ChangeNOW is a crypto-to-crypto and fiat-to-crypto exchange service that allows for fast, anonymous transactions. This post covers the company, its services and what existing customers think about it.
ChangeNOW Review Summary
ChangeNOW is a fast, user-friendly crypto-to-crypto and fiat-to-crypto exchange service. The company offers a simple and affordable solution for swapping between cryptocurrencies via their website, Telegram bot, and apps. For larger traders and credit card purchases its probably best to use a different exchange as fees can add up.
Overall it seems that the company is doing a great job in maintaining its reputation and supporting its customers.
That’s ChangeNOW in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover:
- Company Overview
- ChangeNOW Services
- Currencies and Payment Methods
- Fees
- Buying Limits
- Supported Countries
- Customer Support and Reviews
- Conclusion
1. Company Overview
Registered as CHN Group Limited in Seychelles, the platform has been running since 2017 providing seamless swaps between digital assets. ChangeNOW also operates offices in Amsterdam, Netherlands, and aims to compete with instant exchanges like Changelly and ShapeShift.
Since its inception, ChangeNOW has established several partnerships with wallets and fiat payment processors. They also released their very own NOW token, which exists both on Ethereum and Binance Smart Chain.
2. ChangeNOW Services
The ChangeNOW exchange is available through its web platform, Telegram bot, iOS and Android apps, and a selection of 3rd party wallets.
The service does not require any account sign-ups making the vast majority of crypto-to-crypto transactions anonymous. Users are infrequently asked to verify their identity and source of funds, usually for larger transactions or purchases using fiat currency.
The web platform is simple and easy to navigate even for a first time cryptocurrency trader. The homepage gives immediate direct access to the exchange feature and all users need to trade is a cryptocurrency wallet supporting multiple assets.
Trades are speedy with the vast majority completing in 2 minutes. Some exchanges may take up to 40 minutes.
The mobile apps run in a similar way to the web-platform, if not even slicker. Users dropped right into the trade page of the app with no pesky sign-ups or tutorials. The Telegram bot works in a similar way – you start it, pick the assets that you would like to exchange, and get going. You hardly need any help it’s so simple.
ChangeNOW claims to be a non-custodial service which means it doesn’t store your funds. Customers are only required to deposit their coins to a ChangeNOW wallet address to make the swap. Funds don’t sit there for long though – they are released right after the exchange has been made.
A forward-thinking product feature is built-in functionality to wallets like Guarda. Guarda’s users have the ChangeNOW facility built directly into their wallet allowing simple coin swaps without having to transact outside their own wallet.
ChangeNOW also aims to give you the best industry exchange rates selecting the leading price from major exchanges like Binance, Huobi, OKEx, Bitfinex and Kucoin. Be aware though, a spread is applied on top of this rate so you may find better prices by using these exchanges directly, provided you know how to trade.
3. Currencies and Payment Methods
ChangeNOW supports over 250 cryptocurrencies, more than rivals like Changelly.
Add to this an astonishing 10,000 trading pairs and you’ve got some amazing power. Removing the need to run through multiple trading pairs to get your desired coin or token.
Of course, this includes all the major coins – Bitcoin, Litecoin, Bitcoin Cash, Ethereum, XRP and Monero.
Visa and MasterCard purchases are available, facilitated by Simplex. and Guardarian. Beware though, they cost an eye-watering 7% or more. It’s probably worth avoiding and buying your crypto with a platform like Coinbase.
4. Fees
All fees are built into the exchange rate you are offered. What you see is what you get, including blockchain fees. No hidden deposit or withdraw fees which is pleasing.
ChangeNOW does make money from a spread on the exchange rate though. It’s hard to see how much, but I took a look at their rates compared to market rates. At the time of writing:
- 1 Bitcoin on ChangeNOW returns 14.39 Ether
- 1 Bitcoin at normal market rates returns 14.55 Ether
About 1.1% more costly on ChangeNOW. Not extortionate, but costly for exceptionally large trades. For quick convenient trades however, it is certainly acceptable.
5. Buying Limits
ChangeNOW is a limitless trading exchange for crypto-to-crypto swaps. You can trade between cryptos until your heart is content. No single trade, daily or weekly limits which is an edge over the competition.
When it comes to fiat-to-crypto purchases, limits are based on ChangeNOW’s third-party fiat exchange providers. This restricts users to a maximum of $20,000 per day, and $50,000 per month.
6. Supported Countries
ChangeNOW is available worldwide. However, the exchange’s terms of use state that by accessing and using ChangeNOW you acknowledge and declare that you are not located in, or are not a citizen or resident of the following countries and territories:
- Cuba
- Iran
- North Korea
- Crimea
- Sudan
- Syria
- USA
- Bangladesh
- Bolivia
The platform is available in 15 languages, making it a fully global anonymous trading exchange service.
7. Customer Support and Online Reviews
ChangeNOW’s customer support is impressive, which is exceptional for an area of the cryptocurrency industry that often disappoints. If the well-organized FAQ section doesn’t find you the answer you’re looking for, you can count on the online chat support or email options to get you a personalized answer.
My own inquiry made via the online chat function was answered almost immediately, which I found very impressive.
The website is simple and easy to use, and the team is building informational resources on all coin listings to help educate customers. Its social media streams are live and full of helpful content from a well-maintained blog.
The general public appears to be happy with the service too as TrustPilot records an 4.6 rating out of 5. Reviews are legitimate, from established accounts. Even users who encounter problems rate the service favourably. Perhaps thanks to a support team who are responsive and helpful to issues.
Forums talk positively of the service which is refreshing to read, as places like Reddit can be filled with angry customers.
A scam allegation does exist against ChangeNOW, but on further research, it doesn’t appear valid. Although alarming, a user who was having issues receiving his funds from a large trade used faked identity docs to verify his transaction and source of funds.
8. Conclusion
ChangeNOW offers a limitless, fast, simple crypto-to-crypto and fiat-to-crypto trading exchange combining a huge range of assets. The platform is convenient and not overpriced. Trades are fast, reliable and anonymous for crypto-to-crypto, which is perfect for people looking to switch coins and tokens quickly.
Keep in mind that if you are looking to make larger trades it may be wise to spend a little extra time on cheaper, albeit more complex platforms.
The company has a bright future as it continues to integrate with 3rd party wallets, adopt a native token and create merchant payment systems.
ChangeNOW
Pros
- Wide variety of trading pairs
- Quick turnaround
- Very easy to use
- Option for anonymity
Cons
- A bit pricy for large trades
- Credit card purchases are expensive
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