ChangeNOW is a non-custodial limitless crypto exchange, which is focused on making management of several cryptocurrencies easy and quick for everyone. The platform came to be known as the first crypto service to list Bitcoin Gold (BTG). This may well be the exchange for you if you need something that makes a seamless swap between crypto-to-crypto.
This quick guide will touch upon the pros and cons of ChangeNOW while detailing its background, fee, funding options, and other features.
Why Should Beginners Choose ChangeNOW?
No Exchange Limits
Supports Lots of Cryptos
What’s not to like?
Speed is highly dependent on blockchain times
Strictly for crypto exchange and not trading
Brief Background of ChangeNOW
ChangeNOW was launched in 2017 by a company called ChangeNOW International Ltd. It is registered in Belize. The sole objective of this platform is to provide a quick and simplistic way for people to swap crypto assets. The exchange does not store users’ digital assets being non-custodial.
What are the Fees on ChangeNOW?
The trading fee offered by ChangeNOW cannot be called competitive. It is between 0.5% and 4.0%, which is built into spread. Credit card purchases incur a fee of 5% with the minimum credit card purchase amount at $10.
Things get even more complicated since ChangeNOW does not offer clarity on how it handles swaps. Also, the trading fee is not disclosed anywhere on the official ChangeNOW site. They published an initial thread on their Medium channel announcing the trading fee of 0.5% to 1.0%.
In reality, the trading fee seems to be built into the exchange rate, which does not offer much transparency. Users would also have to check individual rates minutely before making a transaction.
How Does NOW Token Help?
The project recently listed its digital token called the NOW token. This is listed on EtherDelta, IDEX, and Binance DEX. The NOW token was among the first to be issued on the Binance Chain.
There are several benefits of NOW token to beginners. It makes things super easy to migrate an alternative token to the ChainNOW main net. You can perform simple swaps by simply holding the NOW token.
Users are also provided with a broad range of benefits. This includes even better rates on exchanges, much favorable affiliate conditions (e.g. increased revenue share), and enhanced support from the ChangeNOW team.
How to Deposit and Withdraw Funds?
ChangeNOW like ShapeShift and Changelly is a non-custodial swap platform. You can only swap crypto assets here without having to deposit them on the exchange. You choose the currencies you want to swap and send them to your ChangeNOW wallet address. The swap would be initiated the second ChangeNOW receives primary currency. The second currency would be immediately transferred to your wallet upon swap completion.
Since there is no holding of your assets on the ChangeNOW portal, the question of withdrawal never arises. Your asset is already in your wallet.
There are dozens of supported fiat and cryptocurrencies. You can even purchase fiat through ChangeNOW. The platform has recently partnered with Simplex to support crypto and fiat transfers. However, ChangeNOW does not support wire transfers as of date.
One big advantage of this platform is that there are zero limits. You don’t even have to create a login or provide your email address. Simplex also allows ChangeNOW to accept Visa and MasterCard payments.
Is ChangeNOW Versatile in Terms of Trading?
Since its launch in 2017, ChangeNOW has come up in a big way. It now supports over 170 different digital tokens across 30,000 trading pairs. This includes the hallmark coins, like Litecoin, Bitcoin, and Ethereum. ChangeNOW also supports some of the lesser-known ERC-20 tokens.
However, the more popular options include, Ripple (XRP), Litecoin (LTC), BitcoinCash (BCH), EOS (EOS), Binance Coin (BNB), Bitcoin SV (BSV), Tether (USDT), Stellar (XLM), TRON (TRX), Cardano (ADA), Monero (XMR), Dash (DASH), IOTA (IOTA), Cosmos (ATOM), EthereumClassic (ETC), Tezos (XTZ), Neo (NEO), NEM (XEM), Maker (MKR), Ontology (ONT), Zcash (ZEC), BitcoinGold (BTG), Basic Attention Token (BAT), VeChain (VET), Chainlink (LINK), and Dogecoin (DOGE).
Not to mention some popular launches, such as USD Coin (USDC), QTUM (QTUM), BitTorrent (BTT), OmiseGo (OMG), Decred (DCR), Holo (HOT), TrueUSD (TUSD), Waves (WAVES), Ravencoin (RVN), Lisk (LSK), Bitcoin Diamond (BCD), Nano (NANO), Zilliqa (ZIL), Augur (REP), 0x (ZRX), ICON (ICX), Komodo (KMD), DigitByte (DGB), Paxos Standard Token (PAX), Verge (XVG), Internet of Services (IOST), and Aeternity (AE).
How User-Friendly is ChangeNOW?
ChangeNOW has a user-friendly interface, which is understandable to beginners as well. The platform publishes tutorials and guides on how to use ChangeNOW along with educational material.
The Bottom Line
The platform strives to offer a straightforward service, which is useful to both beginners and seasoned crypto enthusiasts. However, there are some drawbacks to ChangeNOW, such as their hidden fee and the fact that registration requirements depend upon partner exchanges. The exchange may just prove to be more expensive in the long run.