In this Changelly review, we will be examining whether or not the Changelly is safe, secure, private, and overall worth your time!
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background And History
Changelly, established in 2015, has carved a niche for itself with a resolute mission: to streamline and simplify the process of cryptocurrency exchange for individuals across the globe.
At its core, Changelly offers a user-friendly platform designed for swift and seamless crypto exchanges. With a clear goal of accelerating the journey towards widespread adoption of cryptocurrencies, the company continuously evolves to enhance user experiences and introduce novel services.
Positioned as an instant cryptocurrency exchange, Changelly offers a distinctive proposition. It allows users to swiftly exchange one cryptocurrency for another, all while prioritizing efficiency and convenience. Beyond the realm of cryptocurrency swaps, Changelly extends its capabilities to enable crypto purchases using bank cards, further expanding its scope to facilitate entry into the crypto space.
One of Changelly's remarkable features is its commitment to providing users with optimal crypto-to-crypto exchange rates. This ensures that users receive favorable terms during their transactions. Moreover, the platform's support for over 140 cryptocurrencies reflects its versatility and comprehensiveness in catering to diverse user preferences.
Throughout its history, Changelly has steadily asserted itself as a pivotal player in the crypto exchange landscape, driven by the aspiration to bridge the gap between traditional finance and the burgeoning realm of cryptocurrencies. Through its dedication to simplicity, speed, and innovation, Changelly has become an instrumental force in shaping the trajectory of crypto adoption and usage.
Changelly’s trading algorithm is integrated into the largest cryptocurrency exchange platforms, including Binance, Poloniex, Bittrex, etc. In the span of milliseconds, Changelly makes bids and asks on the platforms, then selects and suggests the best available rate and displays the estimated rate on its site. The rates remain approximate until the transaction is actually made on the blockchain, which is why the exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction. To learn more about the process, see the article below
Also, Changelly provides API for business partners. API integration allows users to quickly exchange cryptocurrency. API is a fully customizable tool that can be installed on your platform. To access the Changelly API, send an email to firstname.lastname@example.org and receive your API keys.
Changelly places a premium on transparency when it comes to its fee policy, ensuring users have a clear understanding of the charges involved. The current fee structure is characterized by two components: exchange fees and network fees.
The exchange fee pertains to the amount that Changelly levies for facilitating user-initiated transactions. This fee structure hinges on the nature of the transaction, offering two options: the Floating exchange rate or the Fixed one. Transactions involving the Floating exchange rate incur a fee of 0.25% from the output amount, although this differs for transactions executed through Changelly's API partners. Conversely, Fixed exchange rate transactions involve Changelly identifying the optimal market rate and locking it in for the specific conversion. This predetermined rate is presented to the user, ensuring protection against market fluctuations during the exchange process.
On the other hand, the network fee is directed towards cryptocurrency miners who process transactions within the network. This fee serves the dual purpose of facilitating withdrawals from exchanges and maintaining transaction processing. Changelly, in its role as an intermediary, collects and subsequently transfers these payments to respective exchanges. The actual fee amount is determined by the exchanges themselves, and it's imperative to note that the displayed network fee at the time of transaction creation is based on Changelly's estimates. It's important to acknowledge that due to the dynamic and volatile nature of network fees within exchanges, the final network fee charged might vary from the initial estimate. This variance is solely attributed to the inherent fluctuations in network fees and is independent of Changelly's influence.
Changelly's commitment to fee transparency and the thorough delineation of its fee structure underscores its dedication to providing users with a clear understanding of the costs involved in cryptocurrency transactions.
Privacy & Security
Changelly has positioned itself as a leading player in the field of instant cryptocurrency exchanges, amassing trust from a vast user base of over 2 million individuals worldwide. This trust stems from the platform's unwavering commitment to user privacy and security, ensuring that transactions are conducted with anonymity as a priority.
At the heart of Changelly's approach lies its dedication to shielding user identities, resulting in transactions that maintain the confidentiality of individuals involved.
Changelly's reputation for credibility is grounded in its pursuit of securing optimal exchange rates, achieved through thorough comparisons across respected trading platforms. This guarantees users access to the most favorable exchange terms available.
Changelly's reliability is further fortified by several fundamental elements, including its choice not to store user deposits, thereby minimizing potential vulnerabilities. Swift exchange processes reduce the window during which assets are in transition, augmenting overall efficiency.
Additionally, robust security measures are in place, exemplified by the integration of two-factor authentication for each user account. This not only bolsters protection but also empowers users with an extra layer of defense against unauthorized access.
A secure protocol, HTTPS, is employed to enhance the platform's security framework, fortifying user interactions and data against potential threats.
Collectively, these facets have contributed to the establishment of Changelly as a trusted platform, backed by its extensive user community. This user trust attests to Changelly's steadfast commitment to creating a secure and dependable environment for cryptocurrency exchanges.
For an updated list of all the available assets on Changelly, please follow the link below.
Changelly Pros & Cons
It does not store crypto on its own wallets
Fast crypto to crypto transactions
- Helpful and responsive customer support
- Low commission fees
- No registration/documents are required for crypto to crypto transactions
Lots of options with exclusive rates to choose from when exchanging or buying crypto
- Available all over the world
- High fiat to crypto fees
- Limited payment methods
- High minimum amount required per transaction
Changelly Review: Verdict
After our Changelly review, we've come to believe this is a great option if you're looking for a quick, anonymous, cheap, and secure way of trading cryptocurrencies.
Changelly is very easy, and quick to use, the UI is very user-friendly, and customer support is very good.
Changelly doesn't hold your crypto in their wallets, instead, it simply sends it to large exchanges before depositing them back to your wallet.
If you want to buy crypto using fiat, fees are quite high, payment methods are limited, and the minimum amount required per transaction is a bit high.
Changelly is also working hard to become both CEXs and DEXs to provide clients with an even more flexible product.
If you'd like to sign up for a free Changelly account, simply follow the link below and start trading today!