Changelly is a cryptocurrency exchange that lets you transfer funds from one wallet to another within seconds. Here’s our Changelly review.
What Is Changelly?
Changelly is a cryptocurrency exchange platform with several unique features. First, it doesn’t accept any fiat currencies. The exchange is exclusively available for transferring funds between cryptocurrencies and digital currencies.
The other unique feature of Changelly is that it aggregates rates from other trading platforms across the internet, then suggests the best rate based on that information. This makes it easy for traders to get the best rates on their cryptocurrencies whether they’re buying or selling.
One more thing that sets Changelly apart from other services is its flat rate fee structure: the company always charges a fee of 0.5%. That’s it – no exceptions, bulk discounts, or minimum purchase amounts. A simple rate of 0.5% at all times. There are no withdrawal fees or additional commissions.
Overall, the goal of Changelly is to remove technical barriers between customers and the world of cryptocurrency. Although a 0.5% fee is higher than other exchanges, Changelly users may still come out ahead due to the lack of additional fees and the ability to get the best rate on all trades.
Changelly emphasizes the fact that it’s fair, fast, and trustworthy. Here are some of the key features of the platform:
Changelly charges a fee of 0.5% on trades. There are no charges for withdrawal, and no additional commissions. This is a simpler fee structure than most other exchanges in the world today.
Enter the amount and address, then transfer your coins and complete the transaction. That’s it.
Changelly was created by the developers of MinerGate, a group that has a long history of work within the crypto industry.
Credit Card Deposits:
Changelly accepts Visa and MasterCard deposits.
Convert At The Best Rate:
Changelly scans exchanges across the internet and finds the best rate. Then, it lets you trade at that rate. You can avoid volatility while taking advantage of the liquidity of bigger exchanges.
How Does Changelly Work?
The key feature of Changelly is its ability to change coins at the best rate. As an example, let’s say somebody is converting 15 LTC into DOGE. The transaction starts on Changelly, and the platform finds the best rate based on information across the internet. Changelly scans cryptocurrency exchanges to ensure you’re always getting the lowest rate.
In the example given on the Changelly website, 15 LTC is worth 0.17 BTC, and 0.17 BTC is worth 396,000 DOGE. Changelly charges a fee of 0.5% (1980 DOGE), then sends a total of 394,020 DOGE to the receiving wallet.
That’s the entire Changelly exchange process.
Changelly supports a surprisingly diverse range of currencies – including all of the major cryptocurrencies and dozens of lesser-known currencies. You can view the full list of supported currencies on their site.
Some of the supported currencies worth mentioning include Bitcoin, Litecoin, Bytecoin, Monero, QuazarCoin, DigitalNote, Dashcoin, Fantomcoin, Dogecoin, and Ethereum. Dozens of others are listed on the official website.
Another unique feature of Changelly is that it doesn’t hold currency for traders. There’s no wallet service attached to Changelly. Instead, you use the wallet of whatever coin you wish to buy.
Each Changelly transaction takes about 5 to 20 minutes to be processed. However, larger-value transactions (over 1 BTC) may take longer depending on the size of your transaction and the capacity of the blockchain.
Other Changelly Products
In addition to the Changelly exchange site, Changelly offers widgets for publishers and an API for merchants.
Widgets For Publishers
Changelly has made a series of software widgets catered to third parties. These software widgets can be integrated into their websites and allow users to exchange one crypto to another from the page without leaving. Some of the possible users for these widgets include market analysts, bloggers, and news publishers.
API For Merchants
Changelly has an API for merchants called the “Smart Payin” API. It’s designed to exchange digital currencies directly. Merchants – like gambling websites or entertainment sites – can provide digital crypto wallets that accept any coin as payment, then instantly convert those coins into the payment of their choice.
If a merchant wants to accept BTC, for example, then Smart Payin can accept customer funds in a cryptocurrency like DOGE and immediately transfer it into BTC.
Changelly was founded in 2013 in Prague, Czech Republic. The prototype for Changelly was initially created by the team behind MinerGate, a bitcoin mining pool. By 2014, Changelly had evolved from a prototype into an independent exchange service.
The company’s About Us page describes how they have “an extensive track record in crypto world and cherish the trust we’ve gained over the years.”
Should You Use Changelly?
Changelly is a unique trading service that helps you get the best rates on popular cryptocurrencies – and lesser known altcoins. The trading platform was created by the team behind MinerGate. Today, Changelly is headquartered in Prague, Czech Republic. The trading fee of 0.5% is higher than other trading platforms.
However, depending on your transaction, you might still come out ahead: Changelly doesn’t charge any withdrawal fees or additional commissions. There’s just a 0.5% flat rate on exchanges. That’s it.
Ultimately, Changelly is a popular service that allows you to maximize the value of your cryptocurrency trades. If you own one cryptocurrency and want to transfer it into another cryptocurrency, then Changelly is one way to get the best rate on your transaction.