The cryptocurrency market is evolving throughout the world. As a result, new and improved cryptocurrency exchanges are emerging every day. Crypto enthusiasts are looking for easier ways to convert cryptocurrencies from one form to another. One platform that allows this crypto to crypto exchange is ChangeNOW.
ChangeNOW is a cryptocurrency exchange platform. The main selling point of this platform is its non-custodial nature. The company does not store the user’s funds. It provides the service of crypto swapping without needing any deposits it into an account.
ChangeNOW is providing remarkable services in a secure infrastructure. There is a broad range of cryptocurrencies available on the platform for making exchanges. The site does not allow any limits on the amount that can be exchanged. To make lives easier, it even provides the fiat option.
If you are interested in quick and seamless crypto exchange services, ChangeNOW can help you out. Let us investigate a little more about this platform.
The company was established in 2017 by Roman Lapin Dmitrievich and Petr Sergeev Konstantinovich, two renowned Russian entrepreneurs. Their objective was mainly to ease the process of cryptocurrency conversions. It is a project of ChangeNOW International Ltd, which is currently registered in Belize. The team is led by Brumm Konstantin Aleksandrovich, a competent and energetic leader to ensure steady cryptocurrency conversions. The non-custodial service provides quick crypto to crypto swaps without any hassle.
The platform supports over 170 digital currencies over 30,000 trading pairs. It includes the most popular cryptocurrencies like Bitcoin and Ethereum, along with some lesser-known tokens. It also allows users to exchange as much cryptocurrency as they want without even registering for an account.
ChangeNOW is unique from its competitors. It offers quite a few services that remain unmatched from its competition. One of the most defining perks of this platform is that there are no limits.
There is no maximum trading limit imposed on currency swaps. You can exchange as much cryptocurrency as you want with no restriction. Another benefit of this platform is that it does not require a verification process. You can avail all of the services without providing an ID, phone number, or even email. No authentication is required. This makes the platform easily accessible to anyone who might want to use it.
ChangeNOW has introduced some unique and exciting features for its users. These include:
- No custody: Similar to Changelly and Shapeshift, ChangeNOW lets its users swap cryptos with other cryptos without depositing it. You can directly choose your desired cryptocurrency and make the exchange. You just need to send one currency to the wallet provided by ChangeNOW. When the currency is received, the second currency is released to complete the swap. You don’t need to withdraw your funds from the platform because they always remain safe in your wallet.
- Variety of currencies: The platform has over 170 digital coins available for trading.
- Acceptance of Fiat: The platform supports both the US dollar and the Euro.
- Limitless swaps: No limits on the volume of currency is imposed. Users are allowed to exchange as many funds as possible. There is no minimum limit, as well.
- No Registration: The platform does not require users to sign up. All you need is the currency you want to exchange.
- No Verification: ChangeNOW does not require any KYC verification.
- Supports VISA and MasterCard: Third-party payment processing is done by Simplex, which allows payments made by MasterCard and VISA cardholders. If you have one of these, you can easily purchase cryptocurrencies on the site.
- Exchanges: The company has several exchange partners, which ensures that they deliver the best market exchange rate and find the best exchange partner for you.
- Multiple Languages: Most of the commonly spoken languages are supported, which include English, German, Chinese, French, Japanese, and Russian, etc.
- Risk Management: ChangeNOW ensures automated risk management to prevent any fraud or suspicious activities. All transactions are screened before carried out.
- No Bank Transfers: ChangeNOW does not allow any wire transfers.
- Referral Program: The platform has an affiliate program as well and rewards its users if they refer their friends to ChangeNOW. When the new user makes a trade, you can earn up to 0.4% of their trade.
ChangeNOW also offers some additional services. They have introduced a NOWPayments product that helps merchants accept cryptocurrency as their payment for the sale or purchase of products and services.
All of the leading cryptocurrencies like Bitcoin, Litecoin and Ethereum, etc. are made accessible to them. Merchants can add the NOWPayments protocol to their website, just like PayPal. It is done through a customized widget.
If customers choose to make a purchase with cryptocurrency, they can pick the NOWPayments protocol, which performs an automatic conversion. It also avoids the unpredictable fluctuations of the crypto market. These crypto payments are also withdrawn instantly to the merchant’s wallet via the NOWPayments protocol. The transaction through crypto is thus made very seamless for all the parties involved.
ChangeNOW has also issued a new digital token called the Now Token to enhance the platform’s capabilities. The token is listed on IDEX, Binance DEX, and EtherDelta. NOW token is the first digital token that is issued in the Binance Chain.
One of its most important aspects is that it makes the migration to a different token very easy. ChangeNOW is able to facilitate a token to mainnet migration on behalf of its users by providing a bespoke workflow. It helps the users holding the NOW token to make quick and easy swaps with other cryptocurrencies.
The token also provides its holders with other benefits. They enjoy better support from the company, improved exchange rates, and more revenue share. The NOW token can be acquired by taking part in the ChangeNOW airdrop. It can also be bought from a third-party exchanger, which is mentioned above.
ChangeNOW has also introduced a LightingNOW service. LightingNOW facilitates a stable and well-connected Lighting node. It eases the process by which blockchain assets can be transferred. This service further helps make instant payments with on-chain confirmations. It also helps make automatic cross-chain swaps.
Finally, some of the other services ChangeNOW offer are; NOWNodes (extremely cheap nodes service that anyone can use. SimpleSwap and ChangeAngel are already enjoying the service), TokenSwap (they help crypto projects migrate between blockchains. This platform is an official swap provider for Binance coin (BNB), Atomic wallet coin (AWC) and Travala coin (AVA) & a Telegram bot – exchange bot that helps to exchange crypto right inside Telegram App.
Like every other crypto exchange, ChangeNOW has a certain fee that it charges to the clients. In the case of deposits and withdrawals, no fee is charged. This is because ChangeNOW doesn’t have a built-in wallet for its users.
Classic rates allow you to get the best exchange rate on the market. It is volatile and fluctuates according to the network fees and the dynamic market conditions. Therefore, a precise value of coins is difficult to determine in every exchange made.
These exchange rates do not fluctuate and are kept fixed. In this scenario, you can find out exactly how much you are going to get after the swap. However, to get a fixed rate, some extra fee is charged.
ChangeNOW also charges a Network fee which changes according to the load of the network and the blockchain being used.
Since the platform also allows FIAT swaps to be made, there is a specific fee that depends on the currency being chosen.
If the users want to buy cryptocurrencies using their bank cards, they must pay a 5% Simplex processing fee, 1% service fee, and the blockchain transaction fees.
ChangeNOW is relatively cheaper than its competitors in the exchange industry. It offers very economical rates in purchases made from fiat currencies. There is an added advantage of the fluctuating exchange rates. If you make a purchase at the right time, you are likely to get better prices.
Verification: Is KYC required?
The company claims to follow all regulations present in the crypto world. They use the KYC/AML procedure to protect their customers from any fraudulent activities or scams and safeguard their funds.
The procedure makes the transactions legal before all regulatory institutions. An automatic risk prevention system supports it. This system screens all the transactions and has a protocol in place to detect any suspicious activity.
If a transaction shows any signs of being suspicious, then it is flagged and put on hold. The customer who made the transaction is then asked for their ID confirmation.
ChangeNOW does not openly disclose what set of criteria this system uses in order to prevent people from cheating the protocols put in place for fraudulent activities. However, they claim that their system is very effective against scammers and money launderers. Their system can always differentiate between an honest customer and a scammer.
The ChangeNOW support team individually handles all these cases. If a customer’s transaction is considered suspicious by the system, they are notified and asked to contact the support team. The team then asks for some documents to check if the customer is legitimate or not. They require the following:
- A picture of a valid identification document, e.g., passport or driver’s license.
- A dust transaction from the senders address to the ChangeNOW’s address to confirm that all the funds belong to the customer.
- A picture of the customer holding a paper with ChangeNOW and the date written clearly.
When the customer sends all these documents, the process is then completed. The transaction takes place, and the funds are directed to the client’s wallet.
ChangeNOW reserves all rights to apply this procedure to any customer, as they wish to maintain their security and retain their legitimacy in the crypto world. The platform may also reject any transaction or client if they are involved in any suspicious activities.
If the customer is not able to prove their identity and doesn’t submit the materials or provides fake documents, then the transaction is canceled permanently, and all the funds are refunded to the depositor’s wallet address.
However, the network fee is deducted from the total amount. This process takes about one day. The customer is then blacklisted from making any future transaction attempts through the platform.
ChangeNOW can be used in most countries worldwide, including Canada, Australia, and the EU. However, it is not supported in the following countries: Cuba, Iran, North Korea, Sudan, Syria, United States, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, US Virgin Islands, Bangladesh, Bolivia.
Deposits & Withdrawals
ChangeNOW is a non-custodial service, so it does not offer the option to make deposits or withdrawals. The process requires off-site wallets to do the work. If you want to make a currency swap, you will have to deposit your currency into a wallet. This wallet address is then provided to ChangeNOW.
After making the currency swap, all the funds will be sent back to that wallet address. You will have to withdraw the funds from that external wallet. It is also one of the reasons why ChangeNOW does not charge any deposit or withdrawal fees.
Users have to decide which cryptocurrency they want to acquire and find a secure wallet for themselves. Usually, each digital currency has an official wallet that gives the customers an address and a private key to that wallet. This key should be kept private and must not be disclosed. ChangeNOW does not ask for this private key as well.
Similarly, the recipient wallet address is also based on the customers’ own choice. It’s better if you choose the official wallet for the currency you want to keep.
Users should also keep in mind that blockchain transactions are irreversible. Once you have made the transaction, you cannot stop or change it.
These transactions are reasonably quick and usually take from 5 to 30 minutes. If the transaction is not being processed in time, there is no need to panic. It might get delayed due to the following reasons:
- Cryptocurrency updates: Sometimes, the clients are being updated, and some currencies are disabled to make processing easier.
- DDoS attacks: Sometimes, the network experiences such problems, but it is not a matter of concern.
- Blockchain Overload: There are too many exchanges occurring simultaneously in the blockchain, which may cause some delay.
Users should also ensure that they do not use any currency that is not supported by ChangeNOW, as this can result in a loss of funds. In these cases, the company does not take any responsibility for providing a refund.
The site also provides a transaction hash, which is a unique identification code for all the transactions occurring in the blockchain. This code allows users to verify the status and validity of their transactions while it is being processed.
How to use ChangeNOW
ChangeNOW is an easy to use platform for beginners as well as experienced crypto enthusiasts.
Making cryptocurrency exchanges has never been this easy. All you need to do is follow these steps:
1. Choose Currency
If you wish to make a cryptocurrency swap, go to the ChangeNOW website. You will have to select your desired currencies for the swap. You will also be allowed to choose an exchange rate that can be either classic or fixed, as mentioned above. After the selection of the currencies, simply click the exchange button.
If you do not have any cryptocurrency in your wallet, then you can also buy it through ChangeNOW. It can be done through your MasterCard or VISA card. The payment is processed through Simplex. To buy cryptocurrency with your bank card, you will be required to provide your credit card details and trade information.
2. Enter recipient’s wallet address
After the first step, you will be asked to enter the recipient wallet address. It can be an off-site wallet that you own. You need to provide the address of the wallet where you want your coins to be placed. The USDT address of the recipient is required. It is essential to ensure that you are adding the correct wallet address before you make the exchange.
You will be asked to recheck and confirm the information you have entered into the site. Be sure to review your wallet address, the amount you are sending, receivable amount, the estimated arrival time, and the current exchange rate. After that, you can tap on the confirm option.
4. Send the Funds
ChangeNOW then provides a wallet address for you to send your coins to. It then waits for the money to be received in the designated wallet. When the money reaches the destination, ChangeNOW makes the currency swap through its exchange partners.
5. Receiving the Funds
After the swap is made, all the funds are redirected to the wallet address that you have provided. You can also provide an email address to be notified of when the transaction has been completed.
Safety & Security
The most important feature is that ChangeNOW does not keep custody of its user’s funds on its platform. Nor is any personal information of the users is stored in it. Therefore, the website does not provide proper security like IP monitoring or two-factor authentication.
Users need to ensure their security by storing their digital assets on digital wallets that are protected. The company claims that this is one of their advantages. As they do not require any registration, they cannot misuse the information of their customers. It also prevents identity theft and hacking.
The company claims that they are using reliable third-party exchange platforms to make the crypto swaps. However, no proper details are provided on their website regarding these traders.
ChangeNOW has a frequently asked questions (FAQ) section and many support articles for general inquiries. Users can refer to them to resolve their issues. However, the website also has a customer support team.
Customers who have specific queries regarding their transactions can go to the Help Center on their website and submit a request form. You can also contact them by phone or through Facebook Messenger. The company has an excellent response time for all their clients.
It can be said without a doubt that ChangeNOW is a unique cryptocurrency exchange platform. It has limitless and non-custodial services, which are rare in the crypto world today. Let us look at some of its pros and cons:
- It has a simple and easy to use platform.
- A broad range of cryptocurrencies is available.
- It makes quick and hassle-free exchanges.
- It has established a sound partnership network.
- It does not require any registration or verification.
- It is supported in many countries around the world.
- It does not take custody of its user’s funds.
- The speed of the currency swaps depends on the blockchain type.
ChangeNOW is one of the most convenient swap platforms that are available today for cryptocurrency exchange. It has no restrictions and does not require registration, which makes the process quicker. Users can also take advantage of the no minimum or maximum limit imposed by the platform and perform as many currency swaps as they want without any hassle. Being listed on the Binance Dex gives the platform its credibility as well. If you are looking for a quick cryptocurrency swap, ChangeNOW might be the right platform for you.