Changelly review: Most underrated cryptocurrency exchange?
Some of the many things crypto traders expect out of a crypto trading platform include decent exchange rates, a ton of features, a fast transaction engine, ease of use, and fiat-to-crypto exchange.
There aren’t many crypto exchanges that offer all of these features, and there are even fewer that strike the right balance.
Changelly has been in the market for six years now and has grown to become one of the most popular crypto exchanges out there.
But does it offer all the features you’re looking for? More importantly, does it overcharge its customers?
We’ll answer those questions and more in this in-depth review.
What is Changely – Background
The exchange was founded in 2015 by the team that made MinerGate. Like MinerGate, Changelly is originally based out of Prague, Czech Republic, and aims to contribute towards the goal of mass adoption of cryptocurrencies.
MinerGate contributed towards Changelly’s success by driving over a million users to the platform after its launch. However, MinerGate does not have any involvement in the company’s current operations.
Changelly shifted base from the Czech Republic and established itself in Hong Kong a few years ago. The company has three offices located in Great Britain, Brazil, and Malta.
The team comprises 80+ employees, most of whom work to develop an automatic trading robot that integrates with some of the industry’s most prominent platforms.
The bot works by making bids and asks on exchanges and suggests the best available trading rates to the user. It is very similar to ShapeShift in this respect.
Who it is for
Changelly offers over 170 crypto assets on its platform, making it one of the most versatile exchanges in the market.
The company also offers 24/7 live chat support and is one of the only crypto exchanges that does. The competitive rates are another excellent advantage, and since it’s never been hacked in its years in the industry, Changelly is also extremely trustworthy.
You can buy crypto assets using your debit or credit card with ease, and you can also swap assets using Changelly.
The transactions are fast, and the API and customizable payment widget open the platform up to use by seasoned traders. You won’t even need to use the website and can trade using a terminal of your choice.
The interface is exceptionally intuitive and enables you to buy and exchange a wide variety of crypto assets. However, if you want a more feature-loaded interface, you can open up a Changelly PRO account without much hassle.
The easy-to-use interface certainly makes it a viable option for crypto traders with no experience. It enables fast exchange of cryptocurrencies.
However, the more refined interface that Changelly PRO offers also makes the platform viable for seasoned crypto traders.
Changelly: Regulation and safety
Changelly lists over 170 crypto assets and has over 100 unique crypto pairs. The userbase is large, comprising over 2 million traders, and the exchange has a daily trading volume of over two billion dollars.
The company does an excellent job of making transactions as fast as possible, and it also takes several security measures to keep its userbase safe.
Since it is a no-deposit exchange, you don’t have to worry about losing any funds. Its business model makes it an impractical target for hackers.
As mentioned above, Changelly is a non-custodial exchange, which means the company does not store user funds in any form. This leaves no scope for hacking.
Furthermore, the website is protected with the HTTPS protocol, and the company takes appropriate measures to keep its servers safe from hackers.
All users can activate the two-factor authentication feature with ease by visiting the account settings. It adds another layer of security to your Changelly account, giving you a lot of peace of mind.
The two-factor authentication feature is also available for Changelly PRO. Changelly PRO also enables users to protect their accounts using Yubikey. You can also whitelist IP addresses and restrict access to your account that way.
While Changelly used to be an anonymous exchange, all the users now need to be KYC-verified, decreasing the risk of you encountering a scammer on the platform.
Hacking attempts and security slip-ups
Changelly is one of the only few exchanges that haven’t been hacked before. But perhaps what’s more impressive about the company is that they’ve stopped suspicious transactions before they happened.
In 2019, the company reported that it had put $480,000 in EOS on hold and got a hold of $76,000 in XRP reported stolen.
If you’re looking for an exchange that actively prevents shady transactions and works to keep its userbase protected, you cannot go wrong with Changelly.
The company agrees that the AML/KYC procedure is one of the best ways of confirming that its users are law-abiding individuals and corporations.
In addition to ensuring upkeep with global standards, the company has a risk scoring system that can spot suspicious activity.
If this system flags a suspicious transaction, it is immediately put on hold, and the user must re-verify their identity and pass the AML/KYC verifications again.
The company reports that the system is exceptionally effective against scammers and launderers, and considering the reports above, we have no reason not to believe Changelly.
To use Changelly to trade cryptocurrency, you will need to pass AML/KYC verification. To do that, you will need to prove your age and nationality by supplying a government-issued ID to Changelly.
You can upload an international passport, a national ID card, or your driving license.
The process takes no longer than 30 minutes to complete, and you’ll be able to use all the platform’s features after completion.
If you’re using Changelly, you will need to pay a flat crypto exchange fee of 0.5%. However, if you’re trading fiat currencies for cryptocurrencies, you will need to pay a much higher fee (≈5%). If you’re a new trader looking to invest in your first crypto assets, there are platforms out there that will charge you much less for it.
On the other hand, if you’re using Changelly PRO, the fee structure is different.
Changelly PRO fees
If you trade enough with Changelly PRO, the company will start paying you instead of charging you for trading. Understanding the fee structure isn’t very difficult.
- 30-day volume:
- ≥ 0 BTC
- ≥ 10 BTC
- ≥ 100 BTC
- ≥ 500 BTC
- ≥ 1000 BTC
- ≥ 5000 BTC
- ≥ 10000 BTC
- ≥ 20000 BTC
- ≥ 50000 BTC
- ≥ 100000 BTC
- Maker fee:
If you buy crypto with your debit or credit card, you will need to pay up to a 5% fee, depending on the card provider. You will also need to pay a 2.5% Changelly fee on top of that.
It is also important to note that the same fee will apply if you sell crypto into fiat currency or transfer it into a bank account.
Changelly limits and liquidation
The company offers two types of verification: basic KYC and advanced KYC. Your limit depends on the type of verification you complete.
To complete basic KYC, you must submit the following documents to Changelly:
- ID card (Israel only)
- Driver’s license (Israel only)
After you complete the basic KYC procedure, you will not need to verify your identity again unless you transact over 10,000 EUR in 48 hours or 50,000 EUR in total.
To complete the advanced KYC procedure, you must get on a video call with a company representative so they can verify your identity.
You will also need to supply additional identity proof and sign a document the representative gives you during the procedure.
Once you complete the advanced KYC procedure, your account will not have any limits.
Most exchanges collect some user data so they can improve their services, and Changelly is no exception.
Changelly complies with GDPR rules and complies with the best practices in the industry.
However, the company does share some of your data with third parties that provide Changelly with some services. But the company ensures that the information is only used as instructed.
No third-party will ever contact you directly, and Changelly states that it never sells, rents, or trades your personal information to any party.
Test of the Changelly trading platform
Changelly doesn’t have a trading view, which makes its interface somewhat primitive. You won’t see any charting tools and other tools that help you analyze trends.
However, the interface does make trading super easy for beginners. If you’re an experienced trader, Changelly may not suit your needs. However, you can use Changelly PRO instead since it comes with all the tools you will ever need to make a good trade.
The terminal on Changelly PRO is customizable, allowing you to make an interface tailored for the trading strategies you use.
It gives you access to 50+ markets and boasts some of the lowest trading fees in the market, making it an excellent option for seasoned crypto traders.
If you’ve used another exchange before, getting familiar with the interface shouldn’t take you long. All the principal sections are laid out in a familiar fashion.
You will find all of the basic trading tools you need in the Trade tab. The candlestick chart is on the top-left of the screen and comes loaded with numerous indicators and tools to help you make smarter traders. The many chart settings enable you to customize the section to your liking.
Next to the chart, you will find the Markets section, enabling you to pick between four markets. You can track the price, volume, and change in trends using this section.
You can also create a selection of markets using the Favorites tool. The markets you select will appear in the Favorites tab.
Under that section, you will find the Buy/Sell boxes, enabling you to choose between the many available order types. The company allows you to make market orders, limit orders, and also scaled orders.
You will also see several advanced order types in the section, and the diversity of order types enable you to maintain better control over your funds. Most exchanges do not offer as many order types that Changelly offers you.
Next to the Buy/Sell section, you will see the My Orders and Trades section, where you can check your trading history and a list of your open orders. There’s an order book below this section, which consists of the Times & Sales section and Market Depth section.
Besides all of these standard trading functions, the platform also supports margin and leveraged trading, allowing seasoned traders to maximize their profits. You will need to pay a percentage of the value you trade to cover the debt.
If you intend to use these functions, you will need to have two-factor authentication enabled on your Changelly account.
Changelly gives you modest leverage of 10x, which is considered the sweet spot of risk/reward by most traders.
The Wallet tab is a lot simpler than the Trade tab. You will see a list of all the cryptocurrencies that the platform offers and information about your account’s balance.
Next to every currency, you will see the withdraw and deposit options, allowing you to add or transfer some money into your account. Optionally, you can split your account into Trading Account and Reserved, helping you maintain a neater portfolio.
As the name suggests, the Reports Tab displays information concerning your activity on the platform. Using this tab, you can request reports of your trading volume in individual currencies for a specified period.
Furthermore, you can also ask for a report on the fees you’ve paid, your active orders, your history of withdrawals and deposits, and much more.
You can export all of this data in the form of a detailed report so you can estimate your profitability.
The Changelly mobile app is available on both Android and iOS, enabling you to trade on the move.
The application is just as user-friendly as the website is and allows you to swap between cryptocurrencies quickly. It has the same options for floating and fixed exchanged rates as the website, meaning you won’t be missing out on any features on the website.
One of the new features in the Changelly mobile app is the price-tracking screen. With it, you can keep track of the prices of all of your favorite crypto and also look at charts to figure out trends.
If you’re a beginner and want to trade on the move, signing up to Changelly is one thing you won’t regret doing.
However, if you’re a seasoned trader, the Changelly PRO app is better geared for your needs.
How to trade with Changelly?
Trading with Changelly is extremely simple, and the process can be broken down into three steps:
- Pick the crypto asset you want to exchange, and before you move to confirm the transaction, ensure that you’re satisfied with the rate you’re being charged.
- Confirm the transaction, and sign in or sign up with your email. Your transaction history will be saved on your Changelly account.
- Send the specified amount to the address mentioned, and you will receive the asset you paid for in a matter of minutes.
Since Changelly works with the best crypto trading platforms in the industry, you can be sure that you’re getting the best rates possible.
How to trade using Changelly PRO?
Trading with Changelly PRO is a little more long-winded than trading with Changelly:
- First, you must ensure that your account has some funds.
- Next, you must click on the “Margin” button on the top-right corner of the website.
- Select the currency you want to trade on margin.
- Enter the margin amount, and transfer some funds from your trading account to your margin account.
The leverage value will appear in the top-right corner of the screen under the “Buying Power” block. You can start trading margin right away.
How to swap crypto using Changelly
With Changelly, you can swap crypto in a matter of seconds. All you have to do is click on the widget on the right side of the page and select the currency you want to sell from the drop-down menu.
After you enter the amount you want to sell, pick the currency you want to purchase from the list. The site will then calculate the currency you will receive based on the option you picked (fixed or floating rate).
Double-check your options before entering your wallet’s address in the column. Next, enter the address of the wallet you want to receive the cryptocurrency.
Before you go ahead with confirming the transaction, make sure your hardware wallet supports the currency you’re about to exchange.
Complete the payment by sending the cryptocurrency to the address. Once the transaction is complete, the crypto will appear in your wallet in 30 minutes.
How to open an account with Changelly?
To open a Changelly account:
- Navigate to changelly.com.
- Click the “Sign-Up” button on the upper-right corner of the screen.
- Enter your email address and set a password.
- Verify your email address.
And that’s it; you can now log in to your Changelly account.
You will need to verify your identity to use all of the platform’s features, and that process shouldn’t take longer than 30 minutes.
Does Changelly offer demo accounts?
Using a demo account is an excellent way to test out trading strategies without using real funds. This takes away a lot of the anxiety that comes with making risky trades – but then again, there is no chance of making any profits, either.
Only a few crypto exchanges offer demo accounts to users, and unfortunately, Changelly is not one of those exchanges.
If you want to use demo accounts to practice trading strategies, signing up on an exchange like eToro is an excellent idea.
Is there a negative Balance Protection in Changelly?
Negative balance protection can be a life-saving feature if you’re not familiar with how volatile the market can get.
If the market moves against your position, negative balance protection will kick in, and the trade will stop before you go into any debt.
The feature is equally useful for both new and experienced crypto traders.
While Changelly offers leverage trading, it does not have negative balance protection, which means you need to be extra careful when trading on the platform.
Changelly deposits and withdrawals
You will not have to pay any fees for depositing or withdrawing cryptocurrencies. However, you will need to pay the network fee, which is dynamically determined based on the load on the blockchain.
One of the best things about Changelly is that it provides a wide array of deposit and withdrawal options. However, you must keep in mind that the platform does not provide many options for depositing or withdrawing fiat currencies.
Support and service
While there is no shortage of crypto exchanges in the market, there is a shortage of exchanges that provide reliable customer support.
Changelly is one of the handful of exchanges with a responsive customer service team.
You will get a response in hours, and most reported issues are resolved in under 24 hours.
You can get in touch with the team using the live chat feature, and if you think you have a query that has been answered before, you can check the help section or the FAQ section for answers.
Accepted countries and forbidden countries
If you live in the USA, you will not be able to make a Changelly account. The exchange also does not allow users from:
- North Korea
- US Virgin Islands
- Any country in the UN Security Council Sanctions List
Conclusion of the Changelly review
Changelly is one of the easiest-to-use exchanges out there, and Changelly PRO is equally feature-loaded, making it apt for both new and seasoned crypto traders.
The exchange rates are fair, but if you want to buy crypto using your card, you will need to pay a lot more than other exchanges.
However, Changelly doesn’t store any assets, boasts excellent customer service, and has some of the industry’s fastest transaction times.
It’s undoubtedly one of the best crypto exchanges you can sign up for.