Changelly is a crypto-currency exchange platform that offers an immediate decentralized and very flexible buying and selling system. It is run by Fintechvision Ltd, a company headquartered in Hong Kong. This service was created in 2015. It is via Changelly that the Ethereum wallet MEW offers its integrated crypto currency exchange.

Changelly Platform Overview

In a nutshell, Changelly allows you to trade any of the supported cryptos (over 150 at the time of writing this Changelly guide) directly from its wallet. The platform also offers an immediate purchase system for cryptos in euros, dollars or British pounds. The site is available in French, but only for the basic elements of the interface.

Changelly works in the following way. The platform has a trading algorithm that is connected with the largest crypto currency exchanges in the world (Binance, Poloniex, Bittrex, etc.). When you want to buy a crypto currency, Changelly observes the selling prices of these different exchanges to offer you the cheapest tokens on the market. When you confirm a buy or sell order, Changelly will execute the transaction on the most favorable exchange and then send the tokens to the address you specify.

In addition to offering a crypto currency exchange system, Changelly offers a “crash course”, which is a crash course for crypto currency beginners who want to learn about the blockchain. The different types of cryptos, the difference between online and physical wallets, how to buy and sell crypto currencies, the different types of exchanges, the risks of trading, the scams to avoid, anonymity and KYC procedures: everything you need to know to take your first steps in the world of cryptos is explained in a simple and fun way.

The benefits of Changelly

Using a platform like Changelly has several advantages:

• Best price for instant purchase: no need to have multiple accounts on exchanges, Changelly does the comparison to offer you the cheapest tokens on the market
• Convenience – you can buy an impressive amount of tokens through the same platform (web or mobile app)
• Security: your tokens are always in your wallet, and your purchases land directly in your wallet. This decentralized way of trading protects you from the counterparty risk of centralized exchanges
• Simplicity: no need to deposit to an exchange, place an order and then withdraw your tokens. The entire process is done in one step on Changelly
• Transparency of fees: Changelly charges a very competitive fee of only 0.25% (plus network fees, e.g. 0.01 ETH for a BTC/ETH transaction, to cover blockchain transfer fees). Moreover, it covers all transaction costs (it saves you the withdrawal fees on centralized exchanges, which can sometimes be high for small purchases). It’s also more transparent, as you know immediately how much all the fees for your purchase will be.

How to sign up for Changelly

Changelly offers a very simple registration process. Simply enter your email address, verify it by clicking on the link in the email you receive. It will then send you your login details (email address as a username and an automatically generated password). Alternatively you can authenticate with your Google, Facebook or Twitter account.

Initially there is no KYC procedure. However, as stipulated in Changelly’s terms of use, this identification request can take place at any time. No criteria are set (the conditions talk about amount, country, type of crypto). But we can guess that after a certain amount, Changelly will ask you to provide your identity and place of residence as well as proof of identity. And that private type cryptos like Monero are subject to increased scrutiny. 2FA (2 factor authentication) is not mandatory, but it’s always best to use this feature that strengthens the security of your account.

What crypto-currencies are available on Changelly?

Changelly has an impressive list of crypto currencies that you can buy or sell (over 150). There are of course the great classics such as Bitcoin, Ethereum, Bitcoin Cash, EOS, XRP, Stellar Lumens, Dash,… But also a lot of well established alts (ADA, ATOM, Basic Attention Token, Stellar, Binance Coin, Neo, NANO, Tron, etc.), promising or obscure (Abyss, Guppy, Humaniq, Ignis…) It also allows you to buy by credit card most stable tokens such as Tether (USDT), TrueUSD (TUSD), USD Coin (USDC), etc.

Please note that for a cash purchase, the original list of cryptos available is narrowed down to a small 30 assets, namely those at the top of the top 100 ranking.

How to buy or sell crypto currencies

Buying or selling crypto currencies on Changelly is done via the same form, so we’ll cover the 2 operations in one go.

First step: amounts

You indicate in the form the crypto currency you want to send to pay for your purchase (any of the list), as well as the token you want to receive in exchange. In the Details on the right, Changelly then specifies the expected exchange rate. The fees are also transparently specified (exchange fees + network fees, i.e. the fees for transferring cryptos between exchanges, Changelly and your wallet). The estimated time to complete the transaction is also specified (from 5 to 30 minutes in our example, which is the average). Click the green Next Step button.

Second step: the receiving address of the crypto

Changelly now asks you to specify the address of the wallet that should receive the purchased crypto. It can be a private wallet, the address of an exchange, whatever. Once the address is copied and pasted, click on the green Next Step button.

Step 3: Verification of the transaction

Changelly then summarizes the transaction, which includes all the information gathered and displayed during the previous 2 steps. Confirm the transaction.

Step 4: Sending the funds

During the 4th step, Changelly provides you with the address to which to send the crypto used to pay for the purchase. You have 36 hours for the transaction to be validated. If it doesn’t arrive within that time, the purchase or sale will be automatically cancelled.

The 5th step is simple: you have to wait for the transaction to be executed.

How to receive crypto currencies

Since Changelly operates on the decentralized model, there is no need to make a deposit. When you want to buy or sell a crypto currency on this platform, simply send it to the address you specified during the creation of the transaction (as explained above). You will also need to specify the receiving address of the desired asset. You will receive the tokens directly into your wallet.

How to send Changelly crypto currencies

Sending Changelly crypto currency is done automatically during the creation of the buy or sell order. During this step the platform will ask you to provide the address of the wallet that should receive the funds. At no time will the funds be deposited into your account.

How to convert to euros and receive the money on Changelly

While Changelly allows you to buy crypto currencies with euros, unfortunately the system does not work the other way around. The platform does, however, offer a redirection to the Bits of Gold site, which offers a similar service to Changelly for withdrawing euros (only by selling Bitcoin). The simplicity is the same. If you want to convert another crypto currency into euros, you will need to use a full fiat platform such as Coinbase, Bitpanda or Coinmama.

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