Changelly was founded in 2013 and is based in Prague, Czech Republic. Although their operations started in 2014 when it was converted to a complete cryptocurrency exchange. 2015 saw Changelly go through a series of changes and revamps, for it to be ready for a re-launch in April. Changelly is not only a cryptocurrency exchange and conversion platform, but it is also available as a widget to many third-party applications and websites, allowing users can easily convert one cryptocurrency to another.
Changelly allows anonymity for its users and also acts as a bridge, narrowing the gap between users and major cryptocurrency exchanges. Because it does not require any verification, it is available worldwide with no geographical restrictions or limitations. A huge positive is that there are no limits, there is a minimum deposit to cover the network-fees of course, but apart from that you can use Changelly as vigorously as you want to! Proceeding ahead, we will discuss some of the positives Changelly offers and how the platform has helped enhances investors and traders cryptocurrency experience.
Advantages of Changelly
Changelly has many advantages, we highlight the points that differentiate this platform from others –
- Changelly allows their customers to be anonymous. Anonymity is hard to come by on the internet, most places require you to because share your credentials, but here you do not need to. You can create an account, using any email ID. That’s all. The email ID need not contain information about you, which gives the users the freedom of being anonymous.
- Changelly is a conversion platform, where you can convert one crypto-asset into another for a fee. It is available in all countries because it does not allow or demand any government issued ID or verification documents. That is what makes it universal.
- Changelly is open to including new coins and ICOs on suggestions of users, and also if approached by the ICO listing companies. They welcome new currencies and alt-coins and give them a place on their platform in return for a small fee.
- You can purchase alt-coins with Fiat currency. Changelly accepts over 50 different fiat currencies including EUR and USD, which is a welcoming feature for those who do not own any crypto-assets anywhere.
- Changelly is famous for its speed. Usually all the transactions are processed within 5 to 30 minutes. This is possible because they have high liquidity available.
- Changelly stores none of the funds on their website, but only act as a transferring medium between exchange and wallet of a users. The users need to link their wallets with Changelly in order to receive or send alt-coins and cryptocurrencies. This technically means Changelly cannot be hacked.
More advantages of Changelly
- Changelly also allows you to use your credit card for payments. You can use credit cards like Visa, MasterCard etc. to make payments and to buy crypto-assets.
- Changelly has 2FA (two factor authentication) available for its users, and users can enable it easily by Google Authenticator, without sharing their phone number.
- Conversion charges levied by Changelly are comparatively low from other exchanges. Some exchanges charge you a flat fee or network fee of the particular crypto-asset, while you are buying one crypto-asset using another, but Changelly charges 0.5% for crypto-crypto conversion, which is cheaper than other options.
- Customer support is a sore-spot for every exchange out there, but with Changelly that is not the case. They do have a room for improvement, but their customer support seems to be better than others. They claim to have resolved many cases within 2-4 hours, which is considerably quicker than other exchanges!
- Changelly has third-party APIs, exchange widgets and payment buttons available in their ‘tools’ section. If you have an application or website on blockchain, and you need to employ a conversion software, you can easily integrate Changelly with it.
- If we consider security as a matter of concern, that might be one of the strongest points for Changelly, as they are pretty secure in their operations. They have never been hacked so far, which proves how tough and impermeable their security layer is!
Disadvantages of Changelly
- Changelly’s foremost problem is that they do not provide you the option to buy crypto-currencies with fiat money. You can use your credit cards to buy crypto-assets, but only ICOs. Cryptocurrencies such as Bitcoin, Litecoin, Ethereum etc can only be received-in or sent-out of your Changelly account. There is no other way of buying cryptocurrencies on Changelly.
- Changelly does not allow payments through mobile wallets like PayPal, Neteller etc. While many other exchanges give this option to their users. Since they do not verify their users, they cannot deposit money through bank transfers either.
- Changelly does not allow its users to use debit cards. Credit cards are permitted, but debits are not. For debit cards, you will need to verify your information and details, something that is not an option at Changelly, as they focus on user-anonymity and believe in core principles of cryptocurrency, that is – decentralisation!
- With credit cards too, there are limits on transactions. For USA, Australia and Canada, the minimum deposit limit is $50 for the first transaction, while for Russia, Ukraine, Georgia, Armenia, Kazakhstan, Belarus and Georgia, the limit is $200 for your first transaction. Coming to Europe and other countries, they have set the limit at $100 for first transaction. The limits aren’t much but users have to abide by the rules. Another issue to be wary of is that lots of banks now not allowing clients to buy cryptocurrency with credit card, this should be taken into account when choosing an exchange.
- The platform is user-friendly and extremely easy to use even for a beginner. If you do not have trading experience or do not know how to go about using a cryptocurrency website, you can easily use Changelly without much problem. It does not have much learning curve and is beginner-friendly in nature.
The Changelly fees is one of the most debated topics on online forums and panels. They charge 0.5% fees from their users for one transaction, which is a little higher than its counterparts. Binance charges 0.1% fees while Bittrex charges 0.25% from their users. Despite not being the lowest, it certainly isn’t the highest either, Coinbase for example charges 1.5% and if you use credit cards or debit cards, the fees can be as high as 3-4%! Changelly fees is competitive, but still it is a matter of concern for many users.
Changelly has mixed-response when it comes to reviewing its customer support. There are many 5-star ratings awarded to them for their seamless and quick responses, and there are many one-star ratings as well for some issues that were not resolved in time. But overall, the customer support of Changelly has been good and responsive. They do their best to resolve issues as quick as possible.
Changelly is one of the best conversion platforms available to users, it has reliable customer support and does not store crypto-assets online. Their security is good, and they have innovative features available for users across the globe. They respect anonymity, which is why many users prefer their platform. Changelly is user-friendly and provides easy interface to their third-party APIs as well, this makes it one of the most in demand pieces software when it comes to cryptocurrency conversion! In many cases it is also cheaper to convert rather than to buy alt-coins using fiat currencies!