over the years, so has the demand for good and reputable crypto trading platforms. The more of these platforms emerge, the bigger the competition for the audience’s attention, and the more they have to adapt to changing market climates. Some platforms succeed at accomplishing this, others fail and fade away as fast as they came to be.
This Changelly review, however, isn’t titled that for no reason. Changelly has already managed to garner quite some attention. It almost seems like the vast majority of the cryptocurrency communities already know this platform.
By being one of the leading swap platforms that people use naturally, it has a lot of eyes directed to it. People are wondering, “is Changelly safe?", "is Changelly legit?”, and are looking at Changelly reviews to help them make up their minds.
A TL;DR would be that Changelly is a very popular cryptocurrency exchange platform. Some Changelly reviews go as far as to claim that it is the most popular crypto exchange platform in the world. Unlike many other popular exchanges, it holds no liquidity and does not require any deposits. This makes Changelly one of the most secure choices you can make when trading.
Changelly was founded back in 2015. However, it's worth noting that back then, it was only a prototype. It was created by the team of a well-known mining pool – MinerGate.
Currently, though, Changelly and MinerGate are two separate entities.
The company started to gain traction in 2016 – this is when it was fully established as an independent cryptocurrency exchange platform. Ever since then, it has garnered more than 10 million users, and holds a spotless track record when it comes to bugs, fraud or hacks.
How Does it Work?
The way that Changelly works is pretty simple. On their official web page changelly.com, the company even has this picture to illustrate it:
When you want to exchange a certain amount of crypto coins into another currency, Changelly deals with this process for you at a reasonable fee. They do emphasize this quite often – one of the main features that the company offers are low transaction fees. But more on that later.
Now that you know about the history of Changelly and the company behind it, let’s take a look at the features that this exchange platform is famous for.
Did you know?
All Crypto Exchanges may look similar to you but they're NOT all the same!
Changelly Features
Every single online review, forum or group that talks about Changelly always emphasizes the platform’s features as the leading reason for its success. Let’s take a look at these features.
No Personal Info
One of the main features that Changelly is famous for is that it requires no personal information from you when you want to exchange your altcoins. You’ll only need to give them an email address.
Now you might think – why in the world would they need my email?
Well, it’s the same as any other exchange. They need to update you about your transaction status, and they’ll need to reach out if anything ever goes wrong. Otherwise, there’s no need to create an account – but if you do (to save your transaction history, for example), your account will be protected with two-factor authentication.
Flat Fees
Somewhat of a controversial topic, Changelly fees have been discussed as one of the main attractors when it comes to why people should choose this company as a trading platform.
On their official site, Changelly emphasizes that they offer a flat fee of 0.25% per trade. This means that whenever you trade between cryptocurrencies, the company will charge you 0.25% of the amount traded. The controversy here is that the same does not apply for fiat currency trading.
The rates vary, but a lot of people are disappointed with the company's lack of transparency and inconsistent fiat fees.
However, the platform doesn’t handle fiat transactions by itself: instead, they are carried out by fiat gateways and trusted providers (MoonPay, Topper, Banxa, etc.). As a result, fees depend on the provider, the buyer’s location, and the fiat-crypto pair chosen, and can be quite significant compared to crypto-to-crypto trading fees.
This situation has made it so that there are a lot of mixed Changelly reviews online. However, most of the 1-star (negative) reviews are based on this fiat trading fee situation. It seems like users are confused about the way Changelly’s fiat aggregator actually works, since it actually displays a variety of offers from different providers that all have different fees and rates.
Changelly Safety
Some of the most common questions that people ask when it comes to Changelly includes “is Changelly safe?”, “is Changelly legit?”, or even “is Changelly a scam?”. And rightfully so – we are talking about a cryptocurrency trading platform. A lot of money (in both fiat and cryptocurrencies) circulates in this and similar platforms, so safety should be the number one priority.
There are very few to no claims for Changelly being a scam or fraud. A lot of other Changelly reviews emphasize this, too. For the most part, people seem to be happy with the services that the company provides. One user online even claimed that he accidentally sent a huge amount of money to the platform and that customer support was very helpful in returning his funds as soon as possible.
As of the time of writing this Changelly review, there are no registered break-ins, scams, hacks or other malfunctions within Changelly. The company is pretty transparent with what they do, and there have been no major issues regarding safety in general.
How to Use Changelly?
So, we have covered the company behind Changelly, the platform’s features and fees and answered the biggest question: is Changelly legit? At this point, you should have already gotten at least some sort of a feeling towards this crypto exchange platform. If this feeling is positive and you’re thinking about trying the platform out, you’ll need to know how to use Changelly.
The very first thing you should do is choose the crypto coins that you want to trade in. Changelly offers its customers over 1,000 different altcoins across 185 blockchains to choose from when it comes to trading, so your options are quite broad. It doesn’t matter what your preferences are – Changelly offers a wide variety of assets, and seems to be quite quick when it comes to listing new trending tokens.
After you’re all decided on the coins that you want to trade, lookup the transaction rates. On their official webpage, Changelly states that their transactions usually take less than 10 minutes. Still, I've noticed that some reviews have complained about longer wait times, particularly during high market activity periods.
In any case, Changelly does promise the best trading rates at any given time for any given cryptocurrency. Just to be sure, it would probably be a smart decision to double-check the currency rates at other crypto exchange platforms.
Once you’re sure that Changelly does offer the best exchange rates for the cryptocurrencies of your choice, it’s time to start swapping. Of course, while it’s not necessary, you can also “register”.
Registering to the site is super fast and simple – as I’ve mentioned earlier, all that you need is an email address. This will save your transaction history and guarantee you remember every instance of your trading, buying and selling crypto (and fiat) currencies within the platform.
Once that’s done, all that’s left to do is to confirm the payment and wait to receive your crypto. The process shouldn’t take much longer than 10 minutes or so on a normal day – however, if the platform is experiencing heavy traffic, don’t worry if it does take a bit longer to receive your coins.
Pros and Cons
Now that you know how to use Changelly, I think it’s a good time to do a small summary of what we have already discussed in this Changelly review. I’ll list the pros and cons that Changelly has – this way, it’ll be easier for you to make up your mind whether or not you truly want to use it.
Changelly Pros | Changelly Cons |
|---|---|
✓ Started active operations in 2015, becoming well-known and reputable ever since; | ✗ High fees when trading with fiat currencies; |
✓ Offers a flat cryptocurrency exchange fee of up to 0.25%; | ✗ Very rarely, the service can be somewhat slow. This is due to the nature of blockchain and as more people are using it at once it slows down for everyone. |
✓ All you need to start trading is a crypto wallet and an email; | |
✓ Has no history of security breaches – it's a safe platform; | |
✓ Changelly offers its widgets and API to a lot of different services, which means that you might be able to use its exchange services straight from your wallet; | |
✓ A high-rated mobile app. | |
✓ 24/7 Live support with real people. |
Table: Pros and cons of Changelly
- Secure and reliable
- Accepts fiat currencies
- Lots of trading options
- Reputable exchange
- Accepts fiat currencies
- Offers various trading options
- Huge trading variety
- Regulation-compliant around the globe
- Fair trading fees
- Beginner-friendly
- A wide array of features
- Vast number of different crypto coins & tokens
- Beginner-friendly
- Secure
- Decent trading and withdrawal fees
- Crypto.com Visa Card
- Automated tools & bots
- Ecosystem synergy with CRO
Changelly Review: Conclusions
Whatever your reason for trading cryptocurrencies is, it is important to find a trustworthy and safe crypto exchange platform to do all of your trading in – only then can you be sure that your coins and currencies are not only going to be safe but also travel fast and secure from you to any other person in the world (and vice versa).
From the very beginning of the company, Changelly aimed to be such a crypto exchange platform. The owners are constantly working to not only bring in new altcoins for people to trade in (even though the already existing 1,000 coins is a big number) but also to provide the platform’s users with the best customer experience in both the exchange and security departments, respectively.
The only major issue that the company has to deal with is its fiat currency exchange pricing. It has truly become a black cloud over their heads – most of the negative reviews that you’d find online concerning Changelly are (in one way or another) related to this one topic.
The main problem appears to be that the people seem to feel misinformed – the up to 0.25% trading fees that Changelly offers to their customers when it comes to cryptocurrency trading doesn’t reveal the much higher fees for fiat currency trading. In many people’s heads, this topic alone begs the questions: “Is Changelly safe? What are the Changelly fees?”.
If you want to avoid these issues, check out more recommended crypto exchange platforms, such as Binance or Kraken.
Other than that, I think it is obvious by taking a look at other Changelly reviews online that they are quite favorable towards Changelly. This Changelly review is no different – the crypto exchange platform does seem to be legit and worthy of your time.
I hope this Changelly review was helpful for you and that you now have a better understanding of Changelly and everything about it. If you do decide to try the platform out, I wish you the best of luck in your crypto trading ventures to come!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
About Article's Experts & Analysts
- + Flat cryptocurrency exchange fee of 0.25%
- + No history of security breaches
- + Offers widgets and API
- + 24/7 live customer support
- + No need to sign up
- - Quite high fees when trading fiat
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