The Best Exchange : Changelly :Part 1

What is a cryptocurrency exchange?

Cryptocurrency exchanges are websites where you can buy, sell, or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro or Pound. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.

What to look out for before joining crypto exchanges

It’s important to do a little homework before you start trading. Here are a few things you should check before making your first trade.
• Reputation – The best way to find out about an exchange is to search through reviews from individual users and well-known industry websites. You can ask any questions you might have on forums like BitcoinTalk or Reddit.
• Trading Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
• Payment Methods – What payment methods are available on the exchange? Credit card? Debit card? Wire transfer through your bank account? PayPal? Can you trade with USD EUR? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
• Verification Requirements – The vast majority of the Bitcoin trading exchanges require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
• Geographical Restrictions – Some specific user functions offered by exchanges are only accessible from certain countries. Make sure the exchange you want to join allows full access to all platform tools and functions in the country you currently live in.
• Exchange Rate – Different exchanges have different rates. You will be surprised how much you can save if you shop around. It’s not uncommon for rates to fluctuate up to 10% and even higher in some instances.

During this week of #steemcryptochallenge by @steemitblog I will introduce and guide you through the Best Crypto Currencies Exchanges that I think are Overall Best.

For the First Exchange I am going with Changelly.

What is Changelly?

Changelly is an instant cryptocurrency exchange which was initially created in 2013 as a project of a team of MinerGate developers. In 2014, the platform parted ways from the mining pool group and began functioning independently from it. The following year, the platform went through a major overhaul, shaping the platform into its current form.
Since 2015, it has become one of the most used and trusted exchanges for crypto-to-crypto transfers, having more than 2 million customers, and processing up to 15,000 transactions on a daily basis..

Changelly allows you to exchange crypto fast and buy it with a bank card. The service provides the best crypto-to-crypto rates and supports over 140 cryptocurrencies available for exchange.

What is an exchange rate?

Exchange rate is the rate at which a unit of one currency can be exchanged for another. There are two exchange options available at Changelly web and mobile: floating and fixed. Each one is described below to help you choose one that suits you best.

Floating Exchange Rate:-Usually, each transaction gets done at its own unique exchange rate. Due to the volatile nature of the cryptocurrency market and the ever-changing network fees, the rate might change at any moment, and thus described as “floating”.
As a result, you might get a different rate than you expected once your exchange is executed (completed)
Float could be beneficial when exchanging crypto-to-fiat on a rising market. Choosing floating rate makes sense if you are willing to accept the exchange rate uncertainty in favor of a low (0.25%) transaction fee.

Fixed Exchange Rate:-The fixed exchange rate is a rate that matches the one displayed to the user at the beginning of the exchange, independently from any further rate volatility. Hence, when exchanging crypto at a fixed rate, you always know the amount you will get from the very start of the exchange.
Choosing the fixed rate makes sense when exchanging crypto while not willing to accept exchange rate market risk. This includes cases involving large amounts of crypto and/or periods of extreme market volatility.

Changelly is one of the most prominent instant cryptocurrency exchanges that has gained the trust of more than 2M users from all over the world. The service provides safe and fast transactions without revealing users identities. It provides the best possible rates by comparing a wide range of reliable trading platforms and work with a list of 140+ cryptocurrencies that is constantly increasing.

Further reasons to trust Changelly:
1) No deposit storage.
2) Instant exchange.
3) Each account is protected with 2-factor authentication and an HTTPS protocol.
4) More than 2 million satisfied users.

Changelly’s trading algorithm is integrated into the largest cryptocurrency exchange platforms, including Binance, Poloniex, Bittrex, etc. In the span of milliseconds, Changelly makes bids and asks on the platforms, then selects and suggests the best available rate and displays the estimated rate on the site. The rates remain approximate until the transaction is actually made on the blockchain, which is why the exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction.

It doesn’t have set amount restrictions. However, there are some cases when a minimum amount applies:

If an amount is very low, make sure that it will cover all costs required by a blockchain. This means that the amount you are going to send and the amount you are going to receive should be enough to cover input and output network fees taken by a blockchain.

If your funds to be exchanged are insufficient, you will see a message.
Transactions on Changelly take 5-30 minutes to be processed.

How To Make An Exchange On Changelly

1. Go to https://changelly.com/

2.Choose the crypto pair you’d like to exchange. Make sure you are okay with the best rate on the market and the 0.25% service fee.Choose weather you want Floating Rate or Fixed Rate(Floating Rated is selected by default) and click on Exchange now.

3.Now Check the Transaction Fees and if you agree enter your Recipients Wallet address click I agree and continue with the Next Step.

4.Confirm the transaction and sign in/sign up with just your email to save your transaction history.

5.Send the exact amount to the address provided and receive the crypto in your wallet within minutes.

Pros And Cons of Changelly!

Pros:-
• Guarantees best crypto prices in the market
• Easily exchange over 140 cryptos for a low fee
• Non-custodial exchange does not hold customer funds
• Integrated with many popular wallets and exchanges
• A wide variety of altcoins and trading pairs
• Well- designed and comprehensible website
• No identity verification is required

Cons:-
• No cryptocurrency trading
• Cryptocurrency prices set by Changelly
• Higher rates for purchases
• Few security measures
• Limited trading functions

Conclusion

Whatever your reason for trading cryptocurrencies is, it is important to find a trustworthy and safe crypto exchange platform to do all of your tradings in - only then can you be sure that your coins and currencies are not only going to be safe but also travel fast and secure from you to any other person in the world (and vice-versa).

From the very beginning Changelly aimed to be such a crypto exchange platform. It constantly working to not only bring in new altcoins for people to trade in (even though the already existing 100 coins is a big number) but to also provide the platform’s users with the best customer experience in both the exchange and security departments, respectively.
Traders who are searching for a platform that offers a wide variety of cryptos should know Changelly is a great option.
Thank You!

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