Is Changelly A Decentralized Exchange?

changelly-review

Cryptocurrencies have become so popular that it’s not just a trend anymore. It has finally reached different countries across different markets. It’s not surprising that so many cryptocurrency platforms have appeared over the years.

There are so many options, it can be difficult to choose the right one. Each platform has its own pros and cons as well as unique features.

Changelly is one the most well-known cryptocurrency platforms. They’ve been one of the most talked-about platforms across forums and social media.

Many users commented on how simple it was to use and how safe their transactions were. Moreover, they support up to 10 different cryptocurrencies!

We will be looking at Changelly and its many features. We’ll also be talking about how it can be used and what makes it unique.

This is quite a long post. This video is a better alternative. They also cover good points regarding Changelly. We recommend you watch their video to get insights regarding if Changelly is perfect for you.

For those who prefer to read, let’s start with Changelly’s overview before going into their features.

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Before you go on, you may want to check out this video by Crypto Renegade on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.

Overview of Changelly Is Changelly A Decentralized Exchange?

Changelly started back in 2013 but gained traction during 2016. They were also able to establish themselves fully in 2016. Apart from having more than 2 million users, their company is known for being free from hackings, frauds, and bugs.

They are also associated with MinerGate, a well-established mining pool.

Its impeccable track record is one the most appealing features. It’s also one of the biggest reasons why so many users prefer it. They also have policies that promote trustworthiness, fairness, and transparency. This platform makes it easy and quick to make transactions.

They also have over 90 altcoins available for purchase or exchange. They even have a 60,000 BTC monthly turnover.

Changelly doesn’t hold liquidity. They are a non-custodial exchange. They don’t require deposits.

What are its key features?

This section will focus on what makes Changelly so special. Most forums and groups often share how the platform has some of the most remarkable features.

Offers Flat Exchange Fees

Many cryptocurrency platforms charge extra for each transaction. Although this is understandable, it can reduce your profits by a significant amount.

Although it Is a controversial topic, flat exchange fees are the most significant reasons why so many people choose Changelly.

Their flat fee per trade is 0.5% according to the website. So every time you trade between cryptocurrencies, 0.5% of that will be deducted from you.

The rate is not as high compared to other cryptocurrency platforms. Moreover, they don’t charge additional fees. You can expect a uniform deduction every time you trade.

However, this does not apply to their fiat currency trading. We recommend that users verify the fees before trading. It can be confusing for users so be cautious. You can always reach their support team if you’re not sure.

Although that is the case, the good thing about Changelly is that it’s still the best for beginners. The exchange doesn’t have a confusing interface, and there are lesser location restrictions. The 0.5% flat exchange fee applies to most trading styles.

Is Changelly A Decentralized Exchange?

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Secures your Personal Information

Security has always been Changelly’s key selling point. You can exchange altcoins with them without having to provide any personal information. Users only need to enter their email address and all is well.

But for those worried if this makes your account easy to hack, don’t worry. They also employ a two-step authentication process so you can secure your transactions and your account. This simple step allows anyone to use their platform without compromising their security.

You can also retrieve your password if you forget it. They can send you the information via email.

Why is Changelly not requesting personal information?

Changelly imposed this rule to protect each user’s privacy. You only need to register with your email address and provide a valid wallet address. You no longer need to submit your personal information that can be compromised.

However, you may need to add verification if you’re using a bank card to buy crypto. This will vary depending on which bank you use. This step is not necessary if you are going to convert crypto to crypto. For that, bank verification won’t be needed.

Supports many cryptocurrencies

Many cryptocurrency platforms are focused on just a few. Changelly supports up to 90 cryptocurrency. Their choices are more diverse, so there are fewer limits when it comes to buying and selling crypto.

You can find the list of supported currencies on their website. Among those 90, you’ll find the following:

They have the largest list of crypto platforms, making it easy to exchange between them. It is possible to exchange different currencies without going through a lot of steps.

You can also change between supported cryptocurrencies. You can suggest that Changelly add your token. All you have to do is complete a form and email it to them.

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Features a flexible Bitcoin buying system

Changelly supports as many as 90 cryptocurrency across the globe, as we have already mentioned. Having that feature, it’s no surprise that they accept a variety of bank cards. It can be purchased in US Dollars or Euros depending on which currency your bank supports.

They accept most types of cards; however, they need to be 3D-Secure. You should also keep in mind that whatever bank payments or transactions you do should only be in Euros or US Dollars. It doesn’t matter if your bank card comes from another region.

The whole process for buying crypto is also seamless and quick. All you need to do is go to Changelly’s homepage. On the left side, you’ll find the type of currency you have. You can choose to have it in USD or EUR. You can adjust this as well as the crypto you want to buy.

Once you have set up everything, all you need to do is to add the amount. After you confirm the rate, you are done!

Are there Transaction Limits on Bank Cards?

You will have to limit the number of transactions you make with your bank card if you plan on paying by it. If your bank is from Canada, the USA, or Australia, your trades will have a $50 limit on the first transaction.

Then, you’d be allowed to purchase your initial translation after 4 days. You’d then be allowed to purchase your initial translation up to $100. The $500 limit will only be allowed 7 days after your initial transaction.

Changelly will also limit bank transactions in your first week. You can only make three payments in the first week after you join Changelly. These payments will not be required after the first week. Currently, there are no payment limits per month.

Litecoins-cryptocurrency

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Changelly will allow each user one cryptocurrency wallet within the first week. They will choose which crypto trade would be best at the given time using the amount you specified along with the type of cryptocurrency you’re using. It will compare rates across different cryptocurrency exchanges to find the best. Is Changelly A Decentralized Exchange?

Once everything is settled, they will convert the money into the currency you chose. This is where they charge their 0.5% flat exchange fee. Afterward, they will convert it into crypto so they can send it to your second wallet.

Changelly, a cryptocurrency platform that makes trading easier by using AI. It can be integrated into trading platforms like Poloniex or Bittrex.

When trading, the AI can either search platforms or make a bid. Once it searches for the best available rates, it will estimate and post it on the official Changelly website.

However, the rates are just the AI’s best estimates. Once you push through with the exchange, there may be slight differences in the transaction. So don’t be surprised if the rates aren’t the same as the computation. Is Changelly A Decentralized Exchange?

But the good news is that even if there are differences, the discrepancies are just minimal. These estimates are close to the real.

Are accounts required?

Changelly doesn’t require you to create an account to use their platform. They’ve done this to ensure they can protect each user’s privacy.

When joining in, you won’t need to submit your personal information. You will only need your email address and a valid wallet address to join.

However, you may need to undergo a verification process if you’re buying using your bank card. Is Changelly A Decentralized Exchange?

Pros and Cons

Below is a list of all the benefits and drawbacks to using Changelly. This list should make it easier for you to decide whether it’s right for you or not.

Pros

  • Offers 0.5% flat exchange fee
  • No need to register
  • Has 24/7 live support

Cons

  • Flat exchange fees do not apply to other types of exchange
  • It can be slow for some

Last Thoughts

Changelly is one of the newest crypto platforms. It is gaining popularity due to crypto’s increasing popularity and secure trading.

They don’t ask for your personal information, so you won’t be risking much whenever you trade. Moreover, you don’t need to register to start using their platform. You only need to enter your email address and create a digital wallet. As long as you have these, then you’ll be good to go.

They also offer a simple interface for users to use the platform. It allows you to easily navigate and trade. You can also see past exchanges. Is Changelly A Decentralized Exchange?

Changelly is the best choice if you are concerned about privacy and security. Changelly is also ideal for people who plan to exchange different cryptocurrency. This is the best thing about it: they offer 24/7 customer support.

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FAQ Is Changelly A Decentralized Exchange?

Is there a maximum or minimum amount that Changelly can accept?

Changelly does not currently have any restrictions on the maximum amount that you can exchange. As for the minimum, Changelly will notify you if it’s too low. It will also depend on what cryptocurrency you’re using.

What is the average time it takes for transactions to be completed?

It takes around 5 to 30 minutes to process transactions. It takes longer to process transactions if the amount is higher.

What currencies does Changelly support

Only US Dollars and Euros are accepted for cryptocurrency purchases.

Does Changelly have a withdrawal limit?

Changelly does not have a monthly withdrawal limit

What is a recipient’s address?

The recipient’s address will be your wallet’s address. This should be the address to which Changelly will send your cryptocurrency coins.

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