Changelly Cryptocurrency Exchange Review

Exchanges
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Changelly History

The prototype of the Changelly exchange appeared in 2013. Its current version was presented to the public in April 2015. Its development was carried out by the team of Minergate pool, which is well known among miners all over the world.

The main office of the exchange is located in the Czech capital, Prague. The CEO and co-founder of the company is Konstantin Gladich. The development of the site was also greatly facilitated by Charlie Shrem – an influential member of the cryptocurrency community, one of the founders of Bitcoin Foundation and BitInstant.

Registration on Changelly

Registration for the service is necessary in case there are problems with the transaction and help from technical support is needed. It is absolutely simple and takes less than a minute. All you need to do is enter your email address. The service will send the password to the email. Verification at the site is not required.

There aren’t many settings in the personal account. Here you can change your email to another one, set up two-factor authentication and make up a new password to replace the one you were sent.

How to Use Changelly

You can exchange money here immediately after the registration procedure, which gives you access to your personal account. The creators do not provide an internal wallet, so the exchange is launched from the existing account directly on the crypto exchange. For the same purpose it is possible to use a service for mining or any wallets in online or offline mode. At the site it is convenient to exchange about a hundred different cryptocurrencies, including the most popular ones: Bitcoin (how to quickly earn on the bitcoin rate?), Lightcoin, Monero and a number of others. Along with them, there are rare tokens (GOLOS, GOLOS Backed Gold, etc.).

The transaction itself takes only a few minutes and is very simple. After choosing currency for sale (on the main page on the left) the currency for purchase is indicated (there, but on the right). Need to specify the number of coins and wallet address for the transaction. After careful verification (it is necessary, because it is impossible to cancel the transaction after its launching) you can confirm your choice, get the coordinates of the wallet and send there coins for sale. It is possible to use a QR-code instead of the address, it will have to be scanned. The service will do the exchange itself and will send the funds to the wallet, which exists for this purpose. To trace the status of the transaction, it will be necessary to go to the tab “History of operations”. Usually it takes from five minutes to half an hour, but the exchange of large sums may exceed the specified time frame. The user will learn about the completion of the process immediately, because he will receive an email notification. There is no limit on the minimum and maximum amounts for the procedure, but it is not recommended to sell or buy too small an amount, as it can all be withdrawn by the service in order to cover the commission payments.

Purchase of tokens since 2016 is available for fiat money using debit or credit bank cards Visa and Master Card. The transaction is as simple as possible – the right side of the field specifies the purchase amount, the left side – the sale amount, and the e-wallet address will be required. Personal information of the card (CVC code, card number and expiration date) is entered into the line “Pay with Mastercard/Visa”, the phone number of the user is added. The code will be announced on the phone, a special field will open for you to enter it. Now you have to wait until the exchange operation is completed. The receipt confirming it is placed in the online banking application. You can use a card of any country for the purchase, and the currency will be automatically recalculated at the dollar or euro exchange rate.

Not everyone can buy cryptocurrency for the first time without restrictions – some countries have individual rules. For residents of Australia, Canada and the U.S., the limit on the first exchange – no more than $50, the second must not exceed $100, the third – $500. Europeans are allowed the first payment of 100 c.u., the second allow twice as much, but in 4 days, the third will be identical to the limit for Americans, but is possible not earlier than a week. Starting from the fourth payment the limits are canceled. It is not possible to withdraw money immediately to the card, including through the PayPal system, due to the lack of such an option.

Changelly Commission

The site has a fixed commission for any transaction of 0.25% of the amount. Also note that a network fee will be charged for the transaction.

Security on Changelly

In order to secure user accounts, the site provides two-factor authentication. After enabling this function, you will be required to enter a code when logging into your personal account and transferring funds. You can activate authentication using the iOS or Android app. You can also disable it at any time.

Pros
  • Large number of cryptocurrencies and tokens to exchange
  • Easy registration procedure
  • Possibility to buy cryptocurrency for fiat money
  • High security level
  • Simple and user-friendly interface
  • Automatic search for the best exchange rate
  • Quick confirmation of transactions
  • Low fee
Cons
  • The interface is not fully translated into different languages
  • Impossibility to withdraw money to bank card
  • Complicated process of buying coins for fiat
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