Also, since the exchange doesn't hold your funds, it leaves no room for hacks that may compromise the security of your funds and assets. In a world of complex, unreliable crypto exchanges, investing with Changelly offers reliability and peace of mind.
From additional features to accessibility and fees, there is much to explore about this exchange. To help you in this exploration, I’ll talk about each aspect of the exchange based on my experience and thorough research. So, if you’re uncertain about using Changelly, read on to learn more!
My Overall Thoughts on Changelly
Changelly aims to be a one-stop shop for cryptocurrency traders, allowing them to buy, sell, swap, and trade cryptos on the exchange. But among the various features and benefits of trading on Changelly (which I will discuss further in the article), some key points that stand out for me are as follows:
Key Features and Advantages of Changelly
Before we dive deeper into the features and benefits of trading on Changelly, let's first explore them briefly:
Negatives and Disadvantages of Changelly
Just like the positive traits, there are some drawbacks that I explored when trading on Changelly. These include:
What Services Does Changelly Offer?
Are you looking for an easy-to-use crypto exchange? Or one that helps make crypto investments faster and more convenient? Either way, Changelly is one of the best options to consider. In fact, after personally testing this exchange, I found it better than most of the other exchange platforms available today.
Why is that? I'll explain that by discussing the key features and advantages of Changelly below.
One of the key features that makes Changelly worth considering is its dashboard. It’s simple and straightforward, which makes trading on the exchange a complete breeze. If you've used PayPal before, you'll find this process even simpler. The only difference is — unlike PayPal, you don't need balance.
Instead, you pay with your crypto wallet or bank card when you make a purchase. With this approach, you can proceed with your exchange: using the cryptocurrency you have in your account to buy the cryptocurrency you want for your crypto wallet.
I believe this makes Changelly's dashboard highly accessible for both beginners or seasoned traders.
Renowned Founders and Partnerships
Changelly was started by the same group that established the Bitcoin mining pool MinerGate. Even though MinerGate and Changelly are now independent businesses, the fact that they can trace their roots back to such a prominent industry figure is worth considering.
During my research, I also explored that Changelly has several notable agreements with well-known wallets. This includes Binance, Jaxx, Ledger, Exodus, Coinomi, Trezor, and more. These partnerships add to the trustworthiness of the platform. Besides, from my time in the industry, I haven’t seen such well-known names linked to fake or unreliable platforms.
Instant Currency Exchange
In my experience with Changelly, I found it to be incredibly user-friendly. If you’re a cryptocurrency investor eager to make quick exchanges without worrying about depositing funds on the platform, look no further. Changelly delivers just that. What’s even more impressive is their commitment to security.
When I signed up, I appreciated the option to enable two-factor authentication, knowing my data was safe. This balance of convenience and security is exactly why I — and many others — like Changelly.
Support to a Variety of Fiat-to-Crypto Providers
In the course of my research on Changelly, I came across its cryptocurrency marketplace, known as 'Changelly Buy,' which was introduced in 2020. This marketplace is designed to expedite the process of purchasing cryptocurrencies. How exactly? Simply put, it lets you instantly buy cryptocurrencies using a bank transfer, Apple Pay.
Another notable factor about Changelly Buy is that it works with the biggest fiat gateways to provide you with deep liquidity and the best execution pricing on the market. Specifically, it supports the following fiat-to-crypto providers:
A Wide Variety of Cryptocurrencies
Changelly's platform houses over 500 crypto assets. That is far more than the majority of cryptocurrency exchanges and brokerages. Many people prefer to acquire smaller currencies because they want to get in before the prices skyrocket.
However, remember that these tiny coins are riskier than popular digital currencies. But, if you still want to proceed with investments in smaller assets, you can do that with Changelly's wide range of supported assets.
I should also mention that Changelly only supports three fiat (conventional) currencies, incl. USD (U.S. Dollar), GPB (British Pound), and EUR (Euro). Moreover, I wouldn't suggest buying cryptocurrencies on Changelly with dollars, as it can be quite expensive.
Compatibility with Various Wallets
As mentioned, Changelly makes crypto storage convenient for its users by collaborating with several wallet providers. These include:
Direct Trades From Wallet
Considering the various crypto wallets supported by Changelly, I also find it very secure to trade directly on the exchange from one of these wallets. What makes this beneficial is the control it gives me on my wallet key. In simpler terms, custodial exchanges don't allow you to control your wallet keys.
But with Changelly, you may securely swap one cryptocurrency for another while maintaining control over your keys, which adds to your assets' security.
Unlike larger US-regulated exchanges, your email address is the only personal information required while using Changelly. However, if you wish to pay in a traditional currency, you must provide extra information to use the third-party payment systems.
But, it is up to you whether you consider this a benefit or a disadvantage. Some people respect cryptocurrency secrecy and do not wish to disclose extra information. Others are concerned that cryptocurrency's anonymity is one reason it might be utilized for malicious purposes.
As a result, they are willing to share their address and personal information. Either way, Changelly has your back by offering sign-up and no sign-up options for using the platform.
The best part of using Changelly was that it is fairly simple to use, as long as you understand Bitcoin wallets. Both its mobile app and web platform are fairly straightforward. In fact, connecting my existing wallet to the exchange was the only slightly difficult process I encountered during the overall trading process. After that, it was quite simple. I just had to:
That's all you need to do.
Affiliate Program at Changelly
Another key feature I want to mention is the affiliate program that allows you to enjoy some additional affiliate income. While Changelly doesn't offer other income-generating solutions like the popular exchanges today, I find this program highly beneficial. All you have to do is introduce a friend to the exchange and make them sign up through your affiliate link.
After that, you will receive 50% of the fees from all transactions made by your friend. Notably, there are two ways to participate in the Changelly affiliate program: a Changelly widget and an exchange button with a referral link. You can pick the one that works best for you and proceed with it.
However, I do want to mention that this 50% revenue is only valid for 90 days after your referred friend registers. This is an abnormally short referral period. In contrast, most exchanges provide perpetual commission payouts, which means you are not limited to a certain time for collecting money from the referred friends' trades. While Changelly had the same model before, it has recently changed. So even though you can access the 50% revenue, it has limitations.
Advanced Mobile Application
Lastly, I want to mention another notable feature of Changelly's mobile app. In the recent version of this app, the exchange also features advanced options like a fixed-rate system. This means Changelly users no longer have to incur the dangers of Bitcoin market volatility while converting cryptocurrency.
Instead, when using the Changelly mobile app's fixed-rate exchanges, you will receive the exact amount of cryptocurrency displayed to you at the start of an exchange, regardless of rate variations.
Notably, this is the second Android phone release, and it is accessible on Google Play. In addition, Changelly's long-awaited iOS version is now available on the App Store for iPhone customers worldwide. Anyone can download its app and start using it.
What I Don't Like about Changelly
Apart from all the standout features and benefits, I also discovered some loopholes in trading on Changelly. These include:
You can't trade at Changelly if you are a resident of the United States, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh, Bolivia or any other nation on the United Nations Security Council Sanctions List or its equivalent.
This is mainly because Changelly is not regulated or licensed. And since a crypto exchange needs certain licenses to operate in the U.S. or other mentioned regions, their government doesn't permit their users to trade on the exchange.
High Fiat-to-Crypto Conversion Rates
If you prefer buying cryptocurrency with dollars, pounds, or euros (fiat currencies), consider a different crypto exchange platform. This is mainly because Changelly has a relatively high fee of around 3.95%, which makes it unsuitable for fiat transfers. However, The exact fee is determined by the chosen currency pair, your country of residency, market rates, volatility, and other factors.
Furthermore, you'll have to use a third-party app, such as MoonPay, which has limited payment possibilities. This makes Changelly unsuitable for traders who prefer various payment options that aren't too expensive, especially for consistent crypto investors.
Despite having high fiat-to-crypto conversion rates, what I like about Changelly is that it balances this with minimal additional costs. For instance, there are no account maintenance or withdrawal fees since Changelly does not retain your money on its platform. This means that you will only be charged transaction costs.
Moreover, if you want to trade cryptocurrency, you can choose to pay one of the following trading fees according to the transaction types:
However, if you choose to join a more advanced version of Changelly, namely Changelly PRO, you must also pay maker/taker trading fees and deposit and withdrawal fees.
Pros and Cons
- The exchange supports a wide range of cryptocurrencies
- It offers low crypto-to-crypto exchange fees
- It is compatible with various crypto wallets
- You can trade on it with complete anonymity
- Not accessible for U.S. residents.
- You need a non-custodial wallet to trade on this exchange
Changelly is an easy-to-use platform aggregating cryptocurrency prices from several exchanges, such as Binance and OKEX. The organization has many partnerships, including payment providers, exchanges, and wallets. This, combined with its support for a diverse range of digital assets and wallets, anonymous trading options, and low crypto-to-crypto trading fees, serve as distinguishing qualities that set it apart from many other exchanges.
However, this doesn't mean you should overlook the limitations of trading on Changelly, i.e., lack of availability in the U.S., high fiat-to-crypto conversion rates, and compulsory need for a crypto wallet.
Ultimately, it is easier to determine whether Changelly is worth considering based on its positive and negative traits. Now that we've discussed all that it has to offer, I hope this detailed review will help you make a more informed decision.