Changelly cryptocurrency exchange review
- Fiat currencies
- 58
- Supported assets
- 391
Our verdict
Changelly is an instant digital currency exchange providing competitive crypto-to-crypto rates.
Founded in 2013, Changelly has emerged as one of the most popular crypto-to-crypto exchange services on the market. The Czech-based exchange offers a wide range of services for people looking to get the best rates on cryptocurrency conversion.
Changelly has already carved out a strong international presence and has earned the trust of 300,000 customers since 2015.
Pros
-
The largest offering of cryptocurrencies on the market
-
Beautifully designed website
-
Popular platform trusted by hundreds of thousands of traders
-
Competitive commission fee for crypto-to-crypto conversion
Cons
-
Higher rates than other exchanges when purchasing cryptocurrency directly
Details
Product details
| Product Name | Changelly Crypto-to-Crypto Exchange |
| Fiat Currencies | USD, GBP, EUR, CAD, MXN, HKD, RUB, NZD, SGD, JPY & 40+ more |
| Cryptocurrencies | BTC, ETH, XEM, LSK, XMR, LTC, XRP, EOS, XLM, BCH & 381 more |
| Deposit Methods |
Bank transfer (ACH) |
| Trading Fee | 0.25% |
| Deposit Fees | 1-7.1% |
| Withdrawal Fees | 1-7.1% |
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
What is Changelly?
Changelly offers a unique proposition: It allows you to exchange one cryptocurrency for another in the most convenient way possible. It does this by aggregating and suggesting the best rates directly on its website.
Changelly’s robot is integrated into other cryptocurrency trading platforms, such as Poloniex and Bittrex. In a matter of milliseconds, the robot suggests the best available rate on its website.
Given the volatility around cryptocurrency, Changelly does not fix rates. This enables the company to charge a very low commission fee for facilitating trades.
What cryptocurrencies can I buy or sell?
Changelly only deals in crypto-to-crypto transactions and does not accept fiat currency conversions. However, you can use the US dollar or the euro to purchase more than 35 cryptocurrencies.
Some of the supported cryptocurrencies include:
- Bitcoin
- Litecoin
- Ethereum
- Dash
- Dogecoin
- Bytecoin
For the full list of accepted tokens, visit the Changelly site.
Available countries
Changelly is available worldwide, including Ireland.
Which payment methods are accepted?
Changelly accepts payments in more than 35 cryptocurrencies.
You can also purchase cryptocurrency with your credit or debit card in US dollars or in euros.
How much will it cost me to use Changelly?
- By not fixing rates, Changelly is able to charge a competitive fee of 0.25% on cryptocurrency transactions.
- Users will also pay networking fees that are set and collected by the blockchain network.
How fast will my funds be available?
Crypto-to-crypto transactions are usually finalised in 5-30 minutes. However, transaction processing times will depend on the capacity of the blockchain network at the time of your trade.
Larger transactions may also take more time to process.
Are there any transfer limits?
The exchange has very high limits and good liquidity, which means you can make trades of virtually any size. However, it’s important to keep in mind that your transfer amounts must be big enough to pay for the blockchain network fee as well.
There are restrictions on bank card payments, although the limit rises substantially after a few purchases.
- 1st transaction. US$200
- After 4 days. US$500
- After 7 days. US$3000
- After 1 month. Unlimited
Is Changelly considered secure?
Changelly is viewed as an exchange service that is safe and convenient to use. The platform enables 2-factor authentication to protect your account. This includes Google Authenticator, which provides an added level of security.
Client information such as email is kept private and will only be used to contact you from time to time.
Customer support
Customer support can be contacted directly via email and social media. The website doesn’t list response times, but does have a comprehensive FAQ section that will probably answer many of your questions.
Get started
Changelly’s smooth interface and user experience have attracted many crypto enthusiasts into its fold. If you’d like to give the platform a try, head over to the Changelly website and click “Login“. Navigate to the bottom and hit “Registration“. Here, you’ll be able to sign-up with your email or social media account.
Compare Changelly against other crypto platforms and exchanges
Frequently asked questions
Image source: Changelly