Changelly.com Review 2019 – Scam or Not?
Changelly.com, a new and exciting Bitcoin Exchange website
At this time and age, it is really easy to buy Bitcoin or any crypto currency you fancy due to the number of exchange websites out there today. Coins like XRP, ETH, LTC, XMR, and of course BTC, can be bought easily with the help of these exchange websites. Today we will be looking into one website which is called Changelly.com. Is it a scam website or not?
When exploring a new website to try out, what would be the first questions that would run through your mind? One of the first questions that run through my mind would be the security involved. Are they are legit company? You know, with all the technology we have today, it isn’t hard to create a sham website that acts as an exchange but in the end, they are just there to steal all your hard earned money along with your personal information. Since Changelly.com is fairly new to us (compared to other well-known exchange websites), let’s look into this company a little further.
Sadly, recently there are bad news coming up about Changelly:
Stop using https://t.co/6vYSgbDaj0 for exchanging high amounts or exchanging Monero.
They lock your account until you sent them your ID. Even after that it can take weeks before your funds are available again.https://t.co/uOpoSWqfJB
— [ Romano ] (@RNR_0) May 13, 2018
Changelly.com Information, Security and Anonymity
The company was founded way back in 2013 as a prototype by a team behind MinerGate, in which they get their good reputation from and the only reason why people are openly doing business with them. The website was developed to be an independent exchange service, and way back in 2015 after some major updates it was released. Their headquarters is located in Belusova Prague, 155 00 Czech Republic. Due to its recent popularity in the exchange market, an bitcoin online casino called Dao.Casino just announced a partnership with them. Giving Changelly.com, a face in the Bitcoin exchange industry! You can read more about this through this article.
Here at Changelly.com, they have a two-factor authentication and an HTTPS security protocol, which helps with the security of your account. Your funds are also not stored within Changelly as all coins are processed directly to your wallet. In addition, when it comes to creating an account with them, you do not need to confirm anything on your email, with this being said, all transactions can remain anonymous.
Creating an account with Changelly.com
It is really easy to create an account with Changelly.com as you just need to enter your email address and you’re good to go. If you accidentally forgot your password, just click on the forgot password and an email will be sent to the registered email address along with the instructions on what you need to do to get your new password.
How to buy Coins from Changelly.com
The website might be designed neatly, but without looking at their FAQ’s, it is nearly impossible to learn how to purchase coins properly. For all the available 35 currencies available, you are able to purchase using the same process below.
- Create an account with Changelly.com and log in. Select the currency you want to exchange on the left and the currency you want to buy on the right and click Next.
- Check the amount of the transaction. Check if you are exchanging the correct amount, correct currency and how much you are going to get from the transaction.
- After checking everything is in order, you need to specify the recipient’s address. In this case, put in your wallet address for the currency that you are exchanging.
- At this point, please do check if everything is at its place as all transactions are not reversible. Check if the amount you want to exchange is correct. Please do note that due to the turnover time, the amount that you see at this stage is just an estimate and you will be getting more or less depending on the exact exchange rate at the time the funds will be transferred.
- At this point, your transaction should have been created. Below the transaction page, you will see a QR code and a wallet address. This wallet address is where you should send the payment at for the exchange to be paid and processed. Once the money is received on the provided wallet address, the purchased currency should be sent to the address that you provided in step 3, which is your receiving address.
- To track your transaction, all you need to do is go to your transaction history and everything can be viewed here. In most cases, a transaction would take 5-30 minutes.
- When a transaction is successful, you will get a receipt and a transaction hash to prove the transaction was made.
What is the Maximum/Minimum amount for exchange or purchase?
Here at Changelly.com, they do not have a cap for your transactions. But there is still a catch. Though the website doesn’t restrict your transactions, having a very low amount to trade would cause some problems due to the network fees placed by a blockchain, if you are unsure of what I meant by that, you can read more about network fees here.
- Credit Cards
- Crypto Currency
Not all exchange websites out there today accept Credit Cards as a payment option due to the security involved that needs to be dealt with. Just imagine all the information that is compromised just to purchase Bitcoins? That is why not all exchange websites have this feature. With Changelly.com, they made it possible for people to easily purchase coins from them.
Credit Card Restrictions
Before taking getting your credit card wet, make sure that you know their restrictions before you proceed in using it. Please be advised that users are allowed to purchase any amount, but they follow restrictions that you should comply. Here are the restrictions per country.
- USA, Canada, and Australia – For the first transaction, a $50 cap is placed. The next purchase is possible after the 4th day and the cap is raised to $100. After a full week (7 days) from the first purchase, users from the mentioned countries can now purchase a maximum of $500 with no more than 3 payments within the first week. After a month of the first transaction, there are no limits on how much you are able to purchase using your credit card.
- Russia, Ukraine, Belarus, Kazakhstan, Armenia, and Georgia – For the first transaction a cap limit of $200 is placed. The next limit cap increase is made 24hrs after the first transaction. The total limit for the first week of the first purchase is raised to $2000 and for the first month the cap is raised to $10000.
- EU and the rest of the world – $100 cap is placed for the first transaction. The next purchase can be made after four days as the cap is also increased to $200. After seven full days of the first transaction, the cap is raised to $500 with no more than 6 transactions within the first week. There is no limit cap for all transactions made within a month.
Please be advised that across the website of Changelly.com they charge a 0.5% fee.
What are the people saying about the website?
We have looked into what the website is all about, how to get the coins, what payment methods are accepted and how much you are going to be charged and all that. Now is the time to know what people are saying about their services.
There is a lot of noise with how the volatility of the market has triggered non-compliance for some transactions, well at least this thread starter at Reddit believes so. You can read more about the complaint through this link. Though the topic was submitted 8 months ago and is now deleted, this is still vital information on how they operate. But have they improved over the months?
I dug something fresh that was posted a couple of months ago with a person having problems with a transaction and the issue was resolved almost instantly, maybe their cleaning up their act? You can read more about it here.
Pros and Cons
- Wide range of exchange options
- Accepts Credit Cards
- 2FA Security
- High transaction fee of 0.5%
- Negative comments from the community
- Still a lot to prove (a fairly new company)
Changelly Review Conclusion
The website can be great due to its design and how they virtually accept almost all the coins in the market today. Do you know how hard it is to look for alt coin exchange markets today? Not all exchange websites go beyond the staple BTC, LTC, and ETH trades, having a website like this that accepts almost all active coins is really amazing. Imagine how many alt coins you are able to convert to BTC with just a few clicks! When it comes to reputation, a company is built on it and it cannot be done within just a couple of years. The website is fairly young compared to other exchange titans out there today but Changelly.com is getting there.