ChangeNOW.io Review
The ChangeNOW cryptocurrency exchange is a service that does not perform custodial transactions and does not require users to register in order to trade over 200 different digital currencies. But does ChangeNOW really come without any dangers? Is there truly no need for any kind of KYC at all? How simple is it to make a purchase with ChangeNOW using bitcoin? How does it compare to other products on the market? Lastly, what exactly is a NOW token, and how can it be put to use? In the following sections of this assessment of the ChangeNOW.io exchange, you will find the answers to these and other important concerns.
Pros & Cons
• Extremely simple and friendly to use. There are almost 200 different cryptocurrencies. Non-custodial exchange with extremely competitive prices No signup required Excellent client service
• The inability to convert cryptocurrency into fiat currency There is a possibility that KYC/AML checks will cause large swaps to be halted. There is no integrated
ChangeNOW is a non-custodial rapid cryptocurrency-to-cryptocurrency and fiat-to-cryptocurrency exchange. On this exchange, you can trade more than 200 coins in a way that is quick, convenient, does not require registration, and is not subject to any constraints. ChangeNOW, which has its headquarters in the beautiful Seychelles, is an extremely safe and reliable platform because it serves simply as a temporary middleman. This means that it does not retain your funds and does not require you to create an account in order to use its services. In addition to this, it provides a fiat-to-crypto onramp option, which means that you may use your Visa or Mastercard to buy cryptocurrencies through the integration of their third-party partners.
Principal Attributes
ChangeNOW is a cutting-edge and user-friendly instant exchange that provides you with some of the most competitive exchange rates together with a service that is both rapid and easy. The following are some of its most notable characteristics:
• Exchange that is both quick and convenient, and does not require registration. You can buy and sell cryptocurrencies with ChangeNOW without having to register an account or complete out any unnecessary Know Your Customer (KYC) checks (unless you’re engaging in highly questionable activity).
• A transfer that does not include custody. ChangeNOW is a non-custodial rapid exchange service, and it requires you to have your wallet for holding cryptocurrencies. This is fantastic for reducing the danger of potential security breaches because it requires you to use your own wallet.
• Support for over 200 different cryptocurrencies and 13,000 different trade pairs You are able to trade Bitcoin, Litecoin, Ethereum, XRP, USDT, Monero, Tezos, BNB, and EOS, in addition to more than a hundred more major cryptocurrencies. Because ChangeNOW supports nearly every market pair, you won’t have to go through the hassle of performing several swaps, which is a common problem associated with custodial exchanges.
• There are no exchange limitations. ChangeNOW asserts that exchange limitations are pointless, which is one hundred percent accurate. As a result, you are free to make as many trades as you like.
• Convenient mobile applications You are able to carry out quick currency swaps no matter where you are thanks to ChangeNOW’s Android and iOS apps, which are even more sleek than the internet version of the exchange.
• The use of traditional payment methods, such as credit cards, to acquire cryptocurrency. If you want to buy cryptocurrency with a bank card, ChangeNOW is another excellent alternative you should consider. For this purpose, it has formed a partnership with Simplex, which enables you to directly pay with any Visa or Mastercard card.
ChangeNOW provides one-of-a-kind advantages for users of all expertise levels, whether they are seasoned crypto industry veterans or attentive beginners. ChangeNOW is able to both comply with rules and protect its customers’ interests, which is a significant achievement in light of the fact that increased regulatory scrutiny makes it increasingly difficult to move cryptocurrency rapidly, secretly, and securely.
Where exactly is the ChangeNOW office located?
ChangeNOW was introduced in the tumultuous year of cryptocurrencies in 2017. CHN Group Limited is the legal name under which the business was established, and its headquarters may be found at Global Gateway 8, Rue de la Perle, Providence, Mahé, Seychelles.
In addition, the company has a branch in Amsterdam, which may be found at Kraanspoor 50, 1033 SE, The Netherlands. If you feel the need to get in touch with the company’s support team, you can do so by calling them, sending them an email, or reaching out to them using various social media platforms such as Twitter, Facebook, Reddit, Telegram, and others.
Who are the People Behind ChangeNow.io?
Privacy is extremely important to the people who created ChangeNOW, which is why, like Satoshi Nakamoto, they have chosen not to reveal their identities. However, ChangeNOW is a very public firm; in fact, their Chief Marketing Officer Pauline Shangett, who represents the team in the media sphere, is always available on LinkedIn. In addition to Pauline, the Business Development team at ChangeNOW is always open for any kind of activity on their LinkedIn profile at any time.
Is ChangeNOW Currently Being Offered in the United States of America?
According to the website of the company, ChangeNOW is accessible in countries all over the world. To engage in cryptocurrency trading, all you need is a smartphone, an internet connection, and a cryptocurrency wallet. There are no identity verification procedures, registration requirements, or mandatory KYC requirements in place.
However, the terms and conditions of the exchange state that individuals who use its services cannot be citizens or residents of countries that are subject to the Sanctions Lists of the United Nations Security Council or its equivalent. This restriction applies to both citizens and residents of those countries. The following nations are among those that are restricted:
The United States of America
• Cuba
• Iran
• The Democratic People’s Republic of Korea is in Northern Asia
• Crimea
• Sudan
• Syria
• Bangladesh
• Bolivia
In conclusion, as you can plainly see, ChangeNOW is not offered in the United States, despite the fact that the website in question does not geoblock its own inhabitants. To put it simply, it is most likely that ChangeNOW will not restrict you from using it; nevertheless, the exchange may not have your back in the event that things go wrong.
Because the ChangeNOW website is translated into 28 different languages, it is quite possible that you will be able to utilize the service in the language that is most natural to you.
ChangeNOW Fees
ChangeNOW’s prices for its many services are very reasonable. Depending on whether you go with a traditional or a fixed exchange rate, the transaction charge might range anywhere from 0.5 percent to 4 percent.
• The standard fee. A traditional rate exchange makes advantage of the most favorable rate currently offered on the market. It can go up or down depending on the state of the market and the prices that are incurred by using the network. As a consequence of this, it is impossible to know with absolute certainty the number of coins you will receive from a single trade.
• A consistent monthly payment. Since the interest rate on fixed-rate swaps does not change, you will always receive the same value for the currency that you exchange for it. To obtain a guaranteed rate, you will be required to pay an additional spread.
You are only responsible for paying for the switch if it is completed without any problems. The fees are already factored into the current exchange rate, which also accounts for the fees associated with blockchain transactions. This is a great perk, as there are no fees associated with deposits or withdrawals, in addition to any other hidden expenditures.
A global exchange rate indicated that you would receive 52.32 ETH for every Bitcoin you exchanged at the time this article was written.
ChangeNOW provides us with a rate of 1 BTC to 50.85 ETH, which is equivalent to costs of approximately 3% for this pair. However, as we have mentioned in the past, these costs are subject to change based on a number of different conditions. These factors include the type of exchange rate that is utilized, the level of market volatility, and the amount of network congestion.
If you use your bank card to buy bitcoin or any other cryptocurrency with ChangeNOW, the following transaction fees will apply to your purchase:
• A processing charge of 5% of the payment amount, with a minimum of USD 10 every transaction
• A service fee of 1% for ChangeNOW.
Fees associated with blockchain transactions
If you were to purchase USD 1000 worth of Bitcoin right now (at the time this article was written), here is how it stacks up against other instant exchanges:
ChangeNOW is one of the more affordable options available in the instant-exchange market, particularly with regard to the conversion of fiat currency to cryptocurrency. However, the prices that you are obtaining tend to vary every minute, which means that there is a chance that you will sometimes get even better deals.
Security
Because it does not hold your assets and does not require registration, the decentralized cryptocurrency exchange ChangeNOW is more secure than most centralized cryptocurrency exchanges. Because everything that you exchange is transmitted back to the wallet that you were given, it is up to you to maintain the security of your funds. And since that the majority of centralized exchange wallets are a gold mine for experienced cybercriminals, doing it this way is the safest way to go about it.
Although ChangeNOW suggests using the Guarda Wallet, its large list of partners also includes businesses such as Ledger, Trezor, Exodus, Edge Wallet, Atomic Wallet, CoinSwitch, Binance, Bittrex, Bitfinex, and others.
How ChangeNOW Puts It All Together
You are not need to create an account in order to use ChangeNOW. So how does it work? To put that into perspective, here is how it works:
• Its engine determines for you the most advantageous exchange rates that are available.
• You are responsible for transferring the monies to ChangeNOW’s wallet.
• In order to trade your cryptocurrency, ChangeNOW makes use of its agreements with the most prominent cryptocurrency exchanges and service providers.
• ChangeNOW will send the monies that you have swapped back to the wallet address that you give.
In addition to that, they offer a specialized application programming interface (API) for wallets and other crypto platforms. Additionally, they provide a service called NOWPayments, which makes it simple for retailers to accept payments in the form of custody-free cryptocurrencies.
Is There Trust in ChangeNOW?
The ChangeNOW service and app have received a lot of positive feedback on various websites. The platform receives an outstanding rating of 4.5 stars out of a possible 5 on TrustPilot, which has more than 350 reviews, and its Android app receives a rating of 4.3 stars (out of 5) on the Google Play Store.
The following are comments made by a few of ChangeNOW’s more recent clients regarding the company’s mobile app.
“I couldn’t recommend it more! Swift, user-friendly, and charging only a nominal charge Excellent and quick response from the customer service team. I accidentally sent TUSD to USDT, but they were able to retrieve it and put it back in my wallet. I apologize for the mix-up. It’s a huge improvement over having to deal with exchanges. – Eli, the 9th of January, 2020
“Thank you! That there are many other ways to exchange currencies is very exciting to learn about. There were no problems with the coin swap that I did, and the transaction was completed in four minutes. I’m overjoyed to have come upon all of you. Maintain the excellent work that you have all been doing!” – Yolanda, January 2, 2020
“Hello my friend. I would want to wish your team success and say that I am from Iran. You are wonderful, very practical, and very simple. – Amin Zorati, the sixteenth of January, 2020
“Using this software, I am able to trade cryptocurrencies in a way that is quick, simple, and does not require the creation of an account. No fuss. Embedded assistance for quick problem resolution is included in the package.” – Ivan Pleva, November 21, 2019
Despite this, there have been unsubstantiated complaints made in 2018 regarding the theft of 100 BCH from a user. However, a more in-depth investigation revealed that the user appeared to have posed for a fraudulent ID image in order to pass an AML/KYC check, which in turn prompted a document forgery probe. The matter was closed in October 2018, having been resolved.
Policy for “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML)
ChangeNOW is nevertheless required to adhere to the rules and regulations, despite the fact that it is marketed as an anonymous or private trade. As a result, it makes use of a computerized system for the prevention of risks.
Your transaction will be put on hold if the system determines that it has characteristics that are consistent with fraudulent activity. After that, the consumer is questioned regarding the veracity of his or her identity.
Each Know Your Customer (KYC) case is handled on an individual basis, although all KYC cases require the following documents:
• A high-resolution photograph of a valid identification document
• A place where funds can be put
• A picture of you holding the identification document in a selfie.
The transaction will be considered finished once these documents have been received and checked, at which point the cash will be transferred to your wallet.
If a transaction has been flagged as potentially risky by an automated risk prevention system, ChangeNOW is required to follow the AML/KYC protocol. Because if it were made public, there would be people who would try to abuse those criteria in order to fool the algorithm, the corporation chooses not to divulge the set of criteria that is used by this system. In the event that you do not consent to go through the KYC process, your funds will be returned to the wallet they were originally stored in.
Accessibility and Visual Appeal
It is immediately apparent to anyone who visits the homepage of the exchange that simplicity was a primary consideration in the development of ChangeNOW. Because there are no complicated charts, candle bars, or fancy displays, all you need to do is a few straightforward clicks to complete the process. To be more specific, you will need to decide which cryptocurrency pair you want to trade, how much you want to swap, and whether you want to utilize a standard rate or a set one.
The same can be said for the mobile application that ChangeNOW offers, which is even more polished than the website. It merely takes a few simple clicks, some cryptocurrency, and an address for the wallet to complete the transaction. If you already have a wallet, the entire process shouldn’t take more than forty minutes, and it should take about five minutes on average for the funds to be sent to your wallet from the exchange.
In addition, ChangeNOW’s Simplex integration enables you to make direct purchases of cryptocurrency using your VISA or Mastercard bank card. This feature helps to position the exchange as an accessible conduit from fiat currency to cryptocurrency for users of all experience levels. The least amount that can be purchased with a bank card is $50 USD. However, it does not appear that the mobile app facilitates changing fiat currency into cryptocurrency at this time.
The most recent and cutting-edge approach to utilizing ChangeNOW quick swaps is by utilizing their Telegram BOT. Simply following the instructions provided in a Telegram chat will allow you to trade any of the more than 200 cryptocurrencies that are supported for one another.
Last but not least, ChangeNOW suggests that you use a Guarda Wallet if you do not already possess a cryptocurrency wallet to which you can send your funds. You can acquire it for your mobile device (Android or iOS), computer, or web browser by clicking the “Get Suggested Wallet” button on the homepage of the ChangeNOW website. Alternatively, you can open a web wallet.
Assistance to Customers
The excellent customer assistance offered by ChangeNOW is another another advantage of utilizing this platform. You can get in touch with it using the support contact form as well as through social media channels on Twitter, Facebook, the community chat on Telegram, Instagram, and even Reddit. The response time shouldn’t take more than an hour, just like their switch service does.
How to Make ChangeNOW Work for You
Using the ChangeNOW quick exchange, you can swap cryptocurrencies in just a few easy steps, including the following:
1. If you do not already have a cryptocurrency wallet, download and install one, or use the wallet that is recommended by ChangeNOW if you do not already have one. This will allow you to store your selected digital token.
2. Navigate your way to the ChangeNOW exchange.
Choose the coin that you would like to exchange it for (You Send). The Bitcoin (BTC) exchange is selected automatically, but there are over 200 different cryptocurrencies available to pick from in the drop-down menu.
1. Choose the type of coin that you would want to receive (You Get). You will automatically start receiving Ethereum, but using the drop-down box, you can change this to any of the other supported cryptocurrencies.
2. Select whether you would like to utilize a Classic or a Fixed-rate for the transaction (for more information, read the previous section), and then click the “Exchange” option.
Enter the recipient’s address in the wallet. In this demonstration, the address will be one that was generated via an Ethereum (ETH) wallet. It is imperative that you check it twice before moving on to the next step, as inputting an incorrect address may result in the irreversible loss of your cryptocurrency.
In the following box, you will be given all of the specifics of your transaction, including an estimate of how much time should be spent processing it. If you accept all of the terms, simply hit the confirm button, and you will be all set.
1. When everything is set up, you will see the deposit address for ChangeNOW, which is where you should send your cryptocurrency to be exchanged. The cryptocurrency exchange will start processing your transactions as soon as you provide them the coins (Bitcoin in this case). In return, the coins that you switched should be in your dedicated wallet within the next half an hour at the latest.
That wraps it up! It makes no difference whether you use the mobile app or the website to complete the transaction because it is both speedy and does not require any kind of mandatory KYC.
You can also check out ChangeNOW’s YouTube channel, which is loaded with helpful lessons, if you think that following these instructions is too tough for any reason. Here is a straightforward video explanation of ChangeNOW’s swaps, for instance.
ChangeNOW’s NOW Tokens
ChangeNOW is the only cryptocurrency exchange that offers instant trading, and its native token is called NOW Token.
The primary function of NOW Tokens is to serve as an internal currency for use with NOW products and to enable the purchase of additional perks such as the following
• Better exchange rates
• Support for customers that is more prompt
• Unique deals available across all NOW services
• Voting for asset listing
• Giveaways, raffles, and promotional activities
• Better affiliate conditions
NOW tokens are issued on two different blockchains: Ethereum (ETH) in the form of an ERC20 token, and Binance Chain (BNB) in the form of BEP2 type coins. At the beginning, a total of 200 million NOW tokens were produced, with each chain receiving 100 million.
The tokens were divided up as follows, in accordance with the proportions:
The distribution of NOW tokens through airdrop began on May 28, 2018, and continued until August 26, 2019, when it was completed.
Because all NOW Tokens that are spent on ChangeNOW services will be burned until there are only 100 million NOW Tokens left at a ratio of 50/50 ERC20/BEP2, the NOW Token supply is, in essence, deflationary. Burns take place on a quarterly basis and are made publically known through the website of ChangeNOW.
At the moment, there are two exchanges where you are able to purchase and sell NOW Tokens. These exchanges are IDEX (ERC20) and Binance DEX (BEP2). NOW tokens that are based on ERC20 can be held in any Ethereum wallet that is compatible with ERC20. BEP2 tokens that have been issued on the Binance Chain are required to be saved in specialized wallets that are compatible with the BEP2 standard. Examples of such wallets are the Ledger, Atomic Wallet, Trust Wallet, and Binance Chain wallet.
Methods of Making Deposits and Withdrawals
ChangeNOW is primarily a cryptocurrency-to-bitcoin exchange; however, it does provide customers with the option to buy cryptocurrency using a credit or debit card (VISA or Mastercard). However, in contrast to cryptocurrency transactions, purchases made using a bank card are subject to constraints, such as a minimum requirement of fifty dollars (USD) per purchase. The maximum purchase allowed per person is 20,000 USD per month, and 50,000 USD overall per year.
Aside from that, all deposits and withdrawals are processed directly through your wallet, which means there are no additional costs incurred during either process. As was previously said, exchanging one cryptocurrency for another does not impose any constraints on the amount of money that can be traded.
Conclusion
ChangeNOW is an excellent platform for conducting private and immediate exchanges of cryptocurrencies. It provides excellent customer service, has a knowledgeable and experienced crew, offers competitive prices, and has a service that has been thoughtfully built to be user-friendly enough for anyone who is interested in purchasing or trading cryptocurrencies. It is a leading competitor in the area of cryptocurrency exchanges, and it may assist you in taking your crypto experience to an entirely new level!
