Changelly has a simple interface that walks you step-by-step through the process of exchanging your assets. They provide ample instructions that should make even the most novice investor feel comfortable using their platform.
Right away, you’re greeted with two dropdowns for you to select which two currencies you’d like to exchange. Once you enter in the amount of currency you want to exchange from, Changelly shows an estimate of the amount of the new currency you’ll receive.
Changelly charges a flat fee of 0.5% for each transaction – much lower than many other popular exchanges. However, not all is as it appears. Oftentimes, the exchange rate that Changelly uses to make trades is much worse than the current market rate.
As you can see below, the market rate of Bitcoin at the time of this writing is $5337.69 according to coinmarketcap.com (a trusted source for cryptocurrency market data and trends).
On Changelly, $5338 will only buy you ~.866 Bitcoin. This is slightly more than 13% less of one full Bitcoin and much greater than the 0.5% fee that they state.
If you don’t mind exchanging your coins at a less than perfect rate, Changelly is still a good option to make quick trades.
Changelly supports several coins and pairings including:
- Basic Attention Token
- Bitcoin Cash
- Ethereum Classic
- 58 more coins
New coins are constantly added to the platform, so if you can’t find what you’re looking for now, it’s possible it’ll be there in the near future.
Changelly limits the amount of fiat currency you can exchange, but this is only limited during your first week of trading. U.S., Canadian, and Australian citizens can only trade $50 in their first transaction. This limit is increased to $100 for the next trade made within 4 days. At one week, the limit increases again to $500. After that, there’s no more limit on your trades.
There’s no limit to the amount of cryptocurrency you’re able to exchange. You should be aware of the minimum deposits for each coin, though. If your deposit isn’t enough to cover the network fees to transfer the funds, there’s a high risk that you’ll lose your deposit, and no coins will be exchanged.
Changelly was created by the team behind MinerGate, a bitcoin mining pool, in 2013. They have several partnerships with well-established wallets like Coinomi and Jaxx, and the platform is now being used by over 500,000 traders. Several community members have voiced their disappointment with the company, though, stating reasons around the poor exchange rates I mentioned above.
Changelly doesn’t provide many details about their security policies, but there’s not much to worry about in regards to fund security. Your funds are never stored on the platform. Instead, your assets are immediately sent to a wallet after they’re exchanged. As additional protection on your account, Changelly also uses two-factor authentication for sign-ins.
I had some trouble finding customer support on the Changelly website. The link to the support system only works on some of their pages. There were numerous times when I clicked on the “Support” link only to be navigated back to the home page. When the link does work, a buggy pop-up window appears where you’re able to submit an issue.
On the plus side, the exchange has an FAQ section that covers many of the questions a new user would have about their platform.