It’s been over eleven years now… Bitcoin was born. Not long after, new coins, forks, smart contract platforms, many blockchain projects went live and still continue to appear on almost a daily basis. Like the Hydra, the crypto economy is spreading and with it, loads of interesting possibilities for investors and enthusiasts alike. You get coins from that new project, you unload bags of that old coin that you feel won’t deliver, you’re re-balancing your portfolio to better suit your needs at that moment of time. And undoubtedly you find yourself reshuffling priorities, exchanging assets, optimizing fees and risks while doing so.
To ease with that tedious work comes Changelly, one of the biggest and most trustworthy noncustodial exchange there is.
Wait, I have already subscribed to pretty much all the biggest exchanges, and some smaller ones too, I don’t need no additional alternative!
Yes, you definitively do! This is not your regular exchange. A noncustodial exchange is a place where you can place orders without entitling the custody of your funds to a third party. You only need to send the coins you want to swap, and you receive the funds you bought in return, directly from and to your personal wallets.
Now imagine if you use a regular exchange, you’ll need to deposit funds on the exchange first, and from that point on you outsource the management of your private keys to a third party, the exchange. If the exchange is hacked like it happened several times in the past, and like it’ll happen again, you are likely exposed to losing your assets without any means to get them back.
In the other hand, a noncustodial exchange is actually working for you to:
- Connect with marketplaces and find out what is the best rates for a given order
- Place the order(s) to fulfill your demand
- Send back the coins directly to your personal wallet
Therefore, on a user’s point of view, it gives the following advantages:
- Reduction of the risks taken as you don’t operate on the exchange and don’t proceed with the withdrawal. It could be even nearing zero if you operate directly from your wallet!
- Possibility to swap from and to any coins supported, even if there are no pairs available on the regular exchanges. The noncustodial exchange will place as many orders as necessary to get your order fulfilled.
- More often than not, better rates than what you would get while proceeding to the exchange yourself. Professional traders are making it possible for you.
Why use Changelly?
On that market segment, Changelly is probably the most reputable and well-established option. It works in partnership with the biggest trading platforms in the industry such as Binance, Poloniex or HitBTC to name a few. You then benefit to Challengy‘s tools and its team of experts so you take advantage of the best rates available on the market. In addition, its unique features and its 24/7 live support make it a leader in this domain.
- Over 150 coins available
- The best rates taken from leading trading platforms
- Option to choose either float or fixed rates
- VISA or Mastercard bank cards to buy any of coins listed (through Changelly partners)
- 24/7 live support
- High exchange limits
- Quick exchange process (from 5 to 30 minutes, on average)
24/7 Live Support
Changelly’s mission is making the exchange process effortless for everyone who wants to invest in cryptocurrency. Changelly support team is considered to be one of the best on the market, providing users with 24/7 smooth support and the average response time of 3 minutes.
Changelly is available in several flavors, including:
Websites: the service is obviously directly available on Changelly’s website. But you might find its services also integrated on one of its numerous partners’ websites.
Software wallets: you probably have noticed that some software wallets, usually multi-coin wallets, do offer the possibility to exchange or swap coins with services directly integrated in the application. Well, that is it! Chances are that your wallet is supporting Changelly. Well, at least most of the biggest names do, wallets such as Coinomi, Enjin, or Exodus, to name a few.
Mobile application for mobiles: fairly recently, applications for both Android and iOS are available, and give the possibility to users to proceed to exchanges on the go. Read on! We have tested the app for you!
Mobile application: take Changelly handy!
The application for mobiles takes all the possibilities Challengy has been known for and beyond, only to wrap it up in a convenient means while being mobile.
Changelly app main features:
- Exchange 150+ cryptocurrencies on-the-go;
- Choose between fixed and floating rate exchanges;
- Buy crypto with a bank card;
- Explore the crypto market and monitor prices live within the application.
Installation and Sign up
Well, that is as easy as it gets. Download the app from Changelly’s website or your app store. Then go through the registration in less than one minute. You’ll only need an email address.
Exchange with Changelly’s mobile app
To illustrate the power of a noncustodial exchange, and in particular Challengy with its extensive coin list, we did proceed to the exchange of Dogecoin (DOGE) to Tron (TRX). Note that there is practically no leading trading platform that has this trading pair available, and that is why we chose that particular pair for purpose of the test.
With the app installed, Challengy powers your mobile with a very convenient way to exchange crypto. It does exactly that, in the most intuitive way, and without any fuss. The app is very clear and guides the user through the whole process.
Two options are available for the fees applied: fixed and floating rate exchanges.
Fixed rate: that shall be your choice by default, especially if you’re not sure about the risk you are taking when going for the other option. Changelly charges a very reasonable amount of 0,25% of the transaction, which is the lowest rate on the market. Consider also that there are no hidden fees, such are withdrawal fees from the exchange to your wallet.
Once the transaction is confirmed you are required to deposit the coins to an address appointed to you, and you need to do so in 36 hours time. If you fail to do so the order will be canceled and you will not be charged. Changelly, however, is taking the risk to maintain the fixed rate it committed to, and you wouldn’t be charged even if there is a significant market move.
Floating rate: this option could very well be the economical one if market is not subject to significant moves and you are able to transfer the coins over in a short time. This is the one we chose for the test, and it revealed to be a great one as we were charged less than 0.25% for the service.
Changelly took a little bit less than 10 minutes to proceed to the swap after confirmation of the reception of the coins (Dogecoin). The experience felt really smooth but it is also due to the nature of the coins exchanged. Indeed, both Dogecoin and Tron are known to have lighting fast transaction times (near-instant for Tron). If other currencies are used with longer potential transfer coins (for example Bitcoin), not to worry, Changelly provides the transaction hash so that you can check directly on a blockchain explorer the status of the transfer.
Changelly advertises that exchanges are processed in approximately 5 to 30 minutes.
See below the exchange we made and have a feel of how convenient this can be thanks to Changelly!