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Changelly Review - is it scam or safe?

Changelly Review - is changelly.com scam or good cryptocurrency exchange?

RATING: 1.3 / 7 REVIEWS ForexBrokerz Changelly

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0.5%

 

Changelly is a Czech spot cryptocurrency exchange, launched in 2013. It offers instant exchange services in over 50 cryptocurrencies – both major and smaller, 2700 cryptocurrency pairs, as well as trading in fiat for cryptocurrencies. The fiat currencies accepted are USD and EUR and they can be traded against around 35 of the alt-coins in Changelly’s instrument portfolio.

 

Changelly’s trading robot is integrated in some of the largest cryptocurrency exchanges, among them Poloniex and Bittres and selects the best available rate to display on Changelly’s platform. The rates, however, are approximate until the completion of the transaction on the blockchain and the final rate may vary a little.

 

According to Changelly’s own data, it has had a total of over 500 000 customers and over 3 million monthly visitors on the site.

 

Changelly Advantages

 

- Location. Changelly is based in Prague, but accepts clients from all over the world, including the USA.

 

- No limits. Changelly does not have minimum or maximum amount limits, except in very few cases when is set a minimum amount that needs to cover the network fee. This is quite convenient both for those who want to just get their feet wet and for those who want to exchange large sums.

 

- Fiat currencies trading. Changelly offers trading in around 35 cryptocurrencies for EUR or USD, which is quite a significant number of alt-coins. There are not so many exchanges that offer this option – most usually provide trading options for only the largest cryptocurrencies against fiat currencies.

 

- Accepts Credit cards. Changelly accepts payments with Visa and MasterCard credit cards, which is extremely convenient for the users. Changelly accepts payments with a 3D-secure card from any country and in any currency. However, transactions will be converted either to USD or EUR. The payment fee of Changelly's payments partner Simplex is 5% or at least USD 10.

 

>> See crypto exchanges accepting credit cards <<

 

- Low Fees. Changelly charges a 0.5% trading fee, which is fairly reasonable and within the industry average.

 

- Anonymity. If they so wish, clients can remain fully anonymous when exchanging crypto-for-crypto. Changelly also provides the option to sign up with a G+, Facebook or Twitter account, or with an e-mail. If exchanging fiat for crypto, there is no full anonymity, as the credit card has a holder’s name.

 

- Simple Platform. Changelly’s platform is extremely easy to use, even by a novice trader. The more experienced traders, however, may be annoyed by the lack of price charts and other tools and features, usually provided by the more advanced trading platforms. We are of the impression that Changelly is not targeting the serious traders, but rather people who are trading only very occasionally. So, from a novice user’s point of view, Changelly’s platform is ideal.

 

- Tokens. Similarly to some other exchanges, Changelly accepts proposals for the inclusion of other alt-coins.

 

 

Changelly Disadvantages

 

 

- No Cryptocurrency for fiat. Changelly does not allow the conversion of cryptocurrency to fiat currency, but only the purchase of alt-coins for fiat currency.

 

- No PayPal. For the time being Changelly does not accept payments through PayPal. But we’d say the acceptance of credit cards compensates for this.

 

- Credit Card limits. Changelly has put some restrictions on the first few transactions with credit cards. They are the following:

 

  • USA, Canada and Australia - $50 limit for the first transaction, the next purchase could be made in 4 days (100$ limit), $500 after 7 days of the first buy. No more than 3 payments within the first week. No limits in one month at all.

  • CIS region (Russia/Ukraine/Belarus/Kazakhstan/Armenia/Georgia) - $200 limit for the first transaction. The next limit increase could be done in 24 hours. The total limit for the first week is $2000 and for the first month is $10000.

  • EU and other countries - $100 limit for the first transaction, the next purchase could be made in 4 days with 200$ limit. And $500 after 7 days of the first buy. No more than 6 payments within the first week. No limits in one month at all.

 

- Slow Speed. Judging by customer reviews elsewhere, it seems that in cases of busy trading the service can get quite slow. To a certain extent this is understandable, as at such times the blockchain network gets very busy and takes longer to confirm the transactions. On the other hand, however, this is quite frustrating and clients lose money.

 

Besides, often the customer support is overworked and sometimes cannot reply in a prompt manner. Apparently it does so in the end, but customers end up thinking the site is a scam.

 

- Phishing. According to Changelly’s own admissions, their open API can be and is sometimes used for phishing scams. They say they are working on resolving the problem and informing the clients.

 

- No Leverage. Changelly does not offer leveraged trading and this is quite common among the cryptocurrency exchanges. There are several, like Kraken, CexIo, Coinbase and bitFlyer, who offer this type of service. There are also quite a few forex brokers who are offering CFDs on some of the major crytpocurrencies for trading on margin.

 

>> See our list of regulated bitcoin forex brokers <<

 

Conclusion

 

Changelly is a popular cryptocurrency exchange with a large alt-coin portfolio and conveniently accepting fiat deposits with credit cards. Users can remain anonymous and can be a resident of any country. There are no minimum or maximum limits for exchanging cryptocurrencies. However, there are some restrictions for the first few deposits made with credit cards. Additionally, clients must keep in mind that even though they can make a deposit in any fiat currency, it will be converted into USD or EUR and the rate can be disadvantageous.

 

What we dislike about Changelly is firs and foremost the speed. We have noted that sometimes it is beyond the control of the platform, but the slowdowns during peak trading periods can be extremely frustrating and can lead to losses. We also do not like the fact that there is no option to exchange cryptocurrencies for fiat, but only the other way around. This means that if one needs to convert alt-coins to “real” money, they have to transfer them to another exchange or wallet that can be cashed in. This is somewhat inconvenient and can also be costly. We do not like that there is no clear information about the transfer fees charged by Changelly – neither for cryptocurrencies, nor for fiat currencies. Only when one starts the exchange process, it becomes clear that the credit card fee is 5% or at least USD 10.


 

 

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Traders` reviews for Changelly

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Slippage

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Requotes

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Price feed

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Platform

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Changelly is ok

Been using this exchange since 2018 and it became better than the article and the comments says. Fees now are 0.25%, new pairs comes out regularly. Support team is also fast and responsible. For trading and big amounts I prefer smh like Binance, but when it comes to fast and small amounts - Changelly fits me well.

George 12/06/2019

Crypto to crypto transactions are fine

They actually have lower fees now, it's 0.25% for crypto to crypto trx. Good for small amounts.

Martin 11/27/2019

Changelly Is Disappointing in Its Fees

Changelly is a trade/exchange benefit for for cryptocurrencies such as Bitcoin and Ethereum. Its work is to go about as an arbiter between online merchants and exchanging stages, allowing for nearly instant exchanges for various altcoins. Changelly is under review from various sources dependent on how it oversees exchanges, the safety efforts, the payment methods, the charges and so on.

Changelly appears to charge more than a little bit. The most ideal approach to get BTC is to NOT use Changelly. On the off chance that you need to get the best BTC rate, you should set up an account at a trade that offers a fiat gateway, and wire the fiat from your financial balance to the exchange. There are numerous choices, and the one you need will rely upon your fiat currency. Clearly this is significantly more work than using Changelly. BHowever, I don’t see a need to call out Changelly.

Adina Hayes 11/16/2018

Rip off - Never again

I purchased NEXO tokens with fiat currency. Back then the market price (according to coinmarketcap) was approximately $0.09887 in all exchanges. When buying with Changelly, the exchange rate shown in my transaction was $0.08993 but after the transaction was completed I realised the exchange rate was $0.12578.

After talking with the support for an hour, they admitted the rate was really high and that's probably because their bank partners was low in liquidity etc.

Well, I simply believe this is a scam and with the fees included, it's more than 25% loss on your investment. Just unacceptable.

Even NEXO's support recommended that I use another exchange to buy their tokens.

Romain 10/18/2018

Changelly Review and WARNING!

Talking about Changelly, it's a sheer scam for those who get captivated to the royal ilusionary earnings upon swaping your precious money.
Below are my personal experience that I have shared in conclusion to my dealings with Changelly.

Changelly does have a note about KYC in their Terms of service, however there is nothing to indicate that they will take your money and refuse to give it back. A more honest company would require KYC before taking customer funds, and refuse to transact if they found something suspicious.
In the emails, changelly does a lot of virtue-signalling about trying to prevent crime, however in our interactions, there is only one party that is attempting to confiscate and steal money, and that party is not me.

You can read the whole story @ http://www.changellyreview.com/

Nick Miles 09/15/2018

Report changelly to the fbi immediately!!!

Fellow readers, the ic3 website at below at https://www.Ic3.Gov/complaint/default.Aspx/ is the fbi’s website!!! Therefore everyone file complaints against changelly to the fbi!! Many voices together complaining against changelly will get their website shut down permanently immediately!!

“Unfortunately, due to the technical nature of most digital currency networks, it is impossible for us to reverse this payment and we are unable to provide any mediation with this matter.

While we cannot process refunds on our end or provide further information, your bank or credit card company may be able to recover funds if you report any unauthorized transactions to them. We can also direct you to file a report on the activity via the IC3 website at https://www.ic3.gov/complaint/default.aspx/.

It is important to be careful, and make sure that you trust anyone you send digital currency to or you share your financial information with. For future reference, we have an article with some advice for avoiding digital currency scams: https://support.coinbase.com/customer/portal/articles/2313972”

On Feb 3, 2018 12:08 PM, "Changelly" wrote:
Dear LORETTA,


Sorry for the inconvenience caused, but we have to clarify all details concerning your transaction in order we could investigate the issue and assist you.

So, you were intended to send BTC to 3FhtPrFdBkxwAahkNZLbrLyLWCgshGmKPj which was created especially for the transaction BTC to XRP. As we clearly can see from the screenshots in your emails, you sent your funds to the following address: 332aA7yvmjNxy56Qg7uLdbfSEM5KZsm487. Though this address belongs to Changelly itself, it is intended for the transactions concerning exchanging BTC to XVG.

Please take into account that when users make an exchange on Changelly, we create the particular wallet for each currency pair for each client. So, when the user has this address in the transaction history, it means that they made such transactions in the past. Regarding your case, it seems that you did the exchange for BTC to XVG in the past and that's why you indicated BTC wallet address 332aA7yvmjNxy56Qg7uLdbfSEM5KZsm487, which is in fact not intended for currency pair BTC to XRP.

According to the hash provided by you https://blockchain.info/tx/1999fdcd80511769ee546d2c837d16ff69d97a49f2a904ee97f75f22ca055c78 your funds were exchanged into XVG and they were sent to D8s3vQYwJMUy8fnfZ5Sn1YNAGAZMZVvcUS.

Unfortunately, we have no authority to remove or reverse any operation from the wallets, since we don't have the credentials or empowerments for it. If money has already been transferred, the process becomes irreversible. This is how blockchain works.

In this case, we do recommend you to contact the support team of your wallet and provide them with required information concerning this issue, so they can assist you.

Hope for your understanding.

Sincerely,
Changelly support team.

On Feb 3, 2018 12:27 PM, "Changelly" wrote:
Dear Loretta,

If you don't have an access to the XVG wallet D8s3vQYwJMUy8fnfZ5Sn1YNAGAZMZVvcUS, we can only advise you to contact the owner of this wallet or the support team of this wallet.

Sincerely,

Changelly support team.

Loretta Thomas 02/05/2018

Credit card charged after payment request cancellation from Changelly


I wanted to exchange money from Changelly using my credit card, so I went through the process. I was taken to SIMPLEX API and entered my details; however I did not get to upload my picture holding the card for verification and decided to CANCEL the payment.

To my surprise, my money was WITHDRAWN from my account regardless. I've checked with my bank and they have confirmed this.

I emailed support 12 hours ago and still waiting for someone to have the kindness to reply.

I received a follow up URL when I emailed support, however it does not go anywhere. I am also not allowed to login or register using my Changelly email address AND on top of that social media login does not work either. 

I am getting very anxious due to the large number of complaints, so I am wondering how long to wait for a payment reversal transaction before initiating a dispute through my bank; I did not buy any coins and ended up with a charge of $2,072.69 NZD on my credit card.

Payment cancellation email I received was as follows: 

Dear xxxx,
Your payment request from Changelly has been cancelled.
You chose to cancel the payment.
Simplex payment ID: aa16338a-a0e9-448d-b6f4-7e85bbfe0279 For more information, contact us at... or visit our FAQ section at simplex.com/ faq. Please do not try to reach Simplex's support using any other method (such as social media), as you might be mislead by imposters ... 

Should I hear from Simplex I'll let you all know by posting here and I am more than happy to amend my rating; at this stage this is purely based on the support I've received from them, and of course the unhappiness of my credit card being charged without having purchased anything

I'll appreciate any feedback from guys. Cheers, Jose.

Jose Ahumada 01/05/2018

It is super expensive!!!!!!!!!! Do not use changelly

You forgot to mention that the asked prices are much higher than the market prices. They are the most expensive exchange!!! Let me show an example:

According to Coinbase, right now (31/12/2017, 2.30 AM Bangkok hour) a BTC is 13296.68... But Changelly is asking 19673.42... and it is exactly the same with each coin they offer.

It is not just expensive, it is almost SCAM!!

Hugo Gerez 12/30/2017

Changelly is a TOTAL SCAM!!!!!!!!!

This site is a TOTAL SCAM!!!! Please do not use !!!! I sent $400 worth of BTC for Ripple and all I got back was a message that my receipt of the Ripple coin has failed "Sorry" Meanwhile my BTC went through with no troubles.... Someone got my BTC and not I have no recourse and am out my Bitcoin!!! SCAMMERS I hope someone gets mad enough to take action!!!!!

Christopher M Lahey 12/26/2017

changelly is scam

i currently change my NXT COIN TO LITECOIN and send to my litecoin wallet but changelly say already send but i did not receive my deposit until today, already 2 days

Chan Chon Wah 12/22/2017
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