ChangeNOW is a non-custodial crypto exchange that does not require users to register to enjoy the benefits of swapping over 350 cryptocurrencies on the platform. In this post, TheCoinRise will shed some light on various aspects of the projects, including features and uniqueness.
What is ChangeNOW?
ChangeNOW is a non-custodial, registration-free, and limitless crypto exchange platform that aims to offer simple and fast crypto exchanges. The project takes care of its user base by building a safe, simple, and convenient platform for beginners. It does not store users’ funds and does not require any kind of account creation.
The secure and trustworthy ChangeNOW offers around 350 cryptocurrencies for exchange and imposes zero limits. A user can start from less than $2 and swap as much crypto as they want with no upper limit — account free and worry-free. In addition, it offers a fiat-to-crypto onramp option, which a user can use to buy crypto with Visa or Mastercard via its third-party partner.
Is ChangeNOW legit?
Launched in 2017, ChangeNOW is a favorite for many users. Its service and mobile application have multiple positive reviews with a score of 4.5 (out of 5) on TrustPilot. Google Play Store shows a ranking of 4.8 (out of 5) with over 2,000 reviews.
A user, Eli, for example, wrote that he mistakenly sent TUSD to USDT, but the ChangeNOW team helped him retrieve his funds back to send them back to the correct wallet.
While rising regulatory scrutiny makes it harder to exchange cryptocurrencies privately and securely, ChangeNOW manages to stay regulatory compliant while still safeguarding its users’ interests.
Here are some of the key features of ChangeNOW:
- Fast and convenient: With a 98% triumph rate, ChangeNOW finishes a transaction on average in five minutes. As it asks for no registration, the exchange process becomes extremely quick and convenient for users.
- Registration-free: ChangeNOW does not ask users to open an account or fill in any redundant information such as KYC unless you’re doing something fishy.
- Non-custodial exchange: It is a non-custodial instant exchange platform and requires users to have their wallets for storing crypto tokens, which results in a more secure system.
- DeFi-based: Users can gain access to decentralized liquidity of Uniswap and Pancakeswap through ChangeNOW. With minimal transaction fees and Decentralized exchange-exclusive assets cross-chain swaps, it also offers simplified listing for start-ups.
- Wide range of tokens: The platform offers a wide range of tokens for its customers. With over 350 cryptocurrencies and 50,000 trading pairs, users can trade Bitcoin, Ethereum, Litecoin, Ripple, Tether, Monero, Tezos, Binance Coin, and more than a hundred top tokens. One can get almost any pair in the crypto market on the platform, to avoid multiple swaps.
- Limitless: ChangeNOW claims to be absolutely limitless, which TheCoinRise checked and found to be true. A user can swap as low as $2 with no upper limit.
- User-friendly and easy-to-use: iOS and Android applications of the platform have one of the best interfaces which are easy to use for instant token swaps, in just a few clicks.
- Fiat-to-crypto onramp option: ChangeNOW has a third-party partner Simplex that lets users buy crypto with a bank card. A user can pay directly with a VISA or Mastercard to buy crypto tokens.
ChangeNOW exchange offers fast, reliable, and secure services to its users without the need for account opening or registration. It charges a minimal fee for handing the transactions and does not hold users’ funds in any form.
ChangeNOW, which does not ask users to open an account, has the following mechanism:
- ChangeNOW Engine calculates the best exchange rates for users.
- The users send the funds to ChangeNOW’s wallet.
- It uses its partnerships with leading crypto exchange platforms to swap users’ cryptocurrencies.
- It sends back their swapped tokens to the provided wallet address.
In addition, it has a dedicated API for wallets and other platforms. They also have a service called NOWPayments, which enables retailers to accept custody-free crypto payments with ease.
Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy
ChangeNOW, despite being labeled as an anonymous or private exchange platform, is still required to follow the rules. As a result, it has an automated risk prevention system that scans all transactions and suspends the swap if one is flagged as suspicious. The customer is then prompted to verify his or her identity.
Each KYC case is processed separately, although the following documents are required:
- A high-resolution photo of a government-issued identification document
- A depositor’s source of funds
- A selfie with the ID document in hand.
The swap is complete once these documents are received and verified, and the funds are delivered to the wallet.
ChangeNOW doesn’t charge a high transaction fee. It varies from 0.5% to 4% based on the users’ choice of floating or fixed exchange rate.
The best available rate on the market is used in a classic or floating exchange rate. Due to varying market conditions and network prices, it is subject to change. Therefore, one can never be certain of the exact number of coins you’ll receive per swap. Fixed-rate swaps, on the other hand, do not fluctuate, so you get exactly what you pay for when you start the exchange. However, if you want a guaranteed rate, you’ll have to pay a higher rate.
If you use your bank card to buy cryptocurrency on ChangeNOW, you will be charged the following transaction fees:
- Blockchain transaction fees
- 5% Simplex processing fee or a minimum of USD 10 per transaction
- 1% ChangeNOW service fee
According to ChangeNOW’s website, it is available worldwide. Anyone can access the platform and trade crypto with just a smartphone and an internet connection.
Those using the exchange’s services, however, cannot be citizens or residents of countries included on the United Nations Security Council Sanctions Lists or their equivalents, according to the exchange’s terms and conditions. These countries include the United States, Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh, and Bolivia.
Moreover, the ChangeNOW website is available in 28 languages, so you’re likely to be able to use it in your native tongue.
Another advantage of choosing ChangeNOW is its excellent customer service. You can contact the team using the support contact form, as well as through Twitter, Facebook, Telegram community chat, Instagram, and even Reddit. The response time, like their swap service, is not very long.
NOW is the first native utility digital asset introduced by ChangeNOW. It serves as an internal currency accepted within the NOW product system.
NOW tokens are based on the Binance Chain (BEP-2 Standard) as well as the Ethereum Network (ERC-20 Standard).
ERC20-based NOW tokens may be held in any Ethereum ERC20 wallet. However, BEP2 tokens issued on the Binance Chain must be held in dedicated BEP2 wallets like Ledger, Atomic Wallet, Trust Wallet, and Binance Chain wallet.
According to the company’s Whitepaper, the supply of NOW token is deflationary and the tokens are burnt quarterly. These burns take place until the total supply of both ERC-20 and BEP-2 NOW tokens has reached 100 million at a ratio of 50/50.
A user can buy and sell NOW Tokens on two exchanges – IDEX (ERC20) and Binance DEX (BEP2).
NOW Token Allocation
How to use ChangeNOW?
It is very easy to use ChangeNow. You just have to follow these steps:
- Download a cryptocurrency wallet for your desired digital token or use the one recommended by ChangeNOW.
- Go to the exchange.
- Simply swap the tokens by select the coin you’d like to receive under ‘You Get.’
- Then choose if you’d like to use a Classic or a Fixed-rate.
- Then enter the wallet address
- Within 30 minutes or less, you will receive your tokens in 30 minutes or less
This is how easy it is to use the ChangeNOW exchange.
ChangeNOW gives its users access to more than 350 cryptocurrencies and has fantastic customer support followed by great exchange rates as compared to other exchanges. It is very simple to use and provides an efficient way to store your cryptocurrencies securely via its non-custodial wallet.