If you own any cryptocurrencies or you are planning on buying some, you’ve probably heard of an exchange called Changelly.
It’s the second most popular crypto exchange for buying cryptocurrencies with a credit or debit card right after Coinbase.
There is not many places where you can easily and safely purchase Bitcoin or other cryptocurrencies using your Visa or MasterCard. Most people use either use Coinbase or Changelly because they are the most trusted and most secure ways of buying cryptocurrencies. Coinbase is mainly used for buying Bitcoin where as Changelly supports hundreds of other altcoins you can buy at the best market rate.
Operating since 2015, Changelly has grown to over 2 million registered users. They process more than 60k monthly transacions with over 60,000BTC monthly turnover which is (at the current BTC price of $7.2k) over $400 million monthly turnover.
Changelly is not like your typical cryptocurrency exchange where you send your Bitcoin to, look through a market and use that Bitcoin to buy other altcoins. Changelly is simply an exchange platform.
You can either exchange your fiat currency for a crypto currency or you can exchange one cryptocurrency for another.
You may probably ask why would someone want to do that this way and not just transfer the money to another exchange and pruchase the other coin themselves. Well sometime it may be cheaper and faster to use an exchange like Changelly.
Let’s look at an example like this. You have 1 Bitcoin on Binance and you want to transfer it to Cryptopia to purchase PotCoin. Binance has very low fees so after the transfer you will have 0.99950000BTC.
0.99950000BTC will get you 156,104.06729577 PotCoin at the current rate on Cryptopia.
On the other hand if you’d use Changelly to exchange 1BTC for PotCoin at he best rate this is what you’ll get:
As you can see the difference is pretty significant. The second thing you probably notice is the fee you pay is much cheaper. That’s why a lot of people choose Changelly to exchange one coin for another.
Here’s what they say about their fees:
We don’t fix currency rates and never have because of the volatile nature of cryptocurrency, where the rate of any currency can fluctuate every minute. This is why the final rate may be slightly higher or lower than expected at the end of a transaction.
Keeping the rates fixed would require us to cover market risks and currency volatility, which as a result would make our commission fee much higher. Instead, Changelly charges a quite low commission fee (0.5%) and offers the best available rate at the moment the transaction is completed.
They charge a fee of 0.5% for cryptocurrency exchanges.
Fiat to crypto exchange fees are a little higher. The charge a 5% Changelly commission and 5% Simplex processing fee on credit / cebit card purchases. Which is a little high but in the crypto space it’s hard to find anything lower than that.
How safe is Changelly?
Changelly doesn’t provide many details about their security policies, but there’s not much to worry about in regards to fund security. Your funds are never stored on the platform. Instead, your assets are immediately sent to your wallet after they’re exchanged. As additional protection on your account, Changelly also uses two-factor authentication for sign-ins. And they were never hacked unlike lot of other exchanges in the crypto market.
How to buy cryptocurrencies on Changelly?
The first step is to go on their website using this link and select the currency you want to buy(you don’t need an account, but it’s better to have one).
Once you selected the currency you want to purchase click on exchange.
Once you’ve done that you will see this page where you have to write your bitcoin address, you can use any wallet address, paper, hardware, exchange wallets, it doesn’t matter. This is where your purchased coins will go to.
Once you’ve done that click on continue.
Now just simply fill out your personal details and your billding address. Make sure this is correnct because the next step is to verify your identity. Also make sure you provide the correnct phone number because you will recieve a text message with a verification code.
After you’ve done this click on continue.
Now this is the next page you’ll see. You’re going to have to verify that you are who you say you are, you will have to upload a photo of your passport or identity card.
This is a security measure and every signle website that provides fiat to crypto exchange requires this. This is also to stop any criminals trying to launder money throught cryptocurrencies etc.
Also once you complete this step, on the next page you will have to take a selfie of you holding your debit or credit card. You don’t have to look pretty in it so don’t use any filters or anything else, just a plain photo of you and your card.
Now just upload the selfie and wait a few minutes for the verification proccess to finish.
It shouldn’t take long now. Once they verify your payment and your identity your coins will be sent to the address you provided. This should take no more than 30 minutes. You will recieve a confirmation email when everything has been completed, you will also be sent an email where you can check the current status of the transaction.
Pros & Cons
|Fast fiat to crypto exchange||High fiat to crypto exchange fees|
|Low cryptocurrency exchange fees|
|Huge choice of currencies|
|Popular platform trusted by millions of traders|
|Easy and convenient way to switch between altcoins|