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The cryptocurrency market is gaining steam once again in 2019, and there’s no doubt about it. Bitcoin, as well as the majority of major altcoins have surged in value, attracting once again more interest in the field.
It is exactly in times like this that the ability to exchange between different cryptocurrency proves its importance. That’s where ChangeNOW steps into the picture.
ChangeNOW is a non-custodial service which is specifically created for quick and seamless cryptocurrency exchanges. It has over 170 coins available for exchange, and it doesn’t impose any limitations, meaning that users can swap as much as they want. Let’s dive deeper and look at all the essential features of this service.
ChangeNOW: Registration Free Cryptocurrency Swaps
As mentioned above, ChangeNOW is a non-custodial service which enables its users to swap different cryptocurrencies quickly. The platform doesn’t store the funds of its users and doesn’t require them to create an account.
It supports over 170 cryptocurrencies, and it doesn’t impose any limitations. This means that users can swap as much as they want, without having to worry that a third party is storing their crypto. Moreover, it also allows users to buy cryptocurrency using Visa, Mastercard, or certain third-party partners.
ChangeNOW has also partnered up with some prominent cryptocurrency proponents such as Binance, Exodus, Ledger, ClassicEtherWallet, Trezor, Edge, Atomic, Guarda, and so forth.
How Does it Work?
In all fairness, the process is rather user-friendly and simplified. It takes exactly five steps for the user to exchange between different cryptocurrencies.
Step #1 Select The Currency
The first thing that you’ll have to do is to select the cryptocurrencies that you want to swap. This is how the interface looks like:
Let’s say you want to swap Bitcoin for Ethereum. All you have to do is type in the amount of BTC that you want to swap for ETH in the “You Send” section and choose BTC from the drop-down menu. Then, you’d have to select ETH from the drop-down menu on the “You Get” field and the service will calculate the exact amount of Ethereum you will receive. If you find everything agreeable, you should click on the Exchange button.
Step #2 Enter Your Wallet
Next, you will have to enter your wallet address. This is the destination address. In the above example, you’d have to enter an ETH address. If you don’t have a wallet, you can go to the “Don’t have a wallet yet?” section and create a wallet with one of ChangeNOW’s partner services.
This is how it all looks like:
Step #3 Confirm
The next step is to confirm. Make sure to check all the information very carefully and click on the “Confirm” button.
Step #4 Deposit
Now, you will have to deposit BTC to a Bitcoin deposit address generated for you by ChangeNOW. You can send your BTC to that address. It looks like this:
Once you get this done, you’re ready for the final step.
Step #5 Receive Your Coins
All that you have to do now is wait for a bit. ChangeNOW will find the best rate on one of the integrated exchanges, process the transaction, and have your ETH sent to you in a few minutes.
And it all happens just like that – without emails or passwords. There is no lengthy sign-up process, no limits, and no need for account creation.
Key Features of ChangeNOW
The platform is touted as user-friendly and seamless to use and, as you can see from the process explained above, it lives up to these claims.
One of the main benefits of the service is that it requires no registration. Perhaps it’s here where we need to discuss one of the main pressure point for most of the crypto community – Know Your Customer (KYC) procedures.
ChangeNOW has no mandatory KYC process, unlike some of its main competitors. However, some cryptocurrency swaps can be marked suspicious by the platform’s Risk Management System. If this is the case, ChangeNOW will ask the user to pass a KYC procedure.
Another thing to consider is that 99% of the swaps on the platform are successful. The remaining 1% is timely handled 24/7 by the platform’s support team.
Moreover, the rates on ChangeNOW are final. In other words – what you see is exactly what you will get. There are no extra or hidden fees, and everything is designed to be as transparent as possible.
Conclusion
ChangeNOW does seem to be providing a much-needed cryptocurrency swap service which is easy to use and comparatively quick. The fact that it doesn’t impose a mandatory registration is also particularly convenient as it saves a lot of time for the user.
The service has also been listed on Binance DEX, which is another positive sign and a further testimony for its credibility.
Pros
- Easy to use
- Quick transactions and numerous available cryptocurrencies
- Reliable and well-established partnership network
Cons:
- Swapping speed depends on the blockchain time
- Card payments are not available yet
