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Changelly Review – Instant Crypto Exchange

Changelly.com is a special kind of crypto currency exchange, which is focused mostly on exchanging one type of virtual currency for another. Established in 2016, it is a fairly new kid on the block too, as well as – according to some – a Shapeshift copy. At first glance, there is nothing that would point to any sort of scam-proneness on the part of the operation. There are no crypto currency mining and cloud mining offers floated, nor is there anything that could be seen as “too good to be true.” The community chatter about Changelly is mostly positive too, but more on that shortly.

The site is well organized and the interface is intuitive. Transactions are supposed to be “instantaneous,” but of course, they mostly fall short of that mark. Still, they go through in reasonable time and there are close to nil user complaints in this regard.

changelly.com

According to its own About Us section, Changelly.com offers the best exchange rates and secure transactions. Their fees are 0.5%. The problem is though that in practice, that doesn’t always seem to be the case. There have been complaints in this regard, and indeed, when we gave the system a test, it spat out an absolutely abysmal conversion rate for USD/BTC. With the official Bitcoin/USD exchange rate at $2,742, the Changelly system gave us 0.2467 bitcoins for $1,000. According to Coindesk, that should be worth more than 0.36. Granted, under the transaction data, there’s a notification featured about the USD/EUR rate being too high, asking people to double check the data before approving the transaction. All that’s very fair and it might make sense too, though it definitely throws a major spoke in the wheels of the “absolute best rates” argument. The rates do indeed seem to be better though when fiat currencies aren’t included in the equation.

Crypto Currency Conversion and Instant Transfer from Wallet to Wallet

So what exactly does Changelly.com offer? Besides conversion between various crypto currencies, it also provides instant transfer from one wallet to another. One has to know though that whenever a currency other than BTC is converted into another non-BTC virtual currency, BTC is indeed involved in the transaction. The first currency is converted to BTC first, after which the resulting BTC is converted into the other currency, from which the fee is then cut, and the resulting sum is transferred to the user’s second wallet. Besides exchange services, Changelly also offers an API for developers, a payment button and an exchange widget.

Supported Currencies

Bitcoin (BTC), US Dollar (USD), Euro (EUR), Ethereum (ETH), Monero (XMR), Zcash (ZEC), DASH, Ripple (XRP), STEEM, Ether Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), FantomCoin (FCN), Steem Dollar (SBD), Synereo (AMP), Aragon (ANT), Ardor (ARDR), Basic Attention (BAT), Bytecoin (BCN), Darcrus (DAR), Decred (DCR), DigixDAO (DGD), Edgeless (EDG), Expanse (EXP), GameCredits (GAME), Golos Gold (GBG), Byteball (GBYTE), Gnosis (GNO), GOLOS, Guppy (GUP), LBRY Credits (LBC), Lisk (LSK), Lunyr (LUN), MaidSafeCoin (MAID), Melon (MLN), NAV Coin (NAV), NuBits (NBT), Gulden (NLG), NXT, PIVX, PotCoin (POT), QuazarCoin (QCN), Radium (RADS), Augur (REP), iEx.ec (RLC), SingularDTV (SNGLS), Stellar – XLM (STR), Stratis (STRAT), Swarm City (SWT), Syscoin (SYS), Chronobank (TIME), Trustcoin (TRST), Tether USD (USDT), WAVES, Wings DAO (WINGS), Xaurum (XAUR), DigitalNote (XDN), NEM (XEM).

How it Works

Now that we’ve set the record straight about what Changelly does, let’s take a few closer peeks into how it works and why crypto currency users should trust the operation.

Changelly is obviously linked up with the biggest crypto exchanges, by means of a robot, which makes split second asks and bids on these exchanges, selecting the best available rate.

Changelly does not fix rates. Some may not like this because – given the volatility of the crypto industry – this essentially means the rate at the end of the transaction may not be the same as the final rate. Changelly could implement a fixed rate system, but this would mean higher fees, on account of the obligation on the part of the operator to cover certain market risks this way. The current commission used by Changelly is a very reasonable 0.5%.

Users have to provide their emails or social media account details to log into Changelly’s system. Some may not like to give out such information, but there is no way around it. Account protection is top-notch at Changelly: 2-factor authentication is available, though it does need a second device with Google Authenticator.

How do you buy coins at Changelly?

For every one of the supported digital currencies, the procedure is the same. It all starts right on the homepage, where the currency one has and the one he/she wants to buy with it, have to be entered. The price calculation is done right away. It has to be noted that the featured numbers are only estimates. The wallet address of the recipient has to be provided then. The user is asked to check and double-check everything, to make sure the transaction data is indeed correct.

When the actual transaction is created, the user is presented with a QR code and a wallet address. This is the address where the coins to be exchanged into the second currency have to be sent. Those using a mobile app can simply scan the QR code. Once the currency is received, it is converted into the output currency, which is delivered to the wallet  address of the recipient already provided in one of the previous steps.

In an ideal situation, the transaction time isn’t more than 5 minutes. It can take as long as 30 minutes though, or even more in special cases. Users can track the status of their transactions through the transaction history feature.

Upon completion, a notification is sent, together with a receipt and an output transaction hash.

Obviously, users want to know whether there are minimum and maximum limits on Changelly conversions. The answer is no. One can convert as little or as much as he/she wants to. There are a few pitfalls in this regard though. When it comes to extremely small amounts, one needs to make sure that they are indeed enough to cover the blockchain transaction fees. If the amount is too small, the user is notified. Those who fail to heed these warnings, risk losing their crypto coins.

Changelly conversions are irreversible, the same way blockchain transactions are – after all, that’s exactly what they’re based on. This is one of the reasons why the user is asked several times along the conversion process to check and double-check everything.

As said above, the final amount received after conversion may differ from the estimated amount featured at the beginning of the process. The explanation is simple: crypto currencies are highly volatile and transactions take 5-30 minutes to complete. During that time, the best available price pinpointed by the system may change.

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As said, transactions may sometimes take longer than 30 minutes even. Blockchain congestion (which Bitcoin is now trying to address through its pending SegWit2x update) can be responsible, among a number of other factors such as DDOS attacks and coin updates.

Although Changelly is mostly crypto-focused, it accepts USD and EUR too, for which users can buy some 35 digital currencies. In regards to fiat currencies: Changelly only accepts bank-cards. PayPal is not supported yet.

Depending on one’s region of residence, there are certain restrictions in place when using bank cards. In the US for instance, the maximum on the first purchase is set to $50. The next purchase – featuring a $100 limit – can be made in 4 days. After 7 days, another purchase can be made, with a maximum ceiling of $500.

About Changelly

The About Us section of Changelly.com isn’t particularly impressive when it comes to delivering information on the people/corporate entities behind the operation. In fact, we learn nothing in this regard at all. We do find out though that Changelly.com belongs to the people behind MinerGate, and that seems to lend it a lot of credibility in the crypto currency world. Indeed, MinerGate is a fair operation, therefore Changelly must be one too – so goes the reasoning here.

We also learn that some 90,000 people (some sources mention a round 100,000) are using Changelly’s services and they’re all happy with it. This is at least a little questionable, given how we’re dealing with such a young service and how there’s so little information available on it online. It turns out though that those 90-100,000 users are MinerGate users, so when put like that, the numbers do indeed add up.

The bottom line remains though that we do not have any specifics regarding the identities of those who operate the site.

The community chatter about Changelly is mostly positive, though there’s surprisingly little information made available on the service through this channel too. Bitcointalk only features about a page-worth of back-and-forths among a number of users, interested parties and someone from the actual service. While there are some complaints there in regards to some transactions gone awry, the note is generally positive and the takeaway is that Changelly is indeed far from being a scam service.

Reddit threads paint a different picture, with more scam warnings and some downright scam accusations. The bottom line seems to even out there too to the fact that Changelly may not live up to some of the hype, and it may not be known by a massive number of people, but it usually delivers on its promises. Browsing through the Reddit posts we were also fortunate enough to learn that Changelly may in fact be based in Prague. This bit of information should be treated as a rumor though and not as a verified fact.

On to the Changelly.com website. Registered back in 2013, from Panama no less, Changelly.com doesn’t make a very convincing case in this regard. The picture painted is further degraded by the fact that the identity of the registrant is Whoisguard-protected.

The authority score of the domain is not particularly impressive either at 33/100. To make matters worse, there’s a little bit of spam score attached to it too, at 2/17. Its back-link profile looks good though: some 60 unique domains link to it, some of them high-authority entities from the crypto currency industry.

The Alexa traffic rank of the site is around 15,500, which is indeed nothing short of impressive, and a testimony to the fact that many people are indeed using the service. Many of Changelly’s users come from the US, the UK, India, France and Spain.

Changelly Review Conclusion

As far as overall reputation is concerned, Changelly is in a good spot. Many of the top crypto currency portals have run news-segments on it, and some of the biggest names in the industry have chimed in on it at one point or another. Charlie Shrem and Donald Ness have Tweeted about it in favorable terms. The bottom line is that Changelly is indeed legit, despite the fact that we just can’t find out anything about the people behind it. The complaints regarding the exchange fees and the transaction execution times are relatively few and far between. Accusations of scamming from actual, verified users are non-existent.

If you believe that Changelly is a scam or if you have any feedback to provide about this exchange, please let us know by commenting below this review. If you didn’t find information you were looking for, please let us know.

Read other Bitcoin and Crypto Currency Exchange Reviews.

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15 Comments

  1. Danny

    I used changelly earlier, I can not say that I have a negative experience, but sometimes transactions took too much time and support did not respond. Now I use changenow.io, no problem. Conveniently, there is no registration and limits, but the main thing is that transactions do not take a lot of time.

  2. Nick

    Used several times, I will not say that I am satisfied with the result. For me, the best choice is changenow.io Also no registrations, no limits, more than 150 coins for the swapping. All my transactions ended within an hour. so i’m glad to propose it.

  3. Nick Miles

    Insane Rate for Exchange! Poor Support!

    Guys if you planning to use Changelly, I recommend you to BE WARNED and think again! In my experience it is the worst exchange I’ve ever attempted. 15+ hours transaction and still not found on the blockchain, I’ve contacted the support team supposedly. They’ve sent an email saying the the blockchain is so congested and stuff like that . I’ve answered to them saying that I had made multiple transactions and they went smooth and it would appear that the organization paid a little excavator expense, they replied with the same copied email that was fully automated. Don’t go for them other exchanges are a lot better and way fast.

    You can read the whole story @ changellyreview.com

  4. LORETTA THOMAS

    FELLOW READERS, THE IC3 WEBSITE AT BELOW AT ic3.gov/complaint/default.aspx/ IS THE FBI’S WEBSITE!!! THEREFORE EVERYONE FILE COMPLAINTS AGAINST CHANGELLY TO THE FBI!! MANY VOICES TOGETHER COMPLAINING AGAINST CHANGELLY WILL GET THEIR WEBSITE SHUT DOWN PERMANENTLY IMMEDIATELY!!

    “Unfortunately, due to the technical nature of most digital currency networks, it is impossible for us to reverse this payment and we are unable to provide any mediation with this matter.
    While we cannot process refunds on our end or provide further information, your bank or credit card company may be able to recover funds if you report any unauthorized transactions to them. We can also direct you to file a report on the activity via the IC3 website at ic3.gov/complaint/default.aspx/.

    It is important to be careful, and make sure that you trust anyone you send digital currency to or you share your financial information with. For future reference, we have an article with some advice for avoiding digital currency scams: support.coinbase.com/customer/portal/articles/2313972”

    On Feb 3, 2018 12:08 PM, “Changelly” wrote:
    Dear LORETTA,

    Sorry for the inconvenience caused, but we have to clarify all details concerning your transaction in order we could investigate the issue and assist you.

    So, you were intended to send BTC to 3FhtPrFdBkxwAahkNZLbrLyLWCgshGmKPj which was created especially for the transaction BTC to XRP. As we clearly can see from the screenshots in your emails, you sent your funds to the following address: 332aA7yvmjNxy56Qg7uLdbfSEM5KZsm487. Though this address belongs to Changelly itself, it is intended for the transactions concerning exchanging BTC to XVG.

    Please take into account that when users make an exchange on Changelly, we create the particular wallet for each currency pair for each client. So, when the user has this address in the transaction history, it means that they made such transactions in the past. Regarding your case, it seems that you did the exchange for BTC to XVG in the past and that’s why you indicated BTC wallet address 332aA7yvmjNxy56Qg7uLdbfSEM5KZsm487, which is in fact not intended for currency pair BTC to XRP.

    According to the hash provided by you blockchain.info/tx/1999fdcd80511769ee546d2c837d16ff69d97a49f2a904ee97f75f22ca055c78 your funds were exchanged into XVG and they were sent to D8s3vQYwJMUy8fnfZ5Sn1YNAGAZMZVvcUS.

    Unfortunately, we have no authority to remove or reverse any operation from the wallets, since we don’t have the credentials or empowerments for it. If money has already been transferred, the process becomes irreversible. This is how blockchain works.

    In this case, we do recommend you to contact the support team of your wallet and provide them with required information concerning this issue, so they can assist you.

    Hope for your understanding.

    Sincerely,
    Changelly support team.

    On Feb 3, 2018 12:27 PM, “Changelly” wrote:
    Dear Loretta,
    If you don’t have an access to the XVG wallet D8s3vQYwJMUy8fnfZ5Sn1YNAGAZMZVvcUS, we can only advise you to contact the owner of this wallet or the support team of this wallet.

    Sincerely,

    Changelly support team.

  5. Jim Kerr

    I tried to convert my Bcash held at Gemini through Changelly. They provided an address to send it to and I got confirmation from Gemini that it was sent to the specific address (that I copied and pasted and checked 3 times to make sure it was the right address). Changelly shows the transaction as nothing received. Multiple attempts to contact them has resulted in no response back. Steer clear.

  6. Jose Ahumada

    Credit card charged after payment request cancellation from Changelly

    I wanted to exchange money from Changelly using my credit card, so I went through the process. I was taken to SIMPLEX API and entered my details; however I did not get to upload my picture holding the card for verification and decided to CANCEL the payment.

    To my surprise, my money was WITHDRAWN from my account regardless. I’ve checked with my bank and they have confirmed this.

    I emailed support 12 hours ago and still waiting for someone to have the kindness to reply.

    I received a follow up URL when I emailed support, however it does not go anywhere. I am also not allowed to login or register using my Changelly email address AND on top of that social media login does not work either. 

    I am getting very anxious due to the large number of complaints, so I am wondering how long to wait for a payment reversal transaction before initiating a dispute through my bank; I did not buy any coins and ended up with a charge of $2,072.69 NZD on my credit card.

    Payment cancellation email I received was as follows: 

    Dear xxxx,
    Your payment request from Changelly has been cancelled.
    You chose to cancel the payment.
    Simplex payment ID: aa16338a-a0e9-448d-b6f4-7e85bbfe0279 For more information, contact us at… or visit our FAQ section at simplex.com/ faq. Please do not try to reach Simplex’s support using any other method (such as social media), as you might be mislead by imposters … 

    Should I hear from Simplex I’ll let you all know by posting here and I am more than happy to amend my rating; at this stage this is purely based on the support I’ve received from them, and of course the unhappiness of my credit card being charged without having purchased anything

    I’ll appreciate any feedback from guys. Cheers, Jose.

  7. Christopher M Lahey

    Changelly is a TOTAL SCAM!!!! Please do not use !!!! I sent $400 worth of BTC for Ripple and all I got back was a message that my receipt of the Ripple coin has failed “Sorry” Meanwhile my BTC went through with no troubles…. Someone got my BTC and not I have no recourse and am out my Bitcoin!!! SCAMMERS I hope someone gets mad enough to take action!!!!! If you got ANYTHING out of an attempted transaction feel lucky!!!!
    Changelly why did I not receive the Ripple coin in TRANSACTION # E3186CB608BE???? Someone took my Bitcoin but I never received my Ripple coin. I did receive a nice “Sorry” but SORRY That wont cut it. I want either my Ripple Coin or my BTC back!!

  8. bunny333

    hey everyone this is mahesh. i am using changelly from last year this is amazing platform. you can read about this at [link removed]

  9. Bruce Le

    Don’t try if you don’t want to lose money. I used it to buy xrp, my transaction with indacoin is completed but the transaction in changelly is still waiting for payment. When I ask for support, they asked me to contact the indacoin site.

  10. Ramesh

    Nice post. But what If there exists an exchange which allows you compare all leading exchanges and asks you to buy at one where the exchange is best. Yes, there is an exchange – CoinSwitch. You can try coinswitch.co. It is a cryptocurrency exchange aggregator. It has done integration with many leading exchanges and it supports over 100 cryptocurrencies for exchange.

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