In short, this is a service that offers (almost) instant coin-swaps (conversions), in other words, you can easily exchange crypto currencies without the need to go through Bitcoin or a fiat currency. For example, if you have XRP and you want to exchange it to ETH, you can do that directly, without having to exchange your XRP to BTC or USD first and then buy the XLM so you’re skipping one conversion.
In addition, they also have an option to buy Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH) directly with a credit card (fees apply*).
Changelly is popular for having the largest list of coins you can directly exchange and also due to their very minimal registration requirements (you only need an email to sign up and you’re good to go).
I recently posted a blog about alternatives to Shapeshift and Changelly was on top of my list. The reasons being that it has built a solid reputation already and unlike Shapeshift, they’re not asking you to share your ID and other sensitive data. Their fees are among the lowest in their field (0.5%) for each transaction and you work with your own wallets, you do not have to store any coins on their platform, thus excluding the need to deposit or withdraw from their website, which is another very convenient feature.
Here is my interview with Sasha Kolesova – Public Relations Director of Changelly where we discussed the key features of Changelly and their attitude to customers’ privacy.