Changelly is one of the top cryptocurrency exchanges in the market today that allow users to rapidly transfer funds. At a time when trading in cryptocurrency trading has become one of the most lucrative ventures, more people have been looking for the best methods of joining and getting a share of it. Here is a comprehensive review of Changelly to establish how it works, its key features, and pros & cons.
How does Changelly work? When was the platform founded?
Changelly was first established in Prague in the Czech Republic in 2013 by the same people who founded MinerGate. MinerGate is one of the top mining pools that allow miners to join hands in creating new altcoins for different cryptocurrencies. However, like in MinerGate, the founders do not reveal their identity. This has made some people to look at Changelly with suspicion.
The main objective of establishing Changelly was to help users to convert their cryptos to other crypto assets faster and more conveniently. This focus has made it an ideal platform especially for people who want to jump ship from one crypto asset to a more valuable one.
To get started on Changelly, the first step is signing up for an account on their website. Also, you must also have a cryptocurrency wallet such as Coinomi, Coinbase, or Ledger Nano S among others.
How to buy coins in the platform
Because you can only buy cryptocurrencies on the platform using other altcoins, it is important to ensure that you have the wallet loaded before starting the purchase process. Here is the process of buying altcoins at Changelly.
- Visit Changelly’s website and open your exchange account.
- Then, select the coins you want to buy and hit the Exchange Button.
- Make sure to countercheck the amount that will get to your wallet and hit Next.
- Specify the recipient wallet address (public address).
- You need to check the address once again and hit Next if everything is alright.
- The platform creates the transaction and generates the QR code as well as the address of the wallet. This is the address where you will send the currency to be exchanged.
- Now, copy the code and paste to your crypto wallet.
- As soon as Changelly gets your cryptos, it will exchange it and send to the provided recipient’s address.
- Once a transaction is finished, a receipt is generated as proof that the transaction has been completed.
The exchange has a flat rate fee structure of 0.5%. There are no exceptions, minimum purchases, or bulk discounts. Though the rate might appear high compared to other exchanges, it ends up being the lower option because there are no additional commissions or withdrawal fees.
All along, the focus of Changelly has been clearing barriers to ensure that anyone can easily enter into cryptocurrencies and enjoy the ensuing benefits. Today, this has been the main reason for many people trooping to the exchange. Since its establishment in 2016, the popularity has grown progressively to reach more than 100,000 users.
The main features of Changelly
To emphasize and apply the fair, fast, and trustworthy tenets espoused by the founders, Changelly uses the following features.
The affiliate program
This feature allows users to get a reward of 50% of fees from people they refer to the network. This is considered a better model of attracting new users as opposed to conventional marketing.
Widget for publishers
This is a series of software widgets that are meant to cater for third-party providers. It is meant to allow third parties exchange their cryptocurrencies without leaving the Changelly site. Some of these third parties include news publishers, bloggers, and analysts.
API for merchants
Changelly has a special API for merchants referred as Smart Payin API. This feature targets to help merchants such as entertainment and gambling sites that accept altcoins for their services. For example, if your company accepts BTC, the Smart Payin can facilitate this payment immediately.
Pros of using Changelly
- Changelly is one of the fastest trading platforms. Once you hit a transaction, it is completed very fast compared to other platforms such as Cryptopia that takes very long.
- The exchange is one of the best platforms in the market today because of its very low rates. It fixes the rates by aggregating what other platforms are offering and giving clients the best rates.
- The exchange has a very intuitive user interface that allows users to get everything from the dashboard. Knowing how much was spent, the amount charged by the exchange, and history of your transactions is only a click away on the Changelly interface.
- The system is very secure using a 2-factor authentication model that helps to make hacking very difficult.
- Changelly does not have limits on the amounts you can exchange like other exchanges. This means you are free to transact as many altcoins as possible. It is because of this that many serious traders prefer Changelly compared to other exchanges.
Cons of using Changelly
- The exchange does not accept fiat currencies. This means that you can only use cryptocurrencies. Therefore, it becomes very difficult for people with fiat currencies to enter and start using the exchange. Most of them are forced to start with a third party for converting fiat to cryptos before coming back to trade at Changelly.
- Though the process of exchanging the cryptocurrencies is relatively easy after one gets used to it, many people indicate that first-time users find it very difficult.
- While the team involved in Changelly is very vibrant, it is always looked at with suspicion because of its anonymous nature.
Changelly is one of the fastest growing cryptocurrency exchanges today. It is very fast and facilitates transactions in most cryptocurrencies. Though it does not accept direct payments in fiat currencies, it is a very promising exchange to consider. Whether you are new or has been in cryptocurrencies for some time, this is one exchange we strongly recommend.