Although not on a par with the likes of Binanace and coinbase when it comes to volume, Changelly is nontheless popular with traders looking for an exchange without so many bells and whistles.
When it comes to speed, convenience and sleek simplicity, Changelly excels. It is for these reasons that the exchange has grown in popularity since it was founded in 2015. Buying, selling, swapping and trading crypto securely is easy on Changelly.
This reviews takes a deep dive into what Changelly is, how it works and what the benefits are so you can decide if its the right cryptocurrency exchange for you.
Changelly is a crypto exchange that lets users buy a selection of cryptocurrencies (specific coins supported will be discussed later on), with near instant delivery to the user's private wallet.
Changelly exchange is also a place where users can buy easily buy coins with US Dollars using a credit or debit card. This in itself is handy as US Dollar "onramps" are few and far between.
For people who don't want to wait for Coinbase, or can't get to the front of the line to create an account with CEX.io, Changelly can be a great choice.
When you visit Changelly, you'll notice that the interface is about as simple as it gets and there's no cumbersome KYC to hold you up before you get started.
Signup is a breeze, and you can begin buying immediately. But how does Changelly accomplish this excellent service? Changelly has a proprietary trading bot which scours the large exchanges (Bittrex, Poloniex, etc.) for coins trading at the lowest price. When it finds the best price, it buys the coins you've ordered, and immediately transfers the newly purchased cryptocurrency to a wallet address which you provided while making your order.
The coins made available for purchase by Changelly exchange are all high-volume cryptocurrencies.This means that, in any given 24 hour period, many millions of dollars of the coins in question will be bought and sold. This ensures that, when you buy, there is always liquidity. Changelly thrives on speed of execution and this is one of its biggest selling points. Because high-volume coins are always available, they arrive quickly, which is nice if you're the impatient type.
Changelly charges a flat 0.50% commission fee for all purchases and trades performed on the platform. This helps fund the business at large, and the technology that works behind the scenes to find the best trades for their customers. It's important to note that much of this fee goes toward paying the commission fees on the exchange which the Changelly bot uses to fill your order. Bittrex, for example, charges 0.25% per trade, so half of Changelly's 0.50% is going to that.
Changelly supports several dozen coins at the moment, and is adding new supported currencies all the time. It would take up a lot of space to include all of these coins here in this Changelly review, and somewhat pointless since Changelly has a complete list with an explanation for each coin here. Some of the major projects supported by Changelly exchange include:
As you can see, Changelly chooses to work with strong projects that have a great deal of interest and liquidity at any given moment. These five projects are just a small sampling. Most of the coins supported on their platform look like good investments to us, and we think 2018 is likely to be a big year for all of them.
By this point in this Changelly review, you know what Changelly exchange is, and more or less how it works. Now that we've made the introductions, it's time to show you exactly how to buy cryptocurrencies on Changelly exchange.
So you're ready to buy cryptocurrency on Changelly exchange. Before you even go to the site, however, you have to download the wallet that goes with the coin you will eventually buy. This is because Changelly doesn't hold your coins in the same way an exchange like Bittrex does. Instead, when your order is completed, Changelly sends your coins straight to your personal wallet address, always in less than 30 minutes. A multi-coin wallet like Exodus (pictured below for this example) is a good choice for some of the coins on Changelly. Others will need their own wallet. If you get confused about which wallet to use, just contact Changelly support.
Above, you can see a picture of an Exodus Bitcoin address. In our example we are trading for Litecoin, so you would first click on the Litecoin portion of the Exodus wallet, click "receive", and copy the address you see there. This address is your personal Exodus Litecoin address. You'll need to plug this address into your order form on Changelly.
Next, navigate to the Changelly homepage. Here, once you've made your simple account, you'll be able to use US Dollars, or other cryptocurrencies, to trade for Bitcoin, Ethereum, and the altcoins supported by the Changelly platform. Start by filling in the order details that apply to your order. For our example, we'll be trading Ethereum for Litecoin.
On this screen you'll see the current exchange rate of this trading pair. Note: the exchange rate will change in real time until the moment when your order is actually executed, so the exchange rate you see will be slightly different from the one you eventually pay. This is much more specific than a "ballpark figure", but it's not exact. Sometimes, the exchange rate will change in your favor (as in this example). When you're satisfied, click "Next".
Now it's time to paste that wallet address we had you copy just a few steps above. Be very careful that the address you input is correct, as coins sent to the wrong address pretty much can't be recovered.
Again, Changelly will ask you to review all of the details of your order and to make any changes you might have missed. When you are sure everything is right, click "Confirm and Make Payment".
Now it's time to pay. Your order won't be filled until you pay, obviously. If you're using US Dollars with a credit card, simply input your information. If you are using another cryptocurrency for this trade, like Ethereum, send Ethereum to the address listed on this page or scan the QR code (on the page you see when you make your order, not the page you see pictured above).
Now you'll see that your order is in motion. You can watch this screen till its complete if you want, or you can go do some pushups or read a page of "Infinite Jest" while you wait. Whatever you want.
You'l be able to access a record of all of your Changelly orders on this page.
This is the transaction confirmation screen. It has all of the intimate details of your trade and the hash code through which you can access these details forever and always. Now, just check the wallet address for which you gave Changelly the address for this order. Your coins should be shining bright there, ready to hold, trade, or spend as you see fit.
You betcha. We have no financial stake in Changelly, though we do appreciate it if you use our referral link when you sign up. Changelly searches all major exchanges for the best Ripple price before completing your order. There is an active Changelly Reddit community, and the Changelly exchange gets talked about frequently on all subs related to cryptocurrency. There is no official Changelly app, but Changelly is built into the Stratis app. Yes, and yes. There is no clear answer to this question. Changelly supports many more coins that Coinbase and will usually get your coins to your wallet much faster.
However, Changelly costs more than Coinbase. Which exchange is better for you really depends on your needs and expectations. No, you shouldn't even think of Changelly like a wallet. Yes, using major exchanges. No, it's one of the easier processes of all of the major crypto exchanges. Yes, you can use a credit card to buy all of the coins supported by Changelly, using USD.
Changelly support may be of some help, but you really should choose a Changelly login that you can remember. o.50% is a little high, but this is because Changelly has to pay commission fees on the exchanges where they buy your coins, thus raising the price on Changelly. You're paying for convenience here, so you'll have to decide if this is worth it for you. Generally speaking, though, 0.50% really isn't that bad at all. Good for you, buddy. We're glad this Changelly review tipped the scale for you.
Changelly isn't an exhaustive one-stop crypto shop like Bittrex or Poloniex, but then again it's not trying to be. In fact, Changelly is trying to make the crypto buying and trading process much easier than it is on those major exchanges, which are slowed down by excessive demand and which are anything but idiot proof.
Use Changelly if you want cryptocurrencies of various kinds as soon as possible, don't mind paying a slight premium, and want the process to be simple and straightforward. Many people who are used to Coinbase or other USD-Crypto onramps are shocked at just how easy it is to use Changelly, and how well it works. Changelly has earned its place as an essential crypto exchange.
Find out why by trying out Changelly for yourself. We think you'll be more than happy with the process and will return to complete future purchases and trades.