ChangeNOW allows you to exchange your cryptos limitless, anonymously, and non-custodial. Sounds good, but it has a lot of rivals, from other non-custodial exchanges like Changelly to the, in my opinion, excessively present centralized exchanges, like Binance, Huobi, Coinbase, etc. But it is really ChangeNOW the best? If you want to discover the answer to this question, you only have to keep reading! Nothing more, I promise!
How am I going to compare?
To make the comparison, I'm going to directly compare to Changelly, as I think it is his major competitor in this field, it uses the same way to operate, and later I'm going to compare the process of exchanging and the general user experience with the one in a centralized exchange, and for which situations is better to choose one or the other. I'm going to evaluate 6 principal points:
-Interface and ease of use
-Limits and privacy
-Exchange process and general speed
-Fees and costs
Interface and ease of use
The two platforms have a very clean interface, but you notice a significant change in their styles. Both have a dark color style, maybe Changelly more, but ChangeNOW clearly goes to a more rigid style, without rounded objects, as Changelly does. The changes are more notable when we install the app, both available for Android and iOS (the ChangeNOW app for iOS was just released a few days ago, making able to almost every phone in the planet (no, your grandma with his 2000s Nokia is not included in that group, sorry) to exchange form the ChangeNOW app).
The Changelly mobile app has a very simple and clean design (with a lot of white) seeing your transaction history in the home page, instead of the exchange page, and it allows you to exchange, see your exchange history and consult the rates of the cryptocurrencies, with the possibility to add some to a watchlist. It is compatible with dark mode, which is a good point.
On the other hand, the ChangeNOW app has a design and an interface, that is more rigid, more different colors and a contrast with grey and white in the Android version. It comes without dark mode, at the moment of writing this, but I'm sure it'll come. The iPhone version is darker and cooler, in my opinion, and has better management of the colors in the interface, in my opinion again, the change is only the use of more grey and black colors. cries on Android. It includes and exchange page that's the point of the app, and address book to exchange fastly and save your addresses, a history, and a FAQ. Psst, seeing the images below, don't argue with me, the iOS version it's just cool, admit it.
Here, I don't think we can find a winner, because that depends on every person, but I don't think the UI it's something that is going to make you decide. The ease of use is magnific in both two and it is very similar, with an almost identical and effective process, so I'll go with the one with the best price in the pair you're interested in.
Here, ChangeNOW and Chanelly are absolutely fair.
Limits and privacy
Not both two are limitless, in ChangeNOW you can swap any crypto within any amount, the only limit you are going to find is a minimum that goes between the 1-2 to 19-20 US dollars, or the equivalent in your native currency. But, in Changelly, there's a top, usually a very high top, but there it is, something that ChangeNOW doesn't, and I think it's important. I found that ChangeNOW usually also has lower limits, but that depends only on that specific trading pair. Also, if we dig into privacy terms, ChangeNOW wins here, as it doesn't require an account for crypto-to-crypto exchanges, you can optionally give your email for notifications of your exchange, but that's all. Also, you have to keep in mind, that KYC is required in certain cases, for security reasons (suspicious address or location), but a normal user won't ever have any problem. On the other hand, Changelly requires to make an account to use the services, but it won't ask any personal details. Going through a KYC will only be required in the same situations as ChangeNOW, for security reasons.
So it is hard to make a decision here, but ChangeNOW is the winner, it is way more private and it has more flexible and limitless limits. Wow, that sounded funny, limitless limits.
Here we found that ChangeNOW allows us to exchange more than 170 currencies, and every one of them with a lot of different pairs, exactly 13544 classic rate pairs, and 600 fixed rate pairs, info that I got sending an email to ChangeNOW, and in a few minutes I received my response from James, of the support team, so James, if you are reading this, thanks again! Changelly allows you to trade about 150 different currencies and logically because it is compatible with fewer assets, approximately available pairs of more than 11000, which is pretty good, also. Also, both ChangeNOW and Changelly allow buying crypto with VISA and Mastercard cards, ChangeNOW via Simplex and Changelly lets you choose from a list of providers, that depends in the amount and country your are buying from, and gives you the option to sell if you are from EU, and receive the money by SEPA.
AND AS A BREAKING NEWS: YOU CAN BUY THE MASTERPIECE, POWERFUL, ULTIMATE DOGECOIN IN CHANGENOW WITH FIAT. HOW F**** AWESOME IS THAT!?
Here, I was really amazed by all the fiat-crypto features of Changelly, that was a huge point for me, but here I am comparing a crypto-to-crypto exchange, and in that field, ChangeNOW wins slightly in number, and therefore, wins this round.
Exchange process and general speed
Here we go, the paragraph all the present was for, how do they do it? That was a reference to the Discovery channel TV program, but now, I'm figuring out that it doesn't make a lot of sense, but I think I'm gonna leave it. The process is very similar, decide your pair, make a deposit, and wait a few minutes. but it's true that Changelly made us create an account, and that can take a little more time and can be an important factor for some users, making the exchanges more fast and effective in ChangeNOW. Personally, to made this article, I exchanged 5 USD of BCH to LTC in ChangeNOW, and I'm gonna show the log of a past exchange in Changelly, basically to show and compare the speed because as ChangeNOW doesn't require an account, I can't see my previous exchanges (in the app you can, and you can store addresses too), so I have done one.
But, as I'm a little dumb sometimes, I decided to exchange BCH at midnight, when the next day I had to wake up early in the morning. So, here I was, at midnight, waiting for the damn BCH network to make 2 miserable confirmations (and as you can appreciate in the screenshots the time the exchange will take can be up to 40 minutes, I was warned, and still do it late at night). But, I asked the support team in the chat and they told me that I can close the browser, go to sleep, that I'll receive the LTC when it's done. Also, they notify you by mail if you want, so that's good. And if there's any problem, with your transaction ID, can reach the support team to ask for help, but that was not my case, all went through great. And I was surprised by the speed of the exchange, I mean, the damn BCH network went slow as hell, but the exchange to BCH to LTC, the part that is done by ChangeNOW and doesn't depend on any blockchain went very fast, as I have seen later in the email they send me. Well, I'll stop telling my opinions that night and I'll go to explaining all the processes.
First I got to ChangeNOW and I put the quantity and the pair. I wrote my LTC address, in my case, here you have to put your wallet's address of the crypto you are receiving. The second step will be to confirm all the details, your address, but, well if it is wrong typed, you're gonna made a stranger very happy;-P. Once you are reviewed all the details and accepted the terms you have to click confirm and you'll jump to the last step. Excited, yea?
And here appears the address when you have to make the deposit, the transaction ID (save it, it is important if there's any trouble) and a slider that indicates us how the exchange is going. Keep in mind that the deposit won't be confirmed until a certain number of confirmations from the network to prevent double spending, so keep calm if you sent the money and nothing is going on. The number of confirmations required depends solely on the crypto you are exchanging. Ones need more, other's less (for example ETH and ETC, usually the exchanges and merchants requires way more confirmations for ETC that for ETH), so depending on the currency, the deposit might take longer, and therefore, the total time that the exchange will take, but that time is displayed before starting the exchange.
Also, the people of ChangeNOW allows you to put your email and they'll send you a message when the exchange is completed, so hey, you, you, yes the one with a busy agenda, you have no excuse now, come on, come one exchange crypto, no, no, don't come with I don't have time, just do it, ok, good job. But no, wait, what are you doing crazy men, exchanging without using my powerful and fantastic referral link, no, please don't, just click here, ok that's all, now you're set, continue. And, well, while I was sleeping and dreaming with unicorns, the exchange was completed, and my Litecoins sent to my wallet. Here is the email they sent to me, and it goes with a link that directs you to the transaction page, when you can see all the transaction hashes, the time of the events, etc.
Wow, I almost forgot the MOST important thing, because seeing that is fine, but, you can't believe it until you see the cash, right?
And there it is, the money, the Litecoin, the cash! Probably from this screenshot you figured three things:
1- The amount is not the same. Yes, all the pairs are flexible, that means that you're not guaranteed to receive that amount of money, it can fluctuate a little. Nothing to worry about. Besides, most times I received MORE crypto that the one I was expecting. But, there's a solution, the fixed ones, they are about 600 available in ChangeNOW (there's a tab above the crypto selection section where you put the amount and crypto you want that let you change between Classic rate and the Fixed rate) where you are GUARANTEED to receive that amount of crypto.
2- There's a Dogecoin in the moon as a wallpaper. It is not relevant to the article, but, come on, there's a damn Doge in the moon, with a flag, and as a wallet wallpaper. Now I just realized that maybe exchanging Dogecoin should have been a better idea, but well, here we are.
And, leaving behind all that stuff, I just remembered that this is comparative, so Changelly, here I go!
With Changelly I didn't make any exchange now, but I had some in the past, so I'll show that and explain a little the process. I exchanged 120 ADA (before the pump, when it was worth about 10 USD) to Stellar, which has also made a pump, so perfect. As you can see the speed was quite similar in the exchange, because, well comparing the speed of BCH and LTC networks with the ADA and XLM network, is unfair, as these last 2 are incredibly faster, so we have to keep that in mind.
If we initiate an exchange, the process is the same, ask for the receiving address, and to confirm the exchange, offering to us also the fixed-rate, what we were talking before.
And, yeah, we have to face it, the process of exchange is almost the same, as I was told by the scroll of truth:
And why? Well, because it is a simple, effective and easy way to exchange, and, I have thinking about it, and I've been unable to find a better way to do it. Maybe with a mobile app? They both have one. Inside a wallet? They both provide that service to many wallets, like, for example, Atomic Wallet, its integrated exchange is provided for both ChangeNOW and Changelly.
Ok, but who wins this one? They're both very well done projects and if we evaluate details, well it is not less difficult to decide. Ease of use? Almost identical. Speed? Changelly wins, but it's not fair as I was exchanging currencies with very fast networks.
So, I think that's a pair, I mean, I can't find any point that is remarkable and can matter in the exchange process, the method is almost identical, so that's a tie.
Fees and costs
Well, crypto is here for a lot of reasons, but if there's one thing crypto try to not achieve, is being a bank, a centralized bank, without any transparency, and it's magical fees, that appear where you expect they less. And both exchanges are not like that. They show you the fees, clearly and transparently.
-ChangeNOW: In this case, they explain to us all the fees in the FAQ, and all these fees are included in the final exchange result. These are the possible ones:
- Network fee for the deposit transaction from a customer's wallet;
- Network fee for transferring coins to our liquidity provider;
- Trading fees that our liquidity providers charge;
- Network fee for sending the exchanged funds to the customer.
-Changelly: Changelly also explain to us all the fees before starting the exchange and also adds it's own fee of 0,25%.
Wow, that's such a lot of numbers right? But as that doesn't mean anything really, I am going to compare the 5 pairs that I think are more important or more used and see who gives me the best price. To do the test I tried to search for both ChangeNOW and Changelly on Coinmarketcap and CoinGecko, but I didn't find it, so I oriented my decision for the biggest exchanges most used pairs at the moment (info I got from Coinmarketcap). As a common price, I'm going to put it's equivalent of 1000 USD (on 15th of July of 2020 at 5 PM UTC) in the selected currency. The pairs are:
-BTC/ETH (0.10863366013959426 BTC)
-ETH/BTC (4.194279003439309 ETH)
-BTC/USDT (0.10863366013959426 BTC)
-ETH/USDT (4.194279003439309 ETH)
-LINK/USDT (117.6470588235294 LINK)
I put the results on an Excel table, and they have been, quite boring, I'm not gonna lie. If one of you was expecting to see a hundred dollars difference, you're wrong. The difference is less than 1% in those pairs, maybe it can be 1% and something in others, but that's all, as you can see:
As a final verdict here, I would say that, objectively, Changelly wins here, I don't think that will be a reason to make a change if you are already comfortable with one, but maybe if you are exchanging several thousand of dollars, you should keep that in mind, but only in that cases, because in normal amounts, the difference will be of some cents.
And we're getting to the end of the comparison, and we found that we finished with 2 ties, and a result of 2-1, with ChangeNOW leading the comparison. I tried to do the most objective possible comparison, and it's been hard because the differences are not significant, are not something that would say, Wow what a difference!. I think the privacy point has been the most remarkable one, but it's relative with what do want. So, as my final words in this comparison, both ChangeNOW and Changelly are awesome projects, and I highly recommend you to use the one you like the most, do your research and make a decision, depending on your standards, the pair you're interested and your favorite one :)
How would that process be in a centralized exchange?
Well, what's better to show the benefits of non-custodial exchanges that comparing to a centralized and custodial exchange?
1- You must create an account, and depending on the exchange, pass a KYC procedure (some exchanges for crypto to crypto doesn't require a KYC).
2- You would have to make a deposit to your exchange wallet and wait for it to be confirmed.
3- Depending on the exchange, you would have to open one or more orders and wait till they are fulfilled. (For example BAT-LINK probably you had to do a BAT-BTC and BTC-LINK or similar)
4- When you have the assets exchanges, request a withdrawal, and wait for it to be confirmed. Also, you have to pay trading and withdrawal fees, which you don't know until you are going to trade or withdraw, so you can't know exactly how much money you are gonna receive from the exchange.
All that process can take easily an hour or more in the first one if you have to create an account and pass a KYC.
With that I'm not saying that the centralized exchanges are not worth it, for trading, limits order, margin, futures and similar they're perfect, but for exchanging crypto, they're simply not. If I want to make an order to trade my Bitcoin at a certain price and including a collateral, I would go to Binance, HitBTC, I don't know, I don't trade a lot, personally, I just HODL. But if I want some Algorand from my Stellar Lumens, for example, it's just a loss of time and money to use them.
Additional features of the ChangeNOW
Probably you were thinking that that's all, but no, it's not, well the comparison is it, but I want to explain you something more, because if ChangeNOW has one thing that is impressive, is that is no longer only an exchange, it is a whole ecosystem of connected services. Because, yes other services also have affiliate programs, social media, community, but not at the level of ChangeNOW writing this was not in my plans, but I think remarkable to do so.
Social media accounts
In the ChangeNOW side, we find ourselves with Facebook, Instagram, Twitter, Medium, Telegram, Youtube, a blog, and Publish0x, yes they have Publish0x, and probably you've read some articles from them without knowing it was from them. Facebook and Twitter have a lot of activity from the team, the Telegram group, hosts AMA's (like the ETC AMA of a few days ago) and it is a really "alive" group and always the admins are participating in the chats. TheirInstagram caught my attention because lately they've been doing illustrations that are such funny and I recommend you to see. The Medium and the blog has almost the same articles, the most recent ones are not on Medium now, but it will be in a few days, I suppose, I figured that they publish the Medium articles a few days later. Reddit is not the one with the most activity, and the Youtube channel is very similar to what have we seen with other platforms, tiny tutorials on how to use the platform.
ChangeNOW has an affiliate program too, and the registration process is just so easy, click a button, your credentials appear, save it and you're ready. ChangeNOW gives you 0.4% of the total exchanged funds. The payouts are in BTC with a minimum of 0.01 BTC. Also, they provide you with all the necessary tools to promote it on your website or blog, such as widgets, an API, and a referral link. Also, depending on the amount your referrals exchanged, you have more benefits, as you can see in the following image:
A Telegram bot
ChangeNOW provides us with a Telegram bot, that allows you to make an exchange from Telegram, without entering any website, only chatting. I think it is a cool feature, and I want to give it a try, only for curiosity. This feature doesn't have a lot to explain, but I felt it was worth writing.
A crypto academy
One of ChangeNOW products is NOWAcademy, where you can learn some concepts and start understanding crypto and how it works. Now there are a few lessons, but there's a lot more coming soon.
Lightning NOW is a lightning public node, that is totally free and you can use it right now, setting it in your wallet. The node is an outbound node, but you can request an inbound node to their team, making a request.
NOW Nodes is a service that has configured various nodes of popular cryptos (BTC, ETH, DGB,etc.) which you can access for free, but there's the possibility to jump to a paid account if you want. I think this is a really good idea, as it provides you more security on your available balance.
NOW Payments is a payment processor for your website, or shop, or any site where you want to be paid in crypto. But it is not a regular payment processor, as the payments go directly to YOUR wallet, so when the payment is authorized, you have the money in your hands, nothing of custodial wallets or similar. Also allows the buyer to make the payment in a 24h range of time, allowing to pay fewer transaction fees, as the limit of time to arrive is lower. And for you, the one that knows a merchant, but if you are not one, there's an affiliate program with the Verge currency. You'll receive a one-time bonus of 25$ USD in XVG and a lifetime bonus of 0.2% of every operation the merchant does.
ChangeNOW premium, is actually in beta testing, and to access it you have to pass a KYC procedure, but it allows you to use more features, as you have a personal support manager, for example. I cannot tell you more because, well, I didn't find any more information, it is in beta, so that could be a reason, and I'm sure that we'll receive more news about this service soon.
The NOW token
The NOW Tokens serve as an internal currency on all the different NOW products. I mean, having NOW tokens will give you more benefits when using any of their services, such as:
-Special rates for all exchanges and any exchange amounts
-Better affiliate conditions such as higher revenue shares and lower payout limitations
-Listing and featuring of new coins and tokens for exchanges
At date of today, you can exchange it in IDEX and Binance DEX, because yes, it is both available in ERC-20 and BEP2, each one with a 100000000 supply, going to a total of 200000000 tokens. Also, if you go to the ChangeNOW Telegram chat, some people do NOW token pots, where you can buy lottery tickets, and be able to win all the NOW in the pot (I'm sure that way to earn NOW was not listed in any website, eh? So, psst, keep the secret). The token was airdropped in the past, to a total amount of 60000000 tokens airdropped for the people who exchanged in the platform. The rest of the tokens are reserved for other purposes, as you can see in the following image:
In my opinion, the NOW token is an early gem, because when all the benefits start working and being able to be used for the NOW token hodlers, the token will pump, but not a little pump, it will PUMP TO THE MOOOOOON, and it will pass the moon and arrive to, I don't know, Saturn? You can obtain more info from the NOW token page, and see all the roadmap of the token, which is prominent and bright. To control its price, the token will be burnt until reach its 50% total supply, 100000000 NOW token including both ERC-20 and BEP2. Also, you can exchange your token 1:1 rate between networks in ChangeNOW.
As you can see, the ChangeNOW team has been driving the project so well, and I think their decision to make ChangeNOW more than an exchange platform, is so great, and the ecosystem their building can make them a very important company in the cryptocurrencies field in the future, as it gains popularity among the population, businesses, and governments.
And, as the last thing, it would be amazing for me, if you, the reader could use my referral link when exchanging assets, it doesn't involve any extra cost for you, and well, if you just did, THANK YOU! And to express my gratitude I will give you a virtual hug, so come here! ⊂(・ヮ・⊂) There we go!
https://changenow.io?link_id=ba9ad60a72d23d hey, thanks again :)