Changelly works as an aggregator for a variety of fiat providers. One of them is Banxa, which is a great service for people looking for quick crypto purchases at fair rates and with low fees.
Here is our step-by-step guide to making crypto purchases via Banxa. If you have any questions about the process, please don’t hesitate to contact our support team.
- Step 1. Go to changelly.com/buy
- Step 2. Set up your order
- Step 3. Pick a payment method
- Step 4. Click on Banxa’s offer
- Step 5. Enter your crypto wallet address
- Which coins/tokens might need a Memo.ID?
- Step 6. Be redirected to Banxa
- Going through KYC/AML on Banxa
- Step 7. Pay for your order
- Step 8. Wait for your crypto to arrive
- My order has failed. What’s next?
- I cannot complete KYC/AML. What should I do?
- What if Banxa does not support my country/payment method/chosen fiat-to-crypto pair?
Step 1. Go to changelly.com/buy
You can start your purchase on the main page of our website by clicking the Buy button or by going directly to changelly.com/buy. If you choose the former option, you will be redirected to our marketplace either way after clicking the “Buy BTC now” button.
Step 2. Set up your order
Click on the currency ticker to open the drop-down menu. Then, pick the fiat currency you’d like to use and the cryptocurrency you’d like to get.
Step 3. Pick a payment method
Next, you must choose your preferred payment method. Banxa supports the following options:
- Visa/Mastercard (both credit and debit cards)
- Apple Pay
- Google Pay
- SEPA (EU)
- Interac (Canada)
- OSKO/Pay ID (Australia)
- POLi (Australia)
- Faster Payments (UK)
- iDEAL (Netherlands)
- Wire Transfer (USA)
- PIX (Brazil)
To choose a payment method, click on the drop-down menu. Please note that Visa/Mastercard is set by default.
Step 4. Click on Banxa’s offer
You will be presented with a few different offers. Click on the one from Banxa to proceed.
Step 5. Enter your crypto wallet address
Enter the address of the wallet where your new crypto will be sent. Please make sure to add any additional details (e.g., Memo) if needed.
Which coins/tokens might need a Memo.ID?
Although it is not always called “Memo.ID,” this term is usually used to describe unique identifiers some cryptocurrencies require you to indicate to make transactions. Here they are:
Memo: Algorand (ALGO)BNB (BNB)Cosmos (ATOM)EOS (EOS)Hedera Hashgraph (HBAR)Stellar Lumens (XLM)Terra (LUNA)Terra USD (UST)Anchor Protocol (ANC)Bonded Luna (BLUNA)
Destination tag: XRP (XRP)
Message: NEM (XEM)
Step 6. Be redirected to Banxa
Afterward, you’ll be redirected to the Banxa website. You will be required to enter your contact details — email address and phone number — so the system can check whether you have already passed verification on Banxa. If not, you will have to complete the KYC/AML process.
Enter your details, check the box, and click Confirm to proceed.
Going through KYC/AML on Banxa
If it’s your first time using Banxa, then you will be required to complete KYC. Don’t worry, it won’t take you much time — you will be able to proceed with your order soon.
First, you must fill out your name and date of birth and select your country of residence from the drop-down menu. Make sure that the details you enter are correct — if there are any mistakes, your transaction will fail.
Click “Submit verification” to proceed to the next step.
You must also upload your ID document and a photo of yourself holding that document.
Banxa supports a range of ID verification documents, including such as driver’s licenses and passports. Please note that they have to be valid internationally. Also, the document you submit for verification should be in English.
Choose the one you prefer to use from the drop-down menu in the “Select document type” field.
As you can see in the screenshot above, there are some basic rules you need to follow when taking pictures of your ID document:
- You must take photos of the document’s both front and back sides.
- All information and text must be clearly visible and readable.
- The four corners of the document should also be left uncovered.
- You cannot use flash.
Click on “Upload front side of [your preferred ID document]” and “Upload back side of [your preferred ID document]” to upload pictures of the front and back sides of the chosen document type, respectively. Then, click Continue.
Next, you will need to take a picture of yourself holding that same ID verification document. Please be mindful of the following guidelines:
- Both your face and the document must be clearly visible in the picture.
- The text of the document must be readable.
- The photo must be new, with no editing or filters applied.
You can upload your selfie by clicking on “Select your file.” Click Continue to proceed.
The verification process generally takes around 7 minutes but, in some cases, can extend to up to 12 hours (from the time you place your order). If it’s taking longer than that, please check your inbox and spam folder: Banxa may have sent you an email with further instructions. If you can’t find an email from Banxa, you can contact them by submitting a ticket here.
Below you can see the screen displayed if both your ID and selfie are successfully verified. Wait for a few more minutes to proceed to the next step.
If you do pass verification, your order will go through as normal, and if you don’t, it will most likely be canceled, and you will get a refund.
You will receive an email from Banxa updating you on the status of your transaction and verification process. Here’s the HTML version of one of the emails they might send you:
Step 7. Pay for your order
In this guide, we will be using a Mastercard debit card. Please note that this is just one of the many payment methods available on Banxa.
You will need to enter your card details: card number, expiry date, and CVC code, as well as your full name and billing address. Then, click “Make payment.”
Please note that Banxa requires users to utilize the same payment method that was chosen in Step 3, and the payment should be made by the same person who has completed the KYC/AML procedure. Your transaction might fail if you use a different payment method. Banxa also does not accept payments from business accounts.
Step 8. Wait for your crypto to arrive
Once your payment goes through, the only thing left to do is wait. Your order status will be displayed on the same page that opens once your payment is completed, like in the example below.
Additionally, you will also receive emails from Banxa updating you on the status of your order. If you can’t find them in your inbox, don’t forget to check your spam folder. Banxa will also send you an email containing your transaction hash and a link that will redirect you to the page captured in the screenshot above.
Once you pass the verification process, it will usually take anywhere between 5 minutes and 3 hours for your new cryptocurrency to arrive. If there are any delays, do not hesitate to contact the Banxa support team via their helpdesk.
My order has failed. What’s next?
There are several reasons why your order might fail — entering an incorrect wallet address or destination tag (if needed), failing to complete your payment, and more. If that happens or if you encounter any issues with the KYC procedure, please submit a ticket to the Banxa support team.
If you run into any other problems, feel unsure how to set up your purchase, or want an update on your Banxa ticket, contact the Changelly support team via [email protected]
I cannot complete KYC/AML. What should I do?
Check whether you have strictly followed all of the provider’s guidelines and retake any pictures if necessary. Additionally, make sure you entered your name and contact details correctly. If you need any further assistance, do not hesitate to contact the Banxa support team.
What if Banxa does not support my country/payment method/chosen fiat-to-crypto pair?
We work with a wide variety of fiat providers to ensure you can always get the crypto that you need in the exact way you would like to. If Banxa does not offer what you are looking for, you can choose one of the other gateways provided by Changelly.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.