Changelly Review (2022): Is It Safe and Legit? (Read before Using)

Changelly Review

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Instant Crypto Exchange Website

Product Name: Changelly

Brand: Changelly

4.4

Changelly Review Summary

Changelly is a great way to exchange cryptocurrencies. It is easy to use and has a wide variety of coins available. If you are looking to convert one coin to another without signing up for an exchange, Changelly is the best solution for you.

Pros

  • Instant crypto exchange
  • Multiple coins (All popular one are available)
  • Web + mobile app

Cons

  • For huge volume exchange or high risk conversions, they might ask KYC
  • Is Changelly a good crypto exchange?
  • What are the fees on Changelly?
  • Does Changelly need KYC?

Choosing the suitable crypto exchange for your investment needs is a cumbersome task. That’s where CoinSutra comes in handy. We have reviewed almost every top crypto exchange to help you decide whether it is suitable for you or not. You can refer to our Best Crypto Exchange Guide for more information.

Today, we will be reviewing Changelly, a crypto exchange that has been in the ecosystem since 2015. We will dissect every component of the exchange to give you an ideal situation when it can be your best option in the market.

So, let’s get started.

What is Changelly?

Changelly Exchange

Changelly is a non-custodial crypto exchange that helps you buy crypto tokens with fiat currency or other crypto tokens. Here non-custodial means that the exchange does not have access to your private keys. You are the only holder of your crypto tokens.

The exchange provides more than 400 different tokens across the various blockchain networks. For purchases, the platform supports 160+ fiat currencies for which you can use bank transfers, VISA cards, Mastercard, Apple pay, or a few other supported wallets.

Lastly, you just need to sign up with your email ID and proceed with the transaction for most of the transactions. No KYC is required. However, Changelly could ask you to complete your KYC if the transaction size is big or suspicious.

Now, let’s find out who founded Changelly

Who are the Founders of Changelly Exchange?

The Founding Team of Changelly is as follows:

Konstantin Gladych

Konstantin GladychLinkedin | Twitter
Co-Founder and Ex-CEO

Konstantin is based out of Estonia, Europe. He is a Ph.D. in Data Mining and Machine Learning.

He held the CEO position in Changelly from April 2016 to August 2018. After this, he resigned from the CEO post and founded another venture called Atomic Wallet.

Alex Melikhov

Alex MelikhovLinkedin | Twitter
Co-Founder

Alex is based out of Gibraltar, British Overseas Territory. He has completed a Master of Science and Applied Mathematics from Moscow Power Engineering Institute. He is a Serial Entrepreneur.

W.e.f. October 2018, Alex took a back seat on Changelly and started as the CEO of Equilibrium. Equilibrium is a DeFi project building on Polkadot.

Eric Benz

Eric BenzLinkedIn 
Ex-CEO

Eric is based out of London, United Kingdom. He did his Bachelor’s from British American College.

He is also a Serial Entrepreneur and served as the CEO of Changelly from April 2019 to October 2021. Currently, he is a partner at a Venture Capitalist firm.

So, Changelly’s core management team has shuffled a few times in the past years.

What are the Components of Changelly Exchange?

The various components of Changelly are as follows:

1. Trading Features (Crypto Swaps)

Changelly Swap Transaction

Changelly can be used to swap one crypto token with another. Currently, more than 400 tokens can be exchanged with each other.

Suppose you want to exchange 1 BTC with ETH. This means that you are buying ETH tokens and selling BTC tokens. Following is the swap process:

a) Select the pair you want to swap. i.e., BTC/ETH
b) Add your wallet address in which you wish to receive your ETH
c) Sign up with your email ID

Changelly Swap Transaction Checkout

d) Copy the Changelly BTC address and transfer 1 BTC from your wallet.

Changelly Swap Transaction

e) Wait for the transaction to get processed. The general processing time of a transaction is between 5 to 40 minutes.

2. Fiat Buying and Selling

Changelly allows you to buy and sell your crypto tokens with fiat currency. At the moment, more than 160 cryptocurrencies are supported by the platform. You can use bank transfers, VISA, Mastercard, Apple pay, or a few other wallets to deposit or withdraw fiat.

Suppose you want to buy ETH tokens with USD. Following is the process for that:

a) Select your fiat currency and token you wish to buy. Fill in your location and clock on “Buy Now”

Changelly Fiat Transactions

b) Enter your ETH address and proceed to the payment portal

Changelly Fiat Transaction Process

The problem with the fiat purchase is that the price quoted by the exchange is substantially higher than the market price. For example, for the above transaction, the quoted price for 1 ETH is $3059. However, the current market price (6 May 2022) is $2734. 

So, there are many cheaper alternatives for fiat transactions in the market.

3. Mobile Application

Changelly Mobile App

Changelly has a fully functional mobile application for Android and iOS users. This helps you to swap your crypto tokens on the go.

The interface is user-friendly and efficient. The app’s current Google play store ranking is 4.0, which is quite decent.

4. Fees Charged

Changelly charges a 0.25% transaction fee for a crypto-to-crypto swap. This fee is higher when we compare it with the fee charged by centralized exchanges such as Binance (0.1%). However, it is lower than Decentralised Exchanges (DEX) such as Uniswap (0.3%).

In addition to this, a crypto-to-crypto transaction is also subject to the gas fee, which is charged by the blockchain network. Further, the amount of gas fee varies from network to network.

For a fiat to a crypto transaction or vice versa, Changelly charges a fee of 5%.

5. Registration and KYC requirements

A user needs to provide his or her email address before processing any transaction on Changelly. Alternatively, one can also log in through existing Facebook, Google, or Twitter accounts. This helps a user to track their transaction history on the platform. Further, you can secure your account with 2 Factor Authentication (2FA).

KYC stands for Know Your Customer. Most crypto exchanges have a KYC policy under which they ask a customer to provide their identity and address proof. 

On Changelly, usually, there is no need for KYC. A user can transact by just signing up. However, if an exchange tags a transaction to be suspicious, then they can ask you for information related to the transaction or your identity. CoinSutra would advise you to complete your KYC before initiating any transaction on Changelly.

Here, you can refer to Changelly’s Anti Money Laundering (AML) and Know Your Customer (KYC) Policy

Now, let’s figure out the various pros and cons of Changelly.

Benefits and Limitations of Changelly Exchange

1. Benefits of Changelly Exchange

The various benefits of Changelly exchange are as follows:

a) Non-Custodial

Changelly is a non-custodial exchange. This means that the exchange does not hold custody of your funds. So, you have complete control of your assets.

This is better than a centralized exchange such as Binance or Coinbase, which have complete custody of your assets.

b) Cross-Chain Swaps

Changelly allows you to swap crypto tokens across various blockchain networks. This means that you can exchange BTC (Bitcoin Network) with ETH (Ethereum Network) on the platform. Very few non-custodial platforms offer this feature in the market. 

This is more beneficial than many other popular DEXs (Decentralised Exchanges) such as Uniswap. On Uniswap, you can only swap Ethereum-based tokens (ERC 20 standard) with each other. Although, Uniswap also supports Polygon network where you can exchange a few Polygon based tokens with each other. But there is no feature of cross-chain swap.

c) Partial KYC

For most transactions, there is no need to complete KYC procedures. This enables a user to swap his or her token instantly without sharing personal information with the platform.

d) Fiat Support

Changelly supports more than 160 fiat currencies on its platform. Very few non-custodial exchanges provide fiat support in the market.

e) Mobile Application

Changelly has a fully functional mobile application for Android and iOS devices. Further, the interface is very user-friendly and efficient. This allows users to trade on the go.

However, Changelly has a few limitations as well.

2. Limitations of Changelly Exchange

The limitations of the Changelly Exchange are as follows:

a) Transaction Fee

The crypto-to-crypto transaction fee is not the cheapest in the market. Centralized exchange such as Binance is a better option for people looking for the most affordable trading fee in the market.

b) Transaction Time

The transaction time for Non-Custodial exchanges is dependent on the network on which the transaction is requested. Due to this, the transaction time is higher than any centralized exchange such as Binance or Coinbase.

c) Team Shuffle

The core management team of Changelly has shuffled a few times in the past years. The co-founders have moved out and joined other projects. This is not good for the overall growth and development of the platform.

d) KYC Issues

For Non-KYC transactions, there are several instances where transactions have been stuck because the Changelly system tagged these transactions as suspicious.

This can lead to opportunity loss if someone tries to time the market. Therefore, CoinSutra would advise you to complete your KYC before initiating any transaction on Changelly.

Conclusion – Review Changelly Exchange

In our understanding, Changelly is a good exchange for those looking for a quick and straightforward non-custodial exchange. It gives you the security of self-custody at a decent cost. The interface of web and mobile application is very user-friendly and efficient.

However, it is advisable to complete your KYC before initiating any transaction for smooth transaction processing on this exchange. Overall, it is an exchange worth giving a shot.

Further, if you are looking for other non-custodial exchanges, you can refer to our Best Decentralised Exchanges (DEX) list.

That’s it for this post. I hope this post was helpful for you. Let us know your suggestions and feedback in the comments section below.

Lastly, subscribe to the CoinSutra newsletter to get your free crypto trading ebook.

Resources

Whether Changelly allows US Residents?

No, Changelly is restricted for US Residents.

Does Changelly need to Sign Up?

Yes, you can sign up with your email ID. Alternatively, you can sign up with your Google, Facebook, or Twitter account

Does Changelly need KYC?

Generally No. But if a transaction is tagged as suspicious, then Changelly would ask you to complete your KYC before processing the transaction. CoinSutra would advise you to complete your KYC before initiating any transaction on Changelly.

How much time does a transaction take to process on Changelly?

The average transaction processing time is between 5 to 40 minutes.

What is the fee at Changelly?

Changelly charges a 0.25% transaction fee for a crypto-to-crypto swap. This fee is higher when we compare it with the fee charged by centralized exchanges such as Binance (0.1%). However, it is lower than Decentralised Exchanges (DEX) such as Uniswap (0.3%).

In addition to this, a crypto-to-crypto transaction is also subject to the gas fee, which is charged by the blockchain network. Further, the amount of gas fee varies from network to network.

For a fiat to a crypto transaction or vice versa, Changelly charges a fee of 5%.

39 thoughts on “Changelly Review (2022): Is It Safe and Legit? (Read before Using)”

  1. P
    Paye

    Thanks for sharing Harsh, It’s great getting this from you. I have been making all the research on varies sites that can be trusted. I have narrowed down to between shapeshift and changelly. I think this would be the right one to start with. Thanks again.

  2. K
    Kumar

    Can I buy and save coins in a changelly wallent instead of transferring to other exchanges wallets. I am new and planning to buy some coins using credit card/ban account instead of exchanging.

    1. Harsh Agrawal

      @Kumar
      They do not offer wallet at this moment.

      1. M
        Michael S.

        Nice article. Don’t you think its more expensive using Changelly as opposed to buying on regular exchanges? Don’t they change like .5% fee or something high like that on Changelly? I am trying to figure out which has lower fees. Thanks

  3. Rishabh Sharma

    It was really a good read Harsh! 🙂

  4. T
    Tanya

    How do I transfer my BTC to changelly account from CEX.io wallet for changing to some other currency?

  5. A
    Amarpreet Singh

    I was thnking it is a scam thanks harsh

    1. Sudhir Khatwani

      @Amarpreet Singh,

      No, it isn’t a scam.
      We have used it number of times and after satisfactorily testing it we have listed it on CoinSutra

  6. A
    Anwar hussain Shaikpalur

    Great insights Harsh. Thanks.

  7. mahesh chaube

    hey every one this is mahesh. i am using changelly from last year belive me this is amazing platform for exchanging your cryptocurrency.

  8. R
    Roxanne Kropf

    I’m not clear on the fees. If I am buying $500 Canadian dollars of Ripple… I start by buying $500 worth of Bitcoin which should get me .0016 of a Bitcoin, correct? Or is my math out?Then I trade .0016 of my Bitcoin into Ripple on Changelly and it gets me aprox 41 XRP. The fee shows EXCHANGE RATE 1 BTC = 26,089.22515001 XRP……FEE INCLUDED (0.5%) 0.2087138 XRP. What is the fee in Canadian dollars?

    1. Sudhir Khatwani

      the fee will be 0.5% of your final exchange rate and will be charged in BTC.
      Yes you are correct you need to exchange it in that way only!

  9. B
    BalaG

    Hi Harsh,

    I was doing a txn today with them using my Debit card for buying BTC by paying 220$ using my Indian Debit card.
    Do you see any problem in this?
    Because i can’t see the txn in history of my login there.

    They sent a mail for verification asking my details of address/id proof etc.. i gave everything. Still there is no history in changelly.com about my txn.

    I am worried if my money is lost now,
    Any help please?

    Thanks,
    Balaji

    1. Sudhir Khatwani

      You need to talk to their support. It works usually fine and takes some time for verification.

  10. R
    Rajat dudeja

    Hi Coin sutra team,

    I want to know about two exchanges first is coindelta & second one is koinex.are these exchanges will be reliable for long time holdings.

    1. Sudhir Khatwani

      No exchange is recommended for long-term holding.
      We suggested both for buying cryptos for which they are good.
      Use Ledger Nano S for Long term HOLD

  11. L
    Lucio

    Hi Kenny!

    I have a question to ask you, you have already received your payment to your Monero address. I know that Coinimp doesn’t accept Cryptonator as a wallet provider because it uses Integrated addresses (106 chars instead of 95), but accepts mymonero.com wallets.

    I’d like to know if Coinimp really pays miners or it’s a scam site. Thank you for any information you can provide on this issue

  12. Geoff Dodd

    Hi CoinSutra Team!

    Have you used the U.S. site Poloniex .com for exchanges? Their interface looks good. I’m having to wait 2-3 days for support about verification issues. They want to use the cam built in to my laptop. I want to upload scanned docs, instead. Poloniex .com was recommended by WealthDaily.

    1. Harsh Agrawal

      @Geoff
      We have used Poloniex and its indeed great. However, there are two exchanges which are more popular than Poloniex now

      Binance (Offers mobile app)
      Bittrex (Way better interface than Poloniex)

      1. M
        Marc

        Bittrex doesn’t accept new applications at the moment!!

        1. Sudhir Khatwani

          Yeah, mostly the infrastructures are under a tremendous surge of new users. You can try Binance if you want.

  13. M
    Malik

    After the conversion of my btc into other crypto can’t I keep it on changelly?if no where should I keep the exchanged currency.

    1. Sudhir Khatwani

      No Changelly doesn’t provide wallets. You need to keep your crypto in a wallet. For which crypto you want a wallet?

  14. Srinu

    can we transfer bitcoin directly from changelly to binance ?

    1. Sudhir Khatwani

      yeah, you can give your Binance address directly but not recommended to go about that way..

  15. J
    Jeff

    Hello All, I am hoping to get some help here. I had some ETH on Kraken and wanted to switch it to Bitcoin and used Changelly to make the swap. I submitted the exchange well over 48 hours ago. The ETH has been removed from my Kraken account, on Changelly it shows that the payment was received, the amount was exchanged but it has been “sending to your wallet” for over 48 hours.
    I have tried contacting them multiple times and submitted multiple inquires and have not received a single response. I am not sure what to do from here and what I can do to correct this, if thats even possible. I know that if you lose your wallet info, etc. that your coins are gone, but I have all of the information from all sides so that is not the case. Is there a way to cancel this transaction and get my ETH back? What options do I have or would anyone suggest I try to get this corrected ASAP. I really appreciate the feedback and assistance! Thank you!

  16. v
    vlad

    can you buy bitcoins from changelly, then despoit those bitcoins into another cryptocurrency exchange like coinbase?

    or do i buy bitcoins from changelly, deposit them into Ledger Nano S wallet, then from this Ledger Nano S wallet, deposit the bitcoin into coinbase?

    1. Harsh Agrawal

      @Vlad
      You can buy Bitcoins from Changelly and deposit directly to CoinBase or Ledger or any wallet of your choice. When you go to buy Bitcoins from Changelly, you need to add a Bitcoin wallet address that you can get from CoinBase or you can get from Ledger. Depending on which wallet you are using.

  17. Cornelius

    Please which trusted site do you recommend that I buy other cryptocurrencies and also store then on that the same site? All this of buying from one site and transferring to another wallet address is risky to me. Please I need your honest answer

    1. Sudhir Khatwani

      Buying and keeping on any website is the most riskiest…So buy and hold it on your wallet if you want to hold for long term.

  18. M
    Mark Rivaldo

    It’s not actually just the 0,5% fee off the currency but +5% of the fiat as handling fee and another +5% as credit card payment fee with a minimum of 10USD. So Changelly, as handy as it might be, is also one of the most expensive ways to make small purchases. You should have mentioned this in your post.

  19. M
    Mike

    Thanks for sharing this. I am going to give Changelly a shot this weekend!

  20. David Sampson

    Changelly also supports USD and EUR via Visa and Mastercard powered by SImplex. Works well but has a extra 5% fee on top of the changelly 5% fee.

  21. J
    Joseph G

    This is a good overview. I’ve used both ShapeShift and Changelly for many trades, since they are fairly easy to use, but I’ve had my share of frustrations/failed transactions with both.

    Have you ever tried using Faast? (https://faa.st/) It’s a new site thats pretty similar to Changelly but it lets you swap multiple coins at once. It has this cool click and drag UI that’s pretty easy to use. Bigger coin selection and more reliable than Changelly IMO.

    Anyway, bookmarked this site. Keep up the good work!
    -Joe

  22. K
    Konan

    I’d give 4 out of 5 stars to Changelly. Been digging stuff up in other exchanges that had been not seen from the first glance: hidden fees, delays etc. While with Changelly it was pretty transparent to me from the start. Also, the handiest place to buy BTC and ETH with the bank card, in my opinion. The best part is their fee, really. Don’t know what’s happening behind the curtains, but yesterday was charged far less than normally for crypto to crypto. Checked the website – seems like they reduced the fee. I mean, I can only recommend these guys.

  23. J
    Josh

    Nice article! I was looking for a good instant exchange. And I found your article with the Changelly overview just in time.

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