Changelly Exchange Review 2024: Is It Safe?

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10 de April de 2024

In 2024 the crypto market has reached an estimated worth of more than one trillion USD. Most well-known coins like Bitcoin, Ether, and USDT are paving the way for the crypto marketplace and decentralized finance, but that doesn’t mean that hundreds of new coins, NFTs, and crypto projects don’t pop up every day.

This is where finding a reliable and efficient exchange platform is a necessary tool for anyone looking to buy, sell, and trade cryptocurrencies on the daily.

In this post, we are going to review Changelly, a non-custodial crypto exchange that prides itself on having a super straightforward user interface and performs swift transactions. We will review the pros and cons of this exchange, its features, and fees, and also go over the best ways of storing your crypto out of the exchange for long-term investing.

changelly buy

 

What is the Changelly Cryptocurrency Exchange?

The world of Changelly can be complex for anyone who isn’t familiar with crypto and digital finance. It may seem kind of intimidating to some with its plethora of options ranging from a basic exchange to an international marketplace for listing your coins.

Pro: Offers many different options for crypto users and investors.

Con: Not the safest place to store your crypto long-term.

Let’s have a further look into the Changelly Exchange and its pros and cons in more detail.

Changelly Main Features

This is not your average crypto exchange as Changelly prides itself on being an “ecosystem” of services through one platform while being user-friendly and straightforward. Here is a closer look at the 8 services they offer:

changelly buy

Changelly Buy:

The traditional “marketplace”, Changelly Buy is where you can purchase over 500 cryptocurrencies using your credit card, bank transfer, Apple, and Google Pay. It is important to note that Changelly does not sell crypto directly, instead, it uses its partners to convert crypto with fiat currency. The question about KYC arises here, which we will get into later on in this post.

Changelly Sell:

Allowing you to make crypto-to-fiat transactions, Changelly Sell is the section of the platform where you can sell your crypto using a credit card, Apple Pay, and Google Pay.

Changelly Pro:

Meant for more experienced crypto traders, Changelly Pro is where you are connected 24/7 to the market’s ups and downs and can make trades instantly. It also offers a multi-currency wallet, however, this is not the safest option for holding your crypto long-term, for that, buying a cold wallet is always going to be your safest bet.

Changelly Earn:

A unique opportunity for any influencer who is looking to make some extra money, Changelly Earn is an affiliate program where you can earn up to 50% of Changelly’s revenue shares!

Changelly Swap:

On this part of the platform, you can instantly exchange over 170 cryptocurrencies in under 15 minutes. On the Changelly Swap tab, just select the exchange pair that you want to swap, enter the wallet’s address, deposit the needed amount, and wait for the exchange to happen.

Changelly Listings:

A glorified Craig’s List for your crypto, Changelly Listings lets you post your crypto for exchange, including crypto projects (if you are an investor or creator). You simply fill out a form and a manager from Changelly will be in contact to help you list your crypto.

Changelly Blog:

Perfect for anyone wanting some extra insights into the world of cryptocurrencies and trading, the Changelly Blog has some great info for new users and vets looking to learn something new.

blog changelly

Changelly API:

Not to be confused with the Changelly Pay feature, which allows businesses and e-commerce sites to use Changelly as a payment method for their customers, API is meant for well-known crypto projects and wallets to offer exchanges using Challengly but on their sites and platforms.

Needless to say, the Changelly Exchange is more than a simple place to make trades. There are many things that it offers that most of us will never use, but what makes this a unique exchange platform is its ability to appeal to so many crypto users on a variety of spectrums.

A Deep Analysis of the Changelly Ecosystem

Fees: The fees associated with Changelly apply when you are buying crypto. As stated before, since Changelly does not directly sell cryptocurrencies itself, but rather uses fiat currency to buy coins from others, the rates and fees are never fixed. As the crypto market can be volatile, the rate can change within hours. But, Changelly will always apply the lowest bid when purchasing.

The Changelly App: Available for Android and iOS, it is easy to use and intuitive for all. Connect with your credit card, Apple, or Google Pay to make purchases, you can also use fiat providers like MoonPay, Banxa, and Simplex to buy over 500 cryptocurrencies.

Security: On the Changelly app, you can activate two-factor authentication, which you need to download a separate authentication app. But, it is very important to note that Changelly is an exchange and hot wallet, which means in order to stay safe from Bitcoin scams and frauds, it is always recommended that you keep your crypto in a hardware cold wallet. Material is a great option for safeguarding your crypto.

material bitcoin recortada

Personal Data and KYC: Changelly was one of the first-ever no-KYC crypto exchanges available, as it doesn’t require collecting your info. Well, not for EVERY user per se… depending on the size of your trade you might be required to provide personal data, including your ID, not to mention, since Changelly uses third-party services to buy crypto, as soon as you are using your credit card or bank transfer, KYC (know your customer) regulations are enforced.

Support & Customer Service: Changelly offers 24/7 customer service via chat and email, where you can submit a ticket for your inquiry through their website.

Changelly Exchange Reviews

When it comes to customer feedback and reviews, Changelly has some positive points made in its favor. When looking at comments from Amazon, TrustPilot, and Reddit, you can see that as a basic exchange for smaller transaction amounts, Changelly is a fan favorite.

Where some alarm bells go off, is in terms of security and scams. Online cyber attacks, specifically phishing scams are the most prevalent attacks that are affecting crypto investors.

Take this sad example posted on Reddit where a user has been trying to get back their estimated $20,000 loss after falling victim to a phishing scam through Changelly.

 

reddit review changelly

 

Or this case, where another user was utilizing the Changelly Exchange without issue but when they made an $81k exchange, their funds were frozen, and were then forced to complete KYC, without prior warning.

These user experiences tell us one thing: KEEP LARGE AMOUNTS OF YOUR CRYPTO OFFLINE.

 

Changelly Alternatives

The first thing you need to ask yourself is what are you using the Changelly Exchange for?

Are you a business using it as a payment option for online customers? Are you looking for a quick place to do day-trading? Or are you investing in crypto for the long term and looking for the easiest place to purchase your Bitcoin, Ether, and other crypto?

Our recommendation if you want to buy BTC and swap it occasionally is to use a hardware cold wallet, like Material.

Monedero shadow dividido en 2 partes

Material is an easy-to-use wallet that allows you to buy BTC directly from the wallet, anonymously, putting the full custody of your crypto in your hands. Then, whenever you want to trade or make exchanges, simply transfer your crypto to a trusted exchange to complete your desired transaction.

It can be that simple and that secure.

FAQ

Is Changelly safe?

Changelly offers security to its platform through strong password requirements and 2-factor authentication, but it is highly vulnerable to phishing scams and hacking since it is always online.

Is Changelly anonymous?

In some cases, you can create a profile and complete transactions by giving up personal info, but over certain limits and particular situations, KYC regulations are enforced.

Is Changelly available in the USA?

Yes, the exchange is available in the USA and other international countries, but check the specific KYC laws and tax enforcement for your country before making any transactions.

How long does a withdrawal normally take at Changelly?

Most transactions take between 15-40 minutes, however, wait times can differ depending on the amount and blockchain network.

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    Maral Hotoyan

    Maral Hotoyan

    As a content writer with a background in Journalism and Media Studies, Maral has got a knack for making even the trickiest topics easy to understand. These days, she's all about exploring the exciting world of investing and cryptocurrencies. Whether it's the latest crypto trend or a deep dive into investment strategies, she loves turning complicated concepts into stories everyone can enjoy.

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