Changelly

Changelly.com Review – – How To Buy Bitcoin at Changelly

Is Changelly legit? That’s a question that will be answered in this Changelly review.

Overview & Company Info

Changelly is an exchange founded initially in 2013, although its current form was launched in 2015. Changelly is based in Prague, in the Czech Republic.

Changelly’s niche is mostly in the exchange of one version of cryptocurrency (like bitcoin, or Ethereum, Litecoin, Ripple, or any number of others) for another. However, it’s possible to buy bitcoin with fiat currency on Changelly using a credit or debit card associated with a bank.

How Does Changelly Work?

A user creates an account on Changelly, and specifies a cryptocurrency he or she possesses and the currency he or she wants it converted into.

Changelly’s software connects to multiple of the largest cryptocurrency markets, like Poloniex and Bittrex, where buys from the lowest price or sells at the highest price of the respective cryptocurrencies. Essentially, it functions as a trading bot to execute trade orders on your behalf.

How To Create Your Account (Is there an ID/Verification Process?)

In order to create an account on Changelly, the user needs to provide a valid email address. Changelly is one of the more private exchanges in existence, and for any crypto to crypto exchanges only an email address is necessary.

For purchases of bitcoin via credit or debit card, you will need to provide a valid phone number. Still, this is quite a bit short of the government issued picture ID required by many exchanges.

How To Buy Bitcoin At Changelly

The easiest way to buy bitcoin on Changelly is to use another cryptocurrency. If a user is going that route, he or she would simply specify to Changelly what cryptocurrency they’re using and its location. Changelly will then process the transaction and deliver bitcoin to the bitcoin wallet location specified by the user. Note that Changelly does not provide a bitcoin wallet, and never stores any currency of any kind themselves.

If a user wishes to buy bitcoin with fiat currency like USD, the process is slightly more complex. After entering the information for a debit or credit card, Changelly will call the user and provide them with an identifying number, which must be reconciled with the user’s bank account. If for whatever reason this phone technique isn’t successful or can’t be completed, Changelly will accept a photograph of the user and his or her passport to complete the transaction.

What Are The Deposit/Payment Options, Fees, and Limits?

Changelly does not accept deposits of any kind, as they don’t hold cryptocurrency or money. As mentioned, users can use a variety of cryptocurrencies and credit debit cards to pay.

There are no limits when trading crypto for crypto. When using a debit or credit card, Changelly initally puts fairly restrictive limits on transactions. The first transaction can’t exceed $50, the next can’t exceed $100, and the next transaction, which can be no sooner than 7 days after the first, can’t exceed $500. However, after one month there are no limits for credit or debit transactions.

Does Changelly Charge Service or Transaction Fees?

Changelly charges a relatively minor 0.5% fee for crypto to crypto transactions. Purchases of bitcoin or other cryptocurrencies with credit or debit cards are a little more expensive, as in addition to the base 0.5% fee, Changelly also has a third party payment processor Indacoin Limited.

What Are The Withdrawal Options, Fees, and Limits?

There’s really no such thing as withdrawal, other than receiving bitcoin or other currency in whatever digital wallet the user has specified to Changelly.

Does Changelly Have A Trading Platform?

Changelly does not have a trading platform of their own. Instead, they use other exchanges to find users what they’re looking for at the best possible prices.

Customer Support Options

Changelly offers support via email, and has an FAQ page on their site explaining the process of using Changelly.

Pros and Cons of Changelly

PROS:
– Changelly is about as private an exchange as you can imagine, allowing users to maintain a good deal of anonymity.
– If exchanging cryptocurrency for cryptocurrency, Changelly’s fees are eminently reasonable.
– Changelly processes requests quickly and efficiently.
– The team behind Changelly is reputable within the bitcoin community, and there have been no reports of Changelly scamming or failing to deliveer to people.

CONS:

– Changelly may not be the best if you’re looking to use USD or EUR to buy bitcoin, as the card processing fees make it slightly more expensive than other exchanges.

Changelly is probably the exchange for you if you’re looking to swap bitcoin for another cryptocurrency, or vice versa. Changelly is also probably very appealing if you particularly value privacy, since it potentially requires no personal info. If those are things you’re looking for, Changelly is ideal.

If, on the other hand, you’re simply looking to exchange fiat currency for bitcoin, there are a number of other exchanges whose prices are a little better.

That concludes this Changelly.com review.