Complete Guide to Changelly
Founded in 2015, Changelly has become one of the most popular cryptocurrency exchanges and has well over a million registered users globally. Changelly currently turns over approximately 60,000 BTC monthly by processing more than 15,000 transactions per day. Offering in excess of 90 altcoins to transact with, Changelly offers its customers a huge list of trading pairs. The company has built its reputation on the best exchange rates, account security, fast transactions and a user interface that’s easy to use and intuitive.
Changelly focusses on trustworthiness, speed and fairness. It is associated with MinerGate, a team with one of the longest track records in the blockchain sector, and its transactions only take a few seconds.
How to Get going with Changelly
To get going on Changelly, you’ll need a crypto wallet and the digital currency you prefer. Changelly will choose the best cryptocurrency trade based on the amount and the crypto, and will then find the best rate in the crypto universe. Once the money has been converted into the currency you chose at that best rate, the 0.5% fee is deducted and the newly converted tokens delivered into your second wallet.
Changelly’s robot integrates into the world’s largest trading platforms, such as Poloniex and Bittrex, and can create asks or bids in milliseconds on the platforms. The robot then displays the best available rate on Changelly’s website. These rates are only an estimation until the transaction is moved onto the blockchain, and actual rates may differ somewhat.
Changelly Charges
Changelly does not use fixed rates due to the volatility of digital assets resulting in rate changes every minute. If rates were to be fixed, it would lead to higher commission fees as market risks and currency volatility would have to be covered. Changelly also has to cater for network fees for all transactions – these fees are charged by Blockchains involved and are used to pay the miners that process the transactions. These factors unfortunately mean that Changelly’s fees are slightly higher than what it would be if the exchanges involved were to be used directly. Some of the reasons why new users prefer to use Changelly, rather than go directly to exchanges, includes their easy to use interface, and the possible limitation of not being able to use exchanges due to location restrictions.
Although Changelly can handle fiat purchases via debit or credit card, their fees are expensive and this option is not recommended.
Changelly’s fee structure is listed below:
• Crypto-to-Crypto Trades – 0.5% Commission
• Credit / Debit Card Purchases – 5% Simplex Processing Fee + 5% Changelly Commission.
Which Currencies can be used on Changelly?
Changelly lists in excess of 90 cryptocurrencies together with a coin description on its “Supported Currencies” page. All the popular and familiar digital currencies are listed (e.g. Bitcoin, Dash, Litecoin, Dogecoin, Monero and Ethereum), as well numerous lesser-known ones (e.g. BCN, XDN, NBT, FCN, FCT, RADS and NXT). This huge selection means you’ll probably find whichever cryptocurrencies you want to use to transact. Changelly also provides the facility for users to suggest new tokens for the platform.
Is an Account needed to trade on Changelly?
To protect the privacy of users, Changelly doesn’t require them to create an account to use the conversion services. You will only need a valid wallet address and no personal information needs to be submitted. If coin is however purchased with a bankcard, additional verification may be required. Verification is not required for crypto-to-crypto conversions.
How is Digital Currency bought on Changelly?
Buying crypto on Changelly is straightforward, irrespective of which coin is purchased. Visit the website and select the digital currency you want to change from in the drop-down list on the left. Search functions are available to make the process faster. Enter the amount you want to exchange and, on the right hand side, select the coin you want to buy. After clicking “Exchange”, you’ll get a confirmation message.
Click “Next” if you’re happy and supply the wallet address to which the tokens should be sent. After double-checking the details, clicking “Next” will display the QR code and wallet address of where you need to send the crypto to be changed.
Paste this address in the relevant field of your wallet, or scan the QR code if a mobile app is used. Changelly will exchange the currency and send it to the recipient address specified once it has received the money. The transaction status will now be available in the transaction history and a notification will be sent when the transaction is complete. This typically takes between 5 and 30 minutes, but might take longer due to network delays. You will also receive a receipt containing an output transaction hash.
Note that transactions on the blockchain can’t be canceled and no platform can roll back a transaction. It is therefore critical to check all details of the transaction before it is sent.
Purchasing Cryptocurrency with Bankcards
Payments for more than 35 types of tokens can be made to Changelly in EUR or USD using bankcards. This process is quick and simple, but the bankcard must support 3D-Secure, a verification method using your phone number. Cards from any country using any currency may be used.
On the Changelly website, select the left side to either EUR or USD and select the coins you want to buy on the right. Once the amount and rate have been confirmed, specify the wallet address where the tokens must be sent. After checking all details, move to the next step if you are happy with the exchange rate. For first time transactions with a bankcard, extra requirements or a limit may apply. Click on the “Continue” button once all details have been checked and accepted.
Bankcard details and the phone number linked to the card must be entered next. Follow the instructions sent to you via your phone to complete the transaction.
Are Initial Bankcard Transactions Limited?
Cards from Australia, Canada and the USA are limited to $50 USD for the first transaction. The next purchase, limited to $100, can be made within 4 days thereafter. Within 7 days after the first purchase, the limit increases to $500. A maximum of three purchases may be made in the first week, but there are not any monthly limits.
In non-CIS-region countries and the EU, the limit scheme is similar, with the limits being $100, $200 and $500 respectively. The periods between transactions are the same as mentioned before, but six purchases may be made in the first week.
In the CIS region (e.g. Russia, Georgia, Ukraine, Belarus, Kazakhstan and Armenia), the limit is $200 for the first purchase. The next limit increase happens within 24 hours, while a limit of $2,000 applies to the first week and $10,000 to the first month.
How quickly are Transactions Processed?
Changelly transactions typically take between 5 and 30 minutes. Delays can however be experienced due to blockchain overloads. This happens when there are an excessive number of pending transactions on the Bitcoin blockchain. As this is outside Changelly’s control, they won’t be able to resolve the issue, and patience is the only remedy.
Changelly occasionally turns off specific coins to update clients. This could cause a delay, but your money will be sent when the coins in question are turned on again. All platforms are at risk of being targeted by a DDoS attack. If this happens, transactions could be delayed and the only remedy is waiting until the issues has been resolved.
What Are Changelly’s Maximum and Minimum Amounts?
Although Changelly doesn’t have minimum or maximum transaction amounts, this will be affected by some scenarios. When tiny amounts are converted, the transaction must still cover the blockchain network fees, including the input and output network fees. An error message will be generated for transaction too small to cover these fees. Although the transaction can still be forced through, it will result in a loss. It is always best to stick to Changelly’s recommendation for the minimum needed to cover fees.
Large amounts carry no restrictions, but processing time for transactions depends on the wallet’s set network fees and the blockchain capacity. Changelly also recommends that market pumps or dumps should be avoided. Rather than sending large transactions, think about splitting it into a number of smaller transactions that are sent several hours apart. Doing it this way will avert an overwhelming ask for the coin you want, ensuring a more stable and therefore more profitable rate.
How does Changelly’s Customer Support work?
Changelly’s customer support department uses a ticketing system accessed from the site. Simply click on the support link to open a popup that can be used to send an email to the team. Phone support is currently not available.
Can Changelly be Trusted?
There are many reasons why Changelly is considered trustworthy. Money is exchanged instantly, eliminating the need to rely on Changelly to keep your money safe, or having to store the deposit. Accounts also come standard with two-factor authentication. Purely the fact that more than three million monthly visitors use the website also inspires trust.
Conclusion
For individuals interested in converting cryptocurrency, Changelly is an attractive, easy to use exchange platform. Security concerns are limited, as no money needs to be stored. Although Changelly provides the option to buy cryptocurrency with a bankcard, users should be aware that the fees charged for this service are very high. Crypto-to-crypto fees are however very reasonable.
If you are looking for a crypto exchange, Changelly is worth considering. As with any other exchange, take the logical precautions of using two-factor authentication and creating a strong password.
