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Changelly is a non-custodial cryptocurrency exchange that enables you to sell or buy more than a hundred cryptocurrencies at one time from your bank account, debit/credit card or exchange it with other cryptos. In addition to that, it does not demand any KYC extensive procedures or new exchange account and allows you to purchase cryptocurrency simply. Changelly collaborated with the most popular crypto platforms like Binance, Bittrex, and Poloniex, making it more reliable. In this article, we are going to learn about how to trade on Changelly exchange. But before we do that, let’s start with some basic intro.
Changelly Exchange Review With Pros & Cons
Changelly is primarily used to exchange one cryptocurrency for another. It is widely used by beginners or intermediate-level investors. Before we proceed further, you must know what is unique about Changelly. For every transaction, Changelly charges a flat fee of 0.5% that is comparatively very less than other famous exchanges. It is what makes it one of the best and one of its kind. Like any other platform, Changelly also has plus points as well as drawbacks. Let’s have a look at them.
Pros:
- Non-custodial exchange
- Option to buy crypto with fiat
- High-security service
- Easy to use
- Do not demand any registration
- 24/7 customer support
Cons:
- Sometimes KYC checks may lead to unwanted transactions.
- High fiat-to-crypto purchase fee
- Can be more expensive than a centralized exchange
How Safe Crypto Trading Is On Changelly?
Coming to the safety and security of Changelly, let’s tell you it is one of the highly secured exchanges worldwide. Some advanced features offered by Changelly are as follows:
- Enables you to have a complete record of the transaction history
- It makes the purchase of crypto-fiat easy and accessible.
- No multiple KYC verifications and hence faster exchanges.
If the thought of opening an account just crossed your mind, open it now as it is very simple and easy to do so. Just enter and verify your email address for account security and you’re done. You can also protect it with Google Authenticator. If you are thinking to begin the journey of crypto trading and ready to step in, you must have downloaded the Changelly mobile app by now, as it is the foremost required thing to exchange the currency. This app will enable you to access all the exchange and trades from your mobile devices as it is highly convenient and safe.
How to Trade On Changelly?
We are here providing you, the step-to-step guidelines on how to trade on Changelly from Changelly mobile app:
1- Once you download the mobile application, go to the Exchange section of the application. Now, enter the crypto-pair you want to swap.
We have followed BTC-ETH for the guidelines here.
2- Next you need to enter the destination exchange address, which you are willing to get. Note:- it would be your ETH address.
3- Now, confirm the transaction details and proceed to exchange.
4- You will get the Changelly wallet address where you will send the exchange.
5- We suggest using either the wallet or QR-code to transfer funds to the mentioned address. You can also use an exchange account to send the funds.
6- The transaction will automatically get cancelled after 36 hours. So, be careful that you send the funds within the time limit.
- Now that you are done with all basic formalities, the exchange process begins here:
-After your transaction gets confirmed in the blockchain, Changelly will begin to exchange your BTCs with ETH.
-It takes some time to complete the exchange process, bear with it.
-When the exchange gets completed, they send the destination crypto to your wallet.
7- Recheck the wallet after the transaction gets completed.
- And here, your first crypto purchase is done using the Changelly mobile application!
What You Can Do To Assure The Security Of Your Cryptos?
As you already know that the crypto world is full of surprises as well as shocks, it’s always better to take precautions. To ensure better security of your cryptos, you must follow some instructions. Here we are going to see a glimpse of points you should take care of when dealing with cryptocurrencies.
- Always verify the service before using it, it reconfirms that it’s safe. We suggest reading about the service in detail form any trusted site or social media to get a clearer picture in your mind.
- Do not assemble all your crypto at a single place i.e. in a single wallet. Though, it makes it easier to access your account but also increases the risk of losing it all at once. Try to keep your crypto in several wallets, in such a way you minimize the possibility of loss.
- Exchanges like Changelly are highly conscious about the security of your cryptocurrency and keep the wallet safe from all threats. But you must keep your private key at a secure location, just in case, something might happen. Make sure you do not forget the private keys of your cryptos or share it with anyone else.
- Do not display so much. It is better to keep a low profile than showing off more threats and risks.
- Never compromise with the quality of the network. Always use trusted networks and make it obvious. Chances of risk maximize when you access your account via a public network.
As you have read the entire article, you must get a brief overview of how you can trade on Changelly, what are the merits and demerits of it and how it works. Now, take a final look at why you should choose trading via Changelly over any other trading platform. Here, we are mentioning some advantages of Changelly exchange, you may not aware of:
- Note that here, we are specifically elaborating on the advantages of Bitcoin, as it is one of the most popular and widely used cryptocurrency nowadays.
Why Choose Changelly?
-It has the best rates in the market with a transparent fee of 0.25%.
-Over 150 cryptos are accessible at one time with 24-seven statistics
-You can also trade bitcoin on Changelly with fiat currencies.
-It also enables you to access other popular crypto platforms like Binance and Bittrex.
