With the cryptocurrency industry’s cumulative month-to-date gains; (Bitcoin rising above $12,000 and increasing over 170% in 2019,) if you’re trading cryptocurrencies, it’s essential you can exchange them quickly and seamlessly. Any delay or bottleneck can significantly impact your profit margins.
That’s why in this review, we’re going to look at ChangeNOW, a cryptocurrency swap service recognized for their non-custodial and convenient service. We will also show you how the ChangeNOW swap-service works and look into the company’s roadmap and future developments. Finally, we’ll end the review with a final verdict on the company.
If you’re interested in trying out ChangeNOW, we recommend reading our breakdown and analysis on the cryptocurrency swap service.
What is ChangeNOW?
ChangeNOW is a platform that allows users to swap different cryptocurrency tokens quickly.
While ChangeNOW sounds like other cryptocurrency exchanges, it has many distinct differences and advantages that remove friction in the exchange process. Let’s have a look at their features and benefits.
ChangeNOW’s Features and Benefits:
- Non-Custodial Service: ChangeNOW does not store user funds. ChangeNOW’s partners (reliable cryptocurrency trading platforms) are responsible for swapping the trading pairs.
- No limits: Unlike other exchanges, ChangeNOW does not hold any limits. There is no maximum amount so users can swap as much as they please.
- Registration-free: ChangeNOW does not require any form of account creation. The registration-free process makes the swapping cryptocurrency tokens quick and seamless.
- Quick and instant crypto swaps: The majority of transactions only takes 2 minutes. However, they can take up to an hour to complete, depending on blockchain times. Users also have the option to purchase cryptocurrencies with fiat currencies with Visa or Mastercard through ChangeNOW’s third-party partners.
- Strong Partnerships: ChangeNOW integrates their underlying technology with many reliable cryptocurrency trading platforms and exchange partners. Strong partnerships are crucial for speedy transactions as it allows users to gain the best rate at the time of the transaction.
- Transparent and Stable Fees: Rates listed are final. There are no additional fees or hiding fees as the platform values transparency and honesty with their users.
- High Success Rate: 99% of cryptocurrency swaps are successful. The ChangeNOW customer support team handles the remaining 1%.
- Diverse Token swapping options: ChangeNOW has more than 170 coins available for exchange
- Fast and Responsive Support: A support team is available 24/7. Furthermore, according to Trustpilot, many satisfied users experienced a positive and quick response from the customer support team.
How does ChangeNOW Work?
Since the ChangeNOW platform doesn’t require any registration, you can swap cryptocurrency tokens right-away, even on their homepage. There are only a few simple steps which I will walk you through right now.
1) Select Your Currency
As you can see on the home-page, there is a section to your left that allows you to begin the swapping process.
First, Input the amount you want and the token you’d like to swap. Then select the cryptocurrency token you’d like to receive at the ‘You Get’ dropdown.
The ‘You Get’ box will instantly update every time you change the token you wish to receive, the token you are exchanging, and the total amount you’re sending.
- For example, if you want to exchange 1 Bitcoin to Ethereum, type in 1 under the ‘You Send’ box and select BTC from the dropdown menu on the right. Then select ETH in the dropdown box just underneath. The ChangeNOW platform will automatically calculate the Ethereum tokens you will receive in Exchange for the Bitcoin.
If everything is okay, click on ‘exchange.’
2) Enter Your Wallet Address
The ChangeNOW website will direct you to a page that looks like this.
Next, enter the wallet address that will receive the tokens.
In this example, I will enter in my Ether wallet address in the ‘Recipient Wallet’ box. Then click ‘Next.’
If you don’t have a wallet address, click on the ‘don’t have a wallet yet,’ word next to ‘Recipient Wallet.’ Here, you can sign up for one via their third-party partners.
3) Confirm Transaction
The next step is to verify and confirm the information above. Here, ChangeNOW will show you, the amount and token you’re sending, and what you will receive at the top.
Just underneath is the exchange rate and the deposit address. ChangeNOW will find the best exchange rate via ChangeNOW’s cryptocurrency exchange partners. Underneath that is the estimated time of arrival.
Once you’re happy to move forward, all you need to do is click confirm. While the estimated time of arrival can vary, the whole process should finish in 10-20 minutes.
ChangeNOW will then generate a Bitcoin deposit address for you, where you can send your Bitcoin tokens to that address.
With ChangeNOW, you can undergo crypto swaps quickly and securely, without the need to sign-up and register an account.
ChangeNOW’s Roadmap and Developments
ChangeNOW is a cryptocurrency swapping service that emerged in late 2017. Since then, the platform has grown and evolved significantly, landing a 4 out of 5 reviews on Trust Pilot. While the company is growing strong, we believe it’s a good idea to look into its current and future developments to see where the platform is heading.
- NOW Token: In May 2018, ChangeNOW released the NOW Token. It is the first token made by an instant exchange platform. Although the token launched on the Ethereum blockchain with the ERC20 Standard, in April 2019, 50% of the emission migrated onto the Binance chain. The token is listed on Binance DEX, EtherDelta, and IDEX.
The benefit of a ChangeNOW token is that it makes the process of migrating an alternative token to its mainnet significantly easier. With the token, users can undergo simple swaps with other cryptocurrencies. You can purchase these tokens by participating in the ChangeNOW Airdrop, or purchasing them at the above-mentioned exchanges.
- NOW Products: In April 2019, ChangeNOW introduces new infrastructure services known as the NOW products. These include NOW Payments, Lightning NOW, and NOW Nodes.
The additional NOW infrastructure services are designed to expand ChangeNOW’s existing offering. For example, NOW Payments allows merchants to easily accept cryptocurrency payments while Lightning NOW, a zero-fee public lighting network node provided by ChangeNOW allows lightning users to make instant payments at a low cost, whereas NOW Nodes allows developers and enthusiasts to quickly and simply secure access to IP and RPC nodes.
- Distinguished Partnerships: ChangeNOW also has many solid partnerships with the Exodus Wallet, Binance, Trezor, Atomic Wallet, Guarda, ClassicEtherWallet, Edge, Bitfinex, Bittrex, and Ledger.
In summary, it looks like ChangeNOW has achieved strong product-to-market fit. What we mean by this is that their non-custodial, registration-free, and easy to use platform creates a seamless and friction-free experience for the user; something that traders need.
While these features and benefits are highly appealing, ChangeNOW’s service is supported by their large number of positive reviews. Its simplicity, convenience, and speed make it great for traders of all levels. Their strong partnerships with Ledger, Binance, and Exodus also provides greater legitimacy to the cryptocurrencies swapping service.
If you’re interested, we recommend trying them out. It takes less than 5 minutes to swap your cryptocurrencies. Furthermore, if you’re happy with the platform, then we recommend you keep an eye out for their new infrastructure services.
It appears as though ChangeNOW is not limiting itself as a cryptocurrency swap service. Instead, they are building out an entire ecosystem to help facilitate decentralization, transparency, and ease of use for cryptocurrency traders and merchants.