Changelly is the perfect exchange if you are looking to purchase and exchange a vast array of cryptocurrency. This is not a trading platform but a crypto exchange platform. The exchange can come in super helpful when you want to get ahold of altcoins, such as XRP, Monero, ETH/ETC, LTC, and other lesser-known options.
This quick guide will touch upon the pros and cons of Changelly while detailing its background, fee, funding options, and other features.
Why Should Beginners Choose Changelly?
High levels of security
Great limits and liquidity
Accepted in every country
What’s not to like?
Fees are a bit higher than other exchanges
No sale in fiat money
Brief Background of Changelly
Changelly was established in 2016 and is based out of Prague, Czech Republic. The team behind the exchange is called MinerGate and has played a significant role in attracting over 1 million users. The platform is highly unique since it simply offers to convert a broad range of crypto to others in a quick and efficient manner.
What Is the Fee Structure on Changelly?
The platform offers a fixed fee structure of just 0.5%, which is clearly labeled when you go to make a purchase. However, you need to know that cryptocurrencies are highly volatile, which is why the rates to purchase are never fixed. You would get the current rate whenever you go to buy a currency on Changelly, which may fluctuate when the buy order finally goes through. However, you can be sure that Changelly always achieves the lowest bid for your order.
You need to keep in mind that platforms like Changelly are more focused on attaining a quick transaction than getting the lowest price. They would obtain the lowest possible rate in that short time frame.
How to Deposit and Withdraw Funds?
There is a wide array of funding options when it comes to converting crypto on Changelly. However, where fiat currencies are concerned, the options are rather limited. In fact, you cannot sell your crypto assets for fiat here.
You can purchase any crypto in any currency using debit or credit cards from any country. But, the end transactions would only be in USD or Euro. This means you may have to pay conversion fees.
Changelly supports 90 odd coins for deposits and withdrawals. Some of the more popular ones are listed below:
Liquidity and Limits on Changelly
The sky's the limit on Changelly when you are buying or exchanging a cryptocurrency for another crypto asset. You can convert your cryptocurrencies any number of times you want and for however much. This is one of the reasons why Changelly is highly liquid. However, where fiat currency is concerned, you would need to face certain restrictions depending upon your region and country. These are some of the restrictions:
USA, Canada, and Australia – Citizens are limited to making a transaction of just $50 on their first purchase. The next purchase, which can only be made after 4 days, can be for $100. The third transaction can be $500, after a minimum of 7 days after the first transactions. There are no limits after these transactions.
EU & Others – The first transaction is limited to $100 with the next one at $200. The second transaction can be made only after 4 days with the third transaction limited to $500 made after 7 days. There are no limits after this.
How User-Friendly is Changelly?
The platform has a sleek and intuitive interface with some pretty cool features. This could be a great place to get a feel of cryptocurrencies. The website is highly informative with fantastic graphs and diagrams. They clearly explain how the platform works and provide much-needed information on trading crypto assets.
Changelly Customer Service
The customer support is good when compared to other exchanges. You can send them an email, which gets addressed fairly quickly. You can also make use of their informative FAQ page where most common queries get answered.
The Bottom Line
Changelly offers beginners the platform to purchase a wide variety of crypto assets using USD and Euro. The exchange is geared towards users who want a quick transaction. The platform is also attractive if you want to maintain anonymity. They do not require any verification as opposed to other exchanges. The only thing you would need to furnish is your email address. If you are looking for simple purchase and crypto conversion, then this is the place for you.