If you want to buy a small portfolio of cryptocurrencies, Changelly is a service that will fulfill all your needs, without going anywhere near the larger trading platforms.
The Changelly Selection
The Changelly selection includes the major cryptocurrencies- Bitcoin, Ethereum, Litecoin and Dash. It even has Monero, which has recently exploded in price and popularity.
On the second tier are some of the older altcoins, like Ripple and Dogecoin.
And since Changelly always strives to add new assets, there is a swarm of recently created tokens, including Golem, Lisk, Stratis and others. This allows immediate investment into those new projects for any owner of the leading cryptocurrencies. So Changelly will satisfy your curiosity and help you own those assets.
The Changelly Process
This platform uses a smooth process to help you move your coins, and it can prevent a lot of errors. First, it will ask you for a pair of coins or tokens to be exchanged.
The next thing you have to provide is a landing address for the chosen token. Please use a wallet where you own the keys. So even before you buy an exotic token, make sure you have the right wallet to hold it. Paste or send the receiving address onto the form field.
You will then have to make a payment- Changelly will generate a new receiving address. The moment you send your funds, the exchange begins. Changelly will look at a price for you- and sometimes, you may get more or fewer coins than you expected.
The Changelly customer service was responsive. Sometimes, the exchanging screen will freeze or remain without change for a long time. When I sent a request, the team looked at my order for me and confirmed the tokens were in fact sent.
But for ERC-20 tokens, you can also check Etherscan.io. For other coins, look at a blockchain explorer to see the state of the transaction.
Changelly Price and Fees
The Changelly service will levy a 0.5% fee on your orders. The fee will be in the currency you are buying. The orders are mostly made through Poloniex, and the rates are as seen on that exchange.
As we mentioned before, the final purchase may differ due to market volatility, as sometimes filling an order can take up to 20 minutes.
Changelly accepts MasterCard and VISA with 3D security. With it, US-based customers may buy any token, subject to some restrictions. There are limitations on initial orders.
The other obstacle is for European buyers. Using a Euro account will mean a somehow inconvenient exchange rate for US dollars.
The Verdict on Changelly
The simplicity and convenience of Changelly are good for testing a few appealing coins and changing between them to offload into Bitcoin or your preferred storage coin. Avoid buying during market turbulence or when a coin exhibits high volatility. Cryptocurrencies change fast, and using Changelly at the wrong moment may disappoint. Orders may lag, there may be network congestion as a lot of users are moving funds. Some days, an order will take five minutes, other days it will drag on for half an hour.