Topic: Have you heard about Instant Exchanges before? (Read 318 times)

I think it's not entirely fair that Changelly has such a reputation. I've been following them since 2017 and I've witnessed investigations into their company and all scam accusations. At the time of writing this review, much has changed — at least they've stopped being partners with Changenow (according to their statements on social media and the website), reduced the commission to 0.25%, and became more responsible about resolving users issues.
Not a long ago I swapped BTC via Changelly and my transaction failed. It was the end of September, just when the BTC went down to $8k). I was really appreciated when I saw that the support asked me to confirm whether I really want to exchange my BTC for a less profitable rate. So that case saved kind of a lot of money for me.
My point is, Changelly is becoming better then it was years ago.

I have also heard about instant exchanges but not that they are functioning that way. To be honest that sounds a bit strange to me and there might be some catch so think twice before you use it. It doesn't sound very secure and legitimate to me so I would personaly avoid it.

Hello,
Thanks for mentioning us. It’s really sad to hear that you don’t use instant exchanges anymore. That said, we’d like to clear up the things you’ve mentioned in your message to avoid any possible misunderstandings.
Most of the issues in the links date back to 2017-2018. Since then, our platform has been upgraded, and we’ve improved a lot of our features. Here’s just a shortlist:
-implementing fixed rates (rate is locked for 20 minutes),
-cutting down the exchange fee from 0,5% to 0,25%
-lowering minimum amount for exchange
-launching Changelly mobile app where you can swap without registration,
-adjusting our AML/KYC policies to make the verification process clearer and faster for our users
-24/7 support
As you can see, Changelly has changed significantly, not just the product but also our company itself. We’ve always strived to provide the most transparent and reliable service to our customers, so we’d be grateful if you could make a transaction on Changelly and share your personal experience with the Bitcointalk community. If you’d like to, you can contact us directly so we could discuss us covering your transaction costs and provide you with a personal support line. We’d love to show and prove just how far we’ve come since 2017.
Regarding your statement about coin confiscation we’d like to underline that from time to time, we see users overreacting about KYC procedures on social media. Most probably, they believe that their claims and provocation will make us go against our policy and exchange money that has possibly come from fraudulent sources. However, we will not go against our policies, and also let us remind you that all Changelly users have to accept our terms of use (including those on our KYC policy) in order to initiate a transaction. It’s up to the users to decide whether to agree to our terms and thus whether to use Changelly or not. Last but not least, here’s an interesting fact: only 0,1% of all transactions might be subjected to KYC verification, the rest are processed anonymously.

Changelly?

Beware of Changelly's shitty customer service/possible scam
Changelly.com Scammed Me - Took Approx 80% in FEES!!!!
ChangeNow.io (Evercode Lab) - Scam. Illegally holding of 100 BCH (11 bitcoins).

and this one:

https://www.reddit.com/r/Changelly/comments/7wzcp7/warning_changelly_is_a_scam_we_have_proof/

https://www.reddit.com/r/Monero/comments/5jgksr/changelly_scam/

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Been a hot topic is this community like 2018-2019.

Yes, I have heard of instant exchanges before, I've used them in the past like Changelly and Shapeshift, however, there are still the possibility that they will confiscate your coins, or selectively scamming, just saying.

Yeah I know that mate, if you read the explanation of OP then there is an mistake from the OP opinion that in instant exchange users have access to PK (this is my understanding after reading OP), I try to explain that it is wrong because instant exchange is almost same as CEX, except use Coinomi or some wallet based ER20 which also provide exchanges in their wallet where we have access to PK.

There is always a risk. But that doesn't mean everyone will scam you. Even if you use Binance there is no guarantee that they will send your funds because it is also 'not your keys not your coin'. Either you 'trust' them or find another place where you can trade with trust as small as possible.

A dex is better but sadly the volume is really low.

Op already mentioned the exchange name

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I've heard of it but if I'm not mistaken I have never used it.
Instant exchange is very helpful for fast transactions, which is why it is called instant, different with Binance etc, the process will take a little longer.
OP, I think using instant exchange will not make you more safe because when you have sent to an exchange wallet it means it is not your coin and waiting for the exchange to transfer the kind of coin you choose in the transaction.

When I read the title the first thing that comes to my mind was something like Shapeshift.
But the more I read OP's content I think it is more like a mobile wallet like Coinomi.
I suggest that OP should give a sample so that other members would have a clearer idea about it.

I think that keeping your coins in your wallet+having your private keys doesn't guarantee you 100% safety against scammers.It protects your coins if the crypto exchange platform gets hacked,but you can still be scammed in one way or another.To answer your question in the thread title.NO,I have never heard about "instant exchanges" and I'm pretty sure they are not truly "instant" and this is not their name.They are called decentralized exchanges.It's all about the "price/security" ratio.If you want more security,you will have to pay more,in terms of transaction fees.If you don't care that much about security,you just choose the cheapest option(with the lowest transaction fees).

Well, it's one reason why others don't really use it because of the higher fees that they have to take when exchanging there and to enjoy this "instant" experience coming from them. It's your option to continue or not but mostly doesn't have a choice but to exchange it immediately even with higher tx fee than the usual.

Yes, we know that already but not everyone who uses does have a good experience. I've read some bad reviews about them. I thought there's something about this.

As it named  instant exchange, it's kinda useful on small amount of cryptocurrency you want to exchange. But if you use it always, you will lose a lot since the spread or price of the buy/sell on some instant exchanges are quite different on centralized or custodian exchange.
I think I have tried only twice-thrice, can't bear the spread there.

I know a few instant exchange but this is my first time hearing an instant exchange that lets you control your wallet at the same time allows you to trade between several exchanges. Isn't the process the same between an instant exchange that's centralized? since you're still sending the funds to the exchange anyway. Also that would be a good addition to Omegastarscream's list of instant exchange.

Exchanges topic should be on the Exchanges board.

And since you have mentioned about instant exchanges, why not mention one so that we will all be aware of the kind that exists because everyone uses custodian, cex/dex.

Can you name 1 of this "Instant Exchanges" are you talking about? It seems like you are talking about like this one https://coinswitch.co/app/exchange

This sounds like a DEX (Decentralized exchange) to me. Some wallets like Trust Wallet can trade within their wallet by using DEX.

Exchanges using the same wallet where you are keeping your funds are rather instant , they have a fixed price about buying and selling of bitcoins and it does not cause you a great deal of loss , you actually pay less that what you were gonna pay when you are transferring your BTC from one place to another.
This is the only kind of instant exchange I have seen , the one that you stated kinda seem risky , they might be into scamming you or something , the security does seem very bad , I do not trust anything which is online at all.
Now the wallets itself have this integrated options where you can trade according to  your preference I think that is a safer option , keeping your money online is never right.

An instant crypto exchange is an exchange solution that aggregates prices and liquidity from multiple custodial trading exchanges.  Exchanges like Binance, kucoin and bittrex are called custodian exchanges.
Cryptocurrencies  and other funds like US dollar are safe or safer on instant exchanges because they are save on your wallets. You retain the full owner of your cryptocurrencies because they are save directly on your wallet in which you have your private key and seed recovery phrase. So, you have more control than on custodial/traditional exchanges. Exchanges can be hacked not like wallets that have private keys features.
But know that if you want to trade, you need to utilized custodian exchanges which means your funds are custodied at this time. 

Instant exchanges registration is very easy and you can sign up fast with just email address and a user name. It is more modern and easy to use.
But, the trading fees are higher than custodian exchanges. And not easy to use by novice that have little knowledge of how to protect crypto wallets.