Changelly Review | Discover The Pros, Cons & Fees!
Jack Moreau
Feb 2024
10 min read
Fact checked
Are you considering using Changelly exchange but want to know more before committing? Luckily for you, we have conducted an in-depth review of Changelly to help you make an informed decision. Our analysis covers everything from trading fees to user experience to give you a comprehensive overview!
Changelly is a cryptocurrency exchange that is registered in Malta and that has been operating since 2013. Changelly has its headquarters in Prague, Czech Republic where it has over 100 employees.
The platform is available in most countries around the world with some exceptions being the United States and the Virgin Islands.
Changelly exchange
Changelly acts as an intermediary between crypto exchanges and users, offering access to over 300 cryptocurrencies that can be swapped on desktop and on-the-go via Changelly mobile app.
In 2020, Changelly branched out to accommodate the needs of traders with Changelly Pro. Changelly has over 3 million users with the majority being based in Europe.
The exchange is also available on IOS and Android where it has over 500,000 downloads with a 3.7 star rating.
Changelly app
Changelly KYC Requirements
The signup process on Changelly is very straightforward. Users only need to provide an email address and verify it by entering a verification code that is sent. After this, users can deposit cryptocurrencies and start trading right away.
Changelly KYC
However, if users want to increase their trading and withdrawal limits, they will need to complete the KYC process. This involves submitting personal information, such as full name, residential address, a valid ID, selfie, and a mobile phone number.
It's worth noting that while users can buy and sell cryptocurrencies through Changelly via third-party providers, each provider has its own signup and KYC procedure that must be completed before a purchase can take place.
Changelly Products & Services
Changelly is primarily an interface for third-party providers such as MoonPay, Simplex, and Banxa, which enables users to buy cryptocurrencies easily.
While the exchange's product range is limited, it does offer a product called DeFi swap which allows users to connect their MetaMask and swap tokens on EVM compatible blockchains such as Ethereum, Avalanche, and Binance Smart Chain.
Changelly DeFi Swap
In addition, Changelly Pro provides spot trading with daily spot trading volumes that can reach up to $400,000,000, and the platform offers up to 100X max leverage on BTC contracts and 10X leverage on margin trading.
The spot trading fees for makers and takers on Changelly Pro are 0.1%. These fees can be further reduced if trading volumes exceed a minimum of 5 BTC during a 30-day period.
Changelly spot fees
When it comes to the fees for trading futures on Changelly Pro, those are 0.02% for makers and 0.05% for takers. These are competitive fees similar to what users would find on Binance and OKX.
Changelly is a cryptocurrency exchange that does not support fiat deposits. This means that users cannot deposit any fiat currency on the exchange. Instead, they have to either deposit cryptocurrencies or buy cryptocurrencies via third-party sellers.
Changelly buy crypto with card
However, it is important to note that these third-party sellers charge high commission fees, making the process expensive for users.
This might be a disadvantage for users who prefer depositing fiat currency directly on the exchange but for those who do not mind the extra fees, Changelly is still a viable option.
Changelly Withdrawal Methods
Changelly is a cryptocurrency exchange that specializes in providing users with a quick and easy way to buy and sell various digital assets.
However, when it comes to fiat withdrawal methods, Changelly falls short as it only supports cryptocurrency withdrawals. This means that users cannot withdraw any fiat currency from the platform.
Instead, those that wish to withdraw their funds will need to do so in cryptocurrency. To do this, Changelly charges varying fees depending on which blockchain is being used.
For instance, Bitcoin withdrawals have a fee of 0.0007 BTC, while Ethereum withdrawals come with a fee of 0.002 ETH. For Solana and Tether USD (ERC-20) withdrawals, the fees are 0.01 SOL and 12 USDT, respectively.
While Changelly's withdrawal fees are relatively low compared to some other exchanges, the lack of support for fiat withdrawals may be a drawback for some users.
In conclusion, we are not huge fans of the regular Changelly as it's mostly an interface that connects to third-party providers for users to buy and sell cryptocurrencies.
The downside here is that this is an expensive option for purchasing cryptocurrencies.
We do however like Changelly Pro as it offers spot trading and futures trading with up to 100X leverage.
And when it comes to trading fees, Changelly is competitive both in regards to spot trading (0.1%) but also on futures trading (0.02%-0.05%) which is in league with bigger exchanges like Binance and OKX.
Another benefit is that KYC is not required which means that users can deposit cryptocurrencies and begin trading right away.
Having said this, it would be nice if users could buy a wider range of cryptocurrencies with Changelly Pro as it's current selection is quite limited.
In terms of users experience, it's pretty good overall as the exchange is easy to use without having to overthink things.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
