- Trading Fees : .5%
- Order types: Brokerage
- US Customers Accepted? : Yes
- Institutional Accounts? : No
- Often the cheapest option in the market
- 55+ Coins Available for Trading
- Can take a long time to physically receive coins
- Fiat to Crypto service too expensive to use
Multicoin Trading at Changelly
At first glance, Changelly looks very similar to predecessor shapeshift. Their business model is entirely the same as a matter of fact - both products act as multicoin brokers, leveraging inroads with dozens of different exchanges in order to source the best exchange rates for customers. Neither product hosts its own wallet, preferring instead to ship coins to a customer's chosen wallet, which allows the circumvention of overheads associated with wallet security, and limits registration to an email.
So, what is the difference between Changelly and Shapeshift, and why would one prefer the former to the latter? First, prices are often, though not always, better at Changelly than at Shapeshift. They also allow for much larger transactions as well. However, generally speaking it will take longer for the coin to hit your wallet from Changelly than from Shapeshift.
Second, Roger Ver is a seed investor in Shapeshift, and many people in the crypto world (and outside of the crypto world as well we reckon) would rather take part in a bug eating contest on the show Survivor than willingly give money to a Roger Ver business.
How Changelly Works
Changelly sets rates using a "robot" which checks bid/asks at all the different exchanges. Theoretically, placing an order with Changelly gets you the best price amongst all the exchanges - and only for a fee of 0.5% which is transparently shown prior to authorizing a transaction.
Simply pick from a scroll down of approximately 55 cryptos what you would like to sell, and identify what coin you would like to buy.
Input your corresponding address for the bought coins and ship the amount required to the address provided. A 0.5% fee will be added to the price (included in the initial displayed rate), and your coins will be delivered within 30 minutes.
A few important notes. Do not mess around with their fiat to crypto conversion. For whatever reason, Changelly has integrated fiat/crypto exchange options at really horrible rates. Perhaps this is the first step in integrating credit card payments, which they do accept. We would prefer they simply remove fiat from the menu, lest some unknowing victim actually make the mistake of using the service. However, when it comes to crypto-crypto, changelly has very competitive pricing.
Be prepared to potentially wait for awhile until the coin hits your purse. Particularly if you have a large order - which is allowed on Changelly as opposed to Shapeshift. The internet is aflutter with nervous people querying different forums or social networks as to the state of their coins - these comments, as far as we have seen are always edited with words to the effect of - 'received my coins, thanks Changelly'. Changelly is owned by Minergate, which is a large and respected mining manufacturer with 2 million customers, and it is also advised by pillar of the bitcommunity Charlie Shrem - But be forewarned in any event.
There is no application, but the website design is reasonably mobile-friendly. If needed you can squeeze your way to a trade, but definitely preferable to work from desktop.
There is a 24-hour SLA on customer enquiries.
Changelly is cheap and allows for the exchange of cryptocurrencies without registration. The product is wholly owned by minergate, a successful business with a good track record in the marketplace. Charlie Shrem, a crypto-good guy, has lent his name to the product. If you are looking for a place for the simple crypto-to-crypto exchange, and without the need to store the coin in a custodial wallet, Changelly is a top choice.
Exchange Articles of Interest
Bitcoin Price (USD): 853.48