Virtual currency exchanges have flooded the market trying to bridge the gap created by an influx of cryptocurrency traders. Some have sustained the heat and earned the traders’ trust while others have ceased operating. Changelly is among the few exchanges that have sustained the heat and traders have trusted it with their crypto trades.
Mostly, crypto exchange users sign up on a platform without understanding what the exchange can do or can’t do. They also never understand what security measures the platform has in place to safeguard customers’ digital or fiat deposits.
Here, we take a look at 6 things often ignored when registering or trading on Changelly.
1. Changelly: Security
With cybercriminals always on the lookout for their next prey, security can break or make an exchange’s reputation. Instead of securing your funds, Changelly allows you to dictate how you want your funds secured. This is because, unlike other exchanges such as Binance and Coinbase, Changelly does not provide exchange wallets.
When purchasing cryptocurrencies on the platform, Changelly requires that a destination wallet address be provided. The new coins are directly sent to the wallet. However, for authentication and to prevent a malicious party from using your Changelly account, the exchange provides a two-factor authentication process.
2. Changelly: Customer support
Apart from security, customer support is another crucial ingredient that can make cryptocurrency traders flock or avoid a virtual currency exchange. Compared to other cryptocurrency exchanges, Changelly has a relatively fast customer support. The exchange uses a ticketing system where a user files a request and the exchange responds within 24 hours. The support option is also conspicuously displayed on the platform.
3. Changelly: Fees
The exchange does not have set fees due to the volatility presented by virtual currencies. By not fixing the fees charged on trades, Changelly avoids being accountable for risk and volatility. Additionally, without fixed rates, the exchange is able to charge lower commission fees. However, the fees are still relatively higher than on other exchanges.
Even with higher fees, Changelly still appeals to crypto traders, especially beginners, due to its ease of use. Changelly charges a 0.5 percent commission for those conducting cryptocurrency to cryptocurrency trading. For credit and or debit card purchases, the exchange charges 5 percent commission for itself and 5 percent for Simplex processing fee.
4. Changelly: Credit and debit card limits
Changelly has some limitations regarding the amount of cryptocurrencies that can be purchased. However, these limitations are lifted after a few transactions.
For example, crypto traders from Australia, Canada, and the United States are locked out after spending 50 U.S dollars on their first purchase. Traders in the European Union are allowed to spend a maximum of 100 U.S dollars on their first purchase.
After the first purchase, traders using credit or debit cards originating from Australia, Canada, or the U.S are open to make another purchase after four days and limit goes up to 100 U.S dollars. Also, those using credit or debit cards originating from the European Union have their limit pushed to 200 U.S dollars when making their second purchase after four days. Afterward, Changelly raises the limits to 500 U.S dollars in 7 days.
However, Changelly users from Armenia, Ukraine, Kazakhstan, Georgia, Belarus, and Russia, have their first purchase capped at 200 U.S dollars. They are allowed to make their second purchase after twenty-four hours. The limit goes up to 2,000 U.S dollars in the first week and a maximum of 10,000 U.S dollars in the first 30 days.
5. Changelly: Transaction minimum
Changelly doesn’t place any transactional minimums or maximums. However, a minimum amount may be required so as to take care of network fees. Failure to cover the network fees will result in an error. Although not a restriction, transactions involving large amounts of funds should be split into smaller transactions.
6. Changelly: Earn to bring more users
Changelly provides an affiliate program where users can earn for bringing more users. An affiliate earns 50 percent of the profits when a user joins the exchange using their affiliate link. Notably, the 50 percent share is earned on all transaction the user makes afterward. Apart from a link, Changelly provides a widget that can be placed on a website to serve the same purpose. Referral payouts are made in Bitcoin (BTC).
While the above factors do not form a comprehensive review of Changelly, they form the most crucial aspects you should look out for when signing up on the platform. The advantages of the platform are that it is user-friendly, it has a global presence, supports a wide range of payment methods, it’s secure, and has active customer support. Plus, an affiliate program.
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