I just checked their “best” rates. Look at this...

For those of you who have not read the previous two parts to this...

Have been looking for a place with which to exchange USD fiat to crypto using a credit card so I can buy Steem. Circle, who I had used in the past, ceased this service. Coinbase cannot seem to verify the address on my bank card (the issuer said they are not denying any address verification). CEX.IO is supposedly “not available” in my area. Therefore, I am trying new companies.

I am upset with Changelly because...

My transaction cost 48% of my US dollars. That's right! I paid them $15 USD and received only $7.75 USD in Bitcoin. According to several charts, and Bittrex, bitcoin was going for about $900 to $925 USD, yet I paid OVER $1761 USD exchange rate – in addition to their regular fees! This is a 52% difference (increase) in exchange rates!

In addition, my transaction took almost 11 HOURS to complete.

I had contacted Changelly about this discrepancy and their response felt as if they were telling me, “we have your money and you can do nothing about this.”

I would not be so irate about this if the price I paid was ANYWHERE on the charts of ANY of the exchanges such as Bittrex, CEX.IO, Gemini, Kraken, LocalBitcoins.com, or even the slightly inflated price of Coinbase. But to be so blatantly out of sync with ALL of the exchanges, just really makes me fume!

Now for the update...

After writing yet another couple emails to Changelly requesting the website address of the exchange they use and for proof of the exorbitant exchange rate, they had offered to return my $7 USD into whichever wallet I choose, and I have received the funds. As for the exchange they use, here is their response...

So, to me, something seems amiss. If they are using Bittrex, Poloniex, etc, then why are their exchange rates SO high? Could it be hidden fees? Profit? A Company Christmas Party fund?

I don't mind paying a nominal rate to exchange fiat into crypto. I expect one, but dammit, DONT HIDE RIDICULOUS FEES and call them EXCHANGE RATES!

NEWSFLASH...
THE BLOCKCHAIN IS ALL ABOUT TRANSPARANCY !

At least it is supposed to be, however, I have found this is not necessarily true (more on that another time).

After all is said and done, I have no one to blame but myself. I saw the rate, but did not pay attention. I followed the link from CoinGecko and trusted the amount of bitcoin was at least close to the amount I paid. I did not do the math prior to the transaction. Had I done the math, I would not have completed the transaction. (But then, you, the readers may have received this fate.)

I had let my guard down. I am a trusting person, and as such the odds are I will be screwed over, ripped off or swindled by most with whom I transact unless I check every detail – every time.

The moral of this story...

Beware of EVERY web site vying for your money.

Don't trust the propaganda.

ALWAYS check the figures BEFORE making any transactions in any currency.

DON'T ASSUME ANYTHING!