Have you heard about Changelly yet? It’s a type of non-custodial crypto exchange that provides nearly 200 different cryptos. It’s an easy-to-use and secure service that allows users to trade cryptos at low costs.
But (there’s always a but…) this non-custodial crypto exchange cannot function in the United States. Undoubtedly, it’s a major con that this crypto exchange needs to be correct ASAP!
Moreover, the exchange allows traders to purchase as well as sell more than 150 cryptos with cryptocurrency, bank cards, or even opt for standard bank transfers. So, it does seem simple, fast, secure, and definitely very convenient.
However, is this exchange safe? Is it legit? Yes, we are on the same quest – so let’s just dive in.
| Pros | Cons |
| No registration or verification is needed for exchanges. | High fees for debit and credit card purchases. |
| Quick crypto exchanges accompanied by low fees. | Identify verification needed to make any credit card purchase. |
| High limits. | Not regulated in the United States. |
| Over 150 cryptos on click. | High fiat-to-crypto rates. |
| User-friendly website and mobile app. | Limited payment alternatives. |
| Integrates smoothly with different wallets. |
So, What Is Changelly?
Changelly is a very useful crypto exchange service. The best part? Its low fees make trading crypto assets possible without any registration.
Moreover, the service is more like a crypto exchange service, different from a standard exchange. As a result, it will not hold any assets or funds for you. Instead, they are a third party or, rather, the middleman.
Additionally, the trading algorithm of this exchange service is actually integrated into the biggest crypto exchange platforms like Bittrex, Poloniex, Binance, and more.
Only in a span of milliseconds do the exchange services make multiple bids on the platform and suggest the very available rates. And not just that. It also displays the amount that traders will approximately receive.
After a trader provides the address of their destination wallets, they will have to sign up or log in to save the whole transaction history. Yup – that’s all! The trader will then get the crypto in their wallet in minutes. Also, the service offers alternatives for purchasing cryptocurrencies with a credit or debit card via their partners.
Where Did It All Start?
Changelly has been a part of the crypotverse for some time now since it arrived in the crypto space a decade ago in 2013.
Have you heard about MinerGate? MinerGate is a BTC mining pool that founded Changelly as a startup, turning it into an autonomous exchange service in 2014. Then, it underwent major technological changes in 2016. Now, since it underwent major changes, the exchange service was able to serve over two million users across the globe.
Who Owns Changelly?
Fintechvision Limited, a Hong Kong-based legal entity, operates Changelly. Presently, an expert fintech professional, Eric Benz, leads the exchange service. Benz has been a part of the crypto space as a board director, investor, and founder since 2012.
Where Is Changelly Located?
So, where is this exchange service located? It is located in Hong Kong, China. At present, the service doesn’t have any office that customers can visit. However, as per official data, its address is 1801-03, 18/F., East Town No.41 Lockhart Road, Wan Chai, Hong Kong.
Nonetheless, people from different parts of the globe can access its services.
Using Changelly In The United States:
Sadly, as per the terms and conditions of Changelly, users based in the United States are restricted from using this exchange service.
Apart from the USA, users living in the following countries cannot use this service as well:
- Bolivia,
- Bangladesh,
- Syria,
- Sudan,
- Crimea,
- North Korea,
- Iran, and
- Cuba.
Also, don’t forget that regulations vary from one state to another in the United States. As a result, you have to check the service’s terms and conditions to see how these restrictions will apply in your case.
How Does Changelly Work?
Changelly is a non-custodial exchange service that makes it easy for users to exchange their cryptos. Simply put, the service looks up other exchanges and finds the best prices at any time.
In order to start using this exchange service, you will need your personal wallet since the service doesn’t hold its user’s assets on its servers. So, to use the service, you will have to submit your email ID and select the currencies that you feel like trading.
Once you have chosen the currencies, you will have to submit the address of your wallet. This is the address where the service will deposit the crypto. So, once you confirm the transaction, you will just have to enter the amount that you want the service to deposit into your wallet.
And that’s all you need to do because after confirming the transaction, you will get the currency in your wallet between 5 and 30 minutes.
Fees Overview:
Since Changelly is a service that doesn’t hold the users’ assets on its server, users do not have to pay any fees for maintaining their accounts or even for making any withdrawals.
So, the only fees that you will have to pay are the transaction fees. As a result, if you trade in cryptos, then you will have two alternatives.
1. Floating Rate:
A floating rate is an exchange rate that can change while the service is processing the user’s transactions. In such a case, users pay a fee of 0.25%. Moreover, floating rates are relatively better than fixed rates.
However, if there are any massive changes in price before the sale goes through, then the rate will change.
2. Fixed Rate:
If you choose this route, then you will be aware of your exact expenses. Moreover, you will not have to pay any transaction fee worth 0.25%.
| Transaction Type | Fees |
| Floating Rate | 0.25% |
| Fixed Rate | No fee |
Is Changelly Safe?
So, is Changelly safe?
When you opt to use this non-custodial exchange service, you are choosing to keep the control with you. This is because the service does not actually hold any of your assets since it is ‘non-custodial.’
Moreover, in terms of safety, this indicates that there is no central point to target for most hackers. Basically, with the help of this service, your assets stay in your personal wallet. So, whether you choose to use any hardware wallet that is kept offline mostly or an online hot wallet, your assets stay safe.
Here, you can only face one major risk – you can enter the wrong wallet details when you set up your transactions.
Also, all crypto investments come with their own volatility and risk. After all, cryptos are relatively new and very volatile. Additionally, keeping your wallet safe with different protocols such as 2FA (two-factor authentication) ensures that you can do careful research on the coins you want to purchase.
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