A review of the Changelly exchange platform

Changelly Review

A Review Of Changelly – Instant Cryptocurrency Exchange

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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.

Buy Bitcoin On Changelly

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.

Dollar bitcoin image cryptocurrency exchange

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.

BTC address destination to send your bitcoins

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.

Changelly Billing Address for account registration

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.

Still need help? Here a tutorial on how to use the Changelly exchange.

Buy Bitcoin On Changelly

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.

Start your new account on the Changelly.com registration page

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.

Changelly Fees

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

Fees Image for Changelly purchases are at 5 percent

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. We have guides in our resources section that cover the various cryptocurrencies.

Changelly Limits

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.

Changelly Marketplace Limits for trades

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 Customer Support screen

Changelly Trust

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

Pros

  • Supports May Regions – The platform is based in Prague, Czech Republic, but accepts users from across the globe, including the USA, Canada, Australia, and UAE (learn more about Bitcoin in UAE here).
  • 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.

Cons

  • 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.

Buy Bitcoin On Changelly

Conclusion

Compared to other exchanges out there, one thing we can agree on 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.

A graduate of University of Southern California from Los Angeles, California with a Bachelors of Science in Industrial & Systems Engineering and an SAP Specialization.

Jeffrey Ito is an entrepreneur who loves new technologies such as 3D printing, Bitcoin, and iPhone apps. He is the Founder of Lithium Gold, Inc and Digital Green Tea – more than an SEO company. We are an experience founded on teamwork, transparency and achieving massive results.

Jeff enjoys helping people gain an edge with 21st Century break-through technologies. His ultimate vision is to create optimized technology systems that help improve the lives of other people.

If there’s any questions, comments or feedback you have for me – feel free to contact me at any time.

A Coinbase Review | Is Coinbase Safe

Coinbase Review

A Comprehensive Look At Coinbase – Is Coinbase Safe?

Coinbase is easily one of the most popular exchanges available out there as it offers a simple-to-use and secure interface for inexperienced users to buy and sell top cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The platform allows you to use your credit card or bank account to make payments and choose to have a USD wallet or a cryptocurrency wallet. Moreover, Coinbase is backed by exceptionally high-security standards which fortifies the security of clients’ wallets, whether it contains fiat money or cryptocurrency.

To help you learn all about Coinbase, in this review we are going to dig deeper into the exchange, looking at what it offers, security, its wallets, how to buy and sell cryptocurrency, security features, and everything in between.

Coinbase in a Nutshell

Coinbase Main Image

Founded in 2012, Coinbase is a cryptocurrency exchange that boasts more than 10 million customers. Based in San Francisco, California, Coinbase which was led by Fred Ehrsam and Brian Armstrong has grown in popularity expanding globally and accommodating 32 countries. With the assistance of venture capital from famous investors, the exchange has managed to dominate the cryptocurrency trading industry, taking the lead position in many regions.

Unlike other exchanges, Coinbase complies with laws and regulations by different regulatory and governing bodies globally, ensuring safety for its users. Users on the platform don’t transact anonymously; every transaction is traceable to a user’s account should one use the platform illegally. Some of the bodies the platform complies with amidst in the US include:

  • Registration with FinCEN
  • State transmission laws
  • Bank Secrecy Act
  • USA Patriot Act

Is Coinbase Wallet Safe? – It’s Perfect For Beginners!

Perhaps one of the factors that have contributed to the immense popularity of Coinbase is the fact that the platform is beginner friendliness. The website exhibits a simple design, making it extremely easy for new traders and investors to purchase cryptocurrencies.

When you navigate further on the Coinbase website, you will also realize that finding information on wallets is a breeze. The platform allows you to create numerous wallets, giving you an opportunity to acquire and organize some of the top cryptocurrencies hassle-free. You will find cryptocurrency and the blockchain to be a valuable financial tool in your near and long-term future.

Is Coinbase safe? Let’s be honest: finding an exchange that allows you to securely purchase cryptocurrencies using a credit/debit card is not easy, and even if you do – the process is a nightmare! Well, not for Coinbase. The exchange allows even new users to purchase Bitcoin and other cryptos using their cards or bank accounts and receive them instantly. And there’s more; if you wish to sell your crypto instead, the process is as comfortable as purchasing.

Buy Bitcoin On Coinbase

Available Cryptocurrencies

Most exchanges out there accept a myriad of cryptocurrencies, including the top digital currencies and altcoins. Well, sadly, Coinbase doesn’t fall into that category. The platform only supports four cryptocurrencies: Bitcoin, Bitcoin Cash (added in December 2017), Ethereum, and Litecoin.

Most people see this as a good move, especially when it comes to beginners. Most new investors are not looking to scroll through the thousands of altcoins around, but only to put their money on the most popular cryptocurrencies with high market capitalization. Coinbase, however, is open to additional cryptos is the future after reviewing them critically.

Coinbase Accepted Cryptocurrencies

Fiat Currency Support

Here is where Coinbase beats most of its competitors. Apart from accepting deposits on cryptocurrencies, the platform also supports fiat currency. You can deposit your money into the platform’s wallet and use it to buy cryptocurrencies. Alternatively, you can sell your cryptocurrencies in exchange for fiat currency.

Fiat currencies supported by the Coinbase cryptocurrency exchange include: USD ($), GBP (£), EUR (€), SGD, CAD

Payment Methods

There are many ways you can buy Bitcoin, Ethereum, Litecoin and other cryptocurrencies on Coinbase.

When it comes to making a purchase, you can choose any of the following options:

  • Credit Card
  • Debit Card
  • Bank Transfer
  • PayPal

If you want to sell your cryptocurrencies you can choose between:

  • Bank Transfer
  • PayPal

Coinbase Payment Methods

Buy Bitcoin On Coinbase

Coinbase Fees

Coinbase fees range from 1.49% to 3.99%, which depends on the payment method you choose as well as your host country. Some people might argue that this is considerably low when compared to other exchanges out there. Others may scoff at the maximum that is charged on credit card.

Coinbase Fees

To help you understand about Coinbase fees, let’s break down their charges:

  • US-based Users – Users in the United States will be charged a $1.49% fee for purchases made using bank transfer. This transaction is, however, not instant. The trade settles anywhere from 5 to 7 days. If they use a credit card, they will occur a 3.99% fee, but the cryptocurrencies will be deposited in their accounts instantly.
  • Europe-based Users – Customers based in Europe can purchase cryptocurrencies using SEPA bank transfers and get charged a 1.49% fee. However, unlike US bank transfers which take longer, those done with SEPA bank are typically settled within 1 – 3 business days. The charges applied for credited cards are still 3.99%.
  • Sending Crypto User-User – If you send cryptocurrencies to another user (limit set at 0.001), you won’t get charged. Coinbase covers miner’s fees, whether you are sending the coins to another user on the same platform or any other wallet.

Transfer Limits

Coinbase has strict limits as to how much you can transact on the platform. The trade limit depends on your verification status, your location and payment method.

For instance, verified customers based in Europe can only transact up to 30,000 Euros. Citizens of United States may encounter these limits:

  • $50 maximum for purchases via Credit Card
  • $5,000 maximum for purchases via Bank Transfer
  • $50,000 maximum sells using any payment method

Get started with Coinbase here.

How To Use Coinbase Review: Buying and Selling Cryptocurrencies

Whether you want to purchase Bitcoin, Ethereum, Litecoin or Bitcoin cash on Coinbase, you will love the process. It’s easy and straightforward, provided you remain based in any of the 32 supported countries.

If you want to buy cryptocurrencies on the platform, all you need is to set up an account with the platform and fill in all the required details: first and last name, email, and password. Then you need to select your account type (Individual – if it’s for your personal use or Business – if you intend to purchase for corporate purposes). Coinbase will ask you to verify your phone number, after which you can proceed to set up your payment methods.

Once your account is set up, proceed to the Buy/Sell section and choose your preferred digital currency. Then choose the payment method (be sure to use one that you have already set up). Hit Buy and your coins will credit to your account. If you use a credit card, then it will be instant. If you choose the bank account option, you might want to wait from 5-7 days (for those in the US) or 1-3 days (for those in Europe who used SEPA).

When it comes to selling your cryptocurrencies, the process is as simple as buying. You hit the Buy/Sell option and then select the Sell tab, filling in all the required details: amount, where to debit coins from, and payment method. For this option, your payment options are PayPal and Bank Transfer.

Coinbase Security

The nature of cryptocurrency transactions calls for utmost security. You see, although each transaction is trackable on the blockchain network, the identity of the end user (outside Coinbase) remains anonymous. Coinbase understands this issue very well and doesn’t take it lightly. It goes ahead to put into place extreme security measures to ensure that customer funds remain protected.

Coinbase enjoys the backing of trusted financial investors and venture capital by prestigious institutions and banks, which means that it cannot compromise on security. To keep users’ cryptocurrency and funds safe, it utilizes four key tactics:

Security Measures For Coinbase

  • 2FA Authentication – Coinbase employs 2FA authentication to ensure that no unauthorized persons can access an account. You can choose between Google or phone number authentication. With 2FA you will need to enter a randomly generated code before accessing your account.
  • Coinbase Secure Vault – If you wish to store a vast number of cryptocurrencies you can use the secure Coinbase vault. Digital currencies stored using this means stay protected over multiple layers of security – just like it happens on the blockchain network – and all have to confirm your request before you can be allowed to withdraw. The entire process could take approximately 48 hours.
  • Multisig Vault – This option is also for the substantial investors who intend to keep their digital assets secure for a long time. They will also have direct control over their funds. It uses three keys: one stays encrypted with your password you are allowed to hold, another becomes shared, and the last one remains with Coinbase. If you want to initiate any transaction, your key and any of the remaining two can be used, and it will keep your vault safe.
  • USD Wallet – If you want to keep your funds in dollars and not cryptocurrencies, you can do so on Coinbase. US-based users are allowed to use a USD wallet, which is insured by FDIC for up to $250,000.

Coinbase Privacy

In a bid to provide users with a safe and secure platform to trade cryptocurrency, Coinbase works closely with regulatory bodies and governments to comply with laws and regulations in the industry. It follows standard international financial practices, including KYC, AML and Anti Money Laundering. This regulation, therefore, means that all users on the platform do not operate anonymously.

To become a member of Coinbase, you are required to fill in your details, including name, phone number, email address, and additional items upon verification. Although Coinbase promises to keep all this information in safe hands, it can disclose it to regulatory and governing bodies if there is a security breach.

And there’s more. Considering that Coinbase retains your IP address and personal information, it can track your balance or transactions, confirming if or not you are not laundering money. Although this move has had a lot of criticism lately, the exchange argues that it’s crucial to keep the platform clean and away from nefarious characters.

Coinbase App Review

If you want to buy or sell cryptocurrencies on Coinbase, you don’t have to log in to your account on your laptop or PC, no! If you are traveling or just laying on your bed at home, the exchange platform has a robust application that is supported on both Android and iOS devices. The fully featured Coinbase app allows you to enjoy the platform while on the go, from buying and selling cryptos to adding your preferred payment methods to verifying your contact details and identity. The app also comes in handy for keeping track of price movements with automatic notifications. This is the most popular method for people to access Coinbase.

Countries Supported by Coinbase

Unfortunately, Coinbase isn’t available worldwide. As of this writing, the exchange supports 32 countries, among them including Singapore, United States, UK, Canada, Austria, Portugal, Slovakia, Spain, Switzerland, Netherlands, and Spain. Coinbase is optimistic that it might continue to add more countries in the future to allow more people to access their services.

Is Coinbase A Safe Exchange Platform - Pros and Cons

Coinbase Customer Support

When it comes to customer support, Coinbase has been doing pretty well in the past few years. It responded promptly to emails, with a wait time being 24 – 72 hours. The impressive customer support is, sadly, not there anymore. Although the staffs eventually respond to queries, some users believe that the time taken could be better. Some emergency situations need 72 hours or more to fulfill; some people may receive automated responses. There have also been complaints about an increased suspension of accounts, affiliate rewards abuse, and blockchain patents.

There isn’t a single business out there without flaws, especially when it comes to customer service. The delays could be due to the high number of users that are signing up for the exchange or many tickets in the queue.

Why Buy Bitcoin On Coinbase?

Although Coinbase is a robust exchange platform backed by Venture Capitalists, it has its benefits and drawbacks. Overall, the company boasts a good reputation thanks to its trustworthiness and reliability, which serves millions of investors globally.

Coinbase Wallet Review

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Pros

  • Extremely easy to use
  • Moderate fees
  • Incredibly high-security measures
  • Complies with US regulators and governing bodies
  • Speedy transactions – buying and selling crypto
  • Provides a wide range of payment options

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Cons

  • Complaints about poor customer service
  • Doesn’t uphold user anonymity

Buy Bitcoin On Coinbase

 

Conclusion

Although Coinbase has its share of challenges, many agree that it’s a great exchange where new and experienced users can purchase cryptocurrencies. The platform has invested a lot to ensure the funds of customers are safe. This gives individuals a chance to buy and sell cryptocurrencies without the worry of loss. You have several payment method options, including PayPal and Credit Card. This makes Coinbase an even more efficient app when compared to other cryptocurrency exchanges out there. We hope this comprehensive review of Coinbase has helped you locate a secure marketplace to trade cryptocurrencies such as Bitcoin. Get started here.

A graduate of University of Southern California from Los Angeles, California with a Bachelors of Science in Industrial & Systems Engineering and an SAP Specialization.

Jeffrey Ito is an entrepreneur who loves new technologies such as 3D printing, Bitcoin, and iPhone apps. He is the Founder of Lithium Gold, Inc and Digital Green Tea – more than an SEO company. We are an experience founded on teamwork, transparency and achieving massive results.

Jeff enjoys helping people gain an edge with 21st Century break-through technologies. His ultimate vision is to create optimized technology systems that help improve the lives of other people.

If there’s any questions, comments or feedback you have for me – feel free to contact me at any time.