Over the past 5 years Changelly has become of the world’s most popular crypto-to-crypto exchange services in operation today, having carved themselves a market share of one million strong in only a few short years. This milestone achieved in only April of last year. Changelly is unique in that it allows for the exchange from one cryptocurrency to another, in an easy and convenient manner, by aggregating and suggesting the best rates directly into their website. Changelly has given its users the benefit of the doubt when it comes to their fees, not charging a fixed rate due to the volatility of the cryptocurrency market, thus allowing them to charge a generally lower commission fee for facilitating the trade.
Some of the key features that are offered through the Changelly platform, have been incorporated to further emphasize the company’s aims of being quick, fair, and trustworthy.
Credibility – Changelly was developed by the same team that developed the mining pool MinerGate, and is used by the Vice Chairman and the founding member of the bitcoin Foundation, Charlie Shrem.
Transaction Times – exchange processes are usually completed with a period of 30 minutes, depending on the size of the transaction. Larger transaction, over 1 BTC, will tend to take a little longer.
Fees – A commission of 0.5% is charged by Changelly on each trade that is made, and they charge no additional commissions or withdrawal fees. It is one of the least complicated fee structures among crypto exchange platforms.
Best Rates – The best rates are collected from across the web, to make sure Changelly users get the best rates for their trades.
Credit card Deposits – Both MasterCard and Visa are accepted by Changelly, although they do charge a higher price for this method of payment, and is not recommended here.
No Wallet Service – Unfortunately Changelly does not offer a wallet service to their clients. The wallets used are those that are provided by the coin that is being purchased.
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Deposits and Withdrawals
It is important to be aware that when connecting your bank account to Changelly for the purposes of exchanging coins for fiat currency, as different regions are subject to different minimum deposits as well as transaction limits.
Users from the U.S., Canada, and Australia are limited to $50 for their first transaction, the second only allowed 4 days later. The limit for this second transaction is raised to $100, and again to $500 7 days after the first transaction.
A $100 limit is imposed on those users from the EU and a few other countries. 4 days later a second transaction can be made, with a new limit of $200, while a full 7 days after their first transaction users can make purchases of up to $500.
Due to the small amount of coins that can be exchanged, the exchange fee of 0.5% is of hardly any consequence. The incremental nature of this fee structure can be costly if you are dealing in large transactions.
Real-time coin tracking and two-factor authentication are extra measures of security that have been employed by Changelly. Another security factor would be that they trade with some of the most reliable and reputable exchanges in the world. Each Changelly transaction is accompanied by a unique reference number that allows for the real-time tracking function, extending their users peace of mind. The two-factor authentication generates a unique and limited-time code, designed for your eyes only, sent to your smartphone for transaction verification. The two-factor authentication is an effective measure against hackers and other cyber-security threats.
A review of what Changelly has to offer their users has given a good impression of what the company is capable of in the crypto-to-crypto exchange market. Offering additional security features along with their fast transaction times, and minimal fees, Changelly is well worth a try.