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Changelly Exchange In Depth Review Part 3 – The Cheapest Way To Buy Crypto?

Changelly exchange in-depth review – part 3/3

This is third (and the last) part of the Changelly in-depth review. This part of the review will touch upon the exchange’s fees, deposit methods as well as security.

Changelly Fees

The platform’s fees consist of:
Deposit fees, Trading fees, and Withdrawal fees.
Deposit fees may vary depending on the way a user deposits the funds.

Trading fees

When choosing an exchange, you must take a look at how the trading fees are structured. Every trade occurs between two parties the market makers, whose order already exists on the order book, and the market taker, who takes the maker’s order. While makers create market liquidity, takers reduce it. Most exchanges differentiate between the fees they charge to takers and the fees they charge makers.
However, Changelly opted for a different route. The exchange charges the takers and the makers the same fees, which is called the “flat fee rate.” The platform offers a flat trading fee of 0.25%, which is considered the industry standard. This fee structure might be an attractive trading model for traders who prefer to take already existing orders from the order book, rather than having to wait for their orders to get filled.

Withdrawal fees

Many exchanges try to maximize their profits by having low trading fees while maintaining extremely high withdrawal fees. Changelly is, however, not one of them. The company charges only 0.0001 BTC for withdrawals.

Deposit Methods

Users can deposit their funds through the regular fiat transfer via the platform’s corporate partners using credit cards (such as VISA and MasterCard). This feature is extremely helpful to novice crypto investors as one of the main things they want is fiat deposits. There are many exchanges that offer no fiat currency deposit support at all, which makes Changelly stand out.
Changelly has also lowered the entry barriers for crypto-to-crypto exchanges recently. This makes traders able to deposit with as little funds as possible.

Changelly Security/Account Verification

Changelly does not submit every single user to its verification protocol. If you want to use the platform’s conversion services, you don’t need to submit any of the KYC-documentation (such as passports, utility bills, or ID photos). The only thing you need to use the conversion services is a valid wallet address. However, if you would use Changelly to purchase cryptocurrencies by using some form of fiat-based deposits (such as a credit card), then you will need to submit additional documentation in order to pass the KYC process.

General

Changelly states that security is one of its main priorities. When tested on the Mozilla Observatory test, the platform received a score of B, which is a great score for a cryptocurrency exchange. While it can be improved, many popular exchanges score as low as F on this test.

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Crypto Videos

Changelly Exchange In Depth Review Part 2 – The Cheapest Way To Buy Crypto?

Changelly exchange in-depth review – part 2/3

 

This is the second out of three parts of the Changelly in-depth review. This part of the review will touch upon the exchange’s tools, its user interface as well as supported countries.

Changelly Tools

The platform released a new version of their mobile app with the feature of a fixed-rate mechanism onboard for both Android and iOS in October 2019. This feature allows users to swap their assets while avoiding the risks of market fluctuations. However, to those who would like to exchange cryptocurrencies at a floating rate, Changelly offers a market fee of 0.25% for all crypto-to-crypto transactions. This rate is considered the industry average at the moment. In addition to these features, users have the ability to buy the desired crypto assets by using their bank card right from the Changelly mobile app. They have the option to explore crypto exchange trade rates in real-time mode.
The app features do not end here. Changelly mobile app gives its users the ability to log in to their original Changelly website account, track the transaction history, store an address list for the most used wallets on the account as well as get assistance from the Changelly team in the support section.

The platform also offers its API as well as a customizable payment widget to any crypto service provider that wishes to broaden its audience by implementing new exchange options. Many wallets are using this feature on top of their web/desktop/mobile applications.

Changelly User Interface

The user interface is one of the most important things for traders, and one of the main characteristics of different exchanges. The user interface at Changelly is quite simple and more intuitive than what you could see with regular centralized exchanges. The reason for this is because:
Changelly is more of an exchange service rather than an actual exchange;
Changelly is made to be used by the inexperienced individuals, which requires user interface simplification.

Restricted Jurisdictions

While Changelly is available in many countries, it restricts users from many countries as well from joining. The platform is not accessible to traders from the USA, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh, or Bolivia. Users from other countries that are subject to United Nations Security Council Sanctions List, as well as its equivalents, are not allowed to the user the platform.

Changelly implemented AML/KYC procedure into their service. This means that the platform has the option to ask its users to show “proof-of-funds” as well as to go through the KYC check. The KYC procedure is done only if the Changelly’s automated risk management system marked some user’s transactions as suspicious.
Check out the third and last part of our series on Changelly, where we will discuss the platform fees, deposit methods as well as security.

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Crypto Videos

Changelly Exchange In Depth Review Part 1 – The Cheapest Way To Buy Crypto?

 

Changelly exchange in-depth review – part 1/3

This is the first out of three parts of the Changelly in-depth review. This part of the review will touch upon the exchange’s background, how it works exactly, and what its advantages are.

General Info

Changelly is not an exchange like the others. This platform is an instant crypto exchange that started operating in 2015. While it was previously headquartered in the Czech Republic, it is now based in Hong Kong. It also has offices around the world, including Malta, Great Britain, and Brazil.
The group that founded Changelly is MinerGate, a team with a long track-record on the crypto market. However, MinerGate has no involvement in Changelly’s current operations. The current CEO of Changelly is Eric Benz, who has five years of experience working in the industry of innovative financial technology as well as the blockchain field.

How does Changelly work?

This platform is best at finding the best available rates for different trading pairs on the market. Changelly actually shouldn’t be considered exchange per se, as it is a crypto exchange service. The platform is non-custodial, which means that you are not purchasing crypto on Changelly, but rather buying crypto from another exchange. The platform provides users with a window into other exchanges (such as Binance, Bittrex, Poloniex, and HitBTC).

The platform has over 150 cryptocurrencies listed. It focuses mainly on crypto-to-crypto trading. However, it is also possible to buy crypto with fiat currencies using Changelly’s card payment partners, which are Simplex and Indacoin. Users that want to use the fiat-to-crypto transactions need to comply with the KYC policy. They will also be subject to higher service fees

Primary Advantages of Changelly

The platform lists five primary advantages of its trading platform on the landing page:
The best rates on the market;
Transparency in fees;
Fast transaction speed;
High limits and
24/7 support.

All five of these advantages are crucial for its users.

Changelly Affiliate Program

The platform also has an affiliate program. If you refer another user to Changelly, you will be eligible to collect 50% of the fees from every transaction they make within the promo period. This deal is not time-limited, but rather permanent. There are two ways you can join the Changelly affiliate program:
Through the Changelly widget;
By using the exchange button with a referral link.

The 50% revenue share model will work for 90 days from the referred user’s registration. We have to note that this is an unusually short referral period, as most exchanges offer permanent commission payments. This means that some other exchanges offer affiliate programs where you will never stop receiving commissions, as long as the referred user keeps on trading.

Check out the second part of our Changelly in-depth review three-part series, where we will talk about the platform UI and supported countries.