Since 2013 Changelly has been acting as one of the leading alternatives to exchanging cryptocurrency through centralized trading exchanges, providing a safe, fast way for users to invest in cryptocurrency.
With Changelly, users do not need to hold their cryptocurrencies in a particular exchange based wallet. Instead, Changelly users simply need to select the cryptocurrency they want, make their payment, and receive their funds shortly after. This makes Changelly the simplest type of exchange available, making it ideal for newer traders and investors.
Changelly does not require any form of KYC from most of its users, but they do reserve the right to ask for AML/KYC documentation from certain high-risk, high-volume profiles. Because of these relaxed KYC procedures, Changelly is one of the most popular cryptocurrency exchanges in operation today.
As it stands, Changelly charges a flat 0.5% fee for all trades and claims to offer the ‘best’ exchange rates. On Changelly, a typical transaction is completed within 10-30 minutes, depending on network load and confirmation times.
If you are looking to get to grips with cryptocurrency for the first time, or simple want a quick way to obtain the digital assets you want, check out our quick guide to using Changelly below. In this example, we will be exchanging 88.5 True USD (TUSD) to Ethereum (ETH), but this can be any amount you wish.
Exchanging your Cryptocurrency on Changelly
Step 1: To use Changelly, you will first need to register an account by providing a valid email address, to which you will be sent a login link. Alternatively, you can also use your Google, Facebook or Twitter account to quickly sign in and out of Changelly.
Step 2: After signing in, you will be able to begin the crypto-to-crypto exchange process on the landing page. As it stands, Changelly supports over 140 cryptocurrencies. On this step, select the cryptocurrencies you want to sell on the top bar (YOU SEND), and the one you want to receive in the bottom bar (YOU GET). When you are happy with this, click the ‘Exchange now’ button.
Before proceeding further, take note of the current expected exchange rate, exchange fees, network fees, and estimated duration that the exchange process may take. All of this information will be supplied in the ‘Details’ section of the exchange process, shown here on the right.
Note that there are minimum exchange amounts set for every cryptocurrency. Users must make a transfer that meets this minimum threshold. Any value sent to the addresses generated in the next step below will be lost and unrecoverable.
Step 3: In this step, enter your receiving crypto address. This is the address that you want to receive your cryptocurrency to. After entering your address, double check that it is correct, and click the ‘Next step’ button.
If you do not have a destination crypto wallet or address, you can click the ‘Haven’t got a wallet yet?’ button and generate a wallet address using one of the provided options, before returning to this step to enter your address.
Step 4: In this next step, you will again be provided all the final exchange details, including the exchange rate, exchange fees, final amount and so on.
Check that everything is to your expectation, and then click the ‘Confirm and make payment’ to proceed to the final step.
Step 5: In the final step, send the agreed amount of cryptocurrency in a single transaction to the address that is generated and displayed on the screen. Alternatively, you can scan the QR code if you are sending your payment from a wallet which supports QR-code payments.
Once the payment is sent, there is no additional input required beyond this. The exchange will be performed automatically once Changelly receives the payment and the cryptocurrency amount agreed will be sent to the address you provided. The page will automatically refresh when this is complete.
Note: Regardless of when the exchange process was initiated, the amount you receive will be based on the exchange rate at the time of receiving your payment. This might be slightly different from the exchange rate shown on the screen, and can be higher or lower depending on market movements.