Changelly was established in 2015 as the cryptocurrency exchange wing of Minergate, which is one of the most recognized names in the field of GUI mining. Based in the Czech-capital Prague, it is exclusively a cryptocurrency exchange platform and doesn’t offer any wallet services. Through this platform, you can perform transactions of multiple cryptocurrencies, sometimes without even needing to create an account, unless you want to exchange a fiat currency (which we will talk about in detail below). One of the biggest advantages of this platform is its easy support for a large variety of cryptocurrencies. In this Changelly review, the Blockledge team has compiled the details about the pros and cons of using this exchange.
The Service Platforms
In case you are thinking about how to use Changelly, they have several platforms including a website (changelly.com), an iOS app and an Android app. One of the best advantages of using this platform is the extremely simplified interface that could even be understood and used by a computer novice. The service is specially designed for exchanges of one cryptocurrency with another. For example, if you wish to exchange your Bitcoins with Ripple, you simply enter the amount of currency you want to exchange (in this case bitcoin) and within seconds, it calculates and displays the approximate amount of your desired cryptocurrency. But mind you, this amount may not be the exact amount you get when the transaction is complete.
Although Changelly’s advertised services rates are 0.5%, this rate could increase based on the final exchange rates. There is also the option to buy a cryptocurrency directly with your credit card, but it could prove to be quite costly. Some users have reported being charged as much as 40% for exchanging their Dollar or Euro currencies with any cryptocurrency. So unless you really don’t have any other alternative, it’s better if you use Changelly for the exchange of one cryptocurrency with another, rather than for exchanging with fiat currency.
Users need to sign up to Changelly in order to perform transactions. You can sign up by using your email address or by connecting your Facebook, Google or Twitter. Once signed in, you need to confirm your cryptocurrency transaction amounts and currencies and click on Next. Once you are satisfied with the details, you are required to enter your wallet address in the next process. You also get a QR code for the transaction. Changelly then performs the transactions from the best trading pair exchange rates it gets through major exchanges like Polonix and Bittrex. The exchange usually completes the transaction within 10-30 minutes. Once the transaction is complete, your cryptocurrency is credited in your wallet. A successful transaction will be accompanied by a receipt and a transaction hash.
Despite the high costs, many users reportedly use Changelly for the ability to buy cryptocurrency with their Dollar or Euro accounts, which isn’t commonly offered by many exchanges. However, for all bank card transactions, your cards need to have 3D secure enabled. Also, depending upon the card’s country of origin, users will have to deal with certain initial transaction limits. For examples, Australia, Canada, and US-based cards have a $50 limit on the first transaction, which increases to $100 in around 4 days and up to $500 a week. Meanwhile, some countries even have restrictions. So do look into their FAQs for more details.
Support and Customer Care
Changelly handles queries from its customers through email. Users will be issued a support ticket after they put their query which is usually replied within 24 hours. However, the support system is surely one aspect that Changelly needs to make better.
The ease with which users can perform their transactions through the Changelly platform is something that puts it ahead of the competition. Also, the high number of currencies supported by the platform can attract many. In fact, there are not a lot of exchanges that allow users to buy their desired cryptocurrency with their credit card balance. Some experts even argue that with Changelly, Ripple (XRP) can be purchased much more conveniently than most other exchanges. In many ways, Changelly can look really attractive for the novice cryptocurrency investors. But for the experienced users, the expensive fiat to cryptocurrency exchange rates may be quite discouraging. Yet, there is no doubt that for many users the extremely simple crypto-crypto exchange services offered by the exchange at a fair price of 0.5% can be motivating.