Changelly.com is one of the interesting Bitcoin Exchange out of the scores of websites available today. Buying Bitcoin or any other cryptocurrency is easier now owing to several exchange websites prevalent today. One can purchase coins like XRP, ETH, and BTC, with the help of these exchange websites. Changelly happens to be one of them
An Overview of the Site, its Security, and its Legitimacy:
One of the first questions that pop into our minds is the security involved within site. Also, one would not be sure of the legitimacy of the site whether it is a sham website or not. With several fakery sites stealing personal information, it is essential to confirm this aspect. Changelly is relatively a new website but a well-known exchange site backed by a company founded in 2013.
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The company was formed as a prototype by the team backing MinerGate, thus reaping good credibility from their past.
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The website was developed as an exchange service in 2015 with significant updates, headquartered in Prague, Czech Republic.
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The recent popularity of the site led to a partnership with an online casino Dao.Casino thus catapulting Changelly.com to be the face of cryptocurrency.
Changelly has two-factor authentication and HTTPS security protocol. The funds are not stored within the site as all crypto-coins are processed to the respective wallets directly. One does not have to confirm on email for dealing with the site and all transactions are anonymous by principle.
Buying Coins with Changelly:
Create an account with this exchange by entering your email address. Forgot password option would send an email to your registered email address with instructions to get a new password. The site is designed without clutter but one would have to access the FAQ’s to purchase coins properly through the site. The process is as follows:
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Log in to your account and select the currency for exchange on the left and currency to buy on the right. Click Next.
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Check transaction amount and the currency and the amount you will receive from the transaction will be flashed for accuracy.
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Specify recipient’s address after a thorough check. Put your wallet address for exchanging currency.
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The transactions are not reversible, hence cross-check the amount and currency again. Owing to turnover time, the amount you might see is an estimate depending on the exchange rate when the funds will be transferred.
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Your transaction is now created. You can see a QR code and wallet address below the transaction page. This wallet address is where you should send payment to be processed at the exchange. Once the money is received on the wallet address, the purchased currency needs to be directed to your receiving address.
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To track the transaction, go to transaction history. Every transaction typically needs 5-30 minutes to get completed.
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On the success of the transaction, you get a receipt and transaction hash as proof of the transaction.
There is no cap for transactions, but if a low amount is traded, there would be some issues with respect to the network fees placed by blockchain.
Types of Payments Accepted through Changelly:
Not many exchanges accept Credit Cards as payment option owing to the wide number of security measures involved. However, with Changelly, one can easily purchase coins with the cards.
One should, however, be aware of the restrictions imposed on credit-card based transactions. For first transaction in USA, Canada, and Australia there is a $50 cap and the next purchase is only possible after the 4th day with a cap of $100. Users can purchase up to $500 only after the first week. No limits are imposed after a month of the first transaction. For users in Russia, Ukraine, Kazakhstan, and Georgia, the first transaction cap limit is $200 with an increase in limit after 24hrs. The total limit of first 7 days is raised to $2000 while it is $10000 limit for the month. For users from EU and elsewhere, the first transaction cap is $100 and the next purchase can be scheduled only after 4 days with the cap limit at $200. The cap limit is raised to $500 after a week with lower than 6 transactions in the first week. No restrictions apply after a month.
P.S.- Changelly charges a 0.5% fee for its services to all users.
Feedback from Different Sources:
Changelly is under review from different sources based on how it manages transactions, the security measures, the payment methods, the charges and so on. The volatility of the market has actually made some transactions non-compliant according to some Reddit sources while some sources indicate that there have been vast improvements in recent months.
Pros of using Changelly:
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A wide range of exchange options
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Accepts Credit Cards
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2FA Security
Cons of using Changelly:
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High transaction fee levied at the rate of 0.5%
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Middling reviews from the community
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A fairly new company still improving its offerings
Conclusion:
Changelly has great design and seamless navigation features; and showcases and accepts almost all crypto coins in the market today. Not all exchange websites go beyond transactions related to Bitcoin, Litecoin or Ethereum trades. One can change several Altcoins to BTC within some clicks and that is seriously rare in today’s market. Regarding reputation, it needs to earn trust for some more time to make a strong impression on the community. Compared to other stalwart exchange sites, Changelly.com is expected to gain major ground soon.
What's your view? Which exchange do you use? Share them in comments below.