Changelly, a cryptocurrency exchange that is unique in the Czech Republic, is located in Prague. It was founded in 2016 by a team that is well-known for their company, “MinerGate”. This has led to over 1,000,000 users joining the exchange. Changelly provides a simple and fast interface to buy and exchange a wide range of cryptocurrency. Changelly is different from other cryptocurrency exchanges in that it allows you to convert multiple cryptocurrencies quickly and easily. Changelly users also have the option to buy cryptocurrencies using fiat money, including USD and Euro. Users who are looking to acquire a cryptocurrency quickly for exchange with another cryptocurrency will find the Changelly exchange most useful.
How Changelly Works
Changelly makes it simple to exchange cryptocurrency for another. It compares prices from different exchanges to determine the best price.
Because Changelly doesn’t keep assets on its servers, you will need your own wallet. It is a non-custodial service.
You will need to enter your email address, and then choose the currencies that you wish to trade. The wallet address, which is a bit like a bank number, will be required to deposit the crypto.
Once you have confirmed the transaction, send the correct amount to your wallet address. In five to thirty minutes, you will receive your currency.
Changelly offers almost 200 types of cryptocurrency through its exchange. It had 196 currencies at the time of writing. This is a significant increase over most cryptocurrency brokerages and exchanges. People want to purchase smaller currencies in order to gain access before they see dramatic price increases. These smaller coins are more susceptible to risk than digital currencies.
Changelly does not accept traditional currencies, but it can trade smaller coins.
- U.S. Dollar (USD)
- British Pound (GPB).
- Euro (EUR)
We will explain why we don’t recommend that you use Changelly to purchase crypto using dollars. The fees are very high.
Changelly is a partner with several wallet providers including:
- Trust your wallet
Wallets allow you to manage the keys to your cryptocurrency.
Custodial exchanges are not able to control your keys, which is why many crypto enthusiasts don’t like them. Changelly is a great option if you are looking to trade directly from your wallet. You can securely trade one cryptocurrency for another and you will never lose your keys.
Changelly touts its static-rate fees to be a major advantage of its service. All trades with Changelly are guaranteed a 0.5% fee. This is quite competitive.
You can find lower rates when you trade directly on platforms such as Kraken or Bitstamp. However, Changelly can be a more affordable option if you make multiple trades to move altcoins.
There is a huge caveat when it comes to trading using fiat currency. Trades using fiat currency (e.g., dollars, euros etc.) Although the static fee of 0.5% is claimed to be paid, it doesn’t actually appear that this is true. This method can vary in rates and you are more likely to trade at a higher rate because of the unfair exchange rate.
Changelly defends the high fees, and claims that this is beyond their control. Changelly requires a third-party payment provider (currently Indacoin or Simplex) to process these transactions. This greatly varies the rate.
You’ll see that fees for buying cryptocurrencies using a Changelly credit card are significantly higher. It is important to understand the reasons.
Simplex and Indacoin provide all bank card transactions on Changelly. The exchange supports direct payments for BTC, BCH and LTC as well as XRP, ETH, and XRP. This allows you to buy these cryptos without the need of double conversion.
Indacoin will however handle the transaction when you buy another coin on Changelly. In such cases, the fiat amount is converted twice from fiat to BTC or from BTC to the requested cryptocurrency.
Deposit and Withdrawal Options
Changelly offers a variety of deposit and withdrawal options for converting cryptocurrency, but it is limited to withdrawing and depositing fiat money. Users cannot sell their cryptocurrencies to this exchange for fiat money. Only other cryptocurrencies are allowed. You can purchase cryptocurrencies using debit or credit card from any country, in any currency. However, transactions will be made in USD or Euro.
There are currently 90 coins available for purchase or sale. Below are some of the coins:
- Ethereum Classic
- Bitcoin Cash
- Bitcoin Gold
- Power Ledger
Pros and Cons
|Cryptocurrency exchanges are safe and secure||Some exchanges charge fees that are higher than others.|
|Simple and intuitive interface||Incapable to trade cryptocurrency for fiat currency|
|Liquidity and limits that are impressive|
|Accepted in all countries|
Changelly does exactly what it says: Users can trade cryptocurrencies quickly and easily to meet their needs. The 0.5% trade fee for cryptocurrency isn’t excessive – it’s quite affordable for such a useful product.
It is important to not use currency for fiat trades, as the exchange rates can be ridiculously high.
The company is not as transparent as they could be. The owners of the company aren’t forthcoming with their identities. This is always worrying. Who will be responsible if anything goes wrong? Changelly does not hold coins in accounts. Instead, it transfers funds to large exchanges and deposits directly to your wallet.
The Changelly team is responsive whenever you have a technical problem. It is an excellent choice if you are looking for an easy way to trade altcoins.