Updated · Jun 06, 2022
Best for: Newbie traders exploring the crypto markets.
What Is Changelly?
Changelly is a non-custodial cryptocurrency exchange that lets you trade over 200 cryptocurrencies. The company operates out of Prague, the Czech Republic, and the same team built the “MinerGate” cryptocurrency mining pool.
Here’s what it can offer:
Leverage, Trading, and Investments
At first glance, those are the usual things. So, does Changelly stand out in any way? Let’s see:
Leverage involves using borrowed funds for trading activities. Different platforms have different limits on how much leverage you can use. On the Changelly app, the limit is 10x, meaning you can borrow 10x the money you put down. While this amount is reasonable, many crypto exchanges have significantly higher limits.
Bear in mind that trading with leverage is risky, and we advise only experienced traders to attempt it. Beginners should stick to spot trading until they learn the ins and outs of the crypto markets.
The Changelly crypto exchange is best for converting from one cryptocurrency to another but also lets you convert from fiat currencies.
There are over 200 cryptocurrencies available for trading on the platform.
They include the most popular coins, like Bitcoin and Ethereum, and relatively obscure ones like Gulden and Potcoin.
To trade on Changelly, you can use a regular account or an upgraded Changelly Pro package.
The Pro plan has enhanced features and is most suitable for sophisticated users like investment management firms and high-frequency traders.
The cost of using it is a fee deducted as a percentage of your trades for each month.
Deposits and Withdrawals
Changelly has a broad set of deposit and withdrawal options for cryptocurrencies.
However, it’s important to note that on the Changelly exchange you can deposit fiat to buy cryptocurrencies but not vice versa. Every fiat currency (USD, Euros, or GBP) deposited on Changelly can only be withdrawn in crypto.
All fiat transactions are settled in USD, Euro, or GBP.
The supported deposit methods are:
- Credit cards
- Debit cards
- Virtual credit cards
- Prepaid cards
Unlike many exchanges, Changelly supports credit card deposits.
Nonetheless, there are certain restrictions depending on your country of residence and you should keep in mind that the Changelly credit card fees are relatively high.
Credit Card Restrictions
Now, the not-so-fun part. Here’s the drill:
- US, Canada, and Australia: A limit of $50 on the first transaction and up to $100 after four days. After a week, the limit increases to $500 with no more than three payments within the first week. A month after your first transaction, all limits are off.
- Russia, Ukraine, Belarus, Kazakhstan, Armenia, and Georgia: Limit of $200 on the first transaction. Increases to $2000 within a week and $10,000 a month after your first purchase.
- EU and the rest of the world: $100 limit on the first transaction. Increases to $200 after four days. After a week, the limit increases to $500 with no more than six payments within the first week. A month following your first purchase, all limits are off.
Changelly Supported Countries
Changelly allows users from almost every country. It’ll accept payments in any currency but automatically swap it for USD, GBP, or Euro first.
Changelly has two different fees on transactions – fixed and floating – and the user can choose between them before trading.
The floating fee is a standard 0.25%, while the fixed one depends on market volatility. Selecting the fixed option lets you know exactly what you’ll pay before committing to a transaction. Depending on volatility, it could be much lower or higher than the 0.25% floating one.
Changelly tries to find you the cheapest possible fee for the fixed option but doesn’t always succeed.
Ease of Use and Interface
Changelly’s ease of use is fair, and the website has a neat design.
However, you may have to look at its FAQ section to learn how to purchase coins correctly.
To save you the effort, we decided to show you how to do it.
How to use Changelly
- Create an account. Creating an account is free and easy. However, be ready to provide some verification documents. It may be easy to sign up, but it’s not easy to trade and withdraw without verification.
- After you’ve registered, log in. Then, select the currency you want to exchange on the left and the one to buy on the right. Click “Next”.
- Cross-check the amount of the transaction. Confirm you're exchanging the correct amount and the price you’ll get from the exchange.
- After cross-checking the amount, you’ll need to specify the recipient’s address for the exchange. Make sure to put in the correct wallet address for the currency you’ve selected.
- At this point, cross-check again because the transaction is irreversible. Note that the exchange rates displayed are estimates and not final due to turnover time. In some cases, the final Changelly fee can fluctuate depending on the trading volume.
- Click on the provided button to complete the transaction. At this point, your transaction should be created but not yet completed. Once it is, you should see the currency in your specified wallet.
- To track your transaction, go to your transaction history.
- The processing usually takes 5 to 30 minutes, and you’ll get a receipt once it’s complete. There’s also a unique Changelly transaction ID assigned to each trade on the platform.
When following these instructions, Changelly is relatively easy to use. The user interface is intuitive and friendly to both new and experienced traders.
Changelly has a mobile app available for iOS and Android.
You can download the Android app from the Google Play Store and the iOS one from the Apple App Store. You can also sidestep the Play Store on Android and download the direct Android Package Kit (APK) onto your phone.
The apps have all of Changelly’s functionalities, and they’re easy to use and navigate. With them, you can trade cryptocurrencies from any location and at any time.
Security is critical for any crypto exchange.
Changelly has good security features like two-factor authentication and SSL encryption. There are also the appropriate know-your-customer (KYC) and anti-money laundering (AML) processes.
Is Changelly Legit?
As far as we know, Changelly is legit. We couldn’t find any history of scams or fraudulent activity around the crypto exchange.
However, one major customer complaint is the company’s KYC systems. You don’t have to verify your identity on Changelly to deposit, but you must in order to withdraw. Hence, some customers may deposit money quickly but then face problems when it’s time to withdraw.
It’s essential to know how Changelly verifies customer identities. It requires;
- A high-quality ID photo (passport or driving license) valid in your country
- Proof of the origin of funds
- Any other applicable documentation.
If you don’t cover these requirements, it’s best to avoid Changelly altogether.
Is Changelly Safe?
The exchange has security measures to keep it safe, e.g., two-factor authentication and SSL encryption. It has no history of security mishaps or breaches, so we can confidently say it’s secure.
Changelly offers customer support through email or live chat, 24/7. It also has a very informative FAQ page for self-service.
There are many alternative crypto exchanges you can use instead of Changelly.
Let’s compare it to a few of its rivals, and talk about the pros and cons of each.
We’ll match them based on:
- Funding methods
- Trading fees
- Customer support
- Transaction limits
Changelly vs Coinbase
Time for the logical comparison. Here’s how it goes:
Changelly doesn’t support depositing via bank transfer. It lets you deposit via credit, debit, prepaid cards, or crypto. Coinbase, on the other hand, allows all of Changelly’s deposit methods plus bank and wire transfers.
Moreover, you can store your cryptocurrency in a Coinbase wallet, which is a feature that Changelly lacks. The latter is basically an exchange to move cryptocurrency from one external wallet to another.
Coinbase charges exchange fees when you both buy or sell cryptocurrencies. Its exchange fee starts at 1.49% up to a maximum of 3.99%. Debit or credit card purchases carry the highest fees on Coinbase.
Changelly claims to charge a 0.25% floating fee, but the reality is more complicated. Poor exchange rates for fiat transactions sometimes cause steeper fees, which is a concern in many Changelly reviews.
Changelly beats Coinbase in the customer support department.
It has both email and live chat support, while Coinbase offers only email.
You can always chat with Changelly’s representatives and get an instant response. On the other hand, you’ll have to wait between 1-3 business days to get an email response from Coinbase.
Both exchanges have adequate security, but Coinbase is more dependable.
For example, Coinbase insures all US dollar deposits up to $250,000. It also holds most of its assets offline on encrypted drives in safety deposit boxes.
However, Changelly is also safe since it doesn’t hold any customer deposits – therefore, there’s no risk of theft. Additionally, the company offers two-factor authentication protection and SSL encryption.
Other than that, Changelly is pretty tight-lipped about its security practices.
Changelly limits the volume of your transactions depending on where you reside.
Coinbase, on the other hand, calculates limits based on your purchase history, account age, and verification level.
The typical Coinbase weekly limit is $5,000 for bank account purchases and $500 for credit card purchases. For Changelly’s limits check out the “Credit Card Restrictions” section above.
Changelly vs Binance
Binance is another household name. So, is it better?
Like Changelly, Binance lets you deposit fiat in exchange for crypto. You can also deposit cryptocurrency from external wallets. However, bank transfer isn’t available on either exchange.
If trading fees are your primary concern, Binance is the better option.
It has the lowest fees of all cryptocurrency exchanges, charging just 0.1% per transaction. If you use the native Binance coin (BNB), the fee falls down to 0.05%.
Also, Binance has a much broader range of supported digital currencies, including its own BNB coin. As of now, there’s no native Changelly coin.
Both Binance and Changelly have adequate customer support. They both have chat and email support accessible at all times.
However, Binance has a larger user base than Changelly, so you may face delays when contacting their representatives.
Nonetheless, Binance has telephone customer support, which Changelly lacks.
Binance has more sophisticated security protocols compared to Changelly.
This isn’t a surprise, considering Binance is the world’s biggest crypto exchange.
On Binance, enabling two-factor authentication is compulsory, while it’s a choice on Changelly. Binance also has more extensive know-your-customer and anti-money laundering requirements than Changelly.
Unlike Changelly, Binance has no transaction limits. You can trade as much as you want as long as you’re verified. However, it has withdrawal limits, depending on your verification level.
Changelly vs Kraken
Should you release the Kraken or should you go with Changelly? Let’s see:
Changelly and Kraken let you deposit fiat or crypto in exchange for other cryptocurrencies.
However, Kraken has more fiat currency options than Changelly.
It supports deposits in:
- and AUD
Changelly, on the other hand, only accepts:
- and GBP
If you’re using any other currency, the software will convert it to a supported one before deposit.
Nonetheless, the cryptocurrencies you can trade on Kraken are considerably fewer than those on the Changelly crypto exchange.
Kraken charges a transaction fee between 0% and 0.26% of your trades. This standard fee is on par with Changelly’s, but keep in mind that the latter can charge higher ones under specific circumstances.
Kraken offers email, chat, and telephone support. This makes it better than Changelly, which only provides email and chat options.
Kraken’s chat and telephone channels are available Monday to Friday from 8 a.m. UTC to 12 a.m. UTC. Like Changelly, it also has an FAQ page for self-service.
Both Kraken and Changelly require verification, use encryption, and employ good security measures.
However, Kraken’s security is top-notch. As far as the public knows, the exchange hasn’t been hacked since its launch in 2013.
It incorporates several security protocols such as:
- Two-factor authentication
- SSL encryption
- Account locking for when you’re away
- Email confirmations for withdrawals
- No phone/SMS account recovery
Also, Kraken keeps 95% of its customer deposits in an offline, air-gapped cold storage. It monitors code deployment strictly, and its servers are under 24/7 surveillance.
On the other hand, Changelly doesn’t hold any coins but only routes them from one address to another. Hence, it doesn’t have the responsibility of securing user deposits.
Nonetheless, Kraken scores better than Changelly in security.
Kraken has various transaction limits depending on your verification level. For a Starter account, the daily withdrawal limit is $5,000, and $10,000,000 for a Pro account. There are no monthly deposit or withdrawal limits on Kraken.
Changelly vs CoinSwitch
CoinSwitch Kuber is India’s largest cryptocurrency exchange and a formidable rival to Changelly.
CoinSwitch supports deposits in both crypto and fiat. However, since it’s tailored for Indian users, it only supports its local currency.
Changelly has broader deposit options, supporting USD, GBP, and EUR.
CoinSwitch charges a transaction fee between 0 and 0.5% of your trades. Meanwhile, the deposit and withdrawal fees are nil.
There are more than 100 cryptocurrencies listed on CoinSwitch. On the other hand, the Changelly exchange has over 200.
CoinSwitch Kuber offers customer support through email and live chat, just like Changelly. It also has a dedicated FAQ page to help users resolve problems themselves. The usual response time for an email support ticket is 12 hours. Live chat is available between 7 a.m. and 10 p.m. local time.
Changelly and CoinSwitch both have good customer support options.
CoinSwitch Kuber has comprehensive security measures and protocols.
- Mandatory KYC verification
- Two-factor authentication
- Access PINS
- SSL encryption
Overall, the security measures of Changelly and CoinSwitch are quite similar.
Unlike many service providers, CoinSwitch doesn’t impose minimum or maximum transaction limits, which is perfect for large volume trading.
Changelly Review - Verdict
Cryptocurrencies have taken the world by storm, and they’re here to stay.
For reference, the global crypto market was worth $770bn as of January 2018 and over $2 trillion in January 2022. People are looking for ways to exchange electronic money outside the traditional banking system.
Changelly is one of many exchanges to buy or sell cryptocurrency. It has lots of attractive features and some drawbacks that discourage certain users.
Its strengths include:
- 24/7 live chat support to instantly resolve customer issues
- Over 200 supported cryptocurrencies
- Available in almost every country, barring those under US sanctions
- An intuitive and user-friendly trading terminal, especially for Changelly Pro users.
Its drawbacks include:
- Relatively high fees. For example, its standard exchange fee is 0.5%, while Binance’s is 0.1%.
- Transaction limits for first-time users, depending on your region. You’ll have to wait at least a month before you can trade sizable amounts of crypto on Changelly.
Regarding usability, Changelly is suitable for both newbie and professional traders. Although previous trading experience helps, you don’t need to be an expert to learn how to use it.
Changelly has adequate security measures but not as much as some rival crypto exchanges. For example, Kraken allows you to lock your account for a period, while Changelly doesn’t.
Now that we’ve covered Changelly’s strengths and weaknesses, it’s up to you to weigh them in and decide if the exchange is worth your consideration.
We put in our best efforts to ensure this is one of the best Changelly reviews you come across.
Can I buy Bitcoin with Changelly?
Yes, you can buy Bitcoin on Changelly. Bitcoin is just one of over 200 cryptocurrencies you can trade on the platform.
Does Changelly have Ripple?
Yes, Ripple is also available on Changelly. You can buy it just as you would with any other virtual currency.
How long do exchanges take on Changelly?
It usually takes between 5-30 minutes to complete an exchange on Changelly.
Can you get a refund from Changelly?
Yes, you can contact Changelly’s customer support team and ask for a refund.
Can you use Changelly in the US?
You can use Changelly in the US, but not in all states due to regulations. Changelly is also unavailable in countries on the US Sanctions list. They include:
- North Korea
Does Changelly report to IRS?
No, Changelly doesn't directly report to the IRS. It isn’t an American company, so it’s not obliged to. However, if you’re an American trader wanting to report to the IRS, you can generate tax reports on Changelly.
For more information on the platform read our in-depth Changelly review.
Techjury.net's manager. Deyan has been fascinated by technology his whole life. From the first Tetris game all the way to Falcon Heavy. Working for TechJury is like a dream come true, combining both his passions – writing and technology. In his free time (which is pretty scarce, thanks to his three kids), Deyan enjoys traveling and exploring new places. Always with a few chargers and a couple of gadgets in the backpack. He makes mean dizzying Island Paradise cocktails too.
Latest from Author
Your email address will not be published.