Cryptocurrencies have taken center stage over the past months following the impressive bullish cycle. Their growth in popularity is undeniable, and this attracts hundreds of thousands of new investors looking for a way to buy, sell, and store their crypto-assets.
Nevertheless, there’s a magnitude of options out there when it comes to exchanging fiat for crypto, and it’s not always easy to get a straightforward process that’s friendly for beginners.
Changehero is an exchange that aims to tackle just that, providing a very easy and quick way for users, from advanced to beginners, to buy or sell their cryptocurrency.
What is Changehero?
Changehero brings forward a cryptocurrency exchange platform. It allows users to convert Bitcoin, Ethereum, Litecoin, and more than 30 other cryptocurrencies in a quick and secure way.
Another substantial benefit is the fiat on-ramp. The exchange allows users to buy crypto with a debit or credit card and also sell their holdings for fiat.
One of the main advantages of Changehero is that users don’t have to register an account. This makes it very quick and effortless to go through the entire process and convert BTC and other coins without having an account. Being a non-custodial service is definitely to be considered. There’s a very popular saying in the cryptocurrency field – “not your keys, not your bitcoin,” which basically means that if you don’t control your own private keys, you’re not in control of your holdings.
Another advantage of this is the increased security. Since Changehero is non-custodial, users don’t have to worry about it being hacked – the platform doesn’t store any crypto. This is important – just a few months ago, one of the leading cryptocurrency exchanges, KuCoin, was hacked, and the attacker was able to make away with over $280 million. Fortunately, the funds were recovered, but it still goes on to show that it’s dangerous to keep your holdings on someone else’s platform.
How Does Changehero Work?
The way the exchange works is pretty straightforward, and users don’t really need any serious trading or investing experience to use it. There are a few steps to go through.
Step #1 First, you have to choose the cryptocurrency pair you want to trade and provide the wallet address of the resultant cryptocurrency.
Step #2 Second, you have to confirm the transaction. Before you do that, make sure to triple-check if the data you’ve entered is correct. If you accidentally input a wrong address, the funds might be lost.
Step #3 After that, you need to send funds. You can either send cryptocurrencies or buy with a credit/debit card. If you do the former, Changehero will generate a deposit address where you can transfer cryptocurrency to.
Step #4 That’s basically it. The last step is to simply wait a few minutes so that the exchange can find the best rate.
Going forward, it’s also important to be aware of some of the more precise considerations when using a cryptocurrency exchange. These include commissions, minimum and maximum buying or withdrawing amounts, speed, and so forth.
First things first, Changehero charges a fee of 0.5% on the transactions, and it offers competitive rates.
There are also no restrictions for the minimal amount that’s required to exchange. In some cases, there might be one when it’s required to cover the network fees for the transaction to be handled within the blockchain. There’s a widget that tells you if the amount you want to exchange is too low.
In terms of speed, Changehero says that the average transaction time to convert Bitcoin to any other crypto is about 15 minutes. Some networks, however, are quicker.
One thing to keep in mind is that blockchain-based transactions are both immutable and irreversible.
In general, Changehero looks like a comprehensive and easy-to-use cryptocurrency exchange that’s more suitable for beginners rather than for advanced traders.