IMPORTANT – Changelly has received numerous complaints lately about withdrawal times probably due to a temporary influx of new users combined with a very congested Bitcoin network. I suggest reading the comments section of this post to get a clearer picture of the current status of the service and take it into account before deciding whether to use this exchange.
Changelly is a cryptocurrency exchange that aims to remove the technical barriers of traditional trading platforms.
Operating since 2015, the service was originally associated with the Minergate team, which we have recently reviewed; however, today these are two different companies (according to a source at Changelly).
Changelly uses an automated trading robot that integrates with some of the largest trading platforms, including Poloniex and Bittrex. It works by bidding and asking about the respective trades to suggest the best rates available on trading pairs. This is a similar service to Shapeshift and we have even compared the two companies in the past.
Basically, Changelly allows you to exchange cryptocurrency without registering for any exchange or needing verification.
Changelly offers instant and continuous conversion of over 80 altcoins and tokens. The service already has over 700,000 customers on board and manages over 50,000 BTC on a monthly basis. Changelly is partner of Jaxx, Coinmarketcap, Bittrex, Coinpayments, Uquid debit card, Coinomi and other reputable companies.
In this review, we will consider the features, pros and cons offered by Changelly and whether the platform will meet your needs.
How to use Changelly
Step 1: Decide which coins you want to change (eg, Bitcoin in Ethereum, Litecoin in Dash, etc.).
Step 2: Check the transaction fees.
Step 3: Enter your receiving address.
Step 4: Confirm and pay in the chosen currency.
That's it: after about 30 minutes, you should receive the required coins in your wallet. Here is how the process appears on the site:
Changelly currency support
The wide range of cryptocurrent pairs available makes the platform particularly attractive. Create the opportunity to exchange two currencies with minimal effort. Traditional cryptocurrency trading platforms generally have a limited selection of trading pairs, which means that sometimes users have to make multiple transactions to receive the desired cryptocurrency.
With Changelly, you can create your trading pairs with a transaction, letting the software take care of the operations. For example, you can easily exchange doge for steem in one transaction. Check out all the cryptocurrencies on offer here.
Recently, fiat currency support was added to Changelly, with the inclusion of credit and debit card purchases. This is a welcome addition for new users, although there seem to be some initial problems during the conversion between fiat and crypto. It is particularly important to pay attention to the rates with this function.
Changelly has fixed rate tariffs as the main benefit of its service. All negotiations guarantee a 0.5% commission, which is quite competitive when everything has been said and done. However, cheaper rates are available when working directly on market trading platforms. If you're doing more operations to move altcoins, then Changelly could actually become a cheaper option, especially with smaller amounts. Even the 0% levy and commissions continue to be welcome, so you will not find many hidden fees.
This is an important warning to mention here: fiat currency trades (ie dollars, euros, etc.) are expected to contain the 0.5% commission, but in reality, this does not seem to be true. Rates vary with this method. You're more likely to be trading at a huge cost, up to 40% on a bad day.
Changelly warns you of high taxes and the team claims that this is beyond their control. To process these transactions, Changelly requires a third-party payment service, which varies massively the rate (currently Indacoin). It's certainly frustrating, but I suppose this is proof of why cryptocurrencies have such a bold future: they allow the world to exchange resources without a third party, allowing for minimum commissions to be maintained.
There is no doubt that the entire industry is struggling to provide reliable customer service. Most companies are speculative startups that are exponentially increasing their user bases. The initial problems remain evident everywhere, including Changelly.
For the most part, Changelly seems to do a respectable job. Team members often respond to requests within hours and there are many reports of ongoing problems in less than 24 hours.
The website is particularly clean and easy to understand, so users have a minimum learning curve to exchange altcoins. An in-depth analysis of frequently asked questions also helps you to learn about the salient aspects of basic cryptocurrency operations. Support is provided via an email form on the website. It would be nice to have a customer phone line, but this simply does not exist on Changelly or any of its rival platforms like Shapeshift.
Public Opinion / Online Reviews
A vortex of different judgments exists for Changelly, and this has become problematic for the platform.
Bold payment requests continue to be a sore point for customers. Many single-star reviews on expensive fiat-to-cryptocurrency trading activities infest the internet. As mentioned earlier, Changelly claims to have commissions of 0.5%, but in reality it is much more expensive for transactions in dollars and euros. The team provides an explanation for this unexpected expense, but users are still ready to express their frustrations.
In addition to this problem, most have a clean experience in the exchange. There is no denying when it comes to validating accounts or increasing trade limits. You must provide an email address, but confirmation is not necessary, so you can remain anonymous if you wish.
Users who make mistakes with wallets or blockchain choices say that their problems are corrected quickly when possible. There is a strange review indicating that the funds have been lost or that the transactions are stuck in the system, but this is nothing new in the industry, with the cryptocurrency operations that continue to develop and overcome the technological barriers .
If you're careful to double check your wallet fees and addresses, chances are you'll have a very fluid experience with Changelly.
Conclusion: Changelly is a good exchange?
Changelly does what he says on the jar: users can quickly and simply exchange altcoins to meet their needs. A cryptocurrency fee of 0.5% is not exorbitant, in fact it is quite cheap for such a convenient product.
The society itself is not as transparent as it could be. As with Minergate, its owners are not able to reveal their identity, which is always a bit worrying, who will be held responsible if everything goes wrong? With that said, Changelly does not keep your coins in an account as it sends funds in large trades before depositing directly into your chosen portfolio.
On a personal note, we used Changelly for almost a year and found no problems. Whenever we encounter a technical problem, the Changelly team was ready to respond. For altcoin businesses needing a simple and clean solution, Changelly is a decent choice.
- Long list of coins supported
- Relatively low rates (except for the fiat)
- Good support
- Unclear owners
- Extremely high commission when converting from fiat