No Regulation

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/10

changeNOW

China

|

5-10 years

Suspicious Regulatory License|

Medium potential risk|

https://changenow.io/

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Influence Index NO.1

United States 4.94

Better than 98.41% exchange(s)

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Company Name
changeNOW
Phone of the company
--
Customer Service Email Address
support@changenow.io

WikiBit Risk Alerts

1
Previous Detection 2024-02-28

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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changeNOW · Company Summary

Aspect Information
Company Name changeNOW
Registered Country/Area China
Founded Year 5-10 years
Regulatory Authority No Regulation
Cryptocurrencies Over 350 cryptocurrencies
Fees Base trading fee of 0.5% to 4%
Payment Methods Mastercard, VISA, SEPA, UnionPay, ApplePay
Customer Support Company websitehttps://changenow.io/https://changenow.io/esTwitterhttps://twitter.com/ChangeNOW_ioFacebookhttps://www.facebook.com/ChangeNOW.io/Customer Service Email Addresssupport@changenow.io

Overview of changeNOW

Founded approximately 5-10 years ago, changeNOW is an unregulated virtual currency exchange based in China. With a focus on security, changeNOW supports over 350 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Uniswap (UNI), Solana (SOL), and VeChain (VET). The exchange offers a variety of payment methods including Mastercard, VISA, SEPA, and UnionPay, with fees ranging from 0.5% to 4% based on trading volume. ChangeNOW maintains customer support channels through email and social media platforms, while educational resources appear to be limited. Traders should be cautious due to the lack of explicit regulatory oversight and consider implementing strong security measures to protect their funds and personal information.

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Pros and cons

Pros Cons
Supports over 350 cryptocurrencies Fees may be higher than some other exchanges
Supports a variety of deposit and withdrawal methods, including fiat currencies Some cryptocurrencies may have higher fees
Supports fiat currency trading Some deposit and withdrawal methods may have fees
Yes, you can trade anonymously Some exchanges require you to provide personal information
Well-known exchange with a good reputation Not regulated by a specific regulatory authority

ChangeNOW offers a range of benefits, including support for more than 350 cryptocurrencies and a diverse selection of deposit and withdrawal methods, encompassing fiat currencies. The platform enables anonymous trading, possesses a reputable standing within the industry, and facilitates fiat currency trading. Nonetheless, it's important to note that fees on ChangeNOW could potentially be higher compared to certain other exchanges, especially for certain cryptocurrencies and specific deposit/withdrawal methods. Additionally, the exchange is not subject to regulation by a specific regulatory authority, which might pose concerns for some traders who prioritize oversight and security.

Regulatory Authority

While changeNOW's regulatory status remains unclear, the lack of explicit regulatory oversight can pose disadvantages for traders:

Increased Risk: Unregulated exchanges expose users to higher risks due to:

  • Limited Protection: Without regulation, there may be weaker safeguards for user funds and personal information. This makes them more vulnerable to fraud, theft, and other malicious activities.

  • Limited Recourse: In case of a security breach, fraudulent activity, or other problems, users may have limited legal options for recovering losses or pursuing compensation.

Regulation

Security

changeNOW is a virtual currency exchange that takes security seriously and implements various protection measures. The platform prioritizes the security of user funds and personal information. While specific details about their security measures are not provided, changeNOW recommends users to take precautions such as using strong passwords and enabling two-factor authentication to enhance the security of their accounts. It is advisable for users to follow industry-standard security practices and stay informed about potential security risks in the cryptocurrency space.

Cryptocurrencies Available

ChangeNOW supports over 350 cryptocurrencies. Here are some examples of cryptocurrencies that are available on ChangeNOW:

    • Bitcoin (BTC)

    • Ethereum (ETH)

    • Tether (USDT)

    • Dogecoin (DOGE)

    • Cardano (ADA)

    • Polkadot (DOT)

    • Chainlink (LINK)

    • Uniswap (UNI)

    • Solana (SOL)

    • VeChain (VET)

The cheapest cryptocurrency on ChangeNOW is currently Dogelon Mars (ELON), which is priced at $0.00000084. The most expensive cryptocurrency on ChangeNOW is currently Ethereum (ETH), which is priced at $1,221.70. The cryptocurrency with the highest volume on ChangeNOW is currently Bitcoin (BTC), with a 24-hour trading volume of over $290 billion. The cryptocurrency with the highest market cap on ChangeNOW is currently Bitcoin (BTC), with a market capitalization of over $400 billion.

cryptos

Trading Market

ChangeNOW itself isn't necessarily a trading instrument. It's a non-custodial instant cryptocurrency exchange platform that allows users to swap between different cryptocurrencies without creating an account. It acts as a mediator between different liquidity providers, offering users competitive exchange rates and fast transaction times.

However, ChangeNOW does facilitate trading indirectly through the following instruments:

1. Cryptocurrencies: ChangeNOW supports a wide range of cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Litecoin, as well as more niche tokens. This allows users to trade between different cryptocurrencies directly on the platform.

2. Fiat currencies: While ChangeNOW doesn't directly support fiat currencies, it offers integration with third-party fiat on-ramp and off-ramp services. This allows users to convert their cryptocurrencies to fiat currencies (and vice versa) through these partner services.

3. Stablecoins: ChangeNOW also supports various stablecoins, which are cryptocurrencies pegged to real-world assets like the US dollar or the euro. This allows users to trade between cryptocurrencies with more price stability.

4. Margin trading: While ChangeNOW itself doesn't offer margin trading, it has partnered with some margin trading platforms. This allows users to leverage their positions when trading cryptocurrencies on these platforms.

ChangeNOW APP

The ChangeNOW app is a mobile application that allows users to exchange cryptocurrencies instantly and without registration. It offers a convenient and user-friendly way to trade on the go, with the following key features:

Supported Assets:

  • Supports over 250 cryptocurrencies including Bitcoin, Ethereum, Litecoin, and various stablecoins.

  • Allows swaps between popular and niche tokens.

Exchange Features:

  • No account creation required: Users can initiate exchanges directly with their existing crypto wallets.

  • Fast and secure transactions: Executes trades quickly and prioritizes user security.

  • Competitive exchange rates: Leverages various liquidity providers to offer competitive rates.

  • Floating and fixed rate options: Users can choose between fixed and floating exchange rates depending on their preference.

  • Minimal transaction fees: Charges transparent and competitive fees, typically based on the selected cryptocurrency and exchange amount.

Additional Features:

  • Fiat integration: Provides access to third-party fiat on-ramp and off-ramp services for converting crypto to fiat and vice versa.

  • Price tracking: Allows users to track cryptocurrency prices directly within the app.

  • Multilingual support: Supports multiple languages for user convenience.

  • Simple and intuitive interface: Designed for ease of use, even for beginners.

How to Buy Cryptos

Before you start:

  • Make sure you have a crypto wallet ready to receive your purchased crypto. Popular options include MetaMask, Trust Wallet, or Exodus.

  • Have the cryptocurrency you want to use for buying readily available in your wallet. Supported options include Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and many more.

  • Understand the fees associated with the transaction. ChangeNOW displays them upfront before you confirm the exchange.

Steps to buy crypto on ChangeNOW:

  • Open the ChangeNOW app and select “Buy Crypto.”

  • Choose the cryptocurrency you want to buy.

  • Enter the amount you want to spend in the “You send” field. ChangeNOW will automatically calculate the amount of crypto you'll receive based on current rates.

  • Select the cryptocurrency you want to use for payment from your wallet.

  • Enter your wallet address where you want to receive the purchased crypto.

  • Review the transaction details, including fees and exchange rate.

  • If everything looks good, confirm the exchange.

  • Send the required amount of cryptocurrency to the provided ChangeNOW address.

  • Wait for the transaction to complete, which usually takes a few minutes.

  • Once confirmed, your purchased crypto will be sent to your specified wallet address.

  • Target group analysis

    It could be considered a good option for users seeking a fast and easy way to exchange cryptocurrencies with minimal account setup. Here's why:

    • Simpler Interface: ChangeNOW boasts a user-friendly interface, often easier to navigate compared to some other platforms with more complex features.

    • No Account Creation: Unlike many exchanges, ChangeNOW doesn't require account creation, allowing users to trade directly, which some prefer for anonymity or speed.

    Fees

    ChangeNOW charges a base trading fee of 0.5% to 4%, depending on the volume of your trades in a 24-hour period. You may also be charged network fees, liquidity provider fees, and Simplex fees. The total fees you pay will depend on the specific cryptocurrency you are trading, the volume of your trades, and the current network conditions.

    Volume (24h) Taker Fee Maker Fee
    < $100,000 1.5% 0.1%
    $100,000 - $1,000,000 1% 0.1%
    $1,000,000 - $10,000,000 0.5% 0.1%
    > $10,000,000 0.25% 0.1%

    Payment Methods

    ChangeNOW does not charge any deposit fees for depositing cryptocurrencies. Withdrawal fees vary depending on the cryptocurrency being withdrawn, but are typically a small percentage of the amount being withdrawn. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, while the withdrawal fee for Ethereum is 0.004 ETH.

    Payment Method Buy Sell Add Cash Cash Out Speed
    Mastercard Yes Yes Yes Yes Fast
    VISA Yes Yes Yes Yes Fast
    SEPA Yes Yes Yes No Fast
    UnionPay Yes Yes Yes No Fast
    ApplePay No No No No N/A
    Payment Methods

    Compare to Other similar Brokers

    ChangeNOW stands out in its cryptocurrency variety with over 350 options and flexible amounts, boasting no minimum requirements. While its fees range from 0.5% to 4%, Binance and Kraken offer narrower fee ranges of 0.1% to 0.4% and 0.1% to 0.5%, respectively. Notably, ChangeNOW doesn't have an account minimum, distinguishing it from Kraken's $100 minimum, although all three platforms feature regular promotions.

    Feature ChangeNOW Binance Kraken
    Cryptocurrencies Over 350 500+ 50+
    Amounts No minimum No minimum $10
    Fees 0.5% - 4% 0.1% - 0.4% 0.1% - 0.5%
    Account minimum None None $100
    Promotions None Regular promotions Regular promotions

    Is changeNOW a Good Exchange for You?

    changeNOW can be a suitable virtual currency exchange for different target groups based on their trading needs and preferences. Here are some potential target groups and corresponding recommendations:

    1. Beginner Traders: For individuals who are new to cryptocurrency trading, changeNOW can be a user-friendly option. Its wide range of available cryptocurrencies provides beginners with the opportunity to explore various assets and gain exposure to the cryptocurrency market. The flat fee of 0.5% also ensures transparency in transaction costs, making it easier for beginners to understand the expenses involved. Additionally, the 24/7 customer support can provide assistance and guidance to beginners who may have questions or need help navigating the platform.

    2. Diversification Seekers: Traders who are interested in diversifying their digital asset portfolio can benefit from the wide variety of cryptocurrencies available on changeNOW. With over 170 cryptocurrencies to choose from, users have the flexibility to trade and invest in different assets, reducing the risk associated with concentration in a single cryptocurrency.

    3. Cost-Conscious Traders: Traders who prioritize cost efficiency can find value in changeNOW's low and fixed transaction fee of 0.5%. This allows them to optimize their trading strategies by minimizing transaction costs, especially when conducting frequent trades or handling larger volumes.

    4. Privacy-Oriented Traders: ChangeNOW's acceptance of a wide range of cryptocurrencies for payment can be particularly appealing to traders who prioritize privacy. By allowing users to make payments with different cryptocurrencies, changeNOW provides an additional layer of privacy and anonymity compared to exchanges that solely rely on traditional payment methods.

    5. Time-Sensitive Traders: Traders who value quick and efficient transactions can benefit from changeNOW's streamlined exchange process. Exchanges can be completed swiftly, allowing users to take advantage of market opportunities without significant delays or complications.

    6. Support-Dependent Traders: Traders who value reliable customer support can find changeNOW suitable for their needs. The availability of 24/7 customer support ensures that traders can receive assistance promptly, which can be crucial in resolving any issues or addressing concerns that may arise during their trading activities.

    While these recommendations are based on the features and services provided by changeNOW, it is important for traders to conduct their own research and evaluation to determine if the platform aligns with their specific trading goals and requirements.

    Conclusion

    In conclusion, ChangeNOW operates as an unregulated virtual currency exchange based in China, offering over 350 cryptocurrencies for trading. The absence of explicit regulatory information and oversight might present potential disadvantages, exposing traders to higher risks. While the platform emphasizes security measures and suggests precautions like strong passwords and two-factor authentication, the lack of detailed security specifics raises questions about the comprehensiveness of their safeguards. The registration process involves email confirmation, security verifications, and optional two-factor authentication. Trading fees range from 0.5% to 4%, and users can be subject to additional charges like network and liquidity provider fees. Withdrawal fees are cryptocurrency-dependent. Despite not providing explicit educational resources, ChangeNOW's customer support can be reached through dedicated email channels and various social media platforms for inquiries and assistance.

    FAQs

    Q: Is changeNOW regulated?

    A: No, changeNOW operates without regulation.

    Q: What precautions should I take while using changeNOW?

    A: To ensure security while using changeNOW, consider researching the exchange's reputation, enabling two-factor authentication, and diversifying your investments.

    Q: How does changeNOW prioritize security?

    A: changeNOW emphasizes user security through undisclosed protective measures, suggesting users employ strong passwords and two-factor authentication.

    Q: Which cryptocurrencies are available on changeNOW?

    A: changeNOW supports over 350 cryptocurrencies, including Bitcoin, Ethereum, Tether, Dogecoin, Cardano, Polkadot, Chainlink, Uniswap, Solana, and VeChain.

    Q: What are the steps to open an account on changeNOW?

    A: Register on the changeNOW website, provide email and password, verify email, complete security verification, enable 2FA, and start trading.

    Q: How are fees calculated on changeNOW?

    A: changeNOW charges trading fees ranging from 0.5% to 4% based on trade volume in a 24-hour period, in addition to network and liquidity provider fees.

    User Review

    User 1: I've been using changeNOW for a while now, and I'm impressed with its security measures. They prioritize the safety of user funds and personal information, which gives me peace of mind. The interface is also user-friendly and intuitive, making it easy for me to navigate through the platform. The wide range of cryptocurrencies available for trading is a big advantage, as it allows me to diversify my portfolio. However, I wish there were more order types available to suit different trading strategies.

    User 2: I've been using changeNOW for quite some time now, and I must admit, I'm rather impressed. The user interface is notably clean and intuitive, which suits someone like me who's not a seasoned trader. What's caught my attention is the extensive range of cryptocurrencies they offer. This makes diversifying my investment portfolio an absolute breeze. On the customer support front, I have to give them credit – they're responsive and efficient. I did, however, find myself wishing for more transparency regarding their security protocols.

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.