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Changelly is a somewhat unconventional, yet extremely successful cryptocurrency exchange, that utilizes near-instant trades between cryptocurrencies through their service.
They are by far one of the most popular instant swap exchanges, neck, and neck with Shapeshift. They utilize on-chain transactions and tracking to ensure that proper exchange is made between a large selection of supported cryptocurrencies.
According to the Changelly’s about page, they have attracted over 1.5 million registered customers, with an average of over 15,000 daily transactions. Changelly has also reported that the service trades over 60,000 Bitcoin worth of cryptocurrencies every month.
In addition to crypto to crypto transactions, Changelly also allows for users to buy cryptocurrencies with Visa and Mastercard debit and credit cards, through the Simplex payment portal.
However, Changelly does not allow users to sell cryptocurrencies through their platform, most likely due to laws and restrictions set in place for the company.
The selling of cryptocurrency can take place through fiat exchanges, such as Coinbase or Bitpanda.
Changelly prides itself on being a fair, fast, and trustworthy service. Changelly states that the site offers low fees at 0.5% for any transaction, with any cryptocurrency, at the lowest fees available.
Although Changelly’s rate is above the common 0.1%-.25% fee taken by traditional exchanges, many have found it well worth it for a fast and almost instant and easy exchange.
Changelly has extra security benefits as it never actually holds your coins. This is an awesome feature, as in the past, exchanges such as Mt. Gox have been hacked and lost millions in user funds.
Unlike its main competitor, Changelly offers a much larger variety of cryptocurrencies, offering over 80 assets compared to Shapeshift’s ~45.
Other assets on Changelly are mainly composed of popular ERC20 tokens and other top 100 cryptocurrencies, such as Tron, Monero, Ethereum Classic and Basic Attention Token.
The Changelly team are continually adding new coins, with reliable and well-known coins and tokens being added almost every week. Check the rest of the list out on Changelly.
Changelly was founded in 2013 by Minergate, a Bitcoin mining pool, in the Czech Republic’s capital, Prague. However, the official Changelly product, as we see it today, was not released until April 12th of 2016 after an overhaul of the service.
The overhaul of the service has proven to be a successful venture, with Changelly pulling in hundreds of thousands of customers through a clean and easy-to-use system.
However, since the original inception of Changelly, there has been some overhaul in the team structure. Here are some important members of the team.
CEO – Konstantin Gladych
Konstantin Gladych is from Prague in the Czech Republic. He has large amounts of experience dealing with technology, with a Ph.D. in data mining and machine learning. Although this was his first project in the cryptocurrency space, it is clear to see that he holds the requirements needed to run a fintech firm, with experience in the development of other technology firms.
Konstantin also works as an advisor on popular cryptocurrency projects Genesis Vision and Cindicator. Genesis Vision is a fintech startup that hopes to disrupt the traditional fintech industry. As well, Cindicator is an AI and crowd-sourced information pool that helps to provide unique market insight through a variety of innovative analytical techniques.
Business Advisor – Charlie Shrem
Charlie Shrem was, and still is, one of the largest names in the cryptocurrency space. He started one of the first cryptocurrency companies, this being BitInstant. BitInstant quickly became a popular way in which consumers could get Bitcoin. Charlie was sentenced to prison for allowing criminals to buy Bitcoin off the BitInstant system.
After his short stay in prison, he quickly bounced back into the space, working with Jaxx wallet as the COO and then now working as an advisor at Changelly. His knowledge and skill as a member of this industry are unmatched, and his work to assist Changelly will go a long way.
All other employees that work at the Changelly exchange have been vetted by the executives to ensure that the team is as competent and legitimate as possible. They are undoubtedly great and will serve customers and other members of the Changelly team well.
Changelly has a strong customer support team, that is active through their social media channels, email and Reddit accounts.
Feel free to send them a message on a variety of platforms if you ever need help when using the service. They should respond quickly and will do their best to help you solve any problems you may have.
There are no KYC requirements for crypto to crypto transactions on Changelly. Crypto to crypto trades can be done through an account that only requires an email and a password. Setting up an account is as easy as entering an email and a chosen password, then verifying your email through the link that is sent straight to your inbox.
As well, you can sign in using Google, Facebook or Twitter accounts, saving time and reducing the hassle of setting up a regular account through Email.
As mentioned earlier, Changelly uses on-chain transaction tracking to make sure that all transactions have gone through.
First, chooses a currency to deposit and what currency to get in return. Once the user chooses what currency to deposit and receive, Changelly’s system will provide the best market rates available to ensure that the customer knows what he/her is going to get after the exchange.
If you don’t have an account already, you will be prompted to create an account, using email, Google, Twitter or Facebook.
Once the sign-in is completed, a deposit address and QR code will pop-up onto the screen for the user to deposit the cryptocurrency they chose. After the transaction is submitted, the Changelly GUI will update showing that the transaction is pending.
Once the transaction goes through, the GUI will update once again showing that the transaction is being verified. After a few seconds, the user should receive an incoming transaction with the cryptocurrency which they requested for the trade.
It is quick and easy to do, with Changelly taking care of all of the heavy lifting and taking a small 0.5% in fees to compensate for their work.
When buying cryptocurrencies with your Visa or Mastercard through the Simplex payment portal, you will need to fulfill KYC in order to actually complete the transaction.
This KYC is as simple as a form of government identification, like a passport or driver’s license. However, many have found that it makes more sense to actually complete fiat to crypto transactions through a full-fledged exchange with multiple trading pairs.
Some users reported that Changelly locks privacy coins in their wallets until KYC is submitted. It makes sense that Changelly has been trying to follow regulation rules from across the world to avoid closure.
Other exchanges like Binance that don’t deal with fiat directly allow Monero and bother privacy coins to be traded without KYC.
Changelly is an exchange you can put your trust in. With over 500,000 satisfied users, including the aforementioned Charlie Shrem, putting their trust in the exchange to ensure that the consumers will get the cryptocurrencies they want at the best rates.
Changelly also uses 2FA on their accounts to ensure that all trades only go through under your stamp of approval, minimizing the risk of any hack or attack on the service. Changelly also does all the fast and secure transactions through well-protected servers, where no consumer data is revealed to anybody who may be scouring.
Changelly has an affiliate program that allows users to earn commissions on users that signup through them. Changelly has a base fee of .5% and gives 50% to accounts signed up through another account referral code.
This system provides incentives for users to grow the exchange, while also being rewarded for doing so.
At the moment, Changelly does not accept Paypal as a way to buy cryptocurrencies using fiat. However, the Changelly might consider it as a future payment option.
Changelly currency accepts U.S. dollars and Euros for Fiat to Cryptocurrency transactions. For crypto to crypto transactions, they offer a much wider variety of pairings.
There are no restrictions on the number of cryptocurrencies you can purchase with your debit or credit cards. However, there are a few limits for the first transactions you make on the service, most likely to mitigate the risk the use of fraudulent or stolen credit card numbers.
After one month after your first purchase, all limits are removed, allowing for users to buy as many cryptocurrencies as they want through the fiat payment processor.
The amount which you receive from Changelly may be marginally different than the quote given due to the time it takes for the transaction to be processed (often within 5-30 minutes). Because cryptocurrencies are traded on a market 24/7, prices are subject to small changes within short time periods, meaning that the given exchange quote may be slightly off usually +/- 1% of the actual transacted amount.
Changelly usually takes around 5 minutes to go through, with 30 minutes stretching the time it takes for a transaction to be processed. If a transaction exceeds a certain limit (over one BTC worth), it may take the Changelly system a bit longer to process it, to make sure that it is fully verified.
A memo is a special code, usually a combination of digits and letters, to help deposit the Steem cryptocurrency to a specific Steem user. The use of memos is seen below.
If you want to buy Steem from Changelly, make sure that you specified the right memo given to you by Changelly while transacting your Steem. If you do not enter in the correct memo, you may not be able to correctly deposit the Steem, leading to lost funds.
Note that if you also have a nickname on steemit.com, you can use as your wallet address and that doesn’t require a memo.
Similar to Steem’s memo, a destination tag is a combination of letters and numbers that are required for most wallets that support Ripple. Make sure that you have specified a destination tag for the Ripple, to ensure that no funds are lost.
A message is XEM’s version of a memo or destination tag. Whenever you send or receive the XEM cryptocurrency, make sure that you input a message which you can find in your XEM wallet.
Changelly is a fantastic place and service for users looking for instant cryptocurrency exchanges. Fees are low, trades are fast and most importantly, it is a service you can trust to make sure that the transactions go through. What makes Changelly stand out is the wide variety of cryptocurrencies that can be traded, with many being in the top 100.
They are also continually adding new coins to meet the demand of consumers, so watch out for any cryptocurrencies that may be to your liking next time you are on the stunning website. The Changelly team are well known and competent team with great customer support in the off-chance that things go wrong with a transaction.