Changelly is a cryptocurrency exchange that aims to remove the technical barriers of traditional trading platforms. In operation since 2015, the service was originally associated with the Minergate team, which we recently reviewed as well; however, today these are two different companies (according to a source inside Changelly). Changelly uses an automatic trading robot that integrates with some of the largest trading platforms, including Poloniex and Bittrex. It operates by making bids and asks on respective exchanges to suggest the best available rates on trading pairs. This is a similar service to Shapeshift, and we’ve even compared the two companies in the past. Basically, Changelly allows you to trade cryptocurrency without registering at any exchange or needing verification.
Changelly offers the instant and seamless conversion of 80+ altcoins and tokens. The service already has over 700,000 customers onboard and processes over 50,000 BTC monthly. Changelly is partnered with Jaxx, Coinmarketcap, Bittrex, Coinpayments, Uquid debit card, Coinomi, and other reputable companies. In this review, we’ll consider the features, pros, and cons Changelly offers and whether the platform suits your needs.
How to use Changelly
Step 1: Decide what coins you want to change (e.g., Bitcoin to Ethereum, Litecoin to Dash, etc.).
Step 2: Verify the transaction fees.
Step 3: Enter your receiving address.
Step 4: Confirm and pay in your chosen currency.
Changelly Currency Support
The wide range of cryptocurrency trading pairs provided makes the platform particularly appealing. It creates an opportunity to exchange any two currencies with minimal fuss. Traditional cryptocurrency trading platforms generally have a limited selection of trading pairs, meaning that sometimes users have to make multiple transactions to receive their desired cryptocurrency. With Changelly, you can make up your own trading pairs with one transaction, letting the software take care of the trades. For example, you’re able to easily trade doge for steem in one transaction. Check out all of the cryptocurrencies on offer here. Recently, fiat currency support has been added to Changelly, with the inclusion of credit and debit card purchases. This is a welcome addition for new users, although there do seem to be teething problems during the conversion between fiat and crypto. It’s particularly important to pay attention to the fees with this feature.
Fees
Changelly boasts about its static-rate fees as a major benefit of its service. All trades guarantee a 0.5% fee, which is fairly competitive when all said and done. However, cheaper rates are available when working directly on market trading platforms. If you’re making multiple trades to move altcoins, then Changelly may actually become a cheaper option, particularly with smaller amounts. 0% withdrawal and commissions continue to be very welcome too, so you won’t find many hidden fees. There’s a massive caveat to mention here: trades from fiat currency (i.e., dollars, euros, etc.) claim to hold the 0.5% fee, but in reality, this doesn’t appear to be true. The rates vary with this method. You’re more likely to be trading at a massive cost—up to 40% on a bad day. Changelly does warn you about the high fees, and the team claim this is out of their control. To process these transactions, Changelly needs a third-party payment service, which massively varies the rate (currently Indacoin). It’s frustrating for sure, but I guess this is proof of why cryptocurrencies have such a bold future: they allow the world to exchange assets without a third-party allowing fees to be kept minimal.
Customer Support
There is no doubt that the whole industry is struggling to provide reliable customer service. Most companies are speculative startups that are growing their user bases exponentially. The teething problems remain noticeable everywhere, including Changelly. For the most part, Changelly seems to be doing a respectable job. Team members often reply to queries within hours, and there are many reports of problems being fixed in under 24 hours. The website is particularly clean and easy to understand, so users have a minimal learning curve to trade altcoins. An in-depth FAQ also helps you educate yourself about the ins and outs of basic cryptocurrency trades. Support is provided through an email form on the website. It would be nice to have a customer phone line, but this simply doesn’t exist on Changelly or any of its rival platforms such as Shapeshift.