Hello Steemians,
in this post I want to share my positive experience with the crypto exchange changelly.com.
But first my prehistory:
I am sure most of the readers on steemit have purchased different crypto currencies and exchanged them on websites like Binance, Bittrex and others.
The first time I used these exchanges was in 2017. I purchased some BTC and changed it into various other currencies to split my portfolio. What I really did not like was the process of registration, needing much time to login because of maaaany security measures and the time you need to get used to the trading process of an exchange again when you have not been using them for months.
After I downloaded the Exodus-Wallet I sent all my assets from Binance to it and stored it save with a long password. This was the first time I recognized that there was a built-in exchange where you can change the assets with each other for a fee. After some research I found out Exodus has a direct API with Shapeshift.io (a direct crypto exchange service).
In the following months I used Shapeshift for many trades as I really liked the easy way to change - you just smash the "exchange"-button and get the currency you want. But what always bothered me was the high exchange fee. I always had to pay 2-3% of the asset's value in one trade. This means you can't easily take advantage of some market movements (e.g. if BTC is very strong you buy some ETH) with good conscience because you know that you always give away a part of the potential ROI, so I needed a good alternative.
After some research I found a competitor of Shapeshift with much lower fees - changelly.com, which I am using for a few months now.
Four reasons why you should use changelly to exchange your favorite crypto currencies:
1. Easy registration process
When you first visit changelly.com you have to sign up with your e-mail and a password. That was it. No further security or KYC measures. You can directly start trading without any limits.
2. Much lower fees
In the example I present further down in the text I exchange ETH to ZEC. The rate on Coinmarketcap shows 1 ETH = 2.309 ZEC. On Shapeshift, I would get the same.
Changelly shows 1 ETH = 2.33 ZEC at the moment so I get almost 1% more than on Shapeshift.
You maybe think "oh Binance or Bittrex show 0.1% or 0.25% that's much lower ..." but you first have to find the right deal, which needs time and time is money. When you decide to be the taker on a market you often pay much more than the current shown price. As the maker, you often have lower fees but have to wait for your offer to be accepted by another user / bot.
3. Keep your sovereignty over your assets
When you store your assets on an exchange like Bittrex you give the control to a foreign company. The major hacks of the past show you that it's better to keep your assets in your own wallets.
4. Easy and fast exchange process
The whole process of changing two assets takes less than two minutes. You don't have to re-enter your save word, trading password or 2FA (exept you want it) over and over again and check your e-mails for the confirmation e-mail. It's very easy to exchange with the nice graphical user interface Changelly offers.
Future improvements: It would be nice if the changelly team adds more crypto currencies and a service where you can buy directly from your wallet with an API.
How to exchange crypto currencies on changelly.com in six easy steps (less than two minutes):
1. After logging in, choose the crypto currencies you would like to exchange.
2. Enter the amount that you want to spent and you will see the current exchange rate. In this example I chose a ETH - ZEC trade.
3. Enter your wallet address.
4. Check the details again.
5. Send the currency you want to exchange to the displayed address or use the QR-code.
6. That was all. Just wait for your asset to arrive now! :)
Please note: The link to changelly contains my referal-id. This does not affect my honest opinion I share with you in this article. I would never recommend a service I did not use before by myself.