IIAwards - Review of Changelly

As part of the recently announced IIAwards, in which we celebrate innovations in the fintech and crypto industry, today we will review Changelly considering different aspects.

Changelly is a non-custodial instant crypto exchange that does not hold its user’s funds in exchange or cold storage. Founded in 2015 and headquartered in Malta, it offers a number of pair exchange rates and fast transactions. Therefore, many businesses have integrated instant crypto swap features through the Changelly API. Changelly uses an automatic trading robot that integrates with some of the largest trading platforms, including Poloniex, Binance and Bittrex. It operates by making bids and asks on respective exchanges to suggest the best available rates on trading pairs.

Changelly boasts about its static-rate fees as a major benefit of its service. With Changelly, all trades guarantee a 0.5% fee, which is fairly competitive, when all is said and done. However, cheaper rates can be found when working directly on trading platforms like Bitstamp or Kraken. Still, If you’re making multiple trades to move altcoins, then Changelly may actually become a cheaper option, particularly when it comes to trading smaller amounts. When using fiat currency, there’s a massive caveat that needs mentioning. Trades from fiat currency (i.e., dollars, euros, etc.) claim to hold the 0.5% static fee, but in reality, this doesn’t appear to be true. Because the rates vary with this method, you’re more likely to be trading at a higher rate due to the unfair exchange rate. When trading crypto to crypto there is no limit on the transaction amount. However fiat transactions have buying limits:

Changelly offers access to over 140 different cryptocurrencies. The wide range of cryptocurrency creates an opportunity to exchange any two currencies directly with minimal fuss. Traditional cryptocurrency trading platforms generally have a limited selection of trading pairs, meaning that sometimes users have to make multiple transactions to receive their desired cryptocurrency. With Changelly, you can make up your own trading pairs with any of the cryptocurrency available on the platform, all in one transaction. You only need to select the trading pair and the software will take care of the trades. The company has an instant swap feature, which is extremely powerful and fast, and users can exchange many crypto assets with each other. The wide range of supported coins is arguably the company's most pronounced competitive advantage.

Changelly offers an instant, simple and relatively anonymous crypto to crypto exchange service. The service can be accessed via the company’s website, its mobile app (Android only) or through various 3rd party wallets. The most popular wallets that integrate Changelly are TREZOR, Ledger, Exodus, Jaxx, Coinomi and Edge. Changelly also offers its API and a customizable payment widget for websites. Using the widget, users can exchange crypto from within the site without needing to go to Changelly’s website. The company’s website also allows you to buy Bitcoin with a credit card via an integration with Simplex. While Changelly boasts about its simple and relatively anonymous buying process, it states that it may require a full verification process if a certain trade or user seems suspicious.

Changelly has a robot that is integrated into the world’s biggest trading platforms, such as Bittrex and Poloniex. In milliseconds, this robot creates bids or asks on the platforms, then finds the best available rate, displaying its estimate on the Changelly website. The rates are always approximations until the transaction goes onto the blockchain, meaning that the actual rate may differ slightly. Developers who want to take advantage of Changelly’s exchange features can access the API and receive a dedicated support line. With the API, you also earn an extra commission, which will be set according to your choice.

Developers can also add one of the Changelly widgets to their pages, including those for referrals and an exchange widget. Or you can add a button that lets users pay with altcoins, which is done via Changelly. Additionally, Changelly accepts payments via bank cards in USD or EUR for more than 35 different cryptocurrencies. As with converting cryptocurrency, the process of buying cryptos with your bank card is simple and quick. Just remember that your bank card must support 3D-Secure, which, for those less inclined, is simply a verification process requiring a phone number. The card may be from any country or use any currency, but it must have 3D-Secure, and you must conduct the transaction in USD or EUR.

One of the main features that Changelly is famous for is that it requires no personal information from you when you want to exchange your altcoins. The only thing that is required from you is your e-mail. The company uses 2-factor authentication to secure your account and transactions. This helps the platform to maintain the highest level of security. Furthermore, they require an e-mail to keep your transaction data in check, so that you could recover your account even if you were to forget the password.

There is no doubt that the whole industry is struggling to provide reliable customer service. For the most part, Changelly seems to be doing a respectable job with 24/7 support and competent support assistants. Team members often reply to queries within hours, and there are many reports of problems being fixed in under 24 hours. The website is particularly clean and easy to understand, so users have a minimal learning curve to start trading. An in-depth FAQ also helps when educating yourself about the site and service. Support is also provided through a chatbox on the website.

Changelly offers a mobile app which is available on both iOS and Android. The app is extremely intuitive and user-friendly, allowing users to quickly swap between cryptocurrencies on the go. This includes options for floating and fixed exchange rates, as you would on the Changelly website. It also has an option to purchase cryptos using fiat currencies via Changelly partner Simplex, using a credit or debit card. To complete the experience, Changelly have also added a crypto price-tracking screen, which lets users see prices and charts for their favorite cryptocurrencies. In October 2019, the exchange released a new version of the mobile app with the fixed-rate mechanism onboard for both Android and iOS, so users can swap their assets avoiding the risks of the market fluctuations.

For those who would like to exchange crypto at a floating rate, the service offers one of the lowest transaction fees on the market – 0.25% for all crypto-to-crypto exchanges. In addition to all these features, users also have the ability to buy crypto assets with a bank card right from the mobile app (currently available for Android users only) and explore crypto exchange rates in real-time mode.Changelly’s mobile app also gives users the ability to log in to their original website account, track their transaction history, store an address list for their most used wallets as well as get quick assistance from the Changelly team in the support section.

Changelly acts as an intermediary service and does not hold your funds at any point. To protect user’s privacy, Changelly does not require the creation of an account to use its conversion services. This means that users do not need to submit personal information; they just need a valid wallet address. Keep in mind, however, that those buying cryptos with a bank card may need additional verification before their purchase. Those who stick to crypto-to-crypto conversions, however, do not need any verification.

In 2020 Changelly PRO included its margin trading feature, enabling traders borrowing funds from the exchange to increase their buying power for an opportunity to get higher profits.