Changelly Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Changelly Review.
Changelly is a Czech spot cryptocurrency exchange, launched in 2013. It offers instant exchange services in over 50 cryptocurrencies – both major and smaller, 2700 cryptocurrency pairs, as well as trading in fiat for cryptocurrencies. The fiat currencies accepted are USD and EUR and they can be traded against around 35 of the alt-coins in Changelly’s instrument portfolio.
Changelly’s trading robot is integrated in some of the largest cryptocurrency exchanges, among them Poloniex and Bittres and selects the best available rate to display on Changelly’s platform. The rates, however, are approximate until the completion of the transaction on the blockchain and the final rate may vary a little.
According to Changelly’s own data, it has had a total of over 500 000 customers and over 3 million monthly visitors on the site.
– Location. Changelly is based in Prague, but accepts clients from all over the world, including the USA.
– No limits. Changelly does not have minimum or maximum amount limits, except in very few cases when is set a minimum amount that needs to cover the network fee. This is quite convenient both for those who want to just get their feet wet and for those who want to exchange large sums.
– Fiat currencies. Changelly offers trading in around 35 cryptocurrencies for EUR or USD, which is quite a significant number of alt-coins. There are not so many exchanges that offer this option – most usually provide trading options for only the largest cryptocurrencies against fiat currencies.
– Credit cards. Changelly accepts payments with Visa and MasterCard credit cards, which is extremely convenient for the users. Changelly accepts payments with a 3D-secure card from any country and in any currency. However, transactions will be converted either to USD or EUR. The payment fee of Changelly’s payments partner Simplex is 5% or at least USD 10.
– Fees. Changelly charges a 0.5% trading fee, which is fairly reasonable and within the industry average.
– Anonymity. If they so wish, clients can remain fully anonymous when exchanging crypto-for-crypto. Changelly also provides the option to sign up with a G+, Facebook or Twitter account, or with an e-mail. If exchanging fiat for crypto, there is no full anonymity, as the credit card has a holder’s name.
– Platform. Changelly’s platform is extremely easy to use, even by a novice trader. The more experienced traders, however, may be annoyed by the lack of price charts and other tools and features, usually provided by the more advanced trading platforms. We are of the impression that Changelly is not targeting the serious traders, but rather people who are trading only very occasionally. So, from a novice user’s point of view, Changelly’s platform is ideal.
– Tokens. Similarly to some other exchanges, Changelly accepts proposals for the inclusion of other alt-coins.
– Cryptocurrency for fiat. Changelly does not allow the conversion of cryptocurrency to fiat currency, but only the purchase of alt-coins for fiat currency.
– No PayPal. For the time being Changelly does not accept payments through PayPal. But we’d say the acceptance of credit cards compensates for this.
– Credit Card limits. Changelly has put some restrictions on the first few transactions with credit cards. They are the following:
USA, Canada and Australia – $50 limit for the first transaction, the next purchase could be made in 4 days (100$ limit), $500 after 7 days of the first buy. No more than 3 payments within the first week. No limits in one month at all.
CIS region (Russia/Ukraine/Belarus/Kazakhstan/Armenia/Georgia) – $200 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $2000 and for the first month is $10000.
EU and other countries – $100 limit for the first transaction, the next purchase could be made in 4 days with 200$ limit. And $500 after 7 days of the first buy. No more than 6 payments within the first week. No limits in one month at all.
– Speed. Judging by customer reviews elsewhere, it seems that in cases of busy trading the service can get quite slow. To a certain extent this is understandable, as at such times the blockchain network gets very busy and takes longer to confirm the transactions. On the other hand, however, this is quite frustrating and clients lose money.
Besides, often the customer support is overworked and sometimes cannot reply in a prompt manner. Apparently it does so in the end, but customers end up thinking the site is a scam.
– Phishing. According to Changelly’s own admissions, their open API can be and is sometimes used for phishing scams. They say they are working on resolving the problem and informing the clients.
– Leverage. Changelly does not offer leveraged trading and this is quite common among the cryptocurrency exchanges. There are several, like Kraken, CexIo, Coinbase and bitFlyer, who offer this type of service. There are also quite a few forex brokers who are offering CFDs on some of the major crytpocurrencies for trading on margin.
Changelly is a popular cryptocurrency exchange with a large alt-coin portfolio and conveniently accepting fiat deposits with credit cards. Users can remain anonymous and can be a resident of any country. There are no minimum or maximum limits for exchanging cryptocurrencies. However, there are some restrictions for the first few deposits made with credit cards. Additionally, clients must keep in mind that even though they can make a deposit in any fiat currency, it will be converted into USD or EUR and the rate can be disadvantageous.
What we dislike about Changelly is firs and foremost the speed. We have noted that sometimes it is beyond the control of the platform, but the slowdowns during peak trading periods can be extremely frustrating and can lead to losses. We also do not like the fact that there is no option to exchange cryptocurrencies for fiat, but only the other way around. This means that if one needs to convert alt-coins to “real” money, they have to transfer them to another exchange or wallet that can be cashed in. This is somewhat inconvenient and can also be costly. We do not like that there is no clear information about the transfer fees charged by Changelly – neither for cryptocurrencies, nor for fiat currencies. Only when one starts the exchange process, it becomes clear that the credit card fee is 5% or at least USD 10.
Changelly Review Conclusion
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