Changelly is a cryptocurrency exchange service for digital currencies by the team that created MinerGate, a cryptocurrency mining pool. Changelly is an instant service where cryptocurrency users can exchange their digital currencies for other digital currencies in a competitive crypto-to-crypto rate on the market. The platform offers a wide range of digital currencies available for both purchase and sale. Changelly, however, doesn’t provide conversion to or from traditional currencies but this doesn’t restrict the service to cryptocurrency users only. The platform aggregates and suggests the appropriate currency rates among the largest cryptocurrency trading platforms.
Changelly’s API is integrated into some of the largest cryptocurrency trading platforms such as Poloniex, HitBTC, and Bittrex among others. This allows the robots to make bids and asks on the Changelly platform, then automatically selects and suggests the best available rates that show up on the platform. Changelly does not require any initial deposits to an account. All accounts are protected by a 2-factor authentication system which is some sort of standard in cryptocurrency circles. All transactions are done in a manner that protects the identity of each user.
Accounts
To open an account, the new user is required to enter either their personal email or enter using social media accounts so they can have access to their transaction histories, password editing settings, and other settings. The account is protected by a 2-factor authentication system which requires a second device with Google authenticator installed to successfully log in. Once an account has been created, the user cannot delete it.
Trading platform
Changelly is connected via its API embedded on several platforms. The platform contains special tools for professional traders and investors including diagrams, bids and asks, and technical data and features. On the homepage, the user selects the digital currency they want. The system then sends a request to the exchanges who answers the request instantly. The results are then displayed on a field on the homepage. Basically, the Changelly platform acts as a link between the user and other trading platforms thereby eliminating the complex calculations and rate comparisons the user might have been subject to.
Deposits
Changelly does not take any deposits. However, the platform accepts USD and EUR for the purchase of more than 35 cryptocurrencies. Payment can be made using bank cards such as Visa and MasterCard, which are then processed by a third party. Users from other countries can purchase digital currencies on the platform using 3D Secure enabled cards only, where the amounts will be written off at the current USD or EUR rate. Changelly only accepts bank cards for digital currency purchase which are subject to set restrictions depending on the regions as follows;
- USA, Canada, and Australia- a $50 limit for the first transaction with the second transaction being made after 4 days from the day of the first transaction, with a limit of $100 and a limit of $500 within seven days of the first purchase. No more than 3 payments can be made within the first week but none exist for one month.
- CIS region (Russia, Ukraine, Belarus, Kazakhstan, Armenia, and Georgia)- $200 limit for the first transaction, with the limit increasing for every 24 hours and a limit of $2000 for the first week and $10000 for the first month.
- EU and other countries- a limit of $100 for the first transaction with the next purchase made after 4 days of the first purchase with a limit of $200, and $500 after 7 days of the first purchase. A limit of 6 purchases is set for the first week but none exists for the month.
Changelly does not provide wallet addresses for the storage of user’s deposits. In order for the user to exchange cryptocurrencies, the users are required to provide their wallet addresses to receive their exchanged funds.
Customer support
Changelly.com has a very elaborate FAQ page which answers all questions regarding the site as well as frequent questions about cryptocurrencies. Alternatively, customer support reps can be reached though the email, support@changelly.com, who will reply to queries within 24-48 hours. The customer support team can also be contacted through Changelly’s twitter account, @Changelly_team.
Safety
Changelly is a young and prospective project created by a team of cryptocurrency enthusiasts, who happen to be behind the MinerGate project. The service is designed to provide safe and fast transaction while keeping the identity of the user.
Conclusion
Changelly is internationally renowned and respected by many cryptocurrency enthusiasts including the vocal Charlie Shrem, Changelly’s advisor. The platform offers an intuitive interface with the best exchange rates in the markets as well as safe and secure transactions.
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