ChangeNOW is a non-custodial platform that catches your eye. With over 1,000 cryptocurrencies at your fingertips and rapid transaction speeds averaging just five minutes, the appeal is clear. But, how does it stack up regarding reliability and customer support? Does its no-registration policy enhance accessibility, or does it raise red flags?
Let’s take a closer look at the good, the bad, and the exciting aspects of ChangeNOW to see if it meets your crypto swapping needs. What you find might just surprise you.
Key highlights:
- Instant Swaps: ChangeNOW offers immediate crypto swaps with a minimum amount of $2 and no maximum limits, often processed within 2-5 minutes.
- Security Measures: The platform employs a non-custodial model, robust KYC/AML systems triggered in case of suspicious activity, and strong encryption protocols to safeguard user data and funds.
- Asset Support: ChangeNOW supports over 1,000 cryptocurrencies, facilitates cross-chain swaps, and enables purchases with 60+ fiat currencies via Visa and MasterCard.
- Mixed Feedback: User reviews range from praising the user-friendly interface and swift transaction times to criticizing technical issues and slow customer support.
- Fees and Flexibility: The platform offers transparent fee structures, flexible exchange rates, and no registration requirements for instant swaps, enhancing user convenience.
ChangeNOW overview, key features & benefits
To fully grasp ChangeNOW’s capabilities, we should explore its key features and benefits.
A big part of ChangeNOW’s appeal is the vast array of over 1,000 cryptocurrencies available for swap, with over 1 million exchange pairs. ChangeNOW also allows users to purchase cryptocurrencies using credit or debit cards through third-party partners.
This is also a non-custodial crypto exchange platform that allows you to swap cryptocurrencies instantly without the need for lengthy registration processes.
ChangeNOW’s user-friendly interface makes it easy to navigate and conduct transactions. Even beginners should have a relatively easy time. You can access the exchange via desktop, or you can download their mobile app for Android / iOS. With over 100k downloads on Android alone, the app seems to be quite a popular choice.
The platform adapts to diverse user needs with no maximum limits on swaps and a minimum swap amount starting at $2. Also, you’ll enjoy quick transactions with average exchange times of about 5 minutes, which is ideal for seizing fleeting opportunities.
The platform emphasizes user privacy and security. With its non-custodial model, you maintain full control over your funds. ChangeNOW is KYC-free, although advanced KYC and AML systems are triggered in case of detected suspicious activity to mitigate fraud risks.
Additionally, the transparent fee structures promote user confidence and maximize net returns.
These features enhance the platform’s flexibility and adaptability to diverse user needs. Overall, it’s a pretty versatile exchange in the cryptocurrency landscape, and its features make it hard not to be impressed.
Security & privacy overview
ChangeNOW adopts a non-custodial model, which means it does not store or manage user funds. We appreciate this approach, as it greatly reduces the risk of hacking and unauthorized access to your assets. You have full control over your cryptocurrencies, so your transactions are executed securely and efficiently (or at the very least, what happens is in your hands).
Security Measures Quick Overview:
| Security Feature | Description | Benefits |
|---|---|---|
| Non-Custodial Model | ChangeNOW does not store user funds. | Reduces hacking risks and guarantees user control. |
| Advanced Anti Money Laundering (AML) Systems | ChangeNOW employs robust systems to mitigate fraud risks. AML / KYC systems are only activated in response to suspicious activity. | Protects against fraudulent activities and maintains regulatory compliance. |
| Encryption Protocols | Strong encryption safeguards user data. | Guarantees data protection and privacy. |
KYC is not required on ChangeNOW, which, for some, could raise concerns, as it might leave room for questionable activities. However, ChangeNOW reassures users that verification will be triggered if suspicious behavor is detected.
While no system is perfect, this measure aims to strike a balance between privacy and security. Nonetheless, the platform has already proven its effectiveness by recovering over $19 million in losses from fraud and hacks, a significant achievement in maintaining user security.
KYC is not required on ChangeNOW, which, for some, could raise concerns, as it might leave room for questionable activities. However, ChangeNOW reassures users that verification will be triggered if suspicious behavior is detected. While no system is perfect, this measure aims to strike a balance between privacy and security.
Nonetheless, the platform has already proven its effectiveness by recovering over $19 million in losses from fraud and hacks, a significant achievement in maintaining user security.
Regulation and licensing
ChangeNOW is a cryptocurrency exchange that operates with a strong emphasis on compliance and security, but it is not fully regulated or licensed in the traditional sense as many financial institutions are.
Here are the key points regarding its regulatory status:
- AML and KYC: ChangeNOW has implemented AML mechanisms to detect and prevent fraudulent activities. They monitor transactions and may require user identification documentation when flagging suspicious transactions.
- Plans for Licensing: ChangeNOW has announced intentions to apply for a trading license from the Hong Kong Securities and Futures Commission (SFC). This move suggests they aim to enhance compliance and expand their services in regions with stringent regulatory requirements.
- Operational Jurisdiction: ChangeNOW operates under the legal framework of Saint Vincent and the Grenadines, which provides a flexible regulatory environment for financial services. While this jurisdiction may differ from others in terms of regulatory oversight, ChangeNOW prioritizes transparency, security, and trust, ensuring users have a safe experience through robust measures such as transparent fees and security protocols.
Asset support and options
We mentioned earlier that ChangeNOW supports over 1,000 digital assets, including both well-established and niche cryptocurrencies.
What we didn’t mention is that this includes a wide range of crypto asset classes. It covers all popular niches, including meme coins, AI, DePIN, RWA, PolitFi, and more.
You can swap popular coins like Bitcoin and Ethereum or diversify your portfolio with lesser-known tokens.
ChangeNOW’s asset support includes cross-chain swaps, which allow you to seamlessly exchange coins between different blockchain networks.
In addition, ChangeNOW facilitates purchases with over 60 fiat currencies and supports transactions via various payment options. We’ll go into more detail in the next section.
In a nutshell — they make it pretty easy to enter the cryptocurrency market. And they make sure that once you do enter, you have plenty of options available at your disposal.
Payment methods and fees
When preparing to make a transaction on ChangeNOW, you should understand the payment methods and associated fees.
You can make payments via Visa and MasterCard, as well as Apple Pay, Google Pay, Revolut, and similar payment options.
You’ll need to take into account that ChangeNOW doesn’t manage fiat deposits or withdrawals directly. Instead, they rely on third-party services such as Simplex, Transak, and Guardarian for fiat purchases.
As mentioned, these services support over 60 fiat currencies, including USD, EUR, GBP, AUD, and CAD. However, the downside is that fees for fiat transactions can reach up to 7%, which is quite high, all things considered.
Nonetheless, ChangeNOW facilitates transactions with over 1,000 cryptocurrencies, and they employ a spread fee that varies from 1.57% to 2.95% for smaller swaps and lower rates between 1.20% and 1.25% for larger orders.
Also, credit/debit card purchases incur fees ranging from 3.95% to 11.5% on smaller orders, decreasing to between 2.30% and 9.88% for larger purchases.
You should also know these fees upfront, as it helps you manage your expenses effectively.
ChangeNOW Pro
ChangeNOW Pro is a subscription plan that offers a suite of enhanced features designed for crypto users who are looking for extra benefits.
One of the standout benefits is the cashback program, which allows users to earn up to 0.2% cashback on every exchange transaction, depending on their membership level. This program rewards frequent swappers and encourages continued engagement with the platform.
Additionally, ChangeNOW Pro provides unlimited crypto loans. This allows users to leverage their assets without selling them. This feature is complemented by an automatic staking option, where users can earn weekly rewards simply by holding their NOW tokens within the Pro account.
Furthermore, ChangeNOW Pro users benefit from reduced fees through off-chain swaps.
NOW ecosystem and its offers
The NOW ecosystem includes a range of products and services designed for both individual users and businesses. At its core, the ecosystem includes the ChangeNOW exchange.
- For individual users, ChangeNOW provides tools such as the NOW Wallet, which allows for secure storage and management of your assets.
- For businesses, ChangeNOW offers several solutions, including the Crypto Exchange API and exchange widgets, which allow seamless integration of cryptocurrency exchange services into existing platforms. The NOWPayments service enables merchants to accept cryptocurrencies as payment, while NOWNodes provides access to blockchain infrastructure. This lets businesses run their own nodes.
We are quite impressed by all of this. Together, these offerings create a comprehensive ecosystem that caters to various needs, from casual swapping to robust business solutions.
The NOW token
The NOW token is a vital component of the ChangeNOW ecosystem, serving as its internal currency. Launched in 2018, the NOW Token exists on both the Ethereum (ERC-20) and Binance Chain (BEP-2) networks, and it allows for seamless transactions across platforms.
Users can earn NOW Tokens through a cashback program for transactions made on ChangeNOW and the NOW Wallet, enhancing user engagement and loyalty.
The token plays multiple roles within the ecosystem, including facilitating discounted services such as ChangeNOW Pro subscriptions, which unlock additional benefits like higher cashback rates and increased exchange limits. Businesses can also utilize NOW Tokens for discounted listings and services through NOWPayments andNOW Nodes.
To maintain token value, ChangeNOW implements a quarterly token burn strategy aimed at reducing the total supply from 200 million to 100 million tokens. This mechanism, combined with staking options that offer up to 6.25% annual returns, makes NOW Token a potentially promising asset.
Referral and affiliate program
ChangeNOW’s referral & affiliate program is designed to reward users for bringing new customers to the platform. Obviously, this benefits both parties. Participants can earn generous commissions by sharing their unique referral links with friends, family, or through their networks.
When a referred user completes a transaction, the referrer receives a percentage of the fees generated from that exchange. Win-win.
The program is straightforward to join and offers competitive rates. It’s an attractive option for influencers and content creators in the crypto space. Also, ChangeNOW provides affiliates with marketing materials and support to help their outreach efforts.
User reviews and ratings
User reviews and ratings have long been a bane of crypto exchanges. And they do play an important role in gauging the trustworthiness and reliability of the service.
ChangeNOW has garnered feedback that’s mostly positive, with of course some negative experiences present across various review platforms, such as TrustPilot, G2 and also on Reddit.
On the one hand, many users appreciate the platform’s user-friendly interface, swift transaction times, and reasonable exchange rates. For instance, several reviewers highlight the ease of use and rapid execution of transactions, often within minutes. The absence of registration requirements and the platform’s non-custodial nature are frequently cited as significant advantages.
On the other hand, some users have reported negative experiences, primarily related to technical issues and customer support. There have been instances where transactions were delayed, funds were frozen, or support responses were slow or unhelpful. However, these negative reviews are a minority among the generally positive feedback.
Overall, and especially when compared to many other exchanges in the industry, ChangeNOW maintains a high satisfaction rate and is generally regarded as a legitimate and reliable platform by most of its users.
The bottom line
ChangeNOW is an interesting one. On the one hand, it offers rapid transaction speeds, a vast selection of cryptocurrencies, strong security measures, and high versatility in payment methods.
On the other hand, fees can get quite high, and the fact it’s not fully regulated or licensed in the traditional sense might be a bit concerning.
Despite these drawbacks, the platform’s non-custodial service, AML efforts, attractive benefits, and overall positive user experience make us think it would likely be a good option for many.
If you’d like to have a look at more digital asset exchange platforms, we suggest you check out the list of the best crypto exchanges for 2024.
Source: https://coincodex.com/article/46761/changenow-review/