Changelly is primarily instant crypto to crypto conversion non-custodial exchange that allows users to swap between different crypto coins without depositing coins to the exchange. In our top cryptocurrency exchange review series Changelly exchange review is one more addition.
Here’s what I will cover in this review;
1. What is Changelly?
Basically, you will found four different types of crypto exchanges out there i.e Cex, Dex, Broker, and Instant crypto exchanges. Changelly is an instant crypto to crypto conversion exchange that offers 140+ cryptocurrencies to choose from. It is operational since 2015 and has its headquarters in Malta.
It allows users to exchange crypto quickly and efficiently without depositing coins to the exchange. It’s a non-custodial platform which means it doesn’t store your crypto. You don’t need to register for making crypto conversion all you need is wallet address of respective crypto coin that you want to receive. Yet, it may ask for a full user verification process if a certain user seems to be suspicious.
There is another great platform that offers similar services. If you wish to checkout please do visit ChangeNow.
2. How does Changelly exchange work?
Changelly has an automatic trading algorithm that’s integrated into the largest cryptocurrency exchanges including Binance, Poloniex, Bittrex, etc. It places bids and asks on respective exchanges and then selects and displays the best rates on selected pairs.
The rates displayed on Changelly are approximate until the order gets executed. Due to the extreme volatility in cryptocurrencies the exchange rate at the time of conversion may be slightly different from the rates that are shown at the time of placing order.
3. Is Changelly safe (legit) to use?
Changelly has been operating in crypto business since 2015 and at the time of writing this review, there have been no valid incidents of frauds, scams, hacks and other malfunctioning. The exchange is quite transparent with its overall functioning and charges.
In the “About Us” section there is some info regarding company CEO Mr. Eric Benz and also some details regarding the physical address of the company.
Personally speaking, I have used the exchange on several occasions and have not faced any major issues except delayed transactions. If there is any, the support team is quick to respond.
4. Changelly exchange features
Changelly is simple and efficient to use platforms especially for crypto to crypto conversions. It also allows users to purchase crypto using credit and debit cards. Let’s have a look at some of its features.
1). Intuitive User Interface
Every digital exchange offers different user interfaces according to its functionality and user needs. And Changelly too has done it well. It offers easy to use and intuitive user interface to make crypto conversions. Even a beginner can make crypto conversions without any difficulty.
2). Flat Fee Model
It has clearly stated a flat fee for crypto conversion which is 0.25%. It means that you have to pay a fee of 0.25% of total order value of the trade, as a maker or taker. This flat fee model is quite attractive among traders.
3). Fast Transactions
Its fast order matching mechanism and flat-fee model enable quicker execution of trades resulting in faster transaction rate. It takes 5 to 30 minutes to complete a transaction depending upon the size of the transaction. However, in the case of larger transactions (over 1 BTC), it may take time longer than usual.
4). Best crypto rates
Changelly scans crypto rates on different exchanges (Binance, Bittrex, etc.) and executes trades at the best available rates.
5). Affiliate Program
Another special feature that Changelly offers to its users is the affiliate program. Each user can earn 50% commission from every transaction made by a person signed up through their referral link. Changelly affiliate program works in two ways i.e as a user you can share your referral link to a friend and as a partner, you can place Changelly widget (with referral link) on your business platform. You can choose accordingly.
6). Wallet Integration
Changelly has several wallet partners that have integrated its exchange algorithm in their website & mobile applications. such as Ledger, Trezor, Enjin, Exodus, etc. This integration enables users to access exchange services via third party wallets (web/mobile).
5. How to use Changelly?
Changelly offers clean and easy to use interface. It supports a wide range of cryptocurrencies including Bitcoin, Ethereum, and 100+ other altcoins to choose from. You can start crypto to crypto conversion without sign up on Changelly. For purchasing crypto coins with fiat you need to create an account with email or you can start with your existing Twitter or Facebook account.
Let’s see how it works.
1). Visit Changelly and select the crypto pairs you need to exchange. (e.g. BTC for LTC, EOS for ETH, so on) or you can create your account by providing your email ID.
2). Enter the amount of crypto you want to convert (for example, BTC for ETH) and Changelly will show you the approximate amount of the crypto you will get after the transaction.
3). You can choose between floating and fixed conversion rates at the time of placing order. If you choose floating rate then the amount that you receive may be slightly different from that shown at the time of placing order. Fixed-rate shows the actual amount that you will get after the transaction. You can choose accordingly.
4). After double-checking the details click on Exchange Now tab. It will take you to the next screen.
5). It will ask for wallet addresses, one for receiving the crypto you are going to receive after transaction and other for the crypto that you are sending to exchange (for refund in case of technical issue). Now click on the Next Step tab.
6). In the next step, you have to transfer the pre-selected amount of BTC (for example,1 BTC) to the address provided by Changelly. Complete the transaction and you are done. You will receive the requested coins in 5 to 30 minutes in your wallet.
You can also reach out to other platforms such as Binance, Bittrex to cross-check the rates of respective crypto coins.
Changelly exchange also offers to purchase crypto using fiat debit/credit cards. However, it’s not that economical to buy crypto using fiat cards. Charges are too high as compare to other exchanges such as Binance, Bittrex, Kraken, etc.
6. Changelly fees and buying limits
Using Changelly you have to pay a certain fee for various transactions.
Crypto Transaction Fee :
A flat fee of 0.25% for crypto to crypto conversion as taker or maker, crypto coins deposit and withdraw fees (its network fees not charged by Changelly).
Fiat Transaction Fee :
Changelly accepts 3 Fiat currencies for buying crypto i.e USD, EURO, GBP via credit/debit cards, and its payment partners i.e Simplex, MoonPay, and Indacoin. All of these payment partners have a different fee structure and certain buying limits, that are given below.
Changelly buying limits via payment partners
Buy using Simplex :
If you are from Us, New York (NY) and Connecticut (CT) are currently supported only for the purchase of BTC and the daily limit is 20,000 USD and the monthly limit is 50,000 USD. The fee is 5% or above.
Buy using MoonPay :
The combined fee for MoonPay and Changelly is 7.5%. MoonPay supports nearly 40 countries including Australia, UK, Canada, Brazil, Russia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Italy, Iceland, Ireland, Japan, Latvia, Liechtenstein, Lithuania, Malta, Luxembourg, Mexico, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden. With basic signup daily limit is 150$/€/£. After complete identity verification daily limit is 2000$/€/£ and monthly limit is 20000$/€/£.
Buy using Indacoin :
This payment option charges a hefty 10% fee per transaction. In the UK, Australia, Canada the limit is $200 for the first transaction, $500 within 4 days and $3000 after 7 days of first purchase.
In Belarus, Russia, Ukraine limit is $1000 for first transaction, $3000 for first week and $10000 for the month.
For the European Union and others, the limit is $500 for the first transaction, $1000 for the next 4 days and there is no monthly limit.
Personally, I found that buying crypto on Changelly using fiat currency is not a great idea, as the fee is very high which is up to 10% of transaction amount. Yet it’s a great platform for making crypto to crypto conversions with reasonable fee of 0.25% and faster transactions.
7. Supported countries
Users can access Changelly all over the world, except following countries:
Iran, Syria, Bangladesh, Bolivia, North Korea, and the United States of America. However, NewYork and Connecticut are an exception to this.
8. Changelly pros and cons
1. Easy to use and intuitive interface.
2. Reasonable fee of 0.25% per transaction.
3. Flat fee for both maker and taker.
4. Offers 140+ cryptocurrencies to buy or trade.
5. It’s a reputable platform operating since 2015 without reports of hacks and scam.
6. Both mobile and web versions of Changelly exchange are available.
7. Good rating of 4.5 stars on Trustpilot.
1. Fee for buying crypto with fiat is very high, upto 10%.
2. Not much info about the team behind the company.
In plain words, Changelly is the most convenient and easy way to make instant cryptocurrency swaps. Personally, I have used Changelly on several occasions without any major issues.
The team behind Changelly has worked constantly to not only bring in new altcoins for people to trade but to also 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 their fiat currency exchange pricing – as most of the negative reviews that you’d find online concerning Changelly are (in one way or another) related to its fiat conversion rates. Otherwise, Changelly has scored decent user ratings on Google Play and business rating platform, Trustpilot.
Hopefully, after reading this comprehensive Changelly review, you may have got a clear understanding of Changelly functionality and everything around it and it will surely help you in making your decisions more clearly and confidently.