When there are hundreds of crypto-assets that you can buy, the least you might ask for is - an easy option to buy it! Not every exchange has many cryptocurrencies. Some only have the major ones like Bitcoin and Ethereum, while others are only Bitcoin-specific. For people who want to invest into ICOs and altcoins, the only option that is left is to create accounts on multiple-exchanges and to pay fees on each of them when sending across wallets. To change this, there are two popular websites that allow users to convert one crypto-asset to another. They are - Shapeshift and Changelly. Both are compared with one another often but we will be focusing solely on Changelly.
This Changelly review aims to provide you with in-depth information and the best possible analysis of the website that will help you make a well-advised decision on which platform to use when converting crypto-assets or buying them online.
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 wholeheartedly 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 cryptocurrencu experience.
Changelly has many advantages, we highlight the points that differentiate this platform from others -
A review can't be completely justified without mentioning the negatives alongside the positives. The internet is full of bad reviews, low ratings and complaints about various exchanges. We look at how people have responded to Changelly and to what extent the claims stand true -
Changelly is not a cryptocurrency exchange but a conversion medium, and this has a wide reach. As they do not require any documents for verification, they can operate in all countries across the globe, even the USA. Their third-party APIs, payment buttons and applications are widely utilised online for various purposes. They allow their users to employ 2FA (two factor authentication) on their devices to add an extra layer of protection.
As Changelly has access available across the globe, their market position is quite strong. The data available from similarweb.com shows Changelly has a good overall global ranking. In the last six months, they received visits from over 29.8 million users, compared to shapeshift.io, which has 14.9 million views. Shapeshift is the biggest competitor of Changelly, because they both are conversion platforms. They are often compared with each other for services, performances, fees and customer service.
The maximum traffic that Changelly gets is from the US, that is almost 22.7%, while Japan is second with 4.6% views and United Kingdom takes the bronze medal with 4.4% of views. After United Kingdom comes India with 4% views and lastly Brazil with 3.6% views from their natives.
While you cannot purchase crypto-assets using fiat currency at Changelly, you can purchase ICOs and alt-coins using credit cards. Using cryptocurrencies you have in other wallets, you can purchase any asset on Changelly. There are over 60 cryptocurrencies and alt-coins available at Changelly.
The cryptocurrencies available are - Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, ZCash, Monero, DASH, Ripple, Steem, Litecoin, Dogecoin etc. While the alt-coins and ICOs are - Aragon, Synereo, Gnosis, Lisk, Bancor Network, Bytecoin, Civic, Edgeless and many more. They have USD and EUR available as fiat currencies. Apart from that Changelly has USDT (United States Dollar Tether) also available for trading.
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.
As Changelly is more like a conversion platform, the only real alternative available is Shapeshift.io, but it also has its own sets of issues and problems. Shapeshift charges its users a fee per the crypto-currency. For Bitcoin the fees is 0.0003 BTC, for Ethereum it is 0.002 ETH and so on.
Changelly charges a flat fee of 0.5%, which is profitable to customers who do not want to purchase high volume of crypto-assets. If you want to purchase 0.025 BTC, on Changelly you will have to pay 0.000125 BTC as fees, while on shapeshift you will need to pay 0.0003 BTC, which is almost 3 times. Hence, users must do their own due-diligence before purchasing any crypto-assets on any website, exchange or conversion platform.
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!