Changelly Review

changelly-logo-wikicrypto Changelly Review by WikiCrypto

Review Summary

Changelly is a popular exchange platform which has some of the best exchange rates on the market. The website automatically looks for the best trade when you want to exchange your coins in order to make sure everybody receives a fair deal! It’s the easiest way to trade a cryptocurrency against another, however, you will need to create an online wallet for both currencies before the trade.

Changelly

changelly-logo-wikicrypto-s-150x150 Changelly Review by WikiCrypto
8.46

Safety

9/10

    Speed

    10/10

      Cryptocurrencies

      10/10

        Withdrawal Methods

        7/10

          Customer Support

          7/10

            Pros

            • 35+ Cryptocurrencies available
            • Very easy to use
            • No need to create an account
            • Low trading fees

            Cons

            • You need to have an online wallet
            • Slow sometimes during peak trading hours

             

            Quick Facts about Changelly

            Exchange Changelly
            Website Address www.changelly.com
            Created in 2013
            Location Prague
            Customer Service 24/7 – Email, Online Chat
            Languages English
            Technology Exchange Platform
            Minimum Deposit $50
            Maximum Withdrawal $100-$500, depending on region and account. 
            Traders More than 3 million unique visitors per month
            Regulated green-bullet Changelly Review by WikiCrypto
            Withdrawal Methods Visa, Mastercard, Online Wallets
            Deposit Methods Visa, Mastercard, Online Wallets
            ID Verification Not required
            Coins Available Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC) and 30 more!
            CFD Trading No
            U.S. Clients Yes
            WikiCrypto Score 8.4/10


            Full Review

            Changelly is an exchange platform for cryptocurrencies which has one of the widest range of currencies available. It currently offers over 35 currencies which can be traded on the platform. The website is quite informative with its graphs and diagrams, explaining how the exchange process works and providing more information into how to trade currencies.

            Changelly is a project by a company called Minergate, one of the largest mining pools that exist today, so it’s a reliable company.

             

             

            Features

            Changelly’s bot is integrated into some of the largest trading platforms such as Poloniex. In milliseconds, the robot makes bids and asks on the platforms, then selects and suggests the best available rate that shows up on the homepage. The idea is simple, Changelly’s bot makes a bid and finds any appropriate exchanges that can complete your exchange. For example, if I want to trade my bitcoins for Ethereums, the bot will make a bid to find someone who would like to trade Ethereums for bitcoins.

            Then, the platform asks you to send the bitcoins to a specific wallet, and same for the second person involved, and completes the exchange. So, it provides a service that lets people trade their cryptocurrencies very easily. It is safe, fast and very easy to use. It is a great way to diversify your portfolio of coins without having to go on a traditional exchange platform such as Coinbase.

            The platform currently features exchanges in over 35 cryptocurrencies that can be completed in real-time. Without any verification, you can exchange your coins into any other currency and visa-versa.

            The Changelly website also offers a button for websites who wish to have alt-coins as a mode of payment. The platforms allows merchants to register themselves and receive their payments through the platform. This helps cryptocurrencies to grow and facilitates exchange online.

             

            Platform Review

             

            Changelly-homepage-1024x479 Changelly Review by WikiCryptoView of the Changelly Homepage

            In order to use Changelly, you need two cryptocurrency wallets: one to send the coins you want to exchange, and one to receive the new coins. The first wallet could be, for example, a bitcoin wallet which stores a few bitcoin that you need to exchange into Ethereum. You would need to create and Ethereum wallet (such as www.myetherwallet.com for example) in order to receive and store the currency that you exchanged.

            The platform is well illustrated, the homepage is a basic explanation of how the website works. It’s pretty self-explanatory, you can exchange your coins by creating a ‘bid’, the website’s bot finds a similar bid and carries out the exchange. You can either do a “quick exchange” or a “precise exchange”. In both cases, it is pretty straightforward as you will simply need to enter the exact amount of coins you are willing to trade.

            It reveals the account number into which you need to transfer your bitcoins and in about 30 minutes, you receive you alt-coins. The website’s key selling point is that it looks for the best deal that can be offered over two big trading platforms and completes the transaction. Each transaction has a unique reference number that you can use when getting in touch with their support team if you have any question.

            You can also buy alt-coins or bitcoins on the website by providing your banking credentials. So you can’t be totally anonymous whilst buying the bitcoin but your information isn’t revealed to any third parties. Unlike CoinMama or Coinbase, Changelly doesn’t require you to go through an ID-Verification process.

            One of the best aspects of Changelly is the number of coins available to exchange and trade. Currently, the website offers exchange for the following coins:

            Bitcoin (BTC), Bytecoin (BCN), DigitalNote (XDN), Fantomcoin (FCN), Ethereum (ETH), Ethereum Classic (ETH), Monero (XMR), QuazarCoin (QCN), Dash (DASH), Next (NXT), Radium (RADS), Factom (FCT), Synereo (AMP), Lisk (LSK), Expanse (EXP), Steem (STEEM), Stratis (STRAT), Gulden (NLG), Zcash (ZEC), GameCredits (GAME), Tether (USDT), Swarm City (SWT), Melon (MLN), DIGIX, Dogecoin (DOGE,) Chronobank (TIME), PIVX, Edgeless (EDG), Wings (DAO WINGS), Darcrus (DAR), Guppy (GUP), Syscoin, Nubits (NBT), Ripple (XRP), MaidsafeCoin, Basic Attention Token (BAT), Litecoin (LTC), Monero (XMR), and more.

             

            Deposit and Withdrawal

            When connecting your bank account to exchange any currency for U.S. Dollars (USD) or Euros (EUR), you need to be careful, because the minimum deposits depend on the region that you visit the page from.

            Firstly, for users from the US, Canada and Australia, there’s a $50 limit on the first transaction. After the first transaction, the second can only be done 4 days after which has a limit of $100. After 7 days of the first buy, the limit is $500 and there is no monthly limit.

            For the CIS region, $200 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $2000 and for the first month is $10000.

            For the EU and other countries, the first buy limit is $100 after which the next purchase can be made in 4 days. The maximum for that purchase would be $200 and the following purchase can be done after 7 days has a maximum of $500. There’s no monthly limits for EU and other countries either.

            The Changelly platform charges a commission fee of 0.5% on each transaction. It’s relatively insignificant considering you exchange small amounts of coins. Whereas if you need to exchange large numbers, you’ll face a higher fee which increases as the amount increases. Therefore, Changelly is suited for any beginner but for professionals who would like to invest, Changelly has very high commissions.

             

             

            Security

            The platform had great security standards and offers many services that will ensure that your online transactions are genuine. Firstly, as any blockchain technology, all transactions have a unique reference number so you can track in real time where your coins are. Secondly, Changelly is built on some of the most reliable exchange platforms in order to perform your trade.

            Also, you can use a two factor authentication. It is like giving your bank your phone number so that when you do a transaction online, in order to verify it’s you, it generates a code which is sent to your mobile phone. You enter this code and the transaction is instantly verified. This prevents most hacking and fraud in the cryptocurrency world.

            Changelly has had press on many big media such as Forbes and CoinTelegraph since it’s a project by Minergate, one of the largest mining pools today and therefore it’s pretty reliable as an exchange. It’s also used by Charlie Shrem, the Vice Chairman and founding member of the Bitcoin Foundation, so it’s legit.

             

            Comparison with other platforms

            TOP 1
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            WikiCrypto Score 9.6 WikiCrypto Score 90
            TOP 2
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            WikiCrypto Score 9.3 WikiCrypto Score 82
            TOP 3
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              arp_1498575769_3_25_4 Changelly Review by WikiCrypto
            WikiCrypto Score 8.7 WikiCrypto Score 77

             

             

            Conclusions and Remarks

            Changelly should be considered as a great tool for newcomers to the cryptocurrency world. It is a great way to easily diversify your coins portfolio in just a few clics. If you are simply looking for a way to trade a coin for another, then it’s a great option. However, if you would like to make more profit while betting on coins’ volatility, you should rather use a CFD trading platform.

            The WikiCrypto Score for Changelly is: 8.4/10