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In 2024, the cryptocurrency market is estimated to be worth over $1 trillion. Most popular coins like Bitcoin, Ether, and USDT are paving the way for the cryptocurrency market and decentralized finance, but that doesn’t mean that hundreds of new coins, NFTs, and cryptocurrency projects aren’t emerging every day.
This is the place Finding a reliable and efficient exchange platform is an essential tool for anyone looking to buy.Sell and trade cryptocurrencies on a daily basis.
In this post, we’ll be looking at Changelly, a non-custodial cryptocurrency exchange that boasts a very simple user interface and fast transactions. We’ll go over the pros and cons of this exchange, its features, and fees, as well as the best ways to store your cryptocurrencies off-exchange for long-term investment.
Table of contents
What is Changelly cryptocurrency exchange?
The world of Changelly can be complex for anyone unfamiliar with cryptocurrencies and digital finance. It can seem a bit intimidating to some with the abundance of options ranging from a basic exchange to an international marketplace to list your coins.
✅ forefront: It offers many different options for cryptocurrency users and investors.
❌ cons: Not the safest place to store your cryptocurrencies long term.
Let’s take a deeper look at Changelly Exchange and its pros and cons in more detail.
Key Features of Changelly App
This is not your average crypto exchange as Changelly prides itself on being an “ecosystem” of services through one platform while being easy to use and straightforward. Here’s a closer look at the eight services they offer:
Buy Changely:
Changelly Buy, a traditional “marketplace,” is where you can buy over 500 cryptocurrencies using your credit card, bank transfer, Apple or Google Pay. It’s important to note that Changelly does not sell cryptocurrencies directly, but rather uses its partners to convert cryptocurrencies into fiat currencies. Question about KYC This is what comes up here, and what we will cover later in this post.
Changli sale:
Changelly Sell allows you to make crypto to fiat transactions, a section of the platform where you can sell your crypto using credit card, Apple Pay, and Google Pay.
Changelly Pro:
Changelly Pro is designed specifically for more experienced crypto traders, where you can stay connected 24/7 to market fluctuations and make trades instantly. It also offers a multi-currency wallet, butThis is not the safest option to hold your cryptocurrencies long term.Therefore, purchasing a cold wallet will always be your safest option.
Changelly Earn:
A unique opportunity for any influencer looking to make some extra money, Changelly Earn is an affiliate program where you can earn up to 50% of Changelly’s revenue shares!
Changli swap:
In this part of the platform, you can instantly exchange over 170 cryptocurrencies in less than 15 minutes. In the Changelly Swap tab, simply select the currency pair you want to exchange, enter your wallet address, deposit the required amount, and wait for the exchange to take place.
Changelly Lists:
A glorified Craig’s List for your cryptocurrencies, Changelly Listings allows you to list your cryptocurrencies for exchange, including crypto projects (if you’re an investor or creator). Simply fill out a form and a Changelly manager will contact you to help you list your cryptocurrency.
Changely Blog:
The Changelly blog is perfect for anyone who wants some additional insight into the world of cryptocurrencies and trading, and has some great information for both new users and professionals looking to learn something new.
Changelly API:
Not to be confused with the Changelly Pay feature, which allows businesses and e-commerce sites to use Changelly as a payment method for their customers, the API aims to enable well-known crypto projects and wallets to offer exchanges using Challengly but on their own sites and platforms.
Needless to say, Changelly Exchange is more than just a simple place to make trades. There are many things it offers that most of us will never use, but what makes this trading platform unique is its ability to attract so many cryptocurrency users from a variety of fields.
Deep Analysis of the Changelly Ecosystem
expenses: Changelly fees apply when purchasing cryptocurrencies. As mentioned earlier, since Changelly does not sell cryptocurrencies directly, but rather uses fiat currency to purchase cryptocurrencies from others, Prices and fees are never fixed.Since the cryptocurrency market can be volatile, Price may change within hours.. but, Changelly will always apply the lowest price when purchasing.
Changelly App: Available for Android and iOS, it is easy to use and intuitive for everyone. You can connect your credit card, Apple Pay or Google Pay to make purchases, and you can use fiat providers like MoonPay, Banxa and Simplex to buy over 500 cryptocurrencies.
protection: In the Changelly app, you can enable two-factor authentication, which requires downloading a separate authentication app. But it is very important to note that Changelly is an exchange and a hot wallet, which means that in order to stay safe from Bitcoin scams and frauds, it is always recommended to keep your cryptocurrency in a safe place. Cold Storage WalletThe material is a great option to protect your cryptocurrencies.
Personal Data and Customer Knowledge: Changelly was one of the first cryptocurrency exchanges that did not require KYC, It does not require collecting your information.Well, not for every user specifically… Depending on the size of your business, you may be asked to provide personal data.including your ID, not to mention that Changelly uses third-party services to buy cryptocurrencies, and once you use your credit card or bank transfer, KYC (Know Your Customer) regulations apply.
Support and Customer Service: Changelly offers 24/7 customer service via chat and email, where you can submit a ticket for your inquiry through their website.
Changelly Exchange Reviews
When it comes to customer feedback and reviews, Changelly has some positive points in its favor. Looking at reviews from Amazon, TrustPilot, and Reddit, you can see that Changelly is a fan favorite as a basic exchange for smaller transaction amounts.
Where some alarm bells go off regarding security and fraud. Online cyber attacks, especially phishing, are among the most prevalent attacks affecting cryptocurrency investors.
Take this sad example posted on Reddit where a user was trying to recover his estimated $20,000 loss after falling victim to a phishing scam through Changelly.
Or this case, where another user was using the Changelly exchange without a problem but when he made an exchange worth $81k, his funds were frozen, and he was then forced to complete KYC, without warning.
These user experiences tell us one thing: Keep large amounts of your cryptocurrencies offline.
Changelly Alternatives
The first thing you should ask yourself is: Why use Changelly Exchange?
Are you a business that uses it as a payment option for online customers? Are you looking for a quick place to day trade? Or are you a long-term crypto investor looking for the easiest place to buy Bitcoin, Ethereum and other cryptocurrencies?
Our recommendation if you want to buy and exchange BTC from time to time is to use a hardware cold wallet, such as Material.
material An easy-to-use wallet that allows you to buy BTC directly from the wallet, anonymously, putting full custody of your cryptocurrency in your hands. Then, when you want to trade or make an exchange, simply transfer your cryptocurrency to a trusted exchange to complete the desired transaction.
It could be that simple and safe.
Instructions
Is Changelly safe?
Changelly provides security for its platform with strong password requirements and two-factor authentication, but it is highly vulnerable to scams, phishing, and hacking since it is always online.
Is Changelly anonymous?
In some cases, you can create a profile and complete transactions by providing personal information, but within certain limits and situations, KYC regulations apply.
Is Changelly available in the US?
Yes, the exchange service is available in the USA and other countries around the world, but check the specific KYC laws and tax enforcement in your country before making any transactions.
How long does a withdrawal usually take on Changelly?
Most transactions take between 15 to 40 minutes, however, waiting times can vary depending on the amount and blockchain network.
