About Changelly Exchange
As far as trustworthy digital exchanges go, Changelly [changelly.com] is a reputable exchange that allows users to swap out different cryptocurrencies.
The company maintains hidden yet transparent protocols that offer the best crypto-to-crypto rates in any given moment that users seek to trade altcoins. Completely crypto-centric, users can however purchase altcoins to access the exchange with a fiat-backed card, although entrance fees are high via this option.
More typical transactions involve users trading their digital currencies from a personal wallet where existing holdings are kept. Whichever route is taken to trading on the exchange, the site presents as an elegantly simple trading platform that now has a loyal following.
As a leading crypto exchange, Changelly runs on competitive fees of only 0.5 percent and has many unique features. The platform sees a high volume of bitcoin trading, but many other altcoins are traded and Changelly even supports USD Tether (USDT).
As a logical upshot of the industry, the company shares some limelight with other now-entrenched platforms that got into the arena early, yet also got it right first time around. Circa April 2017, the exchange reached 1,000,000 users.
In a simple transaction that belies the skilled technical construct at play behind the scenes, a user can simply log into the site, enter a few details and effect a trade in under a minute.
Changelly In A Nutshell
Changelly trades on robotic intelligence that constantly feeds real-time data to the user interface. The exchange tracks all of the biggest cryptocurrency trading platforms, including Bittrex and Poloniex.
In a heartbeat, the Changelly bot samples bids and asks on platforms, and delivers the best possible trade price for any given currency pair. Although the quoted rate on a trade may be slightly different when a user actually transacts a few seconds later, the difference is typically negligible, due to the fast AI at play in the background and overall speed of the site.
The project is the product of several MinerGate enthusiasts’ proclivity for crypto trading. Changelly is a technically adept answer to the original development team’s desire to experience traditional fintech services in the cryptosphere. The site adds professionalism and credibility to the realm and also legitimizes altcoins, along with several thousand other exchanges and trading intel sites.
Users transact anonymously, and post regulation formation and also after the bitcoin bubble of December 2017, it would appear that Changelly built compliance, speed and a sleek overall UX into the project from the word go.
Accounts are protected with two-step authentication and there is no digital coin storage on the site. The security development team is proactive, and to date the site has managed to steer clear of trouble, being vigilant on reporting on user’s wallet breaches and other issues.
Enjoying some celebrity members too, the company lists some “500,000 satisfied users,” also noting that around 3 million people log into the site each month. Having made the best of digital currency’s volatility, bringing AI up to speed with the needs of traders to peg a moment’s exchange rate successfully, Changelly has established trading standards comparable to the legacy asset management sector. Users have replied with active employment of a sleek offer, many fiercely loyal to the platform.
Changelly’s Variable Rates And Transaction Speed
In spite of the intelligence behind the build and the fact that trading on the site is simple, logical and quick, transactions can still take up to an hour to be finally effected. This, coupled with the fact that digital currencies can fluctuate wildly in comparison to more traditional assets, has informed the exchange’s approach of not fixing exchange rates. Were the team to peg rates, risk costs would be factored into fees and make them far higher.
The company has found a sweet spot in charging a flat rate commission of 0.5 percent of the transaction value, something users value in the arena of asset volatility and momentary rises and falls.
New users especially are advised to note that altcoin exchanges incur blockchain or network fees too, apart from the exchange’s commission. The network costs are the commission fees that enable a particular blockchain.
Users are warned that they should ensure that the exchange’s fees and those of all networks involved in any trade are able to be met by sufficient funds in their wallet, failing which these smaller transactions will simply fail and result in funds being lost.
The team is at pains on the site to walk users through the trading process, noting that they should not rush through a transaction, but rather review information – especially wallet addresses – again and again, before enabling the trade.
With a responsive support team on hand, the outfit has clearly got the fundamentals aligned in a way that gives a great user experience to traders. Simplifying account setup and rolling proactively and transparently on user security issues, the exchange saves many traders downtime on research when they seek to glean the best current coins at the best current prices. Not taking user deposits has also kept the company free of the worst potential thefts that have dotted the arena over the last few years.
Users are warned against smaller transactions that might be lost to network fees. With larger transactions, there is no upper limit, although users are again forewarned to be patient, as different blockchains have different capacities.
The time taken for users to see the funds reflected in their wallets can vary, and since minor errors do occur at times, a user has the security of knowing that in the event of a technical error, the support team will push payments through on the back of a user’s transaction hash (the tx ID).
The most common issue confusing new users is the fact that final amounts often differ from what they saw at the time of executing the trade. Various blockchains with varying processing times (based on the network and the individual transaction volume) need to be accommodated in any transaction.
With constant ebbs and flows in digital coin values, even the short time taken to effect a trade can experience variations in price. This is the reason a lesser amount sometimes lands after a trade, although it can just as likely turn to the user’s favor too. The vast majority of trades on Changelly take between five and 30 minutes to be successfully processed.
Users sometimes have their wallet noted as “unrecognized.” This error message can appear if the relevant blockchain is overloaded, typically on the Bitcoin and other Bitcoin-based blockchains. Users simply need to wait for the network to get back up to speed under these circumstances. The exchange turns off some coins momentarily in order to update a client, yet transactions do continue post switch-off regardless.
DDoS attacks can hit anyone, although Changelly has a sophisticated set of preventative and responsive protocols at play to limit fallout. On the whole, user comments point to a seamless, untroubled experience on Changelly.
Users patronize Changelly because it’s been around for a while and represents one of the top-tier services of the industry. That said, the fact that the development team has gotten certain fundamentals right from the outset has meant that the exchange rose to the upper echelons of crypto-trading.
Without the need for major changes, UX has been consistent and consistently good, the reward for getting a project build right at the outset. With messaging and verification protocols on par with legacy banking practices, the company has successfully presented crypto trading in a recognizable, professional manner.
Offering a sleek, polished and intuitive experience to traders, Changelly has maintained its speed and professionalism in order to become an entrenched venue for millions of traders swapping out altcoins. Both the flat fee structure and a persistent developer dedication to enhancing users’ experience has grown the user base to the point where Changelly sits in the top tiers of a highly competitive market.
Click here to start trading with Changelly