Pros & Cons
- 35 different alt coins may be bought
- You can use any fiat currency you prefer and it will automatically be converted to USD or Euro for alt coin purchase
- Secure platform which uses state of the art encryption technology
- Offers other products such as API for merchants and widgets for publishers.
- No crypto wallet offered
- Ownership not transparent
- Comparatively higher fees when converting from fiat currencies
Our Expert Rating
Average User Rating
Features
- Timely and easy to use
- Conversion rates are second to none
- Credit card and debit card deposits allowed
- An exclusive exchange only platform
- Reasonable fees
Exchange Info
- Country Where Changelly is Based
- Prague, Czech Republic
- Established
- 2013
- Available Currencies
- 35 different altcoins can be traded on the Changelly exchange platform
- Fees
- Average to Low
- Deposit Methods
- Withdrawal Methods
Changelly Crypto Exchange – An overview
If you have any prior experience when it comes to investing or buying altcoins or cryptocurrency, then you most probably would have used an online crypto currency exchange service to make this purchase. A cryptocurrency exchange is very similar to a regular currency exchange except for the fact that you can also buy and sell altcoins here and not just traditional fiat currencies such as the Dollar and the Euro.
When you think of cryptocurrencies, it is likely that the bitcoin is what comes to your head impulsively. While it is undeniable that the bitcoin has exceeded all expectations, it must be noted that it is by no means the only cryptocurrency there is. In fact, as of the time of writing, there are over twelve hundred different cryptocurrencies that exist and are in circulation. The bitcoin just happens to be the most well known and also one of the most expensive to buy. Currently, a single BTC is worth $14,002.38 (USD). For some of us, that may be just too much of an investment, worry not, there are several other well to do, stable, genuine, well – backed cryptocurrencies out there that you can invest in without drilling a hole into your pocket. Litecoin and Ethereum are quintessential examples of such other altcoins that are also doing very well in the market.
While most cryptocurrency exchange services are geared towards and support the sale and purchase of the bitcoin, there are only a handful that lets you trade other, lesser known crypto currencies at this time. So, you may find it rather easy to buy bitcoins, but if you are looking LTC, ETH, Monero or XRP among others, you will find that buying these altcoins can prove to be rather challenging.
This is where exchanges like Changelly comes into the equation. Changelly is an online cryptocurrency exchange where one can buy and sell 35 (at the time of writing) different crypto currencies. Also, not only can you trade cryptocurrencies for one another, but you can even trade these 35 different cryptocurrencies for the US dollar and the Euro as well.
Why Changelly is in the CoinTrust Trust list
This company was founded in the year 2013 and its headquarters is situated in Prague, Czech Republic. The founding fathers of this website are not newbies to the industry by any means. They are the same team that was responsible for MinerGate. MinerGate, till date, is one of the biggest mining tools out there.
By virtue of their prior products and services, we can trust Changelly as being a reliable crypto exchange platform. However, you do not need to blindly trust the exchange or take my word for it. There are several hundreds of reviews that you are bound to come across about this crypto exchange platform in many crypto currency forums, while it is inevitable that there may be some negative reviews in terms of experience, features, etc. you will not come across reviews anywhere which allege that the exchange cheated them or is a scam website. This cryptocurrency exchange has thousands of registered users who have been using it religiously for nearly half a decade now, and they can vouch for the reliability and legitimacy of the exchange.
In fact, Changelly is said to have over 100,000 registered users at this time and that numbers seems to be growing rapidly day by day.
Do you need more reasons and testimony to be able to trust this exchange? Worry not, here are some more reasons to put your concerns at ease.
Firstly, the exchange does not ask for a security deposit storage and their transactions are all instant. If you know anything about scam exchanges and web services, they bank on ‘initial security deposits’ and then swindle you once you have made that deposit. Secondly, Changelly has a two – step verification process wherein your account is doubly secured against cyber-attacks. Furthermore, the website statistics show that there are over 3 million hits every month for this website, and with such heavy traffic, don’t you think a scam website would stand out like a sore thumb?
How does Changelly work?
Changelly uses an algorithm that is integrated with all of the biggest cryptocurrency trading platforms there are, these include the likes of Poloniex and Bittrex. The algorithm has enormous processing potential and is able to make queries on the trading platforms in a matter of a fraction of a second, and then compute the best rates being offered at any point in time. This best rate is then displayed and offered the users at Changelly as the estimated rate. However, until the user confirms the transaction and it is completed on the blockchain, Changelly ensures that the best suggested rate is only an estimate and not fixed until after the transaction is locked down on the public ledger which is the blockchain.
This is why, users may sometimes, find a difference between the rate being displayed and the actual rate at the time of the transaction in real time. However, the difference is almost always negligible as the algorithm is super precise when making its calculations and approximations.
Available Cryptocurrencies
As mentioned, there are several crypto currency exchanges across the World Wide Web which facilitate the buying and selling of Bitcoin, however, if you are interested in other altcoins such as the Litecoin, Ethereum and several others, you may find it a challenge to be able to conveniently purchase such coins.
Enter Changelly to the rescue! Changelly is one of the handful online crypto currency exchanges wherein you can buy and sell a huge variety of altcoins. You can trade altcoins for altcoins, altcoins for fiat currencies and fiat currencies for altcoins at Changelly. The only two fiat currencies supported at this time at Changelly are the US Dollar and the Euro. However, irrespective of which currency you use while making the payment, it will automatically be converted into either USD or Euro and your transaction will still go through. Therefore, you may pay in any currency (fiat) of your choice. At this time, Changelly supports trading on 35 different crypto currencies, the altcoins supported here include – Bitcoin (BTC), Litecoin (LTC), Monero (XMR), MaidsafeCoin, Basic Attention Token (BAT), Nubits (NBT), Ripple (XRP), Guppy (GUP), Syscoin, Wings (DAO WINGS), Darcrus (DAR), PIVX, Edgeless (EDG), Dogecoin (DOGE,) Chronobank (TIME), Melon (MLN), DIGIX, Tether (USDT), Swarm City (SWT), Zcash (ZEC), GameCredits (GAME), Stratis (STRAT), Gulden (NLG), Expanse (EXP), Steem (STEEM), Synereo (AMP), Lisk (LSK), Radium (RADS), Factom (FCT), Dash (DASH), Next (NXT), Monero (XMR), QuazarCoin (QCN), Ethereum (ETH), Ethereum Classic (ETH), DigitalNote (XDN), Fantomcoin (FCN), Bytecoin (BCN), and more.
Deposits, Withdrawals and Transfer Limits
When it comes to making deposits, and claiming withdrawals. Changelly is intuitive and easy to use. However, you must note that the minimum deposit may vary depending on where you are located (usually via your IP address). For users visiting from the United States, Canada, and Australia, Changelly imposes a restriction on their first transaction – they will not be allowed to make a transaction who’s worth is over USD $50. Furthermore, once you have completed your first transaction, you will have to wait for four days in order to make your second transaction – this time delay maybe a little inconvenient, however, it is an excellent security feature which allows users to identify and report a fraudulent transaction should one have taken place. The second transaction is limited to an amount of $100. After a week since your first buy, the limit will be raised to $500. Changelly does not impose any monthly restrictions.
These limits, to reiterate, may vary depending on where in the world you are located. The EU region has different limits, the Americas have different limits and the CIS region has its own limits as well.
In terms of exchange fees – it is fixed at 0.5%, which is pretty trivial when you are dealing with or trading a small number of coins (in terms of value). However, for transactions that are high value, the fee will be different, and slightly higher. Basically, the fee is directly proportional to the amount in question and as the amount rises, so does the exchange fee.
Cybersecurity at Changelly
Changelly is very vigilant and proactive when it comes to cybersecurity. In fact, any web service dealing with money, like cryptocurrencies, should practice the best security measures and take utmost care to maintain the integrity of their database. Changelly go the extra mile to make sure your account and your transactions are safe and encrypted end to end. They achieve this not only by imposing certain restrictions on how often you can make transactions and the amount of these transactions, but they also have certain security requirements and features which further ensures the robustness of the whole architecture.
Two – step verification–Two step verification, which also goes by ‘two – factor authentication’ is a method employed by Changelly to further protect your account from potential cyber-attacks. Basically, to be able to login to your account, not only will you need to sign in using your credentials, but then you will need a second device where you will be sent another string that you need to enter in order to be able to access your account. The second device will have to have Google Authenticator installed for two step authentications to function as intended.
If at any time, you feel this is redundant and just gets in the way, you may turn it off at any time once you have successfully logged in to your Changelly account.
Another security feature that Changelly offers which comes in handy is a unique reference number for each transaction that you make, this way you can track and monitor your transaction as it happens in real time.
Since being founded, this cryptocurrency exchange platform has not been the victim of any substantial cyber attack and that only speaks volumes about how secure they are as an exchange platform more than anything else.
Closing thoughts
Changelly is cryptocurrency platform that is hugely popular with investors that want to get their hands on more crypto coins than just the Bitcoin. The fact that it allows the use of bankcard directly to purchase as many 35 different altcoins is what really makes Changelly tick!
The exchange has a huge number of users registered, and also an extensive social media following. It is safe, secure, and legitimate and opens you up to easy altcoin trading all day, every day.
Visit the Changelly website here – https://changelly.com/
Not only do they have a great customer support network, but the website itself has a vast FAQ section that covers everything you need to know and answers most of the common concerns and queries that people may have.
All in all, Changelly is one of the best cryptocurrency exchange platforms today, and it is here to stay!
AuthorDavid Nugent
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.
