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Changelly Review: Should you give them try

Prague, Czech Republic, is home to Changelly, a unique cryptocurrency exchange. In 2016, a company known for its mining software called “MinerGate” established the exchange, which now attracts over one million users. Users can easily buy, exchange, and store a large range of cryptocurrencies with Changelly’s fast and simple interface. 

A difference between Changelly and other cryptocurrency exchanges is that you can convert cryptocurrencies easily, which explains why Changelly has become the go to platform for newbies looking to start their crypto journey. 

Furthermore, Changelly users can buy cryptocurrencies using fiat money such as USD and EUR. For users looking to exchange one cryptocurrency for another, the Changelly exchange is best suited.

Deposit and withdrawal options for Changelly

Regarding converting cryptocurrencies, Changelly offers a wide range of deposit and withdrawal options, but not for fiat currency. There are no fiat money exchanges on Changelly, only other cryptocurrencies. 

Users can buy cryptocurrencies using debit or credit cards from any country in any currency; however, transactions are usually made in USD or Euro.

Currently, there are 90 coins available to deposit and withdraw with cryptocurrencies.

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MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

Country Supported

All countries are welcome to use Changelly. In addition, you can use any currency, but you will have to convert it into euros or dollars.

Fees associated with Changelly

The high volatility of cryptocurrency makes it impossible to guarantee a fixed rate when you buy it through Changelly. Thus, Changelly always displays the current rate when you buy, though it may fluctuate slightly when you place your order. 

Whenever users purchase cryptocurrency, Changelly always obtains the lowest bid. Despite this, Changelly offers a fixed fee of only 0.5% at the time of purchase.

Cryptocurrency exchanges like Changelly do not operate to obtain the best rates; rather, they aim to obtain the lowest rate possible in the shortest time. 

It is a great choice for beginners and experienced users because it prioritises speed and convenience.

Wallet integration

Changelly is loved by many, because of their incredible support for multiple wallets. As of right now, Changelly support several wallets, including the likes of Trezor, Exodus, Ledger and Trust Wallet. If you have been into cryptocurrency for a while, you’ll know that wallets provide you a unique opportunity to control the keys for your cryptocurrency.

Many crypto enthusiasts are not very comfortable using custodial exchanges and the reason is because it doesn’t provide you the opportunity to control your keys. So for people who want to trade directly from their wallet, you’ll find Changelly worth checking out. What’s so unique about Changelly is the fact that users can securely exchange one digital currency for another without fear of losing control to their keys. Cool right? We thought so too.

Anonymous — no Know-Your-Customer (KYC) regulations

Unlike bigger U.S. regulated exchanges, the only personal information you need to provide when you use Changelly is your email address. That said, if you want to pay with a traditional currency, you will have to enter more information to access the third-party payment services.

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Whether you consider this a perk or a disadvantage depends on you. Some people value the anonymity of cryptocurrencies and don’t want to provide additional information. Others are worried that anonymity of crypto is one of the reasons it can be used for nefarious reasons. As such, they are happy to provide their address and personal details.

Limits and Liquidity

Cryptocurrency exchanges are limitless when it comes to buying/exchanging cryptocurrencies. A highly liquid market results from users’ ability to convert their cryptocurrencies as often and as much as they like.

There are, however, limitations that vary by country and region when purchasing a cryptocurrency with fiat money. Below are some limitations.

  • The first transaction is limited to $50 for US, Canada, and Australia residents. In their next transaction, they can spend $100, but only after four days. The first $500 can be purchased after seven days. There are no further limits after this.
  • For the CIS region, people can purchase up to $200 per transaction, and after 24 hrs, they may purchase up to $2000 per week and $10,000 per month.
  • The first transaction is limited to $100 for EU & Other users. They can buy $200 the following day, but only if it’s four days after the first purchase. After the first purchase, $500 can be purchased within seven days. There is no limit after this.

Privacy Protection by Changelly

The exchange may appeal to those who prefer anonymity since no verification is required. As with many other cryptocurrency exchanges, there is no need for government documentation. An email address is the only thing a user on Changelly needs to provide. This address won’t be shared.

Verification and security levels

Changelly is a cryptocurrency exchange backed by the same team running MinerGate. Users’ identities are kept safe by not requiring verification steps. Furthermore, users’ cryptocurrency does not reside on an exchange but in their wallets. To ensure user security, two-factor authentication is implemented on each account. In addition to over 500 000 satisfied customers, Changelly has grown to become one of the most trusted cryptocurrency exchanges worldwide.

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Changelly Customer Support

When it comes to cryptocurrency exchanges, Changelly offers pretty good support. Users can contact Changelly’s support team via email at [email protected]. Additionally, the exchange maintains an informative FAQ page that answers many commonly asked questions. Furthermore, the website provides clear instructions on how to use its services.

Pros and Cons

Pros

  • A safe and secure exchange for cryptocurrencies
  • A simple and intuitive user interface
  • Liquidity and limits are impressive
  • Worldwide acceptance

Cons

  • Some exchanges may charge higher fees
  • The sale of cryptocurrency for fiat currency is not possible

Frequently Asked Questions

Changelly’s headquarters are located in what city?

They have their headquarters in Prague and working to open locations in other countries.

How can I fund my Changelly account?

Changelly provide users multiple way to fund their account. While users can fund their account using a cryptocurrency of their choice, they can also fund their account with credit or debit cards, depending on what works for them.

What is the normal withdrawal time at Changelly?

It depends on the cryptocurrency network. You can expect it to take between seconds and hours.

Is Changelly safe?

It is very safe. Has a good reputation and uses two-factor authentication.

Changelly, is it a scam?

Having being in business for a while, Changelly has built a solid reputation. The company appeals to thousands of crypto enthusiast who have so far had no worrying concerns dealing with the company. Although they have a few drawback, Changelly is trustworthy.

Changelly Conclusion

The Changelly platform provides a fast and easy way to buy and sell cryptocurrencies. It offers competitive fees and a wide range of cryptocurrency assets. If you’re looking for a platform that won’t hassle you with signups and competitive bidding, then Changelly is the right exchange. Their cryptocurrency exchange service is easy to use, fast, and simple.

 

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