ChangeNOW Review [The Ultimate Guide 2022]
- No KYC is required for using the services of the exchange.
- No minimum deposit requirements as well as no limit on how much you can swap.
- Supports more than 400 cryptocurrencies and 50000 trading pairs.
- No withdrawal or deposit fees as the exchange does not hold your crypto and is non-custodial.
- Multiple payment methods like crypto, debit/credit cards, etc.
- Very low trading fees.
- Users can not perform Margin Trading or Leveraged trading.
- Not available in the USA, and a lot of other countries.
- In case of loss of funds, the exchange has no compensation mechanism.
- The exchange has no built-in wallet.
Decentralized Finance (DeFi) is one of the biggest trends in the blockchain industry, aiming to democratize finance by eliminating the need for centralized institutions and granting people complete control over their funds. DeFi uses cryptocurrency and blockchain technology to provide a full spectrum of financial transactions, from everyday banking to crypto-backed loans and mortgages, to digital asset trading.
To benefit from DeFi’s endless possibilities and start trading in cryptocurrencies, you need to register a crypto exchange account with a trading platform that suits your investment needs. With the rising interest in cryptocurrency, some impressive platforms have emerged in the past years. CoinStats regularly reviews the leading platforms and presents their advantages and drawbacks to help you pick the right platform among a staggering number of cryptocurrency exchanges out there.
This ChangeNOW review will discuss the ChangeNOW exchange and all the features and services associated with it. Keen on giving this exchange a go? Read on as we cover the details of the ChangeNOW exchange and how you can make the most of it.
Let’s get right to it!
What Is ChangeNOW
ChangeNOW is a cryptocurrency non-custodial exchange that provides fast, anonymous, and affordable swaps with the support of over 10,000 pairs. The platform enables the seamless swapping of cryptocurrencies without any limits and registration or verification procedures. The exchange has its native NOW token issued on both Ethereum and Binance Chain blockchains.
ChangeNOW was established in 2017 by its parent company CHN Group Limited. The company is headquartered in Seychelles and also has a branch office in Amsterdam, Netherlands. ChangeNOW’s sole purpose was to make cryptocurrency swapping easy, safe, secure, and fast even for a first-time user with limited experience in the crypto space.
To achieve its goal, ChangeNOW has partnered with several crypto industry giants such as Binance, Ledger, Atomic Wallet, Trezor, OKEX, etc. Additionally, ChangeNOW’s partnership with Simplex and Guardarian enables it to provide not only crypto swaps but also fiat-to-crypto fast swaps. You can trade coins on the web platform, through the mobile app, and using the Telegram bot.
What Makes ChangeNOW Unique
The best thing about ChangeNOW is that it’s a non-custodial crypto exchange, giving you complete control over your funds. Users are provided with absolute freedom since there are no upper limits. ChangeNOW supports over 400 digital assets and allows you to make swaps directly to your hardware or software wallet without requiring a lengthy account registration process. Also, you can buy crypto with a debit/credit card using the platform and receive the funds in your hardware wallet.
The exchange is available in 28 different languages. ChangeNOW has a professional and quick customer support team that provides support through Telegram Chat and other social media platforms.
ChangeNOW allows you to instantly buy or sell cryptocurrencies using VISA or MasterCard debit and credit cards. It supports a wide range of fiat currencies, including USD, EUR, GBP, JPY, AUD, etc., and all major cryptocurrencies such as BTC, ETH, ADA, USDT, SOL, etc.
As for the exchange rates, ChangeNOW works as an aggregator of cryptocurrency prices from leading trading platforms to form profitable exchange rates for its users based on the best price.
ChangeNOW is more than a crypto exchange service. It has evolved into a feature-rich ecosystem with such products as NOW Wallet, NOWTracker, NOWPayments, NOWLoans, NOWNodes, mobile exchange app, Telegram Bot, etc., allowing you to perform all your crypto transactions on one platform.
One of the exchange’s most distinctive features is that you can access ChangeNOW’s complete services and features without performing any KYC and email or phone verification. You can perform instant coin swaps and buy or sell your favorite cryptocurrencies without any lengthy registration or verification processes. ChangeNOW will only require you to perform a KYC if you make a suspicious or illegal transaction. Otherwise, there is no limit on how much you can trade or swap on the ChangeNOW exchange.
The first question that comes to our minds when the exchange doesn’t require any KYC or verification from its users is the issue of the exchange’s legitimacy. ChangeNOW has been operating since 2017 without any major hiccups or cyber-attacks and has an excellent Trustpilot rating. The company has established a loyal user base that trusts the safety and security measures ChangeNOW implements to safeguard users’ funds.
If there are any suspicious transactions, the exchange always requires the entity to comply with Know Your Customer and Anti-Money Laundering rules. On top of that, the company is based in a publicly known address in Seychelles with another office in Amsterdam. All the necessary details and legal documentation can be found on its official website. Moreover, the fact that ChangeNOW is non-custodial in nature and never stores user funds itself is what makes the exchange so secure
Let’s have a quick overview of ChangeNOW key features to get a grasp of the reasons for its huge popularity:
- Best Exchange Rates: ChangeNOW offers you the best exchange rate in the market by aggregating the rates across major crypto exchanges.
- Fast Swaps: ChangeNOW guarantees fast crypto swaps, with an average of 2 minutes for a crypto-for-crypto swap.
- No KYC: The exchange doesn’t require any verification or KYC, but at the same time, suspicious activities are controlled by a KYC requirement.
- Safety: Being a non-custodial exchange, ChangeNOW has no custody or control over your digital assets. It doesn’t store users’ funds or ask for personal details since sign-up or verification aren’t required. Therefore, while many exchanges can freeze your assets stored on them in case of some issues or price volatility, as seen during the LUNA crash, you’re the only one deciding what to do with your digital assets on ChangeNOW.
- Limits ChangeNow: While most exchanges have a trading limit, ChangeNOW claims that all their exchanges are limitless, allowing users to swap any amount of cryptocurrency, with over 400 tokens and 13000 trading pairs available.
- Intuitive User Interface: The user interface of the ChangeNOW website and the mobile app for Android and iOS devices is simple and intuitive. It allows even novices to swap cryptos instantly without any hassle. Depending on your level of expertise in the crypto market, you can perform various functions easily over the website or through the app.
- Several Payment Methods: The exchange supports various payment methods such as bank cards and crypto deposits to make your investment easier and quicker. It supports EUR, USD, GBP, and over 55 other fiat currencies using Visa or MasterCard.
- Balance: ChangeNOW has strived to maintain a healthy balance between compliance with laws and regulations and the users’ privacy and has managed to find the sweet spot.
- Customer Service: ChangeNOW service and customer support are among the best in the crypto market. The support team provides prompt responses and efficiently solves any issues or queries.
ChangeNOW is available for customers worldwide. However, citizens of certain countries aren’t permitted to use it, including the United States, Cuba, Crimea, Sudan, Somalia, Burma, Yemen, Zimbabwe, the People’s Republic of China, Bangladesh, Iran, North Korea, Syria, and Bolivia. The exchange has stated that the countries in the United Nations Security Council Sanctions list or other equivalent lists are prohibited from using it.
The website is not automatically geo-blocked in the US, and users can access it. However, chances are that if the US government cracks down on it someday, the exchange won’t be able to assist you in any way.
How to Use ChangeNOW
The ChangeNOW exchange has been designed to let even first-time crypto users swap their cryptocurrency tokens easily without any hassle. All you need is a Metamask Wallet or any other wallet from the ChangeNOW supported wallets list. Some supported crypto wallets are NOW Wallet, Guarda, Atomic, Edge, Trustee Wallet, etc. In case you don’t have a crypto wallet, the exchange allows you to create one on the spot.
Follow the steps listed below to buy or sell crypto:
- Go to the ChangeNOW.io homepage.
- Select Buy/Sell Crypto and enter the amount of USD or any other supported fiat currencies from the drop-down menu.
- Once you’ve entered the required amount of fiat, select the cryptocurrency you want to buy and click on Buy.
- On the next page, enter the Wallet address where the cryptocurrency you’re going to buy will be stored. Make sure to enter a valid address of a wallet you control, or else the tokens will be lost forever.
- Click on Next, check the transaction details, and click on Confirm.
- You’ll be redirected to the payment gateway. You can use VISA/MasterCard Credit and Debit cards to make an instant purchase or the SWIFT payment gateway which takes 3.5 business days.
- Once you’ve made the payment, your recently purchased cryptocurrency will be reflected in your wallet within a few minutes.
Congratulations! You’ve managed to buy your favorite cryptocurrency in a few easy steps without having to verify your identity or email address.
Swap Cryptocurrencies on ChangeNOW
Swapping cryptocurrencies on ChangeNOW is also very easy. Just follow the steps below to swap crypto, including the one you just purchased, without a hassle:
- On the homepage, click on Exchange Crypto and select your cryptocurrency and the one you want to swap it for from the drop-down menus.
- Enter the amount you want to swap, and the amount of the cryptocurrency you’ll get in exchange will be displayed.
- Click on Exchange.
- On the next page, enter the correct wallet address for the crypto you want to swap to. Note that one mistake could result in permanent losses. Double-check the wallet address and click on Next.
- The next page will tell you all the details about the swap, including the time needed and the exchange rate. Click on Confirm.
- The swap will be completed within the indicated period, and the tokens will be reflected in your wallet address.
Buying, selling, or swapping cryptocurrencies has never been as easy! Unlike other swaps or decentralized exchanges like UniSwap, etc., the ChangeNOW network fees are minimal, and there are no limits on how much cryptocurrency you can swap on the exchange.
ChangeNOW Fee Breakdown
Several fees can be charged during the swap process, including network fees for deposits and transferring funds to a liquidity provider, trading fees, and network fees for the delivery of exchanged funds to the customer. Fees vary depending on the currency and the amount traded, but ChangeNOW provides the fastest and most affordable ways for a swap. Users can learn the fee when they enter order details.
You can choose between two types of exchange rates, namely:
- Floating Exchange Rate: Floating rate provides you with the fee at the time of exchange. It can vary from moment to moment, but if the fee exceeds 3 percent due to market volatility or network issues, the transaction will be halted, and you can request a new rate or get a refund.
- Fixed Exchange Rate: If you want to avoid market volatility, you can fix the rate for 20 minutes under the floating exchange rate. This will cost you a bit more than the fluctuating rate, but you won’t have to worry about volatility or any network issues.
ChangeNOW is a non-custodial cryptocurrency exchange, so it doesn’t store user funds, eliminating the chance of being hacked. Moreover, the exchange has robust security measures in place in case of any cyber attacks or hacks. Users’ personal information received by the exchange is encrypted and stored in specialized secure storage. A special risk management system detects suspicious activities on the exchange to prevent fraud and any illegal activity.
The exchange has never faced any major issues and has maintained a very high standard of security for its users, even without any KYC or email verification.
ChangeNOW (NOW) Token Tokenomics
The ChangeNOW exchange has its own native token with the ticker $NOW. It was launched in 2019 and is required for using ChangeNOW products such as NOW Wallet, NOWTracker, NOWPayments, NOWLoans, NOWNodes, etc. Moreover, it’s used to pay asset listing fees on ChangeNOW.
NOW became available for trading after it was listed on IDEX on April 25th, 2019, and it was listed on Binance DEX shortly after. NOW was initially launched as an ERC-20 token, but 50 percent of its supply was later burnt on the Ethereum blockchain and re-released on the Binance Mainnet. You can swap your NOW ERC-20 tokens for Binance Smart Chain NOW tokens for free.
The NOW token hit the all-time-high price of USD 0.124152 on April 2nd, 2022. The token is available for trade on Binance DEX and UniSwap. The majority of NOW tokens’ trade is against Wrapped Ethereum (WETH) in the trading pair NOW/WETH. To check the NOW token live price, market cap, total supply, circulating supply, 24-hour trading volume, etc., go to ChangeNOW price.
Our ChangeNOW review has revealed that ChangeNOW is a feature-rich, user-friendly, and safe crypto exchange that provides fast and easy swaps of digital assets without the need for registration and verification. Additionally, you can use its wide range of services, including Asset Listing, NOW wallet, NOW payments, Lightning NOW, and NOW nodes.
On top of that, you can use the full power of crypto without worrying about your privacy by using ChangeNOW.
To learn more about DeFi, visit our detailed guide, “What Is DeFi.” If you want to learn how to manage your crypto portfolios and select the best portfolio tracker, check out the CoinStats guide “Crypto Portfolio Trackers.” If you’re just starting your crypto journey and are confused about which exchanges and crypto wallets to use, you can find all the information on our “Wallet and Exchange Reviews.”