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Changelly Review: Wide Range of Cryptocurrencies

Review Updated
Emma Newbery
By: Emma Newbery

Our Cryptocurrency Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
This content is accurate as of Feb. 20, 2023

We do our best to keep on top of all the latest developments. However, please be aware that the fast-paced nature of the cryptocurrency world means there may be shifts in fees, specific services, and the numbers of available cryptos. Check out our list of the best cryptocurrency apps and exchanges for the most up-to-date information on the platforms we recommend.

Changelly is a non-custodial cryptocurrency exchange that offers almost 200 different cryptocurrencies. Its easy-to-use service is secure and lets you trade cryptocurrencies at low fees. However, Changelly is not regulated to operate in the U.S. and our ratings reflect this important con. Read our full Changelly review to find out more.

Ratings Methodology

Bottom Line

An easy-to-use service that has low fees for exchanging a wide array of crypto pairs. But the fact this it isn't U.S. regulated is a major downside to consider.

Fees:

0.25% floating rate or varying fixed fee

Account Minimum:

Varies by crypto pair

Full Changelly review

Pros

  • Wide range of cryptocurrencies
  • Low crypto-to-crypto exchange fees
  • Integrates with various wallets
  • Anonymous
  • Easy to use

Cons

  • Not regulated in the U.S.
  • High fiat-to-crypto rates
  • Limited payment options
  • High minimum trade amounts
Crypto regulation

The SEC advises investor caution when it comes to crypto and filed charges against several crypto platforms in 2023. It says that a number of popular cryptocurrencies -- including Solana, Cardano, and Polygon -- are unregistered securities. This could impact the way these and other cryptos are traded in the U.S. As a crypto investor, make sure you understand how the SEC cases and proposed regulatory changes could impact your portfolio.

Top perks

Before we get into some of the benefits of using Changelly, it's good to understand this is a non-custodial cryptocurrency exchange service. That means it never stores any of your money or cryptocurrency: You need your own wallet to be able to use the service.

Wide range of cryptocurrencies

Changelly boasts almost 200 different types of cryptocurrency on its exchange. At the time of writing, it had 196 supported currencies. That's a lot more than most cryptocurrency exchanges and brokerages. Many people want to buy smaller currencies as they hope to get in before those coins make dramatic price gains. But bear in mind that these smaller coins carry even more risk than popular digital currencies.

Also, while Changelly trades many smaller coins, it also only accepts three fiat (traditional) currencies:

  • U.S. Dollar (USD)
  • British Pound (GPB)
  • Euro (EUR)

However, as we explain below, we wouldn't recommend using Changelly to buy crypto using dollars as the fees are quite high.

Low crypto-to-crypto exchange fees

Changelly charges some of the lowest rates for crypto-to-crypto exchanges. You can preview your transaction to compare the rate and fees against other exchanges and make sure you get the best value.

Bear in mind that even if you find a better rate with a custodial exchange (one that keeps your cryptocurrency on the exchange itself), you'll still need to pay withdrawal fees when you move your money. Fees depend on the cryptocurrency, but you'll need to factor it into the costs.

Integrates with various wallets

Changelly partners with several wallet providers, including:

  • Ledger
  • Trezor
  • Trust wallet
  • Exodus

Wallets are a way to control the keys for your cryptocurrency.

Many crypto enthusiasts are uncomfortable using a custodial exchange because it does not let you control your keys. If you want to trade directly from your wallet, Changelly may be a good option. You can securely exchange one cryptocurrency for another, and never lose control of your keys.

Anonymous -- no Know-Your-Customer (KYC) regulations

Unlike bigger U.S. regulated exchanges, the only personal information you need to provide when you use Changelly is your email address. That said, if you want to pay with a traditional currency, you will have to enter more information to access the third-party payment services.

Whether you consider this a perk or a disadvantage depends on you. Some people value the anonymity of cryptocurrencies and don't want to provide additional information. Others are worried that anonymity of crypto is one of the reasons it can be used for nefarious reasons. As such, they are happy to provide their address and personal details.

Easy to use

As long as you understand cryptocurrency wallets, it's extremely straightforward to use Changelly. It has a mobile app as well as its web platform. The only slightly challenging part is connecting your existing wallet to your Changelly account. Once you've done that, all you need to do is:

  • Choose which cryptocurrency pair you want to swap
  • Check the exchange rate
  • Send the necessary cryptocurrency to the address provided

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What could be improved

Not regulated in the U.S.

Cryptocurrency exchanges need certain licenses to operate in the U.S., and Changelly is not licensed. This could be because it does not follow the U.S. anti-money laundering rules, such as asking for detailed customer information.

If you're a U.S. resident, you may wonder why this matters. First, if you sign up with an unregulated exchange and later have a problem -- perhaps you fall victim to a scam or theft -- you'll have trouble getting help from U.S. authorities. In fact, if you sign up to use Changelly from the U.S., you're breaking its terms of service. That means your account could be frozen or shut down, especially if the U.S. introduces more regulation later this year.

Many exchanges choose not to jump through the red tape in the U.S., and it doesn't necessarily mean they are bad players. But given that there are some excellent cryptocurrency exchanges that do have U.S. licenses, why not consider their services first?

High fiat-to-crypto rates

If you're looking to buy crypto using dollars, pounds, or euros (fiat currencies), it makes more sense to do it elsewhere. Changelly's relatively high fees and sub-optimal rates mean it's not a good option for fiat transactions.

Plus, you'll need to do it through a third-party app, such as MoonPay which has limited payment options. For example, although the website said it would accept credit/debit cards and bank transfers, in practice, I was only able to pay with a credit or debit card.

High minimum trade amounts

Each currency pair on Changelly has a minimum amount, which can be quite steep. Other exchanges allow you to make trades for as low as $5 or less. Several of the pairs I looked at on Changelly had minimums of around $50. If you want to make smaller trades, you may need to shop around.

Alternatives to consider

Offer

Robinhood

Limitations Apply


Rating
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Commissions
$0 for stocks, ETFs, options, and cryptocurrencies
$0 for stocks, 1.25% for cryptocurrencies
Next Steps

How Changelly works

Changelly makes it easy to exchange one cryptocurrency for another. It searches various other exchanges to find the best price at any given time.

You need to have your own wallet before you start because Changelly does not keep any assets on its own servers. It's a non-custodial exchange service.

To use it, enter your email address and choose the currencies you want to trade. You'll then need to enter the wallet address (a bit like a bank account number) where you want the crypto to be deposited.

Once you've confirmed your transaction, transfer the correct amount to the wallet address that is provided. You'll receive your currency in five to 30 minutes.

Fees overview

Since Changelly does not keep your money on its platform, there are no fees for account maintenance or withdrawals.

The only fees you'll pay are transaction fees. If you're trading cryptocurrencies, you have two options:

  • Floating rate: A floating exchange rate may change while your transaction is being processed. You'll pay a 0.25% fee, and the rate is usually better than the fixed rate. However, if the price changes dramatically before the sale is finalized, your rate will be different.
  • Fixed rate: If you opt for this route, you'll know exactly what it is going to cost and you don't need to pay the 0.25% transaction fee.
Transaction type Fees
Floating rate 0.25%
Fixed rate No fee

If you sign up for Changelly PRO, which is Changelly's advanced service, you can expect to pay maker/taker trading fees as well as deposit and withdrawal fees. These are in line with other cryptocurrency exchanges.

Is your cryptocurrency safe with Changelly?

When you use Changelly, your security is in your hands. Changelly does not hold your assets, as it is a non-custodial exchange. In terms of security, that means there's no central point for hackers to target.

Your assets stay in your wallet -- whether you use a hardware wallet that's mostly kept offline or a hot wallet that's online. The biggest risk as a user is that you input the wrong wallet information when you're setting up your transaction.

All cryptocurrency investments carry their share of risk because it is a volatile and relatively new market. In addition to securing your wallet with protocols like two-factor authentication, make sure you carefully research any coin you buy. There's a much larger potential for scams and bad players when you move off the beaten track.

Changelly is right for you if:

  • You live outside the U.S. and are looking for a low-fee exchange
  • You want to access a wide selection of digital currencies
  • You have your own cryptocurrency wallet and want to trade from it directly
  • You want to remain anonymous when you trade cryptocurrencies

Our Cryptocurrency Expert