ChangeNOW IO Review with Exchange Fees Explained

ChangeNOW IO Review and Exchange Fees

In this review, we cover ChangeNOW, where you can instantly exchange more than 450 cryptocurrencies and 65 fiat currencies with no KYC requirements.

ChangeNOW is one of the best non-custodial crypto exchanges with fast executions settled on the blockchain in a decentralized manner.

No Financial Advice, Information only. Do your own research

What is ChangeNOW IO?

ChangeNOW is an instant non-custodial crypto exchange where you can exchange more than 450 cryptocurrencies fast and efficiently. Here, you can swap crypto-to-crypto and fiat-to-crypto without any KYC requirements and no registration process. In addition, there are no limits on how much you can exchange.

ChangeNOW is integrated into multiple cryptocurrency trading platforms, including Binance, Bitfinex, Huobi, OKEx, and Kucoin. ChangeNOW browses and finds the best exchange rate on the market at any given moment and offers it to you.

The company is incorporated under CHN Group Limited and is located at Global Gateway 8, Rue de la Perle, Providence, Mahé, and Seychelles.

ChangeNOW IO Exchange Features

  1. Exchange
  2. Fees
  3. ChangeNOW NOW Wallet
  4. NOW Token
  5. Deposits and Withdrawals
  6. ChangeNOW KYC and AML Policy
  7. Security
  8. ChangeNOW Mobile App

1. ChangeNOW Exchange

ChangeNOW is not a traditional exchange where you can deposit and hold funds.

ChangeNOW is an instant exchange where you deposit the funds you are about to sell from one wallet address and receive the funds you buy from another wallet address.

Therefore, you must prepare a receiving cryptocurrency wallet for your desired cryptocurrency or token.

ChangeNOW Exchange Step-by-Step

  1. Select the cryptocurrency you want to send/sell(See screenshot below)
  2. Now, ChangeNOW calculates the best possible exchange rates for you.
  3. You will be asked to send the funds you are about to sell to ChangeNOW’s NOW wallet. You can use cryptocurrencies or credit/debit cards to buy crypto.
  4. ChangeNOW uses some of the top cryptocurrency exchanges to swap your cryptocurrency.
  5. ChangeNOW sends your receiving cryptocurrencies back to the provided receiving wallet address.

In the ChangeNOW screenshot above you can see what fields you need to enter to make an exchange. Also, you can see directly what you get but remember to read the difference between classic rate and fixed rate.

2. ChangeNOW Fees

ChangeNOW advertises a no-extra-fees policy, meaning all fees are included in the spread.

Even though the ChangeNOW exchange is straightforward and fast, the fees are more complicated than traditional exchanges, often charging according to a fixed fee schedule.

In addition, the ChangeNOW exchange process consists of many steps since it’s a non-custodial exchange (network fees) collecting liquidity(trading fees from liquidity providers) from many different order books.

During all the included steps, various fees are charged.

ChangeNOW’s spread fee includes:

  • the network fee for the deposit transaction from a customer’s wallet;
  • the network fee for transferring coins to our liquidity provider;
  • trading fees that our liquidity providers charge;
  • the network fee for sending the exchanged funds to the customer.

All the fees can vary depending on the currency and the exchange amount. Large market caps and high exchange amounts get a lower % fee charged by ChangeNOW. Still, ChangeNOW always finds the fastest and most user-profitable way to execute an exchange since this is their business idea.

ChangeNOW Classic and Fixed Rate

There are two different fees on ChangeNOW: the classic rate and the fixed rate:

Classic Rate – A classic rate cryptocurrency exchange is an exchange performed at the current most profitable rate on the market. You can never be sure about the precise amount of coins you’ll get per single swap since the cryptocurrency market is highly volatile, and you should account for that.

Each transaction may have its exchange rate during the classic rate exchange because of price fluctuations, market conditions, and network fees. The rate might change at any moment; as a result, you might receive more or less than you thought you would.

Fixed Rate – If you select the Fixed Rate, you have 20 minutes to deposit your exchange funds. During that time, ChangeNOW guarantees that the rate won’t change in any way. You will receive the exact amount that was displayed to you. However, you’ll pay an extra spread to get a guaranteed rate.

ChangeNOW Fees Summary

You will generally find lower fees on Binance or any other major exchange.

However, if you prefer to make an exchange without KYC or ID, ChangeNOW can be a good option. 

Also, ChangeNOW can be a good option if you exchange an altcoin for another. This is because:

  1. ChnageNOW is sourcing liquidity from several exchanges.
  2. ChangeNOW can perform such a trade in one transaction, while it might involve several exchanges since you probably have to exchange to USDT or Bitcoin.

3. ChangeNOW NOW Token

The initial 200 million NOW tokens were issued 100 million each on two chains. 100 million Ethereum (ETH) as an ERC20 token and 100 million Binance Chain (BNB) as BEP2 type coins.

There are several utilities connected to the NOW token like

  • better rates for all exchanges and all exchange amounts
  • faster customer support
  • better affiliate conditions
  • listing and featuring new coins and tokens at ChangeNOW.io

NOW token allocation

In the screenshot below, you find the allocation of the NOW token. NOW has a decent to low amount reserved for the team and private investors, which is excellent. In addition, they have large amounts dedicated to the reserve and airdrop, which is also great.

 

4. ChangeNOW NOW Wallet

The NOW Wallet is a non-custodial cryptocurrency wallet. The NOW wallet lets you store, buy, sell, exchange, and stake cryptocurrencies directly in the app on a mobile device.

5. ChangeNOW Deposits and Withdrawals

Since ChangeNOW is a non-custodial exchange, they never hold your funds; therefore, there are no deposit or withdrawal methods.

However, you can still purchase crypto via ChangNOW through the third-party service Simplex. Simplex offers the following purchasing methods.

  • VISA
  • Mastercard
  • Apple Pay

Read more about the Crypto Exchange with Lowest Credit and Debit Card fees for Deposit Fiat.

6. ChangeNOW KYC and AML

Even though ChangeNOW offers an anonymous or private exchange with no KYC requirements, ChangeNOW still has to comply with the regulations. 

ChangeNOW uses an automated risk prevention system. The computerized risk prevention system scans through all transactions, and if a transaction is marked suspicious, the swap is put on hold. 

Then, the customer is asked to do KYC. The company does not disclose the set of criteria that this system employs – because, if made public, there will be people trying to abuse those criteria to cheat the algorithm. If you do not agree to go through KYC, your funds will be refunded to your wallet.

Each KYC case is handled individually but requires the essential KYC documents:

  • A quality picture of an ID document
  • A source of deposited funds
  • A selfie of you holding the ID document.

Once these documents are received and verified, the swap is completed, and the funds are transferred to your wallet.

7. ChangeNOW Security

The business idea of ChangeNOW is to be a non-custodial cryptocurrency exchange and never keep your funds, significantly reducing their security requirements.

Almost all crypto hacks are related to hackers that have been able to get into the hot wallet of crypto exchanges.

8. ChangeNOW Mobile App

The ChangeNOW crypto app has an excellent reputation and user interface. It works like the website interface, and you can exchange cryptocurrencies with non-custodial exchanges and no KYC requirements.

ChangeNOW android app has a 4.7 rating from over 3k reviews and over 100K downloads.

ChangeNOW IOS has a 4.6 rating from 955 reviews.

ChangeNOW Restricted Countries

Non-serviced jurisdictions include the United States, countries on the United Nations Sanctions List, or countries where cryptocurrency usage is prohibited by law.

Prohibited countries include

  • The United States
  • Cuba
  • Iran
  • North Korea
  • Crimea
  • Sudan
  • Syria
  • Bangladesh
  • Bolivia

ChangeNOW VS Changelly

Compared to ChangeNOW, Changelly’s ecosystem is tiny. Changelly only offers its leading exchange service and a mobile app. In contrast, ChangeNOW products include a crypto wallet (NOW Wallet), a portfolio tracking app (NOW Tracker), Crypto Loans, NOW Payments, Telegram bot, NOW Nodes, etc. 

Besides, ChangeNOW offers a wide range of B2B solutions and cashback in its native token (NOW token). On the other hand, Changelly doesn’t have its digital asset and doesn’t give cashback for transactions. Apart from all that, Changelly’s website only supports 8 languages, while ChangeNOW’s platform is available in 15 languages.

ChangeNOW exceeds Changelly in the number of currencies too. ChangeNOW offers to use around 60 fiat currencies, while Changelly supports only 3. The number of digital assets at ChangeNOW is also higher (almost 500) compared to 457 coins at Changelly. 

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