If you’ve been on the crypto scene for a while, then you’ll have heard of MinerGate, the cryptocurrency mining pool.
Well, Changelly comes from the very same team that brought you MinerGate. Changelly is a cryptocurrency exchange platform, that is beloved because of its simple and easy-to-use interface.
Based out of Prague in the Czech Republic, it was established in 2016 and since then has gained a great reputation and millions of users.
What makes Changelly unique is that you’re able to easily convert one type of cryptocurrency into another, with just a few clicks.
Whereas with other traditional crypto exchanges, this isn’t always possible. Here in our review of Changelly, we’ll show you the kind of features you can expect, and whether it is worth all that hype.
Features Of Changelly
Before we dive into what we think of Changelly, let’s have a look at its features.
Changelly provides a certain level of anonymity compared to other crypto exchange platforms because you don’t need to put in your personal information.
The only bit of personal information that they require from you is your email address.
This is because they need your email address to create a secure account, and for using their 2-factor authentication.
This maintains a high level of security while still keeping you relatively anonymous.
When you use a crypto exchange site, there is going to be a fee. Changelly offers a marginally low fee of 0.5% per trade.
That’s quite a small percentage for the industry and is a huge selling point to traders.
However, this is only when trading in cryptocurrency and does not apply to fiat currency trading, and depending on the currency there is a variation in the fee.
Changelly uses 2-step authentication to create their accounts safely and to avoid any hacks.
Not only this, but they have high site safety overall. Their exchange has suffered no registered hacks or break-ins to date.
Crypto to Crypto Exchange
The best feature of Changelly is that it offers crypto to crypto exchange, So you could theoretically buy Ethereum with your Bitcoin. Changelly offers over 100 different altcoins for you to choose from when trading.
Changelly proudly shows off the fact that their exchanges and transactions can be completed in 30 minutes or less.
The e=only exception to this is Bitcoin, as sometimes it can take a little bit longer. Bitcoin is just a problem child on any platform.
Advantages Of Changelly
As a crypto exchange platform, Changelly has loads of great benefits that speak for themselves.
Here are some of the most important benefits when it comes to trading with Changelly.
Changelly comes from the makers of MinerGate, and benefits from MinerGates brilliant reputation.
Basically, if MinerGate was great then, right off the bat, you know Changelly is going to be good at the very least.
Since it was established in 2016, Changelly has become a very known and widespread crypto exchange platform.
This lends it a lot of credibility as a platform.
Flat Exchange Fee
Changelly offers a flat rate fee when it comes to crypto exchanges of 0.5%. This is a lot lower than other crypto exchange platforms and is a massive advantage. The flat-rate fee offers some form of transparency.
To start trading, all that’s required is an email address. This added layer of anonymity is great for security as well.
God forbid you are ever hacked, they won’t have access to things like your address or any ID, like other (*cough cough* Coinbase) cryptocurrency exchanges will ask for.
Changelly has recently released a mobile app that has the same features as its website but in a more compact and convenient format.
The Changelly mobile app is available on the app store, for androids and iPhones. It allows you to check on your trades, assess the market, and buy and sell crypto from one easy app.
Changelly offers dedicated customer support 24/7. It’s live support from real people, not bots, and is incredibly helpful.
One user even reported that they had accidentally sent over $1000 to the wrong person and managed to get the money back within a day by contacting their incredibly helpful customer support.
Limitations Of Changelly
While there are some great strengths of Changelly, equally it has weaknesses too. But from what we’ve found, these limitations aren’t bad enough for us to call it quits on Changelly.
Rather they’re little things that could be improved here and there. Despite them, Changelly is a very strong crypto exchange platform. Regardless, here are some of the things to watch out for.
As we mentioned earlier, when exchanging between cryptocurrencies there’s a standard fee of 0.5%. This doesn’t apply to fiat currencies like the dollar, yen, or even sterling.
When dealing with fiat currencies, the fee varies. There is no one flat rate. People have argued that this works against the transparency that Changelly worked so hard for.
But you’ll find that Changelly’s fees are pretty okay when it comes to industry standards.
Now, this limitation isn’t something that you encounter all the time, and a lot of crypto exchange sites suffer from this.
But very rarely, when the servers are overwhelmed by a lot of people using it at once, it can cause it to be very slow.
But this is because of the nature of blockchain, and the heavy load it can create on a server.
But as Changelly becomes more and more popular then it’s possible this could become a more frequent issue.
Final Thoughts On Changelly
Overall Changelly is a solid crypto exchange platform that we would recommend to any of our readers.
Their limitations are easily managed and their advantages speak for themselves.
And their unique crypto to crypto exchange is an innovation in the industry that we’d love to see more crypto exchange sites like Paxful take on. Why not try Changelly and see for yourself?
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