How Does it Work?
To use the service, you will need a valid wallet address. This is a combination of numbers and letter that identify your wallet. You will have to get the wallet from a third party since Changelly does not provide the addresses. Also, they don’t store user deposits.
You can choose to register an account with the company, but note that there is no option of deleting your account.
The site works by integrating with major cryptocurrency platforms. It then makes bids and asks. Once the robot gets the best rates, it will display them on the website. These are only close estimates of the best prices at the time. The exact amounts will be given when a transaction is made on the blockchain. As noted on their website, giving fixed rates would be inaccurate since the values of cryptocurrencies change rapidly. Also, giving estimates reduces their liability, and that is why they can afford to charge a commission fee of 0.5 percent.
On this site, you can exchange or buy more than 90 altcoins. Some of the popular cryptocurrencies that can be traded on this site include Bitcoin, Litecoin, Monero, and Dogecoin.
After making a transaction on the site, you will need to wait for a few minutes for it to reflect in your wallet. This should take less than 30 minutes unless there are delays in the system. You can check the status of your transaction on your history. It is important to confirm all transactions since you cannot roll them back once they get to the blockchain.
You can exchange one cryptocurrency for another on this site. Another alternative is for you to buy the altcoins using your credit card or debit card. The company only accept USD and the Euro, so you may have to convert your currency before sending the money. Your bank card has to be verifiable by phone for the site to accept your payment.
With bank payments, your first several transactions will have limits on the maximum amount you can exchange. They don’t have minimum amounts, but you will need to make sure your transaction amount can pay the accompanying fees. If the transaction amount is too low, they will send you an error report. It is possible for you to try to send the money again, and it may eventually go through. However, all the money will be used to pay for the transaction.
The site has a ticket system for customer support. Presently, they don’t have a phone number through which you can reach them. However, the tickets are usually responded to within a few hours, and they try to resolve issues within a 24-hour period.