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Changelly Review 2020: Pros, Cons, Fees, Features, and Safety

Founded in 2013 , Changelly claims that traders can get the best prices when buying any of the 140 cryptocurrencies on its exchange.
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Author: cate ellen
Last Updated: 09 July 2020


Changelly is an online cryptocurrency exchange where you can buy and exchange crypto with crypto launched in 2013 in Prague. The exchange sells over 140 cryptos and has recently added the ability to buy Ripple with a credit or debit card. (XRP) in USD or Euro with a credit or debit card. The exchange offers transparent transactions at the “best rates on the market” and places no limit on how much cryptocurrency you can buy.

Since lowest price claims cannot always be trusted, we sought to find out if Changelly offers the best price. We have conducted an in-depth review of fees, features, and pros and cons to assess whether crypto buyers are getting a good deal on Changelly.

On this Page:

    Our Recommended Crypto Exchange

    • 25 USDT No Deposit Bonus
    • Easy Account Creation Process
    • Lowest Exchange Fee
    • Offers Demo Trading Account

    We went to a few crypto compare sites and found Changelly price quotes in the mid-to-high range of market quotes. But when we cross-checked the prices with the live prices on Changelly, Changelly was indeed the lowest price! We entered a transaction on Changelly to ensure, even with the fee and processing fee added, the all-in cost was still cheaper. Changelly was the lowest price.

    What is Changelly?

    Changelly is a low cost cryptocurrency exchange. If you want to buy cryptocurrency at a low price, Changelly promises the best prices in the marketplace. Before buying, remember to always directly compare fees on the exchanges or use a crypto comparison engine you know to be trustworthy. There is no minimum or maximum order.

    Wallets Exchanging Crypto With Changelly

    You may already be using Changelly’s service. Changelly’s API integrates with wallets and exchanges. If you used to love the JAXX wallet, then you will be happy to learn about the Changelly API. JAXX integrated with ShapeShift to provide easy exchange across many cryptos, before ShapeShift left its partner without an exchange service at the end of 2018. JAXX now uses Changelly as its exchange engine, which could make the popular wallet even better if Changelly meets its “best price” offer. Enjin, Exodus, Huobi and Ginco are among the soft wallets that use Changelly. Hard wallets include the popular Trezor wallet and CoolWalletS.

    Changelly supports transaction transparency. Exchange transactions are now integrated with the Changelly branded EnjinX blockchain explorer. When you buy ethereum compatible coins and tokens, you can verify your transaction. When your transaction is complete, you can use the explorer to search by transaction, addresses, blocks, and coins to locate and confirm the completion of your transaction. Enjin and Changelly have also launched the Major Tom token – an Ethereum ERC-1155 token playable in 22 Enjin games.

    How does the Changelly exchange work?

    Changelly is a cryptocurrency exchange that sells crypto at a rate determined by its pricing algorithm to be the “best rate on the market.” How so? Changelly’s pricing engine is integrated with the largest exchanges, including Binance, Poloniex, and Bittrex. When you enter an order to buy BTC with ETH, for example, within milliseconds, Changelly finds the best price on the exchange and displays it. As mentioned, the price could slip, though, before you complete the order. Payments are made in cryptocurrency. Crypto is deposited from your off exchange wallet and can bought with credit or debit card.

    What cryptocurrencies does Changelly support?

    Changelly is always adding new coins. Over 140+ cryptocurrencies are currently available, including:

    1. BTC
    2. ETH
    3. XRP
    4. TRX
    5. DASH
    6. LTC
    7. ZEC
    8. EOS
    9. TUSD
    10. DGB
    11. BCHABC
    12. ETC
    13. XEM
    14. LSK
    15. XMR
    16. STRAT
    17. ARDR
    18. REP
    19. MAID
    20. DOGE
    21. NXT
    22. NAV
    23. GNT
    24. WAVES
    25. USDT
    26. SWT
    27. DGD
    28. TRST
    29. EDG
    30. WINGS
    31. RLC
    32. GNO
    33. DCR
    34. GUP
    35. LUN
    1. XLM
    2. BAT
    3. ANT
    4. BNT
    5. CVC
    6. PAY
    7. NEO
    8. OMG
    9. MCO
    10. ADX
    11. ZRX
    12. QTUM
    13. PTOY
    14. STORJ
    15. HMQ
    16. SALT
    17. XVG
    18. BTG
    19. DNT
    20. VIB
    21. RCN
    22. POWR
    23. STX
    24. KMD
    25. WAX
    26. BRD
    27. DCN
    28. SNM
    29. NGC
    30. NOAH
    31. BNB
    32. ZEN
    33. AE
    34. ARK
    35. ARN
    1. PART
    2. ZAP
    3. ABYSS
    4. LRC
    5. XZC
    6. SMART
    7. BQX
    8. NEXO
    9. ONT
    10. BETR
    11. ENJ
    12. BCD
    13. KNC
    14. DENT
    15. BKX
    16. TEL
    17. DAI
    18. MKR
    19. IGNIS
    20. ADA
    21. PROC
    22. GUSD
    23. USDC
    24. GRS
    25. EURS
    26. BCHSV
    27. DGTX
    28. PAX
    29. NIM
    30. PMA
    31. RFR
    32. XTZ
    33. GAS
    34. BTT
    35. GAS
    36. FET

    Supported countries

    Changelly is a Slovakia-based cryptocurrency exchange that accepts transactions from any country.

    Fees & limits

    Changelly charges a 0.5 percent fee, which is significantly lower than many competitors, but there is the risk of the price changing before the exchange is paid for. How does this compare to other crypto exchanges? Coinmama, in comparison, charges 5.9 percent for a fixed, locked in fee. Bitpanda’s fixed fee of 1.2–1.49 percent is built into the price. Remember to include fees when you are shopping by price.

    A network fee is also charged. It averages about 0.002 percent of a transaction. Changelly has no maximum transaction amount. However, if you pay in fiat by bank card, you will be subject to the following processor restrictions.

    Simplex limitations (for purchasing BTC, LTC, BCH, XRP, ETH):
    First transaction: from $50 to $10000
    Daily limit: up to $20000
    Monthly limit: up to $50000
    Also check Indacoin limitations, if applicable to your transaction.

    Changelly Dashboard

    You do not need any experience to trade on Changelly. If you have used PayPal, you will find this process even easier. Unlike PayPal, you never have a balance. Instead, you pay directly from your crypto wallet or bank card at the time you make the purchase. Choose the currency you want to make your purchase with and the currency you want to buy, and pay. No ID verification is required. You will need a compatible online wallet to fund and receive your cryptocurrency purchase.

    How to Buy Cryptocurrency on Changelly: Step-by-Step Tutorial

    Changelly never asks you to deposit funds with the exchange. Crypto-to-crypto purchases are made by depositing money from your crypto wallet. You also have the option of buying cryptocurrency with a bank card (credit or debit card) and having it deposited to your own crypto wallet. A new feature is the ability to directly buy Ripple (XRP) with fiat (US, EUR) by credit or debit card.

    Step 1: Register your account

    From the Sign Up form, enter your password. Follow the link in the confirmation email sent to you to activate the account. Your username (email address) and password (provided) will be sent separately in an email. You are all set to buy cryptocurrency.

    Step 2: Buy cryptocurrency

     

    Enter the cryptocurrency you will use to pay for the transaction. Then, enter the cryptocurrency you would like to buy. In either denomination, enter the amount you want to buy. Note the transaction fee, network fee and estimated time of arrival. Select Next Step.

    Step 3: Deposit cryptocurrency

    Review the transaction details and click on Confirm and Make Payment.

    Step 4: Enter the recipient address

    Enter your wallet address where you want the funds sent. Use the QR-code or click Copy to copy the exchange wallet address. Go to your wallet and send the transaction amount to the Changelly wallet address. Select Next Step.

    Step 4: Verify the transaction

    Want to confirm that Changelly has sent your money? You can now check from the Changelly blockchain Explorer powered by Engin.

    Is Changelly safe?

    There are a number of reasons why Changelly is generally considered a safe and trustworthy platform. Let us consider some:

    • Founders and Partnerships

    Changelly was created by the same team that founded Bitcoin mining pool MinerGate. Though sources indicate that MInerGate and Changelly are now separate entities, the fact that it traces its roots back to such a reputable industry player is worth consideration. Furthermore, it currently has a number of noteworthy partnerships with established wallets such as Jaxx, Binance, Exodus, Ledger, Trezor and Coinomi among others. This further reinforces reliability as such renowned players would not be associated with a scam site.

    • Mode of Operation

    Changelly converts currencies instantly. As such, there is no need for users to store deposits on the platform and this almost entirely eliminates safety concerns. In spite of this though, it offers two-factor authentication for those who register an account on the site.

    If you have doubts as to what the best service for storing your cryptos is, you can compare the best cryptocurrency wallets here.

    Does Changelly have an app?

    Changelly has an Android app. Through its API, the exchange is integrated with other wallets and apps, including the Enjin wallet and Stratis app. Stratis develops blockchain solutions for Microsoft products. The Changelly API allows wallets and merchants to integrate its crypto exchange service into their services.

    Is Changelly customer service reliable?

    If you need assistance using Changelly, consult:

    Video Guides – Video tutorials on how to buy and exchange coins and tokens

    Help Center – FAQs are provided on all aspects of how to buy and sell cryptocurrency on Changelly

    Email support – Contact Changelly by email through Submit a Request

    Changelly pros and cons

    Pros:

    • Guarantees best crypto prices in the market
    • Easily exchange over 140 cryptos for a low fee
    • Non-custodial exchange does not hold customer funds
    • Integrated with many popular wallets and exchanges

    Cons:

    • No cryptocurrency trading
    • Cryptocurrency prices set by Changelly

    Changelly VS Alvexo

    It is true that even though it is relatively new in the crypto space, Changelly has established a reputation for reliability. It has not been involved in any security incidences since inception and delivers on its objective.

    However, it does not compare with the advantages that a platform like Alvexo can offer. The broker offers great asset variety, one of the most popular trading platforms in the market and remarkable education resources to guide newbies through their trading experience.

    These are just a few of the advantages offered by the exchange. To find out more about it, visit Alvexo.

    Conclusion

    Overall, Changelly is a solid exchange platform offering a welcome blend of reliability and convenience in one package. However, we cannot recommend it due to the high rate associated with direct fiat purchases using debit or credit cards.

    We recommend Alvexo instead which is one of the few platforms with full regulation and a straightforward user interface, making it a viable choice for almost all your crypto needs.

    Our Recommended Crypto Exchange

    • 25 USDT No Deposit Bonus
    • Easy Account Creation Process
    • Lowest Exchange Fee
    • Offers Demo Trading Account

    FAQs

    Should I choose a regulated cryptocurrency exchange?

    A trader is exposed to higher risks when trading on an unregulated exchange. If you lose money on an unregulated exchange due to fraud, it will be more difficult to seek a remedy through a legal or insurance claim. On a regulated exchange, the investor has more protection against loss. If the exchange you have deposited money with goes bankrupt, for example, the US FDIC or UK FCA provide deposit insurance.

    Does Changelly offer the best crypto exchange rates?

    Changelly states it offers “the best available rate at the moment of transaction.” In addition, Changelly charges a low 0.5 percent commission fee. By providing one rate to buyers based on fluctuating prices, Changelly does not incur the cost of hedging volatile prices to provide a fixed price. This allows Changelly to provide the best price at the lowest fee.

    there a risk of the price I choose to buy at changing before I complete payment?

    Yes. Changelly uses a floating not fixed rate which, like trading, introduces price risk. When you click to buy ETH for BTC, for example, the rate shown is not a firm rate. You first need to send money to the Changelly wallet. When your ETH hits the Changelly wallet, the transaction will complete at the current price.

    What is a centralized exchange?

    A centralized exchange accepts and holds users’ deposits. Most exchanges also conduct ID verification to comply with know your customer (KYC) and anti-money laundering (AML) rules. As a repository of client money and personal identification information, centralized exchanges have a higher risk of becoming a victim of cyber hacking and theft.

    Do I need a digital wallet to trade with Changelly?

    Yes. Changelly does not provide an online wallet. You will require a wallet address send and receive coins on Changelly. The exchange recommends a hot wallet.

    What’s the difference between a hot and cold wallet?

    Hot wallets store your crypto assets online and face a higher risk of cyber hacking. Cold storage involves storing your crypto assets offline on a USB drive or paper wallet, for example. The following risk measures should be taken to protect your hot and cold crypto assets: 1. Generate and store your private keys offline 2. Use two-factor authentication to access your wallet 3. Use biometric identification

    I sell cryptocurrencies on Changelly?

    At this time, Changelly provides the ability to buy cryptocurrency from its own inventory.

    A-Z of Bitcoin Exchanges

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
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