While talking about the exchange of cryptocurrencies the best part which pops up in your mind is cryptocurrency exchanges but now the solution to have a commonplace is Changelly, hence in this Changelly review guide, I will help you to understand.
- What is Chaneglly?
- Why Changelly required?
- Is Changelly a legit platform?
- Changelly Pros and Cons.
If you are a crypto trader than what is you care about is the best place to buy or sell cryptocurrency with minimum trading fees.
The other important part is the best exchange rates for your cryptocurrency, while you compare rates with multiple exchanges will confuse you which one is the best.
Hence changelly is the solution for all your crypto buy and exchange problems, surprisingly it is not limited to exchange cryptos but it offers you to buy crypto by Credit/Debit card.
Let me go through each one of the factors in changelly review guide and will tell you all important factors.
What is Changelly and Why we need Changelly Review?
Changelly is a crypto exchange for 130+ cryptocurrencies and it works as an intermediatory between different exchanges such as Binanace, Bittrex, Coinomi etc.
You can get a list of all partners from here which has tied up or contract with changelly.
Changelly is introduced back in the year 2015 to help all crypto traders to exchange their coins with the best of the rates.
It offers Mobile and Rest API applications to get more global worldwide access all around the world.
Changelly has a partnership with big companies like coinmarketcap, Binance, Coinomi, and their wallets and other big crypto players.
This Changelly Review is to understand, what this platform is offering additional to other exchanges.
Because already there is numerous exchange outside, offering you a variety of facilities in terms of trading of crypto coins than why Changelly?
Hens let’s first understand how changelly works?
How Changelly Works?
Changelly is an easy and simple platform, which allows you to exchange cryptocurrencies and hep to buy crypto using fiat currency whenever you want.
If you go through any of the exchange such as Binance, Bittrex etc, in that case, you would have to first create an account.
To purchase any coins you have to deposit either BTC or fiat to exchange and then later you will trade with the crypto rates of that exchange only.
But changelly is a bit different, Changelly compares the exchange rates from all over the exchanges which are partnered and give you the best exchange rates out of them.
Like other exchange, you won’t have to deposit any money or crypto early to changelly.
Here changelly give you instant exchange, it won’t hold any money or currency with them.
Then how Changelly works?
As we know changelly works to deal crypto in two ways.
- Exchange One crypto with others.
- Buy crypto with Credit Card.
Exchange One Crypto with Others
This is the prime mission to have Changelly, hence to understand that find below screenshot, will explain later on how to exchange Crypto.
Changelly will ask you first the list of cryptos for which you want to exchange.
Here you have to provide only recipient wallet details which are crypto wallet 2.
So You will raise a request to change crypto from one to other than Changelly compares the best exchange price on partnered exchanges such as Bittrex, Binance.
Whatever best rates it founds, it will show you on screen and now you have to send Crypto to its defined wallet address.
The new crypto which you bought will be transferred to your own wallet which you provide during the whole process.
Do not worry I will tell you in later guide how exactly to exchange crypto.
Buy Crypto using Credit Card
This is another best part with Changelly, it has a tie-up with simplex to process your credit Visa/Master card payments.
The process will be easy, simply provide currency such as USD/EUR and second provide currency you want to buy and follow process will send your bought currency to your defined wallet.
Hence changelly offer you to exchange crypto as well as buy crypto using a common platform.
Now I am going to tell you the transaction fees in both cases.
Transaction Fees with Changelly
While comparing changelly fees with Binance or Bittrex or with other crypto exchanges than this is a bit higher.
While you do an exchange of one coin with other than 0.50% of flat transaction fee you have to pay.
Which is in Binance is 0.10% and with Bittrex 0.25% and while comparing with other exchanges yes it is higher than all.
If you plan to buy Crypto using card payment then I would advise not go with Changelly as it will charge you a lot.
Where you have to pay 5% Fees to changelly and simplex fees of 5% or Min 10$ whatever is higher.
It will cost you a lot as compared to Binance, which charge you 3.49% or 10$ whatever is higher.
You got an idea in changelly review guide that Which way is best to buy cryptocurrencies.
Now I am going to explain to you, how to exchange Cryptocurrencies than how to buy using card payment.
How to Exchange cryptocurrencies with Changelly?
Now I will let you through steps to exchange one crypto with others.
Here first you would have to sign up an account.
It won’t ask you to verify your ID proofs, because this does not hold any money or currency with them.
It exchanges one wallet crypto with others to take from one side and send that to another side.
Hence in both cases, you should have wallet either with coinbase, Binance, Blockchain or any other best wallets check here a list of Best Crypto Wallets.
You have already verified your identity with those wallets and changelly is just an intermediate among those wallets.
Follow the below steps to exchange coins.
- Sign Up Changelly with email Id.
- Your dashboard will display as below, where two edit box to enter two crypto one which you already have and other to which you want to convert.
- Let say here in our case we want to exchange BTC with ETH, so I entered an amount of BTC and corresponding best ETH will list automatically by changelly.
- This is a changelly job to give you the best exchange rates by comparing with different exchanges. Now click to Exchange Now.
- The new window will pop up to verify what will be exchange rates, network fees, exchange fees and arrival time, you can change the BTC amount based on your need.
- Click to Nex Step will ask you your wallet 2 ETH address to which you want to send your bought coins, so after successful transactions, your coins will deposit to that wallet.
- If you do not have an existing wallet than you can create a wallet because changelly has tied up with above-listed wallets.
- So provide ETH Address of that wallet and click to next step.
- A new window to verify all details will display which has all idea of exchange rates and wallet address as shown below.
- Now if you are good with entered details than click to “Confirm and Make a payment” and new address to send crypto will appear.
- Now process to send crypto on this address will be same as other wallets, copy “To address” displayed below and send BTC to that address.
- If You won’t send in 36 hours than it will auto cancel this originated exchange process and you have to start from fresh.
This is how you have to exchange crypto with one other as I said it has listed with 130+ cryptocurrencies.
You can exchange with one other but make sure the transaction fees which is 0.5% each time you process.
I can consider that in changelly review guide you got an idea of how to exchange crypto with one other.
Now let me give you a brief about how to buy crypto with Credit cards.
How to Buy Crypto via Credit cards in Changelly?
The process will be a bit similar, first, you have to sign up with Changelly so click here.
After Sign up click to Buy Crypto with Credit. The new window will popup as displayed below.
It allows buying below listed cryptos with only two currency types USD/EUR.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
Changelly uses Simplex to process your payments, hence additional fee or 3.5% or 10$ whichever is higher will be applicable.
Enter USD/EUR for which you want to buy where minimum will be 50$, so best rates from crypto will be listed in corresponding ETH box.
Now click to continue after entering ETH Address a new window will popup which will ask you three details.
- Billing information- will send OTP on mobile and email to verify information. So complete verification.
- Then will ask you to provide card details enter credit card details.
- Verification – will ask you to submit ID proof because you are dealing with banks.
- The last thank you note and your amount of purchased ETH coin will be deposited to ETH wallet.
This is also simple and easy to buy cryptocurrency using Changelly, before ending changelly review guide let me tell you Pros and Cons.
Pros and Cons of Changelly
Every platform has a few advantages and disadvantages and Changelly also has the same that what I listed below.
Pros of Changelly
- A common platform to buy or exchange crypto with an easy and simple interface
- Changelly will help you to get better exchange rates by comparing with other crypto exchanges.
- It has tied up with different wallet partners, so you can create your crypto wallet with any of them
- It won’t ask you to verify your account.
- It is a secure and most trusted platform.
Cons of Changelly
- The higher transaction fee of 0.50% for crypto exchange.
- The higher transaction fee of simplex fees + changelly fee while purchasing through Credit Card.
I hope you got an idea about changelly, how changelly works and what it offers.
Hence before closing this changelly review guide let me conclude what I think about changelly.
My View with Changelly Review
Yes, Changelly is a legit and trusted platform you can create an account with them.
Changelly provides you commonplace to trade or buy cryptocurrencies without hassle knowledge of trading platforms.
In term of transaction fees yes this is a bit higher as compared to other and I won’t advise you to buy crypto using credit or debit cards.
Changelly has an active current member of more than 2 million and being used in different countries.
Changelly has mobile applications and Rest API to help users to complete transaction from mobiles only and it also helps to maintain history of payments.
If you are a crypto trader than definitely, you can make additional money by joining Affiliate program run by changelly.
Signup using this referral link and promote same with others for interested crypto buyers, if you like this guide on changelly review most.
If you really need to invest in crypto than here is our best guide on the top 10 lists of cryptocurrencies to buy.
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