Changelly Review 2023
Making Crypto Simple
If you’re seeking a safe place to trade a wide range of cryptocurrencies without going through a slew of confusing trading tools, Changelly could be the answer for you.
Trustpilot users have awarded this non-custodial exchange a 4.4/5 stars rating, making it one of the industry’s most popular and trustworthy cryptocurrency exchanges. So, we thought it would be good to check what makes Changelly so attractive to crypto traders. Next on our Changelly review!
About Changelly Exchange
Changelly is a non-custodial crypto trading platform that focuses on instant digital asset trades since 2015. The fact that this Hong Kong-based exchange makes it so easy to swap digital currencies is one of the reasons why it’s quite popular among crypto beginners.
How Does Changelly Work?
Unlike most crypto exchanges, Changelly operates as a go-between platform that connects the exchanges with the traders. This exchange works with various crypto trading platforms to find the best price on the market for you.
Changelly employs an automated trading algorithm that connects the exchange to some of the most prominent blockchain-related businesses and wallets on the market, including Coinmarketcap, Jaxx, Bittrex, Coinbase, Binance, Poloniex, MyEtherWallet, Exodus, Trezor, Ledger, and Edge.
Changelly requests from the respective exchanges to display the best available quotes on different trading pairs to give users the best market prices.
Changelly supports a wide variety of digital currencies, including Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Tether (USDT), Monero (MXR), and Chainlink (LINK) and more than 200 popular altcoins.
Changelly also offers a wide range of trading pairs to help you with your investing strategies. A detailed price chart for each trading pair allows you to compare it to other digital currencies and evaluate market movements for a more successful trading outcome.
Changelly offers many payment options for traders, including bank transfer, bank account, Apple Pay, and a few more. The most popular is the VISA/Mastercard-issued credit card/debit card option, which is highly convenient for beginners with no cryptocurrency portfolio.
If you’re looking to buy Bitcoin and other crypto coins with fiat money, you can use Changelly’s fiat-to-crypto marketplace to find USD/EUR/GBP fiat currency offers from reliable fiat payment providers like Simplex and MoonPay.
Simply choose an offer, input your wallet address, and validate the trade by confirming your identity and submitting your payment details – that’s all it takes to execute a fiat-to-crypto transfer. The system will redirect you to the next best deal if you cannot process your payment.
Changelly Fees and Limits
Changelly Pro levies a transaction fee for each trade you make through the platform, based upon your 30-day trading volume. Changelly’s maker/taker fee model has 12 levels, and the transaction fees decrease as your trading volume increases. The exchange fees range between 0%-0.1% per trade, and are always expressed in BTC.
Furthermore, there are no tier-specific costs for futures trading. Maker fees are set at 0.02%, while taker fees are 0.5%.
There are no deposit fees on Changelly Pro, as all payments are conducted directly between the participating investors in the trade.
When it comes to the primary Changelly platform, the maker/taker fees are fixed at 0.1% per trade. On the other hand, the crypto-to-crypto exchange fees are a flat 0.5%
Changelly is a user-friendly trading platform that caters to novice and experienced traders. Various financial instruments enable fast and efficient trading, and there are also some volatile products for the more daring and professional crypto investors.
The Basic Changelly Exchange Platform
The Changelly exchange service provides streamlined tools for instant buying, selling, or exchanging Bitcoin (BTC), and more than 200 altcoins at the best exchange rates. With the lock rate feature, you can rest assured that market fluctuations will have no impact on the final cost of your trade, provided you close the deal within 15 minutes of locking the rate.
The Changelly Pro Platform
If you feel more adventurous and want to engage in some more volatile crypto trades like margin trading, you might like the Changelly Pro platform.
Changelly Pro is a separate platform dedicated to seasoned crypto investors. It provides traders with advanced features to improve their trading performance. You can engage in margin trading, conduct trades quickly, and stay connected to the cryptocurrency markets through Changelly Pro.
You’ll have access to an all-in-one multi-currency portfolio on the platform, eliminating the need to handle several wallets simultaneously. Two-factor authentication (2FA), email confirmations, and whitelists for withdrawals help keep your assets safe while trading through Changelly Pro.
In addition, you can earn additional passive income by participating in the exchange’s affiliate program.
Changelly Earn is an affiliate program that allows influencers to promote cryptocurrencies and earn up to 50% of Changelly’s profits. This program enables you to use the exchange’s developer APIs, referral links, exchange widgets, or banners to advertise the platform within your peer network.
You must have an activated Changelly account to join the Affiliate Program and earn commissions. Once you’ve registered on the platform, you’ll have full access to all the tools and promotional resources that help you attract new users to Changelly and earn additional revenue.
Is Changelly.com Safe to Use?
Changelly is a non-custodial platform, which means it does not keep cryptocurrency on its infrastructure. After you swap coins, they are delivered immediately to your digital wallet.
For increased platform safety, Changelly adheres to the latest FATF, European Parliament, and financial industry regulators’ proposals and guidelines. The exchange also employs AML/KYC protocols for Trader and Pro accounts as a preventive measure to protect clients from any fraudulent attempts, money laundering scams or other illegal activities.
Is Changelly Legit or Scam?
The fact that Changelly works in partnership with more than 300 of the most prominent and highly regulated exchanges in the industry answers this question. Changelly is a legit exchange without question.
Changelly is renowned for its 24/7 customer support in several languages. You can contact the Changelly support team via Live chat or by submitting an email support ticket.
Changelly Pros and Cons
Here are the major advantages and disadvantages of trading on this exchange:
- Low fees;
- Instant trading options;
- A non-custodial platform;
- Quick registration process;
- Anonymous trading is available at the first account level (Starter account);
- Enables credit card payments and fiat-to-crypto trades;
- Traders on the basic Changelly platform don’t need to go through identity verification;
- Suitable for both beginners and advanced traders;
- Provides a convenient mobile app for trading on the go;
- A Changelly team of experts is available 24/7 to support you via live chat or email.
- Fiat-to-crypto fees can be somewhat high due to the processing charges imposed by the payment provider.
The Bottom Line
Changelly is an innovative trading platform that employs an automated trading robot to deliver the best market prices to traders. The platform was envisioned as a bridge between the exchanges and the traders and it streamlines the basic trading options for fast and efficient trading.
Pro platform offers more sophisticated trading tools for advanced traders. Earning passive income in several ways is also one of the perks offered on the exchange.
It gets better. The fixed 0.1% fee per trade for traders with a Starter account is a good reason to consider Changelly as your preferred trading platform. And, we saved the best for last – there are no fees for BTC withdrawals or deposits on Changelly.
The bottom line? Changelly is one of the most client-oriented crypto initiatives in the market. It has attracted a vast number of traders by offering innovative and cost-effective trading. Trading with Changelly seems like one of the easiest things in the world. But, if you prefer a more traditional exchange for your next crypto trading venture, we suggest checking out our reviews on some of the best trading platforms for Canadians.
Frequently Asked Questions
Changelly provides three degrees of authentication for your account: Starter, Trader, and Pro. The Starter is the most basic level of user identity verification. Immediately after signing up, you are at the Starter level and can begin trading straight away with no user verification procedures.
However, to qualify for trading on the Changelly platform as a Trader or Pro, you must first complete the Know Your Customer (KYC) verification procedure.
By upgrading your account verification level to Trader or Pro, you become eligible for discounts on trading fees, higher deposit and withdrawal limits, enhanced account security and access to more trading features on the Changelly Pro platform.
Yes. The Changelly mobile app provides almost all the platform features of its web version. You can download the Changelly mobile app from the App Store or Google Play store to exchange crypto on your Android or iOS-supported device.