BBB Changelly Review
Changelly – Is It Good?
There are many options to buy bitcoin anonymously. One that has been gaining a lot of traction and popularity is Changelly. With fast transaction waiting times, low fees and high exchange limits, Changelly is looking to become a main player.
Founded in Prague in 2015, Changelly is a decentralized bitcoin and altcoin exchange. Currently they have over a million and a half users trading 90 different altcoins.
What Does Changelly give you?
When you use Changelly you start with some type of coin in your wallet. Based on the coin and the amount, Changelly browses between different options and then find the best rate for you and your crypto. To achieve it, Changelly uses a bot that’s integrated into the most important cryptocurrency trading platforms, such as Bittrex and Poloniex. It charges a 0.5% of your purchase in fees and delivers your purchase into your second wallet.
Unlike most exchanges, Changelly doesn’t even require you to sign up to their website to use their conversion services. This protects your privacy since you don’t need to give out any type of personal information, just a valid wallet address. If you haven’t signed up for a wallet, you can check out the best bitcoin wallets.
On average, transactions take between 5 to 30 minutes. There are few reasons why transactions may take longer, such as a blockchain overload, a DDoS attack or the updating of a new coin.
Security is pretty good, with two-factor authentication in every account. Since the platform doesn’t store your money the risks are quite low. And with over 3 million monthly visitors and high ratings in TrustPilot there are very few reasons to believe your transactions wouldn’t be safe.
You can use Paxful all over the world except the usual suspects and one particular US state.
Countries not supported:
Burundi, Central African Republic Sanctions, Cuba, Crimea region, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan-related Sanctions, Sudan and Darfur, Syria, Yemen.
Banned in the state of New York.
Changelly Rates and Buying Limits
To protect itself against the volatile nature of crypto, Changelly uses a dynamic fee. This keeps them from having to readjust prices to account for miners and relevant Blockchains involved. These fees may work out to be a little higher than if you went to the exchanges they use directly. However, by going through Changelly you know that you’re getting the best possible bang for your buck. If you wanted to do what Changelly does manually it would be so time-consuming that it will render the whole process useless with this volatile cryptocurrency.
Changelly rate: 0.5% comission on crypto to crypto trades. 5% Challengy comission and 5% Simplex fee on card purchases.
If you’re paying with bank cards, you’ll have some limits applied to your first few transactions on the platform. Most cards will have a limit that varies between $50 and $100 on the first purchase (depending on the country), which is then doubled on the second purchase after four days. After seven days your limit will be $500 applied to your third purchase. There are no monthly limits, applying only a limit of three or six payments during the first week.
The only exception to this is the CIS region (Georgia, Russia, Belarus, Ukraine, Armenia, and Kazakhstan). Users from this region can make their first purchase for up to $100 USD. This limit increases after 24 hours to $2,000 and the first month has a limit of $10,000, which is more than most users will need.
- Easy: The interface is very friendly and it’s very easy to change between alt-coins.
- Private: You don’t even need to sign up to start using Changelly
- Reputation: Changelly has a very good reputation amongst beginners and professionals alike.
- Speed: Your transaction is usually processed in less than 30 minutes.
- Good customer support: Their customer support team is available 24/7.
- Currencies: With over 100 alt-coins supported, you can find virtually any coin you may want easily.
- Rates: As we’ve seen, rates can be a higher than the average, especially when using bank cards or converting fiat corrency.
- Unclear owners: The ownership of the platform is somewhat unclear, which can cause some concern in some users that prefer full transparency.
- Blockchain dependent speed: Since they depend on blockchain, any issues with it may cause delays on your transactions.
Sign Up at Changelly
Is Changelly Good For Bitcoin?
Changelly isn’t just good, it’s extremely useful for everyone and should be bookmarked by anyone interested in fast and easy cryptocurrency exchanges. Using Changelly will definitely save you a lot of time and the amount of alt-coins they have combined with how easy it is to change between them is definitely a plus.
You can use it anonymously without even opening an account on the website, however, if you decide to open one you can use it to see your history and the status of current and past exchanged cryptocurrency. This feature is particularly useful to keep track of how your coins are performing.