Buying and selling cryptocurrencies are a craze these days. Changelly is one of the safe platforms through which these cryptocurrencies can be purchased and sold. Please read this article to know in detail about it.
Changelly exchange is one of the fastest cryptocurrencies exchange platforms, allowing users to trade different currencies in one place. Currently, it has 211 currencies supported. It offers competitive exchange rates, making it stand out from its competitors. Continue reading this article to know more about the Changelly review in detail.
Types Of Trading & Order Types
There are different types of trading and trading orders available to trade as per the requirement. Let have a look at these types for better understanding.
Types of Trading
The buying, selling, or exchange of assets or cryptocurrencies is known as trading. It can be done in multiple ways as per the preference. Below are the types of trading that one must know before starting the investment.
- Scalping: It means buying and selling the cryptocurrency in a short duration without thinking much of the profit amount. Trading is done even if the profit amount is very less.
- Day Trading: As the name suggests, this trading is done in the course of a day, unlike scalp trading that is done with few minutes.
- Swing Trading: It means analyzing the market behavior to determine future prices. The swing traders try to analyze the price hike and dip and make the decisions accordingly.
- Hold Trading: It means buying the assets and keeping them on hold. These traders don’t panic much, even if the market value goes down for a while. They keep patience till the market value increase.
Types of Trading Orders
A trading order is an instruction given to the broker to buy or sell the trades. Different types of trading orders can be considered to make most of the profit. As the crypto market is very volatile, one should know how to deal with trading orders.
- Market Order: It allows buying or selling the cryptocurrency instantly at the current available market price. These orders are executed quickly within a fraction of seconds.
- Stop Order: It allows buying or selling cryptocurrency when the market value reaches a specific limit. Once the market value reaches the stop loss order value, the cryptocurrencies are sold automatically.
- Limit Order: It allows for selling or buying cryptocurrency like Bitcoin, Ethereum, etc., at a price set by the person.
- Stop-Limit Order: It is a combination of limit and stop order, and therefore the stop and limit price needs to be set. Once the cryptocurrency value reaches the stop price, the order becomes the limit order.
Is verification required for becoming a member of Changelly?
Verification is required on the Changelly crypto exchange platform to prevent fraudsters from opening the account. They ensure that every customer’s data is safe with them and that all the transactions are legit. Here is the verification process that one must follow to become an authorized user of Changelly.
In Changelly, three levels of account can be opened:
- Starter: When a user registers on Changelly with the email, the user’s status is Starter. No ID proof is required for the verification as this is the beginner stage. One can withdraw <1 BTC per day.
- Trader: The trader account has a few additional benefits. For upgrading to a trader account, National ID proof is required. One can withdraw <50 BTC per day.
- Pro: The account holders with the PRO status have access to all the benefits compared to the other two accounts. Personal assistance is required for the verification of the PRO account. The user can withdraw more than 500 BTC per day.
- Keep all the documents like driving license, Government issued ID card, and passport handy before upgrading to the Trader or PRO account.
- Open the KYC tab and fill in the personal details like name, birthdate, nationality, address, photo of the ID document (front & back). Also, one needs to take a selfie by holding the ID proofs in hand. At last, enter the mobile number and click on the ‘Mobile Verification’ button.
- The team will send the confirmation email on the registered email ID to confirm that the verification application has been submitted.
Like any other platform, Changelly also charges some fees from the account holders. The Starter accounts are charged a fixed fee of 0.1% Maker & Taker fee. In contrast, the Trader and the Changelly PRO accounts are charged the fees based on the transactions.
Security Features of Changelly
Changelly ensures that all the funds of the customers and the accounts are secured. To ensure account security, they use the below methods:
- 2FA (Two Factor Authentication): This is the advanced security layer applied to the accounts. After logging in with the credentials, the user must enter the code before accessing the account.
- Email Confirmations: Before performing any major activity on the account, an email confirmation is sent to the registered email id of the user.
- Withdrawl Whitelists: It is also one of the advanced security features, which needs to be enabled so that crypto withdrawals will be sent only to the addresses designated in the Address book.
Is your money safe with Changelly?
Changelly is a safe cryptocurrency platform with advanced security features for accounts. But the account’s security lies in the account holder’s hands as the cryptocurrencies are directly withdrawn from the wallet. So one must ensure correct wallet information is entered and all security features are enabled. Changelly’s support team also provides robust features so that the crypto-traders will find it easy to trade on the platform with Changelly API.
Changelly Pros and Cons
Following are the pros and cons of the Changelly crypto exchange –
- Wide range of cryptocurrencies: It has more than 200 currencies that can be bought and sold or exchanged.
- Advanced verification methods: It has advanced security features to protect accounts and transactions.
- Low exchange fees: Changelly offers low fees for crypto to crypto exchanges.
- Integrates with various wallets: As the Changelly wallet allows cryptocurrency trading through wallet, multiple wallets like Trezor, Ledger, Exodus can be integrated into it.
- Easy to use: The Changelly website and app offer a user-friendly interface.
- High fiat to crypto rates: It charges high exchange rates when the cryptocurrencies are purchased with fiat currencies like Euros, Pounds and Dollars.
- High Trading Amounts: Changelly charges a high withdrawal amount on the transactions.
- Not regulated in the U.S: It doesn’t have a license to operate in the U.S, as it doesn’t follow the U.S anti-money laundering rules.
Changelly is a safe cryptocurrency exchange platform suitable for beginners. It has an intuitive user interface that makes it easy to create an account with minimum KYC requirements. Hence, it is always advised to explore the platforms and invest in suitable ones. Considering the growth of Metaverse, there are many opportunities for beginning traders to get into cryptocurrencies and NFTs.