In recent years the cryptocurrency trading world has expanded at an unprecedented rate. Alongside the increase in number of cryptocurrency investors, buyers and sellers, there has been a huge increase in the number of different cryptocurrencies. In order to service the needs of more and more users, certain trading platforms have grown in reach and popularity among crypto traders.
One of these exchange platforms is Changelly and it is among the most popular websites on which users can trade cryptocurrency. Since the year 2015, the Changelly exchange platform has gained over 1.5 million users worldwide.
If you are new to the world of cryptocurrency trading and are confused about what Changelly is and how to use it, this guide is for you. With the help of our Changelly guide for beginners you will be able to start trading crypto on the Changelly exchange within minutes. So let’s get into it.
What is Changelly?
Changelly is an online cryptocurrency exchange platform where users can trade their cryptocurrencies with others and exchange one cryptocurrency for another. Today, Changelly processes 15,000 transactions every day and has more than 90 different cryptocurrencies to buy or exchange between.
Changelly can also be used to buy cryptocurrency via a bank card. Furthermore, unlike other popular online cryptocurrency exchanges, you do not need to make a personal account on Changelly in order to buy or trade crypto. This is done in order to protect the privacy of Changelly’s users. However, as we shall discuss below, you will require a wallet address to which your cryptocurrency will be sent.
Setting up a Changelly Account
As mentioned, in order to use Changelly to buy, sell or trade cryptocurrencies you will not need to make an account with Changelly. All services that Changelly offers can be used without providing the website with any personal information.
However, if you so choose, you can set up an account with Changelly using your Facebook or Google accounts. If you are a beginner crypto trader and foresee that you will be using Changelly again in the future, we highly recommend that you make a basic account in this way. This will allow you access to your account settings and transaction history.
Once you click ‘Sign Up’ you will be redirected to the below page:
Choose one of the four options provides with which to set up your Changelly account and voila! After completing this step you will have successfully set up an account with Changelly. You will now be ready to buy, sell and trade cryptocurrency on the Changelly exchange. So let’s see how it works!
How to Buy Cryptocurrency on Changelly
It is impossible to trade cryptocurrencies with nothing except a Changelly account. This is because before being able to trade you must have your own cryptocurrency first. This could include Bitcoin, Bitcoin Gold, Binance Coin, Ethereum, Doge Coin, Safemoon and others. Either way you will have to buy cryptocurrencies beforehand and have them stored in a crypto wallet with a personalized address.
Changelly offers this service to its users so that they can buy and trade within one easy-to-use platform. Regardless of the type of cryptocurrency you are looking to buy, Changelly offers a straightforward interface and process through which you can purchase it.
Next, use the drop-down menu to change the type of fiat currency you want to use and the type of cryptocurrency you wish to receive in return. After typing in your amount in fiat currency, Changelly will provide you with the amount of cryptocurrency you are to receive based on current exchange rates. This will always be an approximate amount as exchange rates for cryptocurrencies are volatile ad can change very quickly.
After providing Changelly with your country of residence and double checking the numbers, click the green icon which reads ‘Buy BTC now’ in the example shown above.
Like other crypto exchange platforms you can use your bank card to purchase cryptocurrency on Changelly. The process for this is simple and easy to understand. Just remember that in order to purchase cryptocurrency on Changelly using a bank card, it must support 3D-secure, which is verification by means of phone number.
After entering and confirming your amount and clicking ‘Buy’, Changelly will redirect you to the page shown below. Here you will be shown various offers for your given amount.
As shown above, choose the best offer being provided to you and click ‘Buy Now’. Once you do this you will be redirected to another page where you will be prompted to enter your cryptocurrency wallet address. This is so that Changelly can transfer the appropriate amount of cryptocurrency directly to your wallet, which has proven to be the most secure way of buying cryptocurrency.
After this you will be prompted to enter your bank card details just like any other payment using a bank card. Once you complete these steps, Changelly should process your request and complete the transaction within 5 to 30 minutes. Upon completion you will be provided with a receipt confirming the transaction.
Trading Cryptocurrency on Changelly
Although buying and selling cryptocurrency on Changelly is a popular feature of the exchange service, the platform is mostly used to trade different cryptocurrencies between users. Being able to trade one cryptocurrency for another is an important aspect of owning and managing cryptocurrency in 2021 and platforms such as Changelly offer an easy-to-use interface with which such exchanges can take place.
1. Exchange Crypto
To trade crypto on Changelly open up the Changelly homepage and sign in using your preferred login method. Use the exchange menu on the center of the homepage as shown below and under the ‘exchange’ option use the drop down menus to choose the two cryptocurrencies you want to perform the trade between.
In the example shown above the exchange taking place is that between Bitcoin and Ethereum. In other words, the user will choose the amount of Bitcoin they want to trade and Changelly will provide them with the approximate amount of Ethereum that this converts to according to the current exchange rate between the two.
2. Floating vs. Fixed Exchange Rates
As shown above, at this stage you will also be given the option of choosing between a floating exchange rate and a fixed exchange rate. Since the cryptocurrency market is very volatile, the exchange rates between different cryptocurrencies is also subject to change at any time. This ever changing exchange rate between two cryptocurrencies is termed as a ‘floating exchange rate’. As a result of choosing this option, the user may receive a different amount at the end of the transaction than was initially displayed to them.
On the other hand a fixed exchange rate is the rate that perfectly matches the one displayed to the user at the beginning of the transaction, which is at the stage shown in the picture above. Unlike a floating exchange rate, this rate is not subject to change and guarantees that the amount received after the transaction is completed according to the initial exchange rate displayed. Hence, with a fixed exchange rate the user always knows the exact amount they are to receive from the very start.
After double-checking the numbers and choosing between a floating and a fixed exchange rate, click the green icon that reads ‘Exchange Now’. Once you do this you will be redirected to another page that will confirm the numbers and ask you to enter your cryptocurrency wallet address. This is so that Changelly can locate and extract the cryptocurrency from your wallet in order to perform the transaction.
After this step you will be provided a summary of the exchange and be asked to confirm the transaction. Click the icon that reads ‘Confirm and Make Payment’ in order to complete the exchange.
At this stage, Changelly will also provide you with the wallet address of the recipient in the form of a QR code. You can scan the QR code provided and paste it in the corresponding field of your crypto wallet. You have 36 hours to send your funds to the recipient or else the transaction will be cancelled.
Once you send funds, the exchange will take between 5 and 30 minutes to complete. Once it is completed you will be notified and can go to your relevant crypto wallet in order to check the transaction.
And there you have it. Once you complete all these steps you will have successfully used Changelly to trade cryptocurrencies.
Let’s Get Trading!
It would be a shame if in the year 2021 you did not know how to exchange cryptocurrencies on Changelly. As the cryptocurrency market expands in reach, platforms such as Changelly attract more and more users, making bitcoin trading much more ubiquitous.
There is nothing difficult about using Changelly to exchange cryptocurrencies. Through our Changelly guide for beginners we have outlined the basic steps you will need to take to begin buying and trading cryptocurrencies for yourself.