Changelly is a fiat on-ramp that acts as a gateway for customers to turn cash into crypto. But should you trade your crypto on this platform? Find out if it is the right option for you in this comprehensive Changelly review.
KEY TAKEAWAYS
• Changelly is an instant exchange that allows users to purchase crypto without creating an account.
• The exchange service aggregates rates from multiple exchanges to find customers the best price.
• It supports over 500 cryptocurrencies and 90 fiat currencies in more than 100 countries.
• Many of Changelly’s customers value its responsiveness to inquiries and resolving issues.
- Changelly at a glance: Our overall rating
- Who is this Changelly review for?
- What is Changelly?
- History of Changelly
- What can I trade on Changelly?
- Where is Changelly available?
- How to sign up with Changelly in 2024?
- Features and tools from Changelly
- How does Changelly compare to others?
- Pros and cons of Changelly
- Security and payment processing
- Customer support
- How we tested Changelly
- Regulatory compliance and safety
- Invest responsibly
- Changelly goes the extra mile
- Frequently asked questions
Changelly at a glance: Our overall rating
When it comes to instant exchanges, Changelly sets itself apart from similar competitors by offering unique products. It has many features that stray from the norm of similar services known for being relatively minimal.
| Criteria | Supported cryptocurrencies | Supported fiat currencies | Fees | Features | User experience | BeInCrypto score |
| Score | 4/5 | 5/5 | 5/5 | 5/5 | 4/5 | 4.6 |
Who is this Changelly review for?
This Changelly review is suitable for anyone with an interest in cryptocurrency. If you seek fiat on-ramps for crypto, this piece will be of interest. Additionally, people who have soured on the idea of using bonified centralized exchanges (CEX) will find this review valuable.
Keep reading if you are:
- A cryptocurrency enthusiast
- Interested in fiat on-ramps
- Looking for an alternative to CEXs
Throughout this review, we comment on the platform’s quality, functionality, and effectiveness, taking a critical look at Changelly’s products, services, and features. We also take a look at alternatives to Changelly to ascertain where the platform stands when compared to other players.
What is Changelly?
Changelly is a popular instant exchange. This is similar to your typical centralized exchanges (CEX) in that it requires an intermediary. However, instant exchange typically does not provide the same variety of services as a CEX.
For instance, a CEX usually provides you with an account and an associated custodial wallet that allows you to trade IOUs of cryptocurrency until you withdraw your coins from the platform.
On the other hand, an instant exchange does not provide you with a wallet, and crypto is quickly deposited directly into your non-custodial wallet. This means there is very little interaction beyond the point of sale (POS), and the platform does not hold your crypto after you purchase it, so there are no IOUs.
In this way, instant exchanges take on the most favorable non-custodial qualities of decentralized exchanges (DEX). Just like with DEXs, Changelly does not hold your crypto after the POS.
DEXs have grown in popularity throughout the years for a multitude of reasons (e.g., the collapse of popular CEXs ). One reason, as mentioned earlier, is that they are non-custodial. Instant exchanges like Changelly give you the best of both worlds, providing a fiat on-ramp with the comfort of self-custody.
History of Changelly
When it comes to Changelly’s history, information is very sparse. The company was established in 2015. Some of Changelly’s partners include Binance, Coinomi, Trezor, Exodus, and many other notable names in the industry. Konstantin Gladych, who also happens to be the CEO of Atomic Wallet, a popular hot wallet, co-founded Changelly.
I was looking for new opportunities in 2015 after five years on internet advertising market. Though Bitcoin is something new cool thing! Joined Changelly startup as a CEO, grew up company to 70 people, then left. Founded Atomic my fully own company. I’m still here and love crypto!
Konstantin Gladych, former Changelly CEO
Changelly was created in Prague, Czech Republic. However, the current iteration of Changelly that we are familiar with was not the first. The first iteration of Changelly was developed by MinerGate, a multi-cryptocurrency mining pool. The current CEO of Changelly is Ilya Bere, who replaced Konstantin in 2018.
What can I trade on Changelly?
Users can buy Bitcoin, Ethereum, Cardano, and Solana, and almost 500 more cryptocurrencies using the Changelly platform. The PRO edition offers fiat on-ramp functionality and margin and spot trading. While the array of coins is extensive, the PRO platform only accepts three fiat (traditional) currencies: U.S. dollars (USD), British pounds (GPB), and Euros (EUR).
It should be noted that Changelly does not offer traditional trading services. Changelly PRO, on the other hand, does offer a trading terminal with an order book, special order types (e.g., stop limit, makret, etc.), a mobile app, and many other features native to exchange trading. It also has a regressive fee structure starting at 0.1%. This platform is better for day trading.
Where is Changelly available?
Changelly operates globally, but exceptions include Cuba, North Korea, Iran, Syria, Crimea, Sudan, the United States of America (along with its territories such as Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the U.S. Virgin Islands like St. John, St. Croix, and St. Thomas), Bangladesh, and Bolivia. Additionally, countries on the United Nations Security Council Sanctions List and their equivalents are also excluded.
How to sign up with Changelly in 2024?
1. Firstly, navigate to the Changelly landing page. Look for the gray circle beside the flag, signifying the English language.
2. After you click on the gray or blank avatar, a screen will pop up. Select “Create an account.” Then, select one of the three options shown below.
3. Select an email of your choice, and voila! You should be redirected to the Changelly landing page and signed in to your new Changelly account.
Number of users and trading volume
Looking at the figures, Changelly has about 2 million users every month. However, this number is self-reported. Additionally, Changelly’s trading volume is unknown.
As we mentioned earlier, Changelly also has a CEX, Changelly PRO. This was launched in 2020 in response to the Changelly community. The headquarters are reportedly in Malta, in the Seychelles. The PRO edition offers fiat on-ramp functionality in addition to more advanced forms of trading.
The 24-hour trading volume for Changelly PRO is $110,261,214.13, according to CoinMarketCap. This is not too far off from other sources like CoinGecko, which reports a 24-hour trading volume of $113,607,117.
Features and tools from Changelly
Many people recognize instant exchanges for their sparse features. It is part of what makes them attractive to users. However, Changelly strays from the norm and has numerous features if you consider the Changelly PRO exchange.
- Trade: Buy, sell, and exchange multiple cryptocurrencies.
- DeFi: Changelly has a DEX feature that allows you to exchange cryptocurrency.
- APIs: Exchange, fiat, and defi API integration for your business and services.
- Changelly PRO: A centralized exchange alternative to the Changelly instant exchange services.
- Mobile support: The Changelly app is available on Android and iOS.
- Margin trading: Changelly PRO allows you to trade on margin.
- Futures: Changelly PRO allows you to trade perpetual futures.
Changelly offers a run-of-the-mill exchange, buying, and selling services that you would come to expect from an instant exchange. It also offers some decentralized exchange services as an alternative to some of these services. That being said, what is most interesting are Changelly’s business features or API services.
Changelly’s APIs allow you to integrate its services into your business. A number of businesses, such as Trezor and Ledger, have already integrated their services. Some of their services include exchange or conversion, fiat on-ramps, and DeFi services. Many of these services are useful for wallet integrations but can also be used for other things.
Changelly PRO
As mentioned earlier, Changelly PRO is an exchange that is separate from Changelly’s instant exchange. The platform offers services rudimentary to a CEX. This means that you have an account and associated custodial wallet on Changelly PRO.
You also have the luxury of an advanced trading interface with TradingView integrations. On Changelly PRO, you can also trade futures. Margin trading is also available on the CEX alternative, up to 10x. You can do the standard buy, sell, and exchange activities as well.
Lastly, Changelly PRO has a reports feature. This is more of an account summary that is presumably used for tax preparation. It allows you to track certain time frames and performance metrics, such as profit and loss (P&L).
How does Changelly compare to others?
| Platform | KYC | Regulated | Crypto | App | Fiat support |
| Changelly | No | No | 500+ | Android and iOS | 100+ |
| ChangeNOW | Depends | No | 1000+ | Android and iOS | 40+ |
| MoonPay | Yes | Yes | 195 | Android and iOS | 39 |
| Simplex | Yes | Yes | 200+ | No | 100+ |
When compared to alternatives, ChangellyChangelly has certain strengths and weaknesses. All in all, the tradeoffs are understandable. Its competitors include MoonPay, ChangeNOW, and Simplex, which are also instant exchanges. Most of Changelly’s competitors do require some level of KYC.
On the other hand, Changelly does not require KYC but is also unregulated. When it comes to supported cryptocurrencies, Changelly supports less than ChangeNOW.
Most of the exchanges on the list have mobile apps, with the exception of Simplex. That is because it is mostly promoted for API integration into other services. Changelly offers API integrations and also has a dedicated mobile app.
Lastly, Changelly is neck and neck with Simplex when it comes to fiat support. Due to the complexity of foreign exchange and banking relationships, it is pretty impressive that both Simplex and Changelly can offer support for over 100 fiat currencies.
Pros and cons of Changelly
Changelly has quite a few features, but how do they shape up? Here is a list of the advantages and opportunities of the platform.
| Pros | Cons |
|---|---|
| No KYC/AML | Geographic restrictions |
| Large selection of cryptocurrencies | No financial reports or audits for Changelly PRO |
| Customer support | |
| Exchange aggregation | |
| Low fees |
Pros
The benefits of using Changelly are many. For starters, you can trade up to 10x leverage on Changelly PRO. Changelly does not require KYC/AML. However, Changelly PRO may require minimal KYC.
Changelly also offers a vast selection of cryptocurrencies—over 500, to be precise. It aggregates at least three exchanges when you purchase crypto with fiat, giving you the best price at the moment.
When you useChangelly PRO, you can to export an account summary in PDF format for your personal records. The exchange fees are 0.25%, lower than most of its competitors.
Some of Changelly PRO’s security features include 2FA, email confirmation, and withdrawal whitelists. Lastly, Changelly has reportedly good customer support, according to its online customer reviews.
Cons
Naturally, Changelly also has a few cons as well. For starters, Changelly does not operate in restricted locations., which happens to be a lot. Additionally, there are no financial reports, proof of reserves, or audits for Changelly PRO. These would go a long way to assure customers of the security of their funds.
Security and payment processing
Changelly offers cryptocurrency exchanges in three steps, which typically take between five and 30 minutes. Firstly, the service autonomously sources the best available rates.
The Changelly algorithm is integrated into major trading platforms like Binance and HitBTC and automatically asks/bids for the crypto to buy/sell. Then, the platform swaps one cryptocurrency for another without undergoing extensive trading processes.
For security, Changelly PRO emphasizes the protection of user funds, incorporating measures including two-factor authentication (2FA), email confirmations for significant account activities, and withdrawal whitelists to ensure user account safety.
Customer support
As you peruse the many reviews for Changelly available online, you will be hard-pressed to find a bad one. Many people cite Changelly’s responsiveness in responding to inquiries, including those about crypto sent to the wrong addresses, failed transactions, and refunds.
The online chat service is overall an effective tool. When testing the platform, we found it easy to reach customer support and had our queries answered promptly.
How we tested Changelly
Due to the nature of Changelly itself, the criteria used to evaluate the platform mostly revolved around its primary service — exchanges. So, we first and foremost assessed the extent of supported cryptocurrencies and fiats. Additionally, our Changelly review considered the customer experience, including the support and user reviews. The platform’s fees also play a role in our evaluation. Lastly, we tested Changelly’s features and took this experience into consideration when assessing the platform.
Regulatory compliance and safety
As far as regulatory status goes, there is little information provided by the platform regarding licenses or permissions in specific countries. However, the Terms of Service mentions that in the event of arbitration, the Hong Kong International Arbitration Centre (HKIAC) will resolve the dispute under the HKIAC Administered Arbitration Rules.
Invest responsibly
It is important to remember that investing in cryptocurrencies and any other financial asset is inherently risky. You could potentially lose money. Therefore, you should never risk more money than you can comfortably afford to lose. Furthermore, this Changelly review should not be considered a formal endorsement of the platform. It is solely for informational purposes.
Readers should always consider their personal financial goals and obligations before making any investment decisions. Always remember to invest responsibly.
Changelly goes the extra mile
This Changelly review assessed the platform based on many factors, including its products, features, and services. In conclusion, Changelly is a comprehensive platform when you consider the minimalist nature of instant exchange services.
The platform not only performs its functions as an instant exchange effectively, but it has also gone the extra mile to accommodate some of its users and added even more services, such as Changelly PRO.
Furthermore, according to customer reviews, the company goes above and beyond to please its user base. All in all, it is no surprise that Changelly is an established veteran in a volatile space.
Frequently asked questions
Can Changelly be trusted?
Who is the founder of Changelly?
Does Changelly have any fees?
Which countries cannot use Changelly?
Is Changelly as good as Binance?
Why not use Changelly?
What is safer than Changelly?
What is the disadvantage of Changelly?
How do I withdraw money from Changelly?
Can I store money in Changelly?
What can I trade on Changelly?
Is Changelly regulated?
What is the minimum deposit on Changelly?
Does Changelly require KYC?
What are the withdrawal times on Changelly?
Does Changelly have a mobile app?
Does Changelly offer a demo account?
Does Changelly offer any special offers or bonuses?
Does Changelly have good customer support?
Disclaimer
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