Changelly is a non-custodial cryptocurrency exchange that offers almost 200 different cryptocurrencies. Its easy-to-use service is secure and lets you trade cryptocurrencies at low fees. However, Changelly is not regulated to operate in the U.S. and our ratings reflect this important con. Read our full Changelly review to find out more.
Changelly Pros and Cons
Pros
- Wide range of cryptocurrencies
- Low crypto-to-crypto exchange fees
- Integrates with various wallets
- Anonymous
- Easy to use
Cons
- Not regulated in the U.S.
- High fiat-to-crypto rates
- Limited payment options
- High minimum trade amounts
Changelly Top Features
Before we get into some of the benefits of using Changelly, it’s good to understand this is a non-custodial cryptocurrency exchange service. That means it never stores any of your money or cryptocurrency: You need your own wallet to be able to use the service.
Wide range of cryptocurrencies
Changelly boasts almost 200 different types of cryptocurrency on its exchange. At the time of writing, it had 196 supported currencies. That’s a lot more than most cryptocurrency exchanges and brokerages. Many people want to buy smaller currencies as they hope to get in before those coins make dramatic price gains. But bear in mind that these smaller coins carry even more risk than popular digital currencies.
Also, while Changelly trades many smaller coins, it also only accepts three fiat (traditional) currencies:
- U.S. Dollar (USD)
- British Pound (GPB)
- Euro (EUR)
However, as we explain below, we wouldn’t recommend using Changelly to buy crypto using dollars as the fees are quite high.
Low crypto-to-crypto exchange fees
Changelly charges some of the lowest rates for crypto-to-crypto exchanges. You can preview your transaction to compare the rate and fees against other exchanges and make sure you get the best value.
Bear in mind that even if you find a better rate with a custodial exchange (one that keeps your cryptocurrency on the exchange itself), you’ll still need to pay withdrawal fees when you move your money. Fees depend on the cryptocurrency, but you’ll need to factor it into the costs.
Integrates with various wallets
Changelly partners with several wallet providers, including:
- Ledger
- Trezor
- Trust wallet
- Exodus
Wallets are a way to control the keys for your cryptocurrency.
Many crypto enthusiasts are uncomfortable using a custodial exchange because it does not let you control your keys. If you want to trade directly from your wallet, Changelly may be a good option. You can securely exchange one cryptocurrency for another, and never lose control of your keys.
Anonymous — no Know-Your-Customer (KYC) regulations
Unlike bigger U.S. regulated exchanges, the only personal information you need to provide when you use Changelly is your email address. That said, if you want to pay with a traditional currency, you will have to enter more information to access the third-party payment services.
Whether you consider this a perk or a disadvantage depends on you. Some people value the anonymity of cryptocurrencies and don’t want to provide additional information. Others are worried that anonymity of crypto is one of the reasons it can be used for nefarious reasons. As such, they are happy to provide their address and personal details.
Easy to use
As long as you understand cryptocurrency wallets, it’s extremely straightforward to use Changelly. It has a mobile app as well as its web platform. The only slightly challenging part is connecting your existing wallet to your Changelly account. Once you’ve done that, all you need to do is:
- Choose which cryptocurrency pair you want to swap
- Check the exchange rate
- Send the necessary cryptocurrency to the address provided
Changelly Fees overview
Since Changelly does not keep your money on its platform, there are no fees for account maintenance or withdrawals.
The only fees you’ll pay are transaction fees. If you’re trading cryptocurrencies, you have two options:
Floating rate: A floating exchange rate may change while your transaction is being processed. You’ll pay a 0.25% fee, and the rate is usually better than the fixed rate. However, if the price changes dramatically before the sale is finalized, your rate will be different.
Fixed rate: If you opt for this route, you’ll know exactly what it is going to cost and you don’t need to pay the 0.25% transaction fee.
How Changelly works
Changelly makes it easy to exchange one cryptocurrency for another. It searches various other exchanges to find the best price at any given time.
You need to have your own wallet before you start because Changelly does not keep any assets on its own servers. It’s a non-custodial exchange service.
To use it, enter your email address and choose the currencies you want to trade. You’ll then need to enter the wallet address (a bit like a bank account number) where you want the crypto to be deposited.
Once you’ve confirmed your transaction, transfer the correct amount to the wallet address that is provided. You’ll receive your currency in five to 30 minutes.
