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Changelly Review 2024: Unpacking All The Fees, Benefits and More…
Changelly is an extremely useful cryptocurrency exchange service that offers low fees and makes for easy crypto asset trading with no registration required. It’s been a popular option in the community, and we’ve had a number of requests for a review on this exchange.
Overall, it’s more of an exchange service than a classic exchange, as they hold no funds or assets for you, they simply act as a middleman. Their trading algorithm is integrated into the largest cryptocurrency exchange platforms, including Binance, Poloniex, Bittrex, etc.
In the span of milliseconds, Changelly makes bids on the platform, then suggests the best available rate and displays the approximate amount you will receive. After you provide the destination wallet address, you simply have to log in or sign up to save the transaction history, and you will receive your crypto in your wallet within minutes. They also provide options for buying crypto with a debit or credit card through their partners.
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- Extremely low fees
- No sign-up required for non-credit card transactions
- Over 150 cryptocurrencies offered including BTC, ETH, LTC
- Sends crypto directly to your wallet instead of holding it
Let's Talk About The Pros and Cons Of Changelly
Pros
No verification or registration required for exchanges
Fast crypto exchanges with low fees
150+ cryptocurrencies on tap
High limits
Easy to use website and mobile app
Cons
High fees for credit and debit card crypto purchases
Identity verification required for credit card purchases
Unpacking The Sign-Up Process at Changelly
In order to use Changelly’s exchange service, there is no sign-up required. However, if you would like to keep track of your transaction history, you can create an account:
- Click Sign-Up on changelly.com homepage
- Enter email address
- Confirm email address through email they send you
- Done!
Purchasing Crypto at Changelly with a Credit Card
If you are planning to use a credit card to purchase cryptocurrency through Changelly it is a more difficult process that requires identity verification:
- Select a default currency which can be USD, GBP, or EUR from the widget menu.
- Set the fiat amount and choose the crypto you want to buy. Transaction limits are set depending on the chosen crypto purchase provider. Detailed information on limits and fees for each provider are shown on the page.
- Carefully check the rate and the amount you are going to receive.
- Specify your cryptocurrency wallet address and proceed to purchase cryptocurrency.
- In some cases, you will need to verify your email address by entering a 4-digit verification code you get in your email inbox.
- Enter your billing and residential addresses to proceed.
- Provide your bank card data.
- If it is your first crypto purchase on Changelly proof of identity will be required. To verify yourself, you will need to upload the front and back of one of these documents: International passport, National ID card, driving license.
- In most cases, you will also have to upload a selfie. Sometimes, your identity can be verified in 2 minutes, but bear in mind that it can also take up to 30 minutes.
- Within 5–30 minutes, your transaction will be complete. You will receive cryptocurrency to your wallet and transaction details to the provided email address.
What Cryptocurrencies Can You Buy on Changelly?
They support over 150 cryptocurrency tokens and assets, including but not limited to:
- Bitcoin
- Ethereum
- Litecoin
- Cardano
- Tezos
- Monero
- Ripple
- Bitcoin Cash
- EOS
- Tether USD
For a full list of their supported cryptocurrencies, click here.
Safety and Security Using Changelly
In our review, we found that their site and product are extremely safe. For performing crypto exchanges, it is extremely safe because they do not hold your cryptocurrency in a wallet, they simply take your deposited funds/assets, exchange them for your desired crypto, and then deposit them in your own wallet. This is not something that can be hacked like a traditional exchange. So as long as you are using a secure software or hardware wallet to which you hold the keys, the only risk is user error (entering the wrong deposit address, for example).
Click here for our recommended crypto wallets.
What Is Changelly Pro?
You might have noticed that the site also has something called “Changelly Pro” offered right on their home page. Many exchanges have this feature and label it this way (e.g. Kraken and Kraken Pro) to indicate that they offer a basic trading platform and one for more advanced users.
With Changelly Pro, you’ll be able to execute spot, limit and market orders. You’ll also be able to play with margin – if that’s what you like. There are all sorts of more advanced features here. The basic product mostly allows you to execute swaps and trades.
Changelly's Supported Applications and Fees Explained
The site has an easy to use desktop website, as well as an iOS and Android mobile app.
Changelly is a non-custodial exchange service, meaning they do not hold your funds in a wallet, they simply take the funds you send them and perform your desired transaction, depositing the funds at your wallet address. The process begins and ends at wallets that you control.
Fees
This site has one of the most reasonable rates for fees at a flat rate of 0.25% for crypto exchanges and is highly recommended for this purpose. However, the fees charged for purchasing crypto using your credit card total over 5% and there are many other sites that offer better rates for purchasing crypto directly with fiat. Click here for our recommendations.
FAQ
Yes, Changelly is one of the safest cryptocurrency exchanges we’ve reviewed.
Changelly charges a modest 0.25% flat rate for crypto exchanges. The low fees are one of the main reasons why we recommend them.
You don’t need to go through verification when you sign up for Changelly. That’s a big differentiator from other crypto exchanges.
Yes, you can buy crypto with fiat but you have to use your bank or credit card to do so. You’ll also need to verify identity to buy this way.
Transactions like buys and sells are instantaneous (for the most part) on Changelly.
Changelly gives you access to hundreds of different cryptocurrencies from all of the big ones like Bitcoin and Ethereum, to all sorts of small cap altcoins.
You don’t have to upon registration but if you plan to buy with FIAT, then you’ll have to verify.
