Changelly Exchange Review

Why use Changelly Exchange | Review | bestbitcoinexchange.io

February 23, 2018 by BestBitcoinExchange 1 Comments

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.

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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.

ABOUT BITCOIN EXCHANGE CHANGELLY

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 review

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.

Changelly review

BENEFITS OF USING 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!

Changelly review

DISADVANTAGES OF CHANGELLY

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'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 - decentralization!
  • 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.

Changelly review

PROBLEMS WITH CHANGELLY

  • Changelly is not a trading-extensive platform. Users who are expert traders and would love to see information spread out in charts and graphs, will not find Changelly all that useful. It is user-friendly for sure, but not trader-friendly!
  • Another issue with any online exchange is its rating on online forums and discussion panels. With Changelly most of the users have reviewed the exchange negatively, which creates a pre-conceived notion in the minds of many other users, who judge before using it. This works against Changelly and they lose out on their potential customers, because of someone else's opinion of them!

REACH AND REGULATION

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.

MARKET POSITIONING

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.

Changelly review

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.

CChangelly review

CRYPTOCURRENCIES AVAILABLE AT CHANGELLY

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.

FEES STRUCTURE OF CHANGELLY

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 review

 

CUSTOMER SUPPORT

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.

ALTERNATE EXCHANGES

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 review

CONCLUSION

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!

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1  Comments on “Why use Changelly Exchange | Review | bestbitcoinexchange.io”
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spaghetti M
https://www.bestbitcoinexchange.io/reviews/changelly/#5b39fe486384e27faa3ed992
in march 2017 I invested 50 euro in eth. thinking I would receive one eth. I only received 0.45 eth thus they charged over 50% commission. cos one eth was below 50 dollar. their reaction to it was crypto is volatile and wouldn't listen to my arguments. its like they made a typo which they were reluctant to correct. not 0.5% but 50% for me it was clear the 50euro was only an first try but never again this company.
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