Cryptosphere is still in its early days.
The oldest currency, Bitcoin is almost ten years old, and some others have survived more than five years up until now. These years have been a long-standing battle for the crypto-based company(s).
Pioneering this struggle have been bitcoin exchanges that have continued to exists even after regulatory uncertainty. Thanks to them, we have come so far.
One such cryptocurrency exchange or rather I should say, cryptocurrency swapping company is Changelly, which has trailblazed in the industry by supporting newbies to exchange their cryptocurrencies seamlessly. That means if you have one coin stored in your hardware wallet and you want to swap it into another coin and store it in your wallet again. Changelly service can do that for you.
In this post, we are going to explore:
- What Is Changelly?
- How To Use Changelly?
- How To Cancel Changelly Transactions?
- How long Does It Take For Changelly Conversion?
- How Does Changelly Process Its Payment?
- Changelly Fees & Supported Currencies
- Is the Bitcoin Buying Website Changelly.com Legit and Safe?
Changelly Exchange Review: What Is Changelly
Changelly is a cryptocurrency swapping service that lets you exchange one cryptocurrency to another for a minimal fee through their intuitive user’s interface.
However, I know some of you already might be knowing about the Changelly company but this for those who are yet skeptical to make a trade with Changelly service.
Changelly is serving the cryptosphere since 2015 and has seen major ups and downs in the market. As of now, Changelly company supports 140+ cryptocurrencies in a non-custodial way.
Meaning, Changelly never holds your funds and just acts as an intermediary between large cryptocurrency exchanges and you for serving your needs. These exchanges are like Binance or Bittrex with high liquidity.
So whether you want to sell your bitcoin and get ETH or sell ETH to get your BTC, you can do all sorts of such conversions through Changelly in a fast and secure way !!
That’s why it is one of the best ways to exchange any cryptocurrency.
How To Use Changelly?
Using Changelly is easy.
To get trade started you just need to sign-up using your email ID, and no KYC documents are needed for it. After that
Select the relevant cryptocurrency first that you want to change. Let say you want to change ETH to BTC. Now, as you select the amount of ETH the amount of bitcoin you will be getting will get auto-populated.
- Click on the ‘Exchange now’ button as in the above image.
- Recheck the details and amount and click ‘Next Step.’
- Enter your BTC address where you want to receive your BTC.
- Recheck the high-level details before the actual conversion such as fees, exchange time, etc.
- Click on ‘Confirm & Make Payment’
- Send your ETH funds on the shown address.
- Wait for sufficient confirmation and conversion to finish.
- As conversion finishes, you will see this screen
How To Cancel Changelly Transaction?
Canceling transactions isn’t possible through Changelly because cryptocurrency transactions are irreversible. Once you have initiated a conversion through Changelly by sending a particular cryptocurrency on the given address, then there is no way to reverse it and receive the same currency bank.
That’s why it is highly recommended that you double-check everything before proceeding for any exchange. On the other hand, the Changelly team also prompts you to check your details before the actual conversion twice, so make use of that…
How long Does It Take For Changelly Conversion?
If everything goes well, Changelly usually takes 30-60 minutes for converting one crypto-coin to crypto-coin. However, there are several other uncontrollable that might lead to conversion delays. Some of those are listed here.
But Changelly’s support group is quite proactive in handling its customers so until and unless you don’t make a blunder mistake, they will be ready to help and sort your issues out. And If you have any queries, you can always reach out to their support team through email.
How Does Changelly Process Its Payment?
Changelly acts as an intermediary between highly liquid crypto exchanges and users. In milliseconds it makes asks and bids on these exchanges and shows you the actual price, exchange rate, etc. on the Changelly’s app.
Once you are satisfied with that and direct Changelly to proceed, it asks you to deposit the particular bitcoin on an address. This address belongs to the exchange that is facilitating the conversion.
And as soon as crypto is transferred to the address, your conversion starts.
After that, the swapping process will start in the background automatically. The swapping process itself happens almost instantaneously, but the blockchain network takes the rest of the time. Typically, the exchange comprises of these three stages:
- Getting sufficient confirmations
- Exchanging X cryptocurrency to Y cryptocurrency
- Sending Y cryptocurrency to your wallet
Changelly Fees & Supported Currencies
Changelly charges quite a low commission fee (0.5%) for crypto-to-crypto swaps. But the exchange rates are floating rates. Using floating rates helps Changelly keep the commission fee less, and you can read here more about it to learn about the floating rate.
And as of now, Changelly supports crypto-to-crypto swapping for more than 130+ cryptocurrencies without any KYC. But as your volume becomes significant, Changelly might start asking for your documents. In recent years a lot of Changelly alternatives have come up in existence.
Is the Bitcoin Buying Website Changelly.com Legit and Safe?
I have been using Changelly since 2017, and I am yet to face any major problems. Of course, during the high of 2017, Changelly like other exchanges was swapped with thousands of users which lead to inadequate support. But that was the story across the industry which was immature both in infrastructure and manpower.
- Side Note: During the great crypto run of 2017, many exchanges had suspended new registrations. I think it will happen again, so even if you don’t wish to use Changelly now, you must have a Changelly account for future use. Sign-up to Changelly for that reason now.
In between also in early 2018, people have started spreading this rumor that Changelly has exited the market by scamming people, but later that was found to be far than the truth.
Changelly was also believed to be used by many ShapeShift alternative fans to launder money and exchange cryptocurrencies to Monero currency because of its anonymity and privacy features. Thus Changelly has started demanding for ID documents especially if you are dealing in Monero or are converting a significant amount of one crypto to another crypto. Also, make sure you store them back in your crypto wallet once you have converted.
Lastly, Changelly is best suited for people who are new to crypto or don’t want to get into the hassle of using order book exchanges like Binance or Bittrex. So for such people, Changelly is a go-to service to be used!
Now you tell us: Have you ever used Changelly to trade? How has been your trade experience? If you haven’t, do you plan to use it? What is stopping you from using it?
Share with us in the comments below, and I will be more than happy to answer your questions 🙂
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