The webs most detailed Changelly review: Learn more about this instant cryptocurrency exchange and see what our experts have to say. With day trading introduced in a new trade interface, we look at why this exchange has become increasingly popular for bitcoin and cryptocurrency investors. Our expert decided to find out exactly why this exchange has gotten such a big following. Our review of Changelly goes into detail on all aspects so keep reading to learn more.
In this section of our Changelly review we highlight 6 special features that deserves extra attention.
Changelly is a decentralized instant cryptocurrency exchange with a trading algorithm that scans other major exchanges for the best prices. It was founded in 2015 in Hong Kong and now has 3 offices in different parts of the world. Today Changelly offers trading in over 170 altcoins, including bitcoin of course. It’s a very user-friendly platform with the goal to bring the cryptocurrency ecosystem closer to mass adoption.
Some of the major partners of Changelly are Exodus wallet, Trezor wallet, Binance exchange, Coinomi, Jaxx Liberty, HitBTC, nexo, and Cointelegraph. This exchange is slowly gaining traction with an increased number of visitors every month. Today Changelly has over 2 million people trading or investing in cryptocurrencies through their intuitive platform.
Why use Changelly
The Changelly platform is best suited for cryptocurrency investors since their platform is optimized for buy and sell transcations. It’s a great exchange if you are looking for a swap or exchange to another coin when you already own other cryptocurrencies. With a high number of listed coins and very low exchange fees makes Changelly the optimal platform for long-term investors in the crypto space.
Trading on Changelly
Changelly is taking a new step into more active trading by releasing a new platform called Changelly PRO. Here you can day trade with leverage and one-click trading but it’s not the most developed day trading platform I’ve seen. It still needs some work, especially the chart, which is not running very smoothly at the moment. Other things that can be improved are the technical indicators and the order selections.
Payment methods and limits
Changelly offers card payments, bank transfers, and Apple Pay for those who want to deposit fiat money and buy cryptocurrencies. To be honest, this covers most of the needs on the market since you can use both credit cards and debit cards. However, there are other platforms with a bigger pool of payment providers and if you are looking for a special payment option you might not find it on Changelly.
This cryptocurrency has very high exchange limits and there is almost no upper limit to how big of a cryptocurrency exchange you can make. The fiat deposits have lower limits however which is understandable. If you are looking to make a big investment in cryptocurrencies it’s definitely possible.
Things we don’t like
This crypto exchange has many good points when it comes to exchanging coins, but the trading part is something that needs work. Right now I would not be happy day trading and definitely not scalping on the trading platform. It’s too slow and the number of trade tools is not sufficient. It’s not an exchange with a great number of special features and if you are looking for high leverage, lending, staking, bot trading, and in general a more stable trade platform you should look elsewhere.
About the special features on Changelly
Changelly is an instant cryptocurrency exchange that lets you buy, sell, or trade bitcoin and other cryptocurrencies very seamlessly. The exchange is not packed with a lot of fluff that makes other exchanges complicated to use. The one thing that makes Changelly special is the trading algorithm which is connected to other major crypto exchanges. For example, when you trade on Changelly you might actually get your Bitcoins or Altcoins from Binance, which is a partner of Changelly. This is why you have access to over 170 Altcoins and the options to buy at such low fees.
Basically, you can trade on several exchanges at the same time without signing up with extra accounts. It’s a very effective way if you are looking to find new cheap cryptocurrencies that just got a release on the market. Changelly also has a great trading app that lets you search for new coins on to the go.
Changelly has recently launched its new trading platform, Changelly PRO. This platform is targeting more active traders who enjoy scalping or day trading. However, this trading platform still has some work to be done and I found it rather slow and unresponsive when I tried it out. The chart is not as smooth as on other platforms with a professional charting package.
I’m sure that the team behind Changelly is aware of this and will improve this in the future which I’m very excited to see. You can short sell and trade on margin with a maximum leverage of x10 on Changelly PRO. There are some technical indicators, but at the moment it’s limited.
Changelly Crash Course
Changelly offers a free cryptocurrency crash course where you can learn more about different types of crypto assets, hot and cold wallets, ways to purchase crypto, trading risks and mechanics, anonymity crypto exchanges, and also popular scam schemes. This is a great way to learn more about the crypto community and how things really work.
Cryptocurrency Education On Changelly
On the blog section of the exchange, you will find a lot of good educational material for beginners to dissect. There are a lot of articles such as the best cryptocurrencies to invest in, blockchain guides, crypto investment guides, mining guides, and general how-to trade cryptocurrency guides. If you want to get a basic understanding of blockchain and cryptocurrency investing, head over to the Changelly Academy and read up.
Who should use Changelly?
I would recommend any Bitcoin or cryptocurrency investor to try Changelly if used to send blockchain transactions. If you are an active day trader looking for a strong day trading platform I suggest that you look elsewhere for the time being.
Is Changelly safe to use?
Changelly has been around for almost 6 years and has earned a very good reputation in the cryptocurrency community. So far, there have been no reported hacks of any accounts, and the reason why Changelly is so safe to use lies in the nature of how the exchange works. You are in control of your own wallets, for both Bitcoin and any Altcoins. You have the option to activate a 2FA verification on your mobile phone to easily keep intruders away from reaching your account. The blockchain itself is one of the most secure new technologies and since your transactions are sent through the blockchain you are safeguarded by default.
Is Changelly regulated?
Changelly is not regulated by any governmental body. This is a decentralized cryptocurrency exchange where you keep track of your coins in your own wallet.
Frequently asked questions
Read the most frequently asked questions about Changelly. Find answers without searching the web.
You can choose to verify your identity or KYC, but it's not a must. However, your account might get flagged for KYC whenever if your trading patterns look suspicious.
Yes, it's possible to deposit and buy cryptocurrencies with debit cards on Changelly.
After serving millions of traders since 2015 we consider this trading platform to be very safe to use. No hacks have been reported and this exchange has an excellent reputation.
In regards to your account, yes, you can choose not to send in the KYC documents. However, your transactions on the blockchain will never remain completely anonymous.
First, you need to create an account and have a bitcoin wallet address ready. Second, choose the buy option on the home page and choose the amount of Bitcoin you want to buy. Lastly, choose a payment method and then follow the steps until your purchase has gone through.