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Changelly Review - Why Are Transactions Taking So Long on Changelly?
If you're thinking about using Changelly to make a cryptocurrency transaction, you may be wondering how this service compares. After all, many other cryptocurrency exchanges are available. But with high fees, low rates, and KYM/AML requirements, how does Changelly stack up? Also, why are transactions taking so long on this platform? Read this Changelly review to find out! There are several things to keep in mind before using this service.

Rates are sub-optimal
The rates that Changelly charges are generally lower than other exchanges. However, there are some instances where the rates are not as good as they could be. These situations occur mainly during transactions that involve very large sums of money. In such cases, it may be beneficial to use a fixed rate as it does not require the payment of a 0.25% transaction fee. Changelly also does not hold your assets, which makes it safer for users.

Fees are high
Although Changelly's fees are high, the site is widely respected. The developers of the service are constantly striving to add new altcoins to their list and provide their users with the best experience possible. The only major drawback of the site is the high fees for fiat currency exchange. Regardless, most users who have used the service have not been disappointed. The most common complaint among Changelly users relates to their high fees.

For those looking to trade crypto for fiat, the fees are relatively low. Depending on the amount of coins you wish to trade, you will need to pay a flat fee of 0.5% of the total value of your transactions with Changelly. The fee will vary depending on the currency you want to trade, but is still quite substantial compared to those charged by other crypto exchanges. The high fees have led to mixed reviews about the service. However, most of these negative reviews are based on the fees associated with fiat trading.

Another concern about Changelly is their security measures. Unlike some other exchanges, the platform requires users to provide proof of identity before they can use it. Users will also need to provide a second ID as well as face recognition with a staff member. Advanced verified users can do as many transactions as they wish. These fees, however, should not be a deal-breaker for those who wish to invest in crypto. You should double-check the rates before you invest any money.

KYM/AML requirements are required
To facilitate the exchange of digital currencies, Changelly has implemented KYM/AML requirements. To ensure that customers' funds are not used for illegal activities, the company has hired a compliance officer to monitor and oversee its KYC policy. This individual is responsible for overseeing all aspects of KYC and AML, including the prevention and detection of money laundering and terrorism financing. Users of the platform should report any suspicious activity to this officer immediately.

Non-compliance with AML rules can be dangerous for national security. By inviting money laundering and the strengthening of criminal activity, these violations can lead to steep fines. Non-compliant entities face criminal fines of up to $20 million and 30 years in prison. They also face civil penalties of up to $65,000 per violation. Non-compliant fiat-to-crypto exchanges can be penalized with fines of up to 200,000 EUR. Performing KYC procedures is a proactive and cost-effective way to minimize the risk of steep fines.

AML/KYC procedures are important to protect cryptocurrency exchanges from money laundering and terrorism. Manually completing KYC procedures can be time-consuming, costly, and subject to data security breaches. With a simple solution like GetID, companies can automate KYC procedures while staying compliant with AML laws. Investing in a blockchain-based exchange requires KYC procedures. If you are thinking of joining Changelly, start using the service today.

Transactions take longer on Changelly
While most transactions on Changelly process within 5 to 30 minutes, there are a few instances when they may take a little longer. One reason is due to blockchain overload, when a Bitcoin blockchain has too many pending transactions. Changelly can't resolve this issue. Transactions take longer on Changelly because the network may be overloaded. You can find out whether your transaction will take longer by checking your account's settings.

If you're new to the world of cryptocurrency trading, Changelly can be a great choice. This platform has a large user base, and its reputation for security is solid. It's also affordable and has excellent customer support. And thanks to its open source software, you can even create your own custom tools with the Changelly API. You can also integrate the exchange with your website and even integrate it with widgets and other software. You'll be able to trade all types of cryptocurrencies with the Changelly platform.