A Review Of Changelly Wallet – Instant Cryptocurrency Exchange
When it comes to cryptocurrency exchanges, only a few are regarded as trustworthy and reliable. Changelly is one of the few exchanges offering an easy interface for beginners to buy bitcoin and other cryptocurrencies as well as trade them. The platform has been around long enough. It launched in 2015 and over the time gained millions of users across the globe, boasting a monthly bitcoin turnover of cool 600,000 BTC. In this Changelly review, we will present the advantages and benefits of using the seamless platform.
There are many reasons why Changelly prides itself as a top cryptocurrency exchange, but it also experiences some drawbacks. Let’s go ahead and look at this platform, going into details to see how it works, fees charged, its security policies, customer support, pros and cons, and everything in between.
How Changelly Works
First things first! How does this platform even work? Well, transactions on Changelly begin with the digital currency of your choice. It’s not as complicated as other exchanges that target professionals, and everything on their website is well laid out.
When you visit Changelly, you will first see two main dropdowns (BTC and ETH) and a field to enter the amount of cryptocurrency you wish to exchange. You can choose from multiple pairs, including USD/BTC.
So, let’s assume you choose the USD/BTC pair. All you need to do is enter the amount in USD you wish to spend, and the system will automatically convert it into bitcoins. The exchange rate, fees charged, and estimated arrival time display on the right for your confirmation. Remember that the minimum acceptable amount is $50.
Once you have confirmed the details, process to click “Next”. You will redirect to a page where you are required to enter your bitcoin address, where your bitcoins will be credited.
Entered your bitcoin address? Good. Now hit “Continue”. At this point, you are almost done. You will be asked to enter your phone number that’s linked to the card. You will receive an automated phone call giving you a digital code. Listen to it and enter it. You might also be needed to check with your bank’s app or bank statement for the code.
Note: We choose a USD/BTC pair, because that’s what many people use when they want to buy bitcoins and kick-start their investment. If you already have BTC, ETH or any other supported cryptocurrency; you can use the same step and choose the appropriate pair. The only difference will be when it comes to the payments. After you enter the address where your digital currencies should arrive, you will know an address where you need to make the payments in terms of cryptocurrencies.
Do you need an Account to Operate on Changelly?
If you have gone through the section on how Changelly works, there’s one thing you might have noted – we didn’t take you through the registration process. Well, the answer is simple – Changelly doesn’t require you to create an account to use the conversion services. You might be needed to enter your email or sign up for Google +, Facebook or Twitter, but that’s all.
However, even though it’s not a requirement to submit your personal information, you need to have a valid wallet to transact. Those who intend to use a bank account or card might also need to enter additional verification.
Considering the cryptocurrency market is a volatile one, most exchanges do not have a fixed rate, and Changelly isn’t any exception. If it chooses to have a fixed rate, then it would be forced to cover market risks. Because of such factors, the platform charges a certain percentage as commission for cryptocurrency to cryptocurrency trades, as well as a commission for credit/debit card purchases.
Here are their fees:
- 5% for Simplex processing fee or credit and debit card purchases
- 0.5% commission on crypto – crypto trades
Currency Supported by Changelly
Compared to other cryptocurrency exchanges out there, Changelly supports more cryptocurrencies, running to more than 90 coins. And that’s not all. If you go to the Supported cryptocurrency page, the platform outlines the digital currencies with a brief of what they are and what they entail. This means that you can learn about the digital money you wish to invest in and when it established. Some of the top cryptocurrencies supported include Bitcoin, Litecoin, Ethereum, Ripple, Dash, Bitcoin Cash, Ethereum Classic, Monero, and Basic Attention Token, among many more.
If you are doing your first transaction on Changelly with your bank card, you will be limited to $50 USD. However, if you make another trade, your limit will be lifted to $100 USD. After a week since your first purchase, the exchange raises your limit even higher up to $500 USD. These limits, however, applies to residents based in Australia, Canada, and the U.S.
Those in the non-CIS-region or the EU have the same limit, but there’s one difference when it comes to the limit on the first transaction. They can spend $100 USD on their first transaction and up to $200 USD on their second (in four days). And although the platform doesn’t have a monthly limit, one cannot possibly transact more than six times within the first week.
Customers based in the CIS region (Kazakhstan, Armenia, Ukraine, Belarus, Russia, and Georgia) have a limit of $200 USD on their first transaction, which lifts in 24 hours. They can transact up to $3,000 in their first week and up to $10,000 in the first month.
How long will your Transactions Take?
Changelly transactions process within 5-30 minutes, on average. However, if it is your first time buying cryptocurrencies and intend on using a card, it might take longer for the verification and purchase process.
This average time is an estimate of how long the platform processes the transactions, but it doesn’t consider the blockchain time. You see, if for some reason the blockchain is overloaded as it happens with Bitcoin, your purchases could take longer. If this happens, there’s nothing you or Changelly can do about it – you need to be patient and wait for the pending transactions to complete.
Does Changelly have Maximum and Minimum Amounts
When making credit card payments, you will be required to enter $50 or higher. But in general, Changelly doesn’t have a maximum or minimum amount that you can transact, apart from the mentioned limits.
However, if you want to exchange cryptocurrency and intend to transact small amounts, it’s best to consider the blockchain network fees. Sometimes you might push your transaction through even without making any adjustments. But if the blockchain fees are high, you might lose all the funds.
Changelly Fund Security
So, what about the security of your funds? Sadly, Changelly doesn’t provide information regarding the safety of funds and their policies. There’s less to worry when it comes to security, especially considering that the platform doesn’t host users account or keep their funds. Instead of storing your funds on the platform, Changelly immediately sends your assets to your wallet the moment you make the purchase. But just like other cryptocurrency exchanges out there, you can use their 2FA authentication every time you sign in.
Changelly Customer Support
Customer support is an essential factor when it comes to running cryptocurrency exchanges. Since the whole thing is somewhat a new idea, it’s likely that many users will have a problem when transaction. It seems like Changelly understands this very well, judging from the support ticket system it has set up. When you send a ticket, you will receive a response within 24hr via the helpdesk software.
Changelly begins by the brilliant minds behind MinerGate, which is a bitcoin mining pool launched in 2013. Since its inception, it has established a partnership with many well-established wallets including Jaxx and Coinomi. Additionally, the platform boasts a user base of more than one million users. All these factors point out that Changelly is indeed a cryptocurrency exchange that can be trusted.
What’s Changelly Affiliate?
In order to offer an incentive to its users, the platform provides an affiliate program to those that share Changelly to their friends or family. Changelly gives a generous 50% of the revenue they get from your referral forever. Once you log in, you will have a referral link, which you can use to ask your friends to register through. Whether they make one transaction or several within a month, you get a share of their commission, permanently.
Features for Developers
Along with a primary exchange system, Changelly offers a few other tools for business owners and developers. These include:
- Instant Exchange API: This feature allows you to add Changelly exchange functionality to your service.
- Exchange Widget: This is just a widget that can embed in your pages
- Payment Button: Just like the exchange widget, this is a tool that you can also embed on your site, creating a button for payment of altcoins.
Changelly Pros and Cons
- Supports May Regions – The platform is based in Prague, Czech Republic, but accepts users from across the globe, including the US.
- Fiat Currency Pairs – Along offering more than 90 cryptocurrencies, Changelly also provides fiat currency pairs for USD and EUR, making it convenient for first-time investors
- Accepts credit card – The platform allows you to make payments using your MasterCard or Visa card, making it easy for you to acquire cryptocurrencies. However, for this payment method, you will be required to pay 5% commission or a flat fee of $10.
- Beginner-friendly – Changelly has a simple interface that makes it easier for beginners to use.
- Credit card limits – Although Changelly doesn’t have minimum and maximum limits it does have a limit of $50 on the first transaction for those using a credit card.
- No cryptocurrency for fiat trading – While you can buy bitcoin or any other top cryptocurrency with USD or Euro, you can exchange the same for fiat currency
- Limited payment methods – Changelly accepts credit cards and cryptocurrency payment methods. It doesn’t allow other means such as PayPal or bank wire transfer.
- Transactions not instant – Purchasing cryptocurrencies on Changelly is not instant as is the case with other platforms such as Coinbase. You have to wait for around 5 to 30 minutes for the transaction to complete.
The Final Words
Compared to other exchanges out there, one thing we can agree is that Changelly is one of the most straightforward platforms when it comes to buying and exchanging cryptocurrencies. It comes with an appealing interface, doesn’t require you to submit your personal details to register an account, and doesn’t store cryptocurrencies. Better yet, the platform offers a good number of cryptocurrency pairs and a large coin selection. Although it has some drawbacks such as low credit card limits and fewer payment methods, it’s an excellent platform for those considering investing in cryptocurrencies. Get started here.