Changelly Review

When choosing an appropriate cryptocurrency exchange like Changelly, it would be wise to investigate its functions before you invest. We did that job for you, as we investigate various functions Changelly has to offer.

Changelly Review printed screen

We review the platform’s fees, registration process, trade functions, digital currencies and the overall safety of the platform. The article also lists pros and cons so you can compare other companies with Changelly as well.

General Information about Exchange


Changelly is a cryptocurrency platform where many different coins, bitcoins included, are available for trade. Using crypto-to-crypto trading, you have several options when it comes to altcoin investment. You can either swap the coins around or you can purchase them using available fiat payment methods, with dashboard page shown below.

Much like ShapeShift and itBit, margin trading is not available on this platform. Another main difference with itBit is that exchange offers both crypto-to-crypto and fiat-to-crypto trades. There are no fiat deposit balances as you purchase the coins directly while cryptos do have wallet service.

Changelly offers its services globally, much like itBit and Bittrex. The company is yet to release apps for mobile platforms although the website functions normally using your phone.

Account Registration and Verification


It is quite easy to get an account at Changelly, since the only thing you need to provide is your email address at the beginning, shown in the snapshot below. Later on, you would receive a password code, which we warmly recommend for you to change. The key is not private, thus easy for hackers to break.

Changelly Review account registration and verification

Verification of the identity is not needed for trade at Changelly. Whereas other exchanges like itBit or Bittrex might demand you to provide scanned ID, Changelly has no such requirements. The only limitations set on you are the once designed for specific regions, all of which are lifted after a month.

Cryptocurrencies


Changelly excels at the cryptocurrency trade as it offers over 50 different coins as means of exchange, with a graphical presentation of the currencies shown down from text. The swap transactions are available for all coins though they can be delisted on the daily basis if little interest is shown for the particular altcoin.

Changelly Review Cryptocurrencies

You can purchase these coins with fiat payment methods or swap them around according to the exchange rates set for each currency. Changelly offers more coins than itBit as a platform offers BTC only while Bittrex trades with over 100 cryptocurrencies.

Deposit Methods


As mentioned before, unlike itBit, Changelly does not hold fiat money in the account balances of its traders. Rather, you pay for the coins and receive them in your wallet address instantly. The acceptable fiat payment methods are credit or debit cards expressed in either USD or EUR, as shown below.

Changelly Review deposit methods

No matter where you live if you hold a valid bank card, you are eligible to purchase any coin from Changelly. The exchange propagates that there are no fees on your purchase with the card, apart from the commission. The fees are simply not shown, as they are part of the exchange rate when purchasing coins.

EUR, for example, has a staggering price of €12.000 while at CEX.io, one BTC can be bought for €9.200 at the moment of this article’s writing. Thus, we deem the Changelly’s card purchases too expensive to use.

Changelly does have very limited options in terms of fiat deposits. It is still in line with platforms such as itBit who also uses only bank transfers.

Exchange Rate and Fees


Changelly claims that its API is connected to other large platforms in the market such as HitBTC, Poloniex, Bittrex, and others that offer similar services. It does not state the exact exchange rate but still deems itself as one having the narrowest spread.

As for the fees, there are two types of costs that you should be aware of. First is the commission, charged at 0.5% of the transaction value and other is network fee. The network costs are specified for each coin and do change on daily basis, depending on the trade volume.

Liquidity


Although no official liquidity rates or volume order books exist within the Changelly, most of the recent reviews acknowledge that liquidity is fine. You should be able to purchase high volumes of more popular coins like bitcoins, Ethereum and Litecoin. Other, newly admitted coins might have issues in terms of supply to the market.

History


Changelly went through several make-ups before it got the design and look it has today. In 2013, the first prototype of the platform was released by a team of MinerGate. In 2014, it separated from the mining pool group and started as an independent platform. In 2015, the major redesign was conducted, giving it the shape it has today.

With technological updates, the re-released version became one of the top swapping exchanges in the world, neck in neck with ShapeShift. Its headquarters are reported to be based in Prague, Check Republic.

Security


At Changelly, you have two-factor authentication (2FA) and HTTPS security protocol. In addition, deposits in fiat currencies are not possible while transactions are carried out instantly. This type of trade limits the access hackers might have on your balances. The security features are shown in the print screen below.

Changelly Review Security

That works only for USD and EUR wallets, as the only protection you have for your cryptocurrencies is 2FA. Unlike in itBit, wallets do not have multisig option, thus the platform should not be used if you wish to trade large volumes.

Pros and Cons


Pros

verification of your identity is not mandatory to use all services

over 50 cryptocurrencies available for trade

credit card purchases are instant

Cons

fees of the credit card purchases hidden in the exchange rate, which is large

only swaps are allowed at Changelly with no margin trading available

lacks security features like multisig wallets or email notifications

Conclusion


Overall, if you are looking for a way to check out different new coins at the low exchange rate, then Changelly is a place for you. There are other competitors out there, but apart from ShapeShift and Changelly, rare are those who allow private trading.

In addition to the somewhat limited security functions, experts would find the platform lacking in the aspect of trading functions.