- Very easy and convenient exchange interface
- Large variety of cryptocurrencies
- Users can remain anonymous
- Can not sell for fiat currency
- Rates are slightly higher than other exchanges
- No mobile platform
Changelly is an innovative cryptocurrency trading platform that aims to simplify the process of buying and trading cryptocurrencies. The Changelly project was first founded in 2013 as a porotype by the people who created MinerGate and was later launched as a viable exchange in 2015. The company is headquartered in Belusova Prague, 155 00 Czech Republic and accepts users from all over the world. Changelly differs from most other cryptocurrency exchanges because it utilizes a very simple and sleek interface in which its users simply choose which cryptocurrency they would like to buy and which cryptocurrency they would like to pay with. Users can exchange a large number of cryptocurrencies for one another unlike traditional cryptocurrency exchanges that utilize 1-5 base cryptocurrencies to exchange with.
Getting started with Changelly is also very fast and simple. The only thing required is an email address and account password to sign up and begin trading. Users can stay completely anonymous as there are no verification requirements. An important aspect of Changelly is that only cryptocurrencies can be bought, while both cryptocurrencies and US dollars can be used to exchange for cryptocurrencies. Again, this differs from most other exchanges because when they accept fiat currency for the buying of cryptocurrencies, users can usually exchange their cryptocurrency back into US dollars.
The Changelly trading platform is a web-based platform that is incorporated into the homepage of the Changelly website. Users simply go to the website login and can start exchanging instantly. The website is beautifully and intuitively designed which makes for a seamless trading experience. The Changelly interface might actually be the simplest and well-designed exchange interface we have seen yet and it’s easy to get started. However, the website is not designed for mobile use and there are no downloadable applications.
Once your account is created, the user selects the currency they would like to exchange and the currency they would like to buy. They then send their exchanging currency to Changelly, (US dollars are the only fiat currency available for exchange/buying, while numerous cryptocurrencies can be used for buying). The user then enters in the amount of cryptocurrency they would like to buy, click the exchange button, and enter in their receiving wallet address. An overview of your order will be outlined for your review, the receiving exchange amount will be stated but is only an estimate as the real amount may change by the time the order is processed. If everything looks good, click submit and your transaction will be processed within minutes, (process times vary depending on the cryptocurrency being exchanged). The cryptocurrency you bought will show up in the wallet address you provided. This is another nice feature that differentiates Changelly from other exchanges, the funds are never held on Changelly, but rather sent directly to and from your personal wallet.
Changelly deals directly in the cryptocurrency markets and features the exchange of over 90 of the most popular cryptocurrencies. More and more cryptocurrencies are constantly being added as demand increases. Changelly markets themselves to beginner cryptocurrency traders and people looking for a simple way to acquire cryptocurrency. This is because Changelly offers a simpler alternative to most other cryptocurrency exchanges. As well, another big part of the market are users who use their services for the purchasing/exchanging of altcoins. Many of Changelly’s users already own some of the big cryptocurrencies like Bitcoin, Ethereum, and Litecoin, but would like to exchange them for some altcoins. Changelly provides a fast and easy service to do just that.
Changelly offers their customers support through email and generally reply within 1-5 business days. The exchange often sees a lot of traffic and has many new users; therefore, response times can sometimes be delayed. However, the responses from Changelly’s support team are very professional and come across as friendly individuals. Before contacting customer support, users are urged to search the very informative FAQ page where users can find the answers to most if not all questions they might have. The page is filled with questions with thought out and detailed answers that are east to find through the table of contents. As well, Changelly has their very own blog with various kinds of posts about the exchange, blockchain technology, and numerous cryptocurrencies. Users of Changelly should have no problem finding useful and helpful information for buying and exchanging cryptocurrencies.
Security and Fairness
Changelly was developed by the reputable team who are behind the creation of MinerGate, which has helped tremendously with Changelly’s reputation. In all the years Changelly has been operating, there have been minimal complaints about the services they provide. Changelly employs a HTTPS security protocol and utilizes two factor authentication to help make their user accounts more secure. As well, user’s funds are never stored on Changelly, so there is no chance of the exchange being hacked to steal cryptocurrencies.