Crypto traders enjoy a wide range of exchange services. However, when it comes to speed, the list of decent options is narrowing. In light of this, ChangeNOW is like a breath of fresh air, given that it enables users to swap crypto coins at high speed. In the following lines, we’ll discuss the features and perks available with ChangeNOW.
What is ChangeNOW?
ChangeNOW operates a crypto swap platform that allows traders to exchange cryptocurrencies back and forth. Note that this is a non-custodian service, suggesting that users can’t hold their crypto funds as with common exchanges, such as Coinbase. For instance, a trader can smoothly swap his Bitcoin for Ethereum, or Cardano for Litecoin without the need of being registered.
One might think that ChangeNOW cannot prosper in today’s fierce competition, considering the high number of crypto exchange platforms out there. However, this one has a unique approach that helps it maintain its client base constantly engaged.
What sets ChangeNOW apart is that, as a non-custodial provider, the service doesn’t store any of the listed cryptocurrencies. In this way, the entire exchange process is fast and secure. This model eliminates the risks of hacking attacks, thefts or bankruptcy.
Another significant advantage for speed-oriented traders is that ChangeNOW doesn’t require its clients to register an account. For comparison, some exchanges don’t permit any services without having an account, while ID verifications might take days and even weeks.
How Many Currencies Does ChangeNOW Support?
ChangeNOW’s service is available with over 170 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Monero, ZCash, Stellar, EOS, Cardano, Tron, Tether’s USDT, Binance’s BNB, Dogecoin, Ethereum Classic, Dash, NEO, and more. The full list can be found here. The range is quite impressive. For comparison, China-based Binance, one of the largest exchanges in the world, offers trading solutions for about 150 coins as of today, and that’s a lot.
However, ChangeNOW goes beyond this. While its flagship product can be regarded as a pure crypto exchange, meaning that it enables crypto to crypto swaps, the platform also hosts fiat operations. Thanks to a partnership with Indacoin, ChangeNOW customers can buy cryptocurrencies with fiat money through VISA or MasterCard cards.
Besides the supported cryptocurrencies, ChangeNOW has recently launched its proprietary token, called NOW. We’ll briefly explain the token’s nuances below.
What is Now Token?
ChangeNOW clients can use the NOW token to pay for the products offered via the platform, including the swap solution, the asset listing system and the payments service.
Initially, the token was built on Ethereum under the ERC-20 standard, with a maximum token supply of 200 million coins. However, shortly after Binance announced its own blockchain public network, ChangeNOW chose to move half of its tokens to Binance. Thus, 100 million tokens were issued on Binance Chain, with the equivalent on Ethereum being burned. Now users can swap their Ethereum-based tokens to Binance-based ones free of charge by using the NOW Swaps service. This allows customers to enjoy more flexibility and choose the blockchain network they like the most.
Notably, NOW was the first token to be issued on Binance Chain and among the first ones to be listed on the newly launched BinanceDEX – Binance’s decentralized exchange version. Besides this, the token is listed on IDEX and EtherDelta.
How Do I Use ChangeNOW?
To start with, ChangeNOW’s online platform, which can be accessed via any browser, has a nice and intuitive interface. You can set one of the 27 languages available on the platform, including English, French, German, Spanish, Italian, Arab, Russian, Hebrew, Chinese, Korean, and Turkish among others.
To conduct a crypto-to-crypto swap, you should go through the following easy steps:
Select the currency – If you want to swap Bitcoin to Ethereum, insert the amount of BTC in the “you send” section and select the BTC symbol from the drop-down menu. Then pick the ETH symbol from the drop-down menu in the “you get” section right below, which will make the service automatically estimate the amount of Ethereum you should receive. Once everything is done, click on the green button that reads “Exchange.”
- Enter wallet address – By clicking on “Exchange,” you’ll end up on another page where you should insert your ETH wallet address and click “Next.”
- Confirmation – While this step is often disregarded and done automatically, you should carefully check whether all the information is correct and only then click “Confirm.”
- Deposit – at this point, you’ll have to send your Bitcoins to the address that ChangeNOW generated for you.
- Get your coins – the service will discover the best rate on its integrated exchanges, process the transactions, and then send your Ether tokens. The whole operations take a few minutes only. To be more precise, we found out that a transaction takes up to three minutes on averages.
That’s it! There is no account registration, no email and no password required. As an option, you can include your email in the case you want to get notified when something goes wrong. An overwhelming 99% of the operations succeed without any issue, while 1% of them are handled by ChangeNOW support team.
It’s important to mention that the swap service has no extra or hidden fees, as the displayed rates are the final ones.
What Other Products Does ChangeNOW Provide?
In April 2019, ChangeNOW launched NOWPayments, an API that allows merchants to accept crypto payments. The company has big expectations for its payment infrastructure, as it incorporates many features and supports dozens of cryptocurrencies. Some of the features include auto coin conversion, stablecoins, easy and secure integration, and instant withdrawals. The service is compliant with all relevant regulatory frameworks that touch upon crypto payments.
NOWPayments is a zero-fee service, though network fees might be applied, especially when a conversion is required.
Another great product provided by ChangeNOW is Lightning NOW, which is a blockchain node that enables instant payments and transactions. The service works similarly to the Lightning Network on Bitcoin.
Does ChangeNOW Have a Good Reputation?
Without any doubts, ChangeNOW has a good name and is trusted by both clients and business partners. The startup has reached several agreements with major players in the crypto industry. For instance, digital wallet operator Exodus added support for ChangeNOW swaps last year. The integration allows Exodus users to conduct crypto-to-crypto swaps without leaving the desktop interface.
Besides, ChangeNOW formed partnerships and relationships with Binance, as previously mentioned, Trezor, Ledger, Guarda, and Atomic Wallet.
The service is currently expanding, with ChangeNOW becoming a trusted brand.
The Final Note
The swap service is operated by ChangeNOW international Ltd., a company registered in Belize. The firm was launched in 2017 and has managed to turn into a mature business.
To recap, ChangeNOW is a genuine swap service that enables fast and convenient exchange operations. It has developed a crypto-oriented ecosystem that facilitates transactions, exchanges, and payments. We anticipate that the platform will continue to be the service of choice in the next few years. Judging by the level of partnerships and the pace of growth, there is much confidence that ChangeNOW will be successful in the long run.