ChangeNow Review 2020 | Features, fee | An in-depth guide to Instant Crypto Exchange – MindYourCrypto

source : changenow.io

ChangeNow is basically an instant non-custodial cryptocurrency exchange that enables users to swap between different crypto coins and tokens easily and efficiently. It allows users to swap crypto without any limits and user signups. However, there is an exception to this. At first, it seems that ChangeNow is just another regular digital currency exchange, yet it has a competitive advantage in specific services. Let’s explore some of these advantages in detail.

Content details:

1. ChangeNow overview

2. Does it requires verification?

3. How ChangeNow works?

4. Is ChangeNow safe to use (legit)?

5. ChangeNow features

6. How to use ChangeNow?

7. Fees and Limits

8. Supported countries

9. Customer support

10. ChangeNow Pros and Cons

11. Conclusion

1. ChangeNow Overview

ChangeNow is operational since 2017 and registered as ChangeNow International Ltd. in Belize. It allows users to make instant crypto to crypto non-custodial swaps. The platform offers 170+ crypto coins including Bitcoin, Ethereum, Litecoin, Eos, BCH & a lot of lesser-known coins. You can easily choose & swap crypto without having a registered account on ChangeNow. You can also buy/sell crypto using debit and credit cards and payment partners Simplex.

2. Does it require verification?

It boasts of registration free and anonymous transactions, which is not always true. In case of a larger transaction or user activity seems suspicious ChangeNow can ask you to provide a scan of valid Photo ID as well as some information about the origin of funds.

3. How ChangeNow Works?

ChangeNow doesn’t have its own funds stored in a wallet, to facilitate trades. It has an auto trading mechanism that is integrated into multiple cryptocurrency platforms, including Bitfinex, Binance, Huobi & Okex.

When a user chooses a pair for swap, ChangeNow picks the best rate from one of the integrated exchanges and shows the best price. It enables a user to choose between the classic rate (approx.) and fixed-rate while placing order. If you choose the classic rate, the amount after the transaction might be slightly different from that shown at the time of placing order. But if you choose a fixed-rate, you will get the actual amount after the transaction. The amount shown for the selected pairs is inclusive of all fees (network fee, trading fee).

If you like to checkout another instant exchange with similar services, you can visit Changelly.

4. Is ChangeNow safe (legit) to use?

ChangeNow is a legit instant crypto exchange legally registered in Belize. It’s a non-custodial platform which means it doesn’t store user funds and personal details. It is operational since 2017 and there is no such incident of hack, scam, or fraud which proves the exchange is quite safe to use.

5. ChangeNow Features

ChangeNow is a great platform for instant crypto to crypto swaps. It has so easy to use and intuitive user interface that even beginners can use it without any difficulty. Below are some additional features that ChangeNow offers.

Source: ChangeNow.io

a). Limitless Swaps : One of the great features of ChangeNow is its limitless nature of swaps. It has clearly mentioned that you can start with less than $2 in your favorite coin and there is no upper limit.

Source: ChangeNow.io

b). NOW Token : ChangeNow offers its NOW token which is the first token by any instant exchange platform. Presently NOW token is available on IDEX and Binance DEX. Holding NOW token enables users to get special benefits from the platform.

c). Affiliate Program : ChangeNow allows all users to create and share affiliate links and earn a 0.4% fee commission on every transaction made through their link.

Source: ChangeNow.io

d). Wallet Partners : ChangeNow has partnered with several known hardware and software wallets such as Trezor, Ledger, Atomic Wallet, Guarda, and Exodus wallet. For example, it has integrated its exchange mechanism into Exodus and Trezor wallet. With ChangeNow integration, all Exodus and Trezor users holding funds in wallets can make crypto to crypto swaps without leaving the wallet interface. They don’t need to move their crypto coins to some other platform for conversions.

e). ChangeNow Widgets : It offers easy integration of ChangeNow API and widgets into a partner’s website that enables direct conversions from that website without reaching out ChangeNow platform.

f). NowPayments : It’s another great feature of ChangeNow for accepting payments in cryptocurrency of your choice. It is a completely custody free service where all your payments are directly transferred to a wallet owned by you. All the payments that you receive are instantly converted into a cryptocurrency which you have selected initially i.e Bitcoin, Ethereum, Litecin, or a stable coin. You can easily start with NowPayments by integrating its API or widget on your business platform.

6. How to use ChangeNow?

In my opinion, it has so clean and easy to use intuitive interface that even as a beginner you can swap crypto coins easily. You can make instant limitless swaps without registering an account. However, sometimes users need to verify their identity and origin of funds, in case of larger transactions or user activity seems to be suspicious. Let’s explore how it works;

a). Go to the ChangeNow dashboard and select the crypto pairs you need to exchange. For example, you want to swap BTC for EOS.

Source: ChangeNow.io

b). Enter the amount of BTC you want to swap and ChangeNow will show you the approximate amount of EOS you will get after the transaction (in the next box).

Source: ChangeNow.io

c). You can choose between Classic and Fixed conversion rates at the time of placing order. Classic rate shows the approximate amount that you receive, it may be slightly different from that shown at the time of placing order. Fixed-rate shows the actual amount that you will get after the transaction. However, both the rates are inclusive of all fees, without any hidden charges.

d). After double checking the details click on “Exchange” tab.

e). Enter the EOS wallet address in the recipient’s address box, as you want to swap BTC for EOS. If you don’t have one, ChangeNow will allow you to get the wallet address from one of its partners.

f). In the next step, ChangeNow will show you a unique BTC deposit address and your recipient address. Check and confirm. After final confirmation, it will take 2-10 minutes to receive the requested coin in your wallet.

7. Fees and Limits

Trading fee, Fiat buying fee, and Network fee are the types of fees that a user needs to pay while making a transaction on ChangeNow.

Trading fee : As discussed earlier, ChangeNow doesn’t disclose an official % of trading fees. However, according to my calculation over some transactions, the fee varied from 0.5% to 1.5%, and the fee is always included in the amount shown in advance.

Fiat buying fee : ChangeNow also allows its users to buy crypto with fiat money via credit/debit cards and payment partner Simplex. The combined fees (ChangeNow + Simplex or debit card) for buying crypto using fiat money ranges from 7% to 10%. Personally, I think it’s not reasonable to buy crypto with fiat as the fees are very high compared to other regular crypto exchanges like Bittrex, Binance, and Kraken. However, it’s a great platform for making instant swaps.

Network fee : For every transaction on the blockchain, there is an applicable network fee that a user has to pay while making crypto transactions.

Limits : ChangeNow enables users to make limitless swaps. It has clearly stated that you can swap crypto without any daily, weekly, or monthly limits. You can start with as low as 0.0003 BTC with no upper limits. It provides ChangeNow an edge over its competitors.

8. Supported countries

It is available for users from all over the world except few prohibited jurisdictions: These are Sudan, Cuba, Iran, North Korea, USA (including all territories), Bangladesh, and Bolivia among any other country subject to United Nations Security Council list and its equivalent.

9. Customer Support and reviews

Customer satisfaction is the top priority for most of the great businesses and it’s true in the case of ChangeNow. It has an impressive and ready to serve the team for all your queries. It has scored high ratings on business rating platform Trustpilot with genuine reviews. However, there might be some negative ratings or reviews which are mostly due to high fees for fiat to crypto transactions.

You can reach out them via below given details :

For support and legal queries

support@changenow.io

For PR queries

pr@changenow.io

10. Lets have a look at Pros and Cons.

Pros are;

– Website and mobile app with easy to use interface.

– Instant and limitless swaps.

– More than 170 crypto coins

– Wallet intigration

– Non-custodial

Cons are;

– High fees for fiat to crypto purchase

– Not available for US citizens

– No live chat option for resolving queries

Conclusion

I am sure that after reading this detailed analysis you have better info regarding ChangeNow features, services, products, and security that will enable you to use the exchange more efficiently and confidently.

ChangeNow is great at what it does and is a good platform to make instant cryptocurrency swaps at reasonable fees and without upper limits. Yet buying crypto using fiat is not recommended due to high fees. Trading cryptocurrency is risky due to high volatility, I personally suggest to start with small funds.

FAQ’s

Does ChangeNow offers wallet ?

– No, it doesn’t provide any wallet service.

Does it accepts PayPal payments?

– No, PayPal is not supported.

MindYourCrypto has started an exchange review series that covers only top crypto exchanges in the world. You would love to check out a detailed analysis of other best exchanges given below.

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