Changelly is a crypto to crypto and fiat to crypto currencies exchange. It doesn't hold or deposit customers' funds. They work as a medium to exchange currencies from wallet to wallet. Go through our Changelly review to understand how the exchange works and whether it's a legit exchange or not.
Changelly is a platform that brings an ecosystem of products and services that let their customers have a one-stop-shop experience for buying, selling, swapping, and trading cryptocurrencies. In 2015, they started their journey. Currently they have 2 Millions plus traffic. Now they have more than 170+ listed cryptocurrencies. In the following article, we will explore the Changelly review. As usual it's not going to be any sponsored or paid review. We will review based on the information available on Changelly. We will try to be as neutral as possible. AtoZ Markets is in no way responsible for any of the opinions given by the writer. If you are from Changelly, and you think that writer has done an injustice in the review, please contact the AtoZ Markets editor team.
Founded In: 2015
Mother Company: Fintechvision Ltd
Total Assets: 170+
Account Currency: Cryptocurrencies
Monthly Traffic: 2 Millions Plus
API Partners Onboarded: 350+
Supported CryptoCurrencies: 200+
Accepted Fiat Currencies: 58
Minimum Deposit: 1$
Exchange Time: 5-30 minutes
Registration: Not Required
AML/KYC: Not needed but in special cases you may require to do AML/KYC
Changelly Pro: Launched in 2020
Office Address: 7/F, Woon Lee Commercial Building, 7-9 Austin Ave, Tsim Sha Tsui, Kowloon, Hong Kong.
How Changelly Works?
Changelly's trading algorithm is incorporated into the largest cryptocurrency exchange platforms, including Binance, Poloniex, Bittrex, and many more popular platforms. In the period of milliseconds, Changelly asks and makes bids on the platforms, then chooses and suggests you the very best available rate and shows the estimated rate on their website or apps. The rates stay approximate up until the transaction is really made on the blockchain, which is why the exchange rate at the time of a deal may differ slightly from the approximated rate that you see when you begin a transaction.
Services Offered By Changelly
Changelly products are divided into two categories. 1. Personal 2. Professional
- Personal Products
Under the personal category they have Exchange, Buy, Sell and Trade.
In the Changelly platform, you can exchange or swap one crypto to another. Let's see the process
From the Changelly website or app you can make an exchange. To make an exchange or swap, enter your Changelly account, they only need your email to sign up.
Select the crypto pair that you want to exchange and enter the amount. For example, you want to exchange 0.1 ETH to DOGE. After entering the amount, you can choose a fixed exchange rate or a floating exchange rate. Check the exchange fee, network fee and estimated arrival time. Then put your wallet address and click Next Step. By the way, Changelly only accepts FIO addresses, non-fungible tokens (NFTs).
In the next page, you will see the order summary and checkout option. Here you have to click on the 'Confirm and Make Payment' button.
Now you need to send the exact amount of ETH to the provided address in one single transaction. To do so, you have to copy the address or scan the QR code. You will get 36 hours to send your fund to make the exchange. After 36 hours, the transaction will be auto-cancelled.
Once your ETH sending is confirmed on the blockchain, they will send you the DOGE. Usually it takes 5 to 30 minutes to process. Once the DOGE is credited to your wallet the exchange is completed.
Changelly is a non custodial exchange. They do not store customer's fund. For fiat-to-crypto buying, they are Incorporated with Banxa, Simplex, MoonPay, and Indacoin.
Since 2014, Banxa has been providing cryptocurrency exchange services. Changelly has tied up with them. Banxa accepts Bank transfer, Visa, MasterCard and Apple Pay.
The limits for Banxa Visa and Mastercard purchases on Changelly are as follows:
For USD and EUR purchases the minimum purchase amount is 30 USD and 30 EUR respectively.
The maximum amount for one purchase is 10,000 USD or 10,000 EUR.
The monthly limits are 60,000 USD and 60,000 EUR.
For GBP purchases the limits are 30 GBP minimum, 8,000 GBP is a max for one purchase and the monthly limit is 60,000 GBP.
For the limits in other currencies please refer to this list:
USD: min - 30, max - 10000, monthly - 60000
AUD: min - 30, max - 15000, monthly - 60000
CAD: min - 30, max - 10000, monthly - 85000
CZK: min - 500, max - 50000, monthly - 130000
DKK: min - 100, max - 30000, monthly - 420000
EUR: min - 30, max - 10000, monthly - 60000
GBP: min - 30, max - 8000, monthly - 60000
HKD: min - 200, max - 50000, monthly - 450000
NOK: min - 200, max - 60000, monthly - 700000
PLN: min - 70, max - 17000, monthly - 170000
RUB: min - 2000, max - 120000, monthly - 800000
SEK: min - 200, max - 50000, monthly - 600000
SGD: min - 30, max - 7000, monthly - 60000
TRY: min - 200, max - 10000, monthly - 65000
KYC is needed for buying with Banxa. To pass the KYC procedure via Banxa you need to:
Provide a photo of the front and back of your government-issued ID.
The procedure usually takes up to 10 minutes
Simplex is another platform that is tied up with Changelly for Fiat to Crypto exchange. It's a well known European Licensed Fintech company.
Daily limit with Simplex: $20000
Monthly limit: $50000
KYC is needed if the transaction is over $150.
KYC requirements: Your government issued personal ID, selfie (by request)
MoonPay doesn't support all the counties.
Their transaction limits are divided into three levels.
Level I: $150 per month, $50 per single transaction. It's for those who have only provided email, phone number and personal information.
Level II: $20000 per month, $5000 daily. To get this level you have to provide Identity documents like passport, residence card or driving licence, selfie and verified card on request.
Level III: $50000 per month, $10000 daily per card and $50000 per bank transaction. It's for those who provided all the documents, selfie, verified card and source of funds.
Changelly also has Indacoin in their platform but platform says currently Indacoin is not available.
On Changelly Exchange, you can also sell your crypto.
Selling crypto on Changelly is powered by Mercuryo. Mercuryo is a crypto wallet. Currently they only accept MasterCard. They convert your crypto into USD or EUR. To sell through them you need to open an account and verify your identification.
To trade cryptocurrencies, Changelly has a separate website Changelly Pro. There you can trade cryptocurrencies. For that you have to open an account with Changelly Pro. To know more about Changelly Pro to go to https://pro.changelly.com/
- Professional Products
For professional, they provide affiliate program and API.
Changelly has a very good affiliate program. You can become a participant of their affiliate program. The program provides a unique way for you to earn 60% of commission for each transaction that is made by another signed up person. They provide widgets, exchange buttons and multiple affiliate links. They pay you in BTC and ETH at any time with one click payout request.
Changelly offers white label solutions as well as providing the partners with Changelly exchange API. By integrating with Changelly API, developers can get features from Changelly exchange into their own services or applications. If you are not satisfied with the default features of API, you can ask Changelly developer teams to provide more features.
Pros and Cons of Changelly
◆ They have a wide range of cryptocurrencies
◆ Safe and very secure exchange
◆ They have low crypto-to-crypto exchange fees
◆ They Integrate with various wallets through API
◆ Changelly platform is easy to use
◆ For advance traders they have Changelly Pro
◆ 24/7 Online chat support
× It's not regulated exchange
× Their fiat-to-crypto rates are high
× They do not have many payment options
× Currently no phone support
× Minimum trade amounts is high
Fund Security of Changelly
We have to understand that Changelly is a non-custodial service. It means that they do not store/have any type access or control to the funds of the customers. The exchanges are executed on the exchange markets, and after the exchange, the coins are sent to the external wallets of the customers directly. Thus, a customer controls their funds themselves to a full extent. In case of any delays on a market, the Changelly team gets in touch with the market's representatives to speed the process up/resolve any issues.
Changelly fee structure is divided into two categories. 1. Exchange Fee 2. Network Fees
- Exchange Fee
When a user executes any transaction on Changelly, they charge a fee that's called exchange fee. Changelly has two types of exchange fee: The Floating Exchange Rate and Fixed Rate. The usual floating exchange fee is 0.25% though it may vary depending on their API partners.
For Fixed exchange rate, Changelly claims to give the best market rate and lock it for the transaction. You can see the rate on the screen.
- Network Fee
For processing transactions in the network, miners get a fee that's called network fee. Changelly transfers this fee to the respective exchanges after collecting them. During the transactions, you can see the fee on the screen. But the final network fee can be little more or less than the displayed fee. It happens due to the volatility on the respective exchanges.
Changelly supports almost all countries except the United States of America. It also includes all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands (St. Croix, St. John and St. Thomas) (â€œRestricted Locationsâ€).
Changelly Review: Deposit and Withdrawal
Changelly doesn't store its customers' funds. So you are actually exchanging one crypto currency in return for another crypto currency. And when buying crypto, you are basically exchanging your fiat currencies to cryptocurrency. And by selling crypto on Changelly, you will get fiat currency (only USD or EUR) in your Visa Card.
On Changelly, you can trade anonymously. You just need an email ID. If you want to remain anonymous, Changelly can be a good platform for you to exchange currency. But if any situation arises, Changelly may ask you to do KYC.
Does Changelly have Mobile Apps?
Changelly has a mobile app that can be used on both Android and iOS devices. The app has the same features as the desktop version, so its customers can buy Bitcoin right away or trade other currencies on the exchange. The Changelly mobile app is very easy to use and has been made for people who are just starting out.
Is Changelly allowed in the USA?
Is Changelly a Scam?
The average rating on TrustPilot website for Changelly is 4.5 out of 5. 2401 users have given the review. It seems to be a pretty good rating. But some reviews, their coins have been help by Changelly and asking for KYC. This happens when a user tries to execute a big transaction. Other than that Changelly seems a safe and secure exchange.
Changelly Customer Support
Changelly customer support is really good when it comes to crypto exchanges. Changelly has a 24/7 web based chat where human assistants are available. They also have a support email where you can send your questions or ask solutions of your problem email@example.com. They also have a FAQ section and support page explaining everything about Changelly.
Changelly is an outstanding platform for purchasing, exchanging/swapping and selling cryptocurrencies in a simple and quick way. They have comparatively low fees and a large number of cryptocurrency possessions to choose from. Changelly might be for you if you are someone who does not want the bother of signing up and going through the KYC process for exchanging cryptocurrencies. They are a very quick, easy, and simple to use cryptocurrency exchange service. They also have an excellent customer support system.