Summary
Since the past decade, Changelly has grown into a leading instant crypto swap service provider. Founded in 2015, the platform has expanded its coverage in terms of supported assets and geographic availability. According to Changelly, it serves over 10 million crypto investors in 170 countries, making it one of the most used instant swap platforms. For existing and intending Changelly users, this article provides an in-depth review of the instant crypto exchange platform.
What is Changelly?
Changelly is a crypto swap platform and a fiat on- and off-ramp aggregator. It allows investors to easily exchange, buy or sell 1,000+ crypto assets without creating a trading account on a typical centralized crypto exchange.
The Changelly platform is accessible to investors in over 170 countries worldwide. However, countries like Turkey, Cuba, North Korea, Iran, Syria, Sudan, Bangladesh, Bolivia, Hong Kong, India, and the United States are restricted.
How Changelly works
Changelly connects to the orderbook of multiple highly liquid trading platforms to find and execute trades. Using the data on liquidity and prevailing rates on these exchanges, it provides users with the best available exchange rates for their trade. Users can complete swaps without registering an account, though registration enables transaction history tracking, bonuses, and beneficial promo perks.
Changelly prioritizes speed and ease of use. That’s why its main features are focused around an intuitive interface and transparency. While Changelly itself takes care of all things crypto, fiat transactions are processed through third-party payment providers. As a result, fees can vary depending on the payment method and the system.
Despite this, Changelly attempts to clearly show total costs before confirmation.
Primary services on Changelly
Whether you want to quickly swap or purchase a crypto asset on spot or exit your position for fiat without using a regular CEX or DEX, platforms like Changelly may be your go-to. Here are the main services that Changelly offers:
Crypto Swaps
Changelly offers instant swaps for over 1,000 crypto assets across over 185 blockchain networks. Supported asset classes include stablecoins, meme coins, utility tokens, and the platform quite rapidly lists newly launched and hot cryptos. Users can easily swap between these assets on the platform’s interface without creating an account or verifying their identity. It offers transactional privacy for regular trades. High-volume trades may require KYC verification. Crypto swaps carry a fixed service fee of 0.25%. Users can choose between two types of exchange rates:
- Floating rates, where the received amount adjusts based on market conditions.
- Fixed rates, which lock in a quoted amount using a spread to account for volatility.
Onramp and offramp trading
Changelly also offers crypto-fiat trading services. Changelly is partnered with 14 reputable third parties, including Revolut, MoonPay, Topper by Uphold, and Transak, to process onramp and offramp trades securely. On the platform, investors can easily interact with the aggregator-like interface and convert between crypto and fiat, choosing among numerous options, rates, and payment methods supported by Changelly’s partners. It supports over 100 fiat currencies paired with every crypto asset supported on the platform. Users can deposit fiat via more than 20 on-ramp payment methods, including bank transfers and cards.
How to Use Changelly for crypto-to-crypto swaps
To exchange crypto via Changelly:
- Visit the Changelly platform
- Navigate to the Exchange section
- Select the assets you wish to trade and enter the amount to swap
- Review the rates. You can toggle the Fixed rate button to lock in a prevailing rate.
- Click Next step to continue
- Enter the address you wish to receive the swapped asset in the destination address box. While this is optional, we recommend that you enter a refund wallet in case your transaction stalls.
- Click Next step to proceed
- You will be provided with a deposit address. Transfer the exact amount indicated to the deposit address to complete the trade.
The swapped asset will be sent to your provided destination address once the trade is completed.
How to Use Changelly to buy or sell crypto
To purchase crypto with fiat or swap crypto for fiat on Changelly:
- Visit the Changelly platform
- Navigate to the Buy section for Onramp and the Sell section for Offramp trading
- Select your fiat currency and the asset you wish to purchase or sell
- Enter the amount you wish to buy or sell and click Next step to proceed
- Enter your destination wallet and click Next Step to proceed
- You will be redirected to a third-party provider where you’ll complete the trade.
PROS and CONS
- Intuitive user interface
- Seamless instant crypto swaps
- On-ramp and off-ramp trading at best rates
- Mobile trading
- Responsive Customer Support Service
- User verification
- Relatively high trading fees
Final Review Verdict
Here is our final review verdict on Changelly in terms of:
Changelly abides by set service rules and conducts KYC verification for outlying transactions according to the global AML laws.
Since its launch in 2015, Changelly has not reported any hacks or data breaches. Changelly implements secure account management procedures using SSL encryption to safeguard users and their funds. Users can protect their accounts using passwords and 2-Factor-Authentication. The Changelly mobile app maintains strong ratings on both the App Store and Google Play, and the continued integration with major wallet providers supports its reputation as a legitimate service.
The Changelly platform is easy to use. Usage controls and navigation are intuitive. You can swipe through sections on the platform or in the app in a few clicks and set up your trades. Changelly is a good option for newbies who aren’t conversant with regular crypto trading. It offers a good coverage of the crypto market and provides good exchange rates. However, experienced traders may be limited in options and trading features while using Changelly.
Conclusion
Changelly comes in handy if you are looking for a medium to quickly exchange a crypto asset or purchase crypto with fiat. It has refined itself over the years according to technological changes and the proliferation of assets in the crypto market. You still get a good range of asset options, including older cryptocurrencies like BTC, LTC, and Ethereum, and newer assets like memecoins (Pepe, APU, etc) and governance tokens. The operational process is simple. Overall, it is a beginner-friendly trading platform and a leader in this space. However, it is still advised that you apply safety precautions and note the applicable terms of service before using the platform.
Disclaimer: This article is an independent review of the Changelly crypto trading platform. It is only for educational purposes. It does not offer financial advice, nor does it endorse the featured project. Note that crypto investments carry significant risks.
Frequently Asked Questions (FAQs)
Your trades may be flagged and halted if Changelly detects unusual movements. Possible causes may include the amount being traded or account-related issues. In any case, Changelly may require additional verifications before executing the trade.
When you use the floating-rate option, Changelly executes your trades at the prevailing exchange rate. This means that your trade may be completed at a different rate than what you saw before confirming the trade.
Using the fixed rate, your trade is locked in at a specific rate, below which it cannot be executed. This prevents volatility at the point of execution.
Yes, your trade may be completed at a different rate than the prevailing market rate when you confirmed the trade. This usually happens when you use the floating rate, and may also happen with the fixed rate. Also note that usage charges may also be deducted from the final amount and may affect the amount you receive.
Normally, swaps on Changelly take no longer than 1-2 minutes. However, if the network is busy, users may have to wait up to 15 minutes for a successful swap.