As a crypto newbie in early 2017, the first challenge I had after getting my first alt (HAT) through airdrop at the time was converting it to cash. I didn’t have the technical know-how of how exchanges work and had to trust a friend to handle the transaction on my behalf. Understanding the need to have trading skills after this prompted me to learn how to trade crypto on various exchanges. Since the creation of bitcoin and “the rise of the planet of alts”, there has been the emergence of various exchanges – centralized and decentralized alike with the centralized exchanges being more popular and widely adopted due to the stream of products and services they offer, such as leverage trading and buying crypto with debit cards which are now popular. Taking a look at centralized exchanges however, they sort of disprove the major ideal of decentralization. This is because users are required to register and in many cases have to pass KYC by giving out their personal information before they can use specific features or carry out basic transactions on some of these exchanges.
The major issue with centralized exchanges seems to be that of security as there have been several incidences of cyber-attacks leading to the loss of users’ assets even on the “popular” and “trusted” exchanges. These occurrences will not be hard to come by on these platforms as the pool/bank of information they possess are such that tickle the fancy of hackers. The recent twitter hack incident is a further indication of the need to abate the use of centralized servers for data storage. It is quite troubling to see that there aren’t many Dexes out there to challenge the growing autonomy of centralized exchanges like Binance, Bittrex etc. Etherdelta and Forkdelta seem to have faded into oblivion, Idex is much of a semi-decentralized exchange and WRDex doesn’t seem to have the scalability to handle high volume of transactions yet.
Aside security, centralized exchanges literally choke users with high fees/charges for services rendered. This, coupled with the volatility of the crypto market might end up devaluing users’ assets.
The issue of funds’ security is a call to rekindle decentralized exchanges where users don’t have to register or go through any sort of verifications before transactions are implemented. Decentralized exchanges help maintain the ideal of decentralization by giving the users full control over their exchange activities. However, the many problems of the few decentralized exchanges available such as high transaction charges especially during high traffic periods on the ethereum network, low liquidity and less tokens being listed on Dexes usually leave users with not-so-much of a choice to use Dexes over Cexes.
The emergence of ChangeNOW - a non-custodial exchange platform is basically the solution to the problems of users who are torn between using either centralized or decentralized exchanges. Below is my appraisal of the ChangeNOW exchange over other decentralized exchanges:
- User-Friendly: The ChangeNOW exchange so far has one of the best interfaces in my history of using exchanges. It is easy to use as users do not require any technical know-how to transact on the platform. The website is designed in such a way that the system carries out all calculations and conversions as needed by the user.
- Fast and Easy Swap: Owing to the user-friendly nature of the ChangeNOW platform, swaps are super fast and easy - the speed of light has nothing on the speed of transactions on the ChangeNOW exchange. Your funds are delivered to your wallet the moment you hit the “swap” icon. The most mind blowing fact about swaps on ChangeNOW is that users can swap their tokens directly to or with Bitcoin unlike other exchange platforms that only offer swaps between Altcoins. This ensures that not much of users’ assets are lost to fees and gas during the swap. Lest I forget, there are over 200 tokens listed on the ChangeNOW exchange. 🤭
- No Limits: Although there is a lower limit of $1.7 - $150 depending on the coin/token to be exchanged, there is no upper limit for cryptocurrency exchange on ChangeNOW. I know this sounds too good to be true but it’s actually very true! Users can exchange their crypto assets until their joy is full.
- Non-Custodial: The ChangeNOW exchange doesn’t require users to go through the rigorous process of registration or KYC except in some certain situations which might have to do with dispute resolution.
- Excellent Support: I’m yet to encounter a better support team than the ones at ChangeNOW exchange. Ever available, courteous and ready to help. The support team of some other exchanges responds to users' complaints immediately but with a message promising to look into the problems within 2 to 7 days.
- Reliable: Users can trust ChangeNOW to bring them the best deals as they are integrated into multiple trading platforms and offer their users the best exchange rate as at the time of transaction. This they do at no extra/hidden cost.
- Apart from all of the outstanding benefits listed above, Changenow allows you to buy crypto with debit/credit card cards; they enable crypto/fiat payment gateway; they have amazing referral programs; there is also “Now payments” where vendors can get paid in crypto for rendering services; “Now nodes” for users who want to run nodes but don’t have the full capacity to do so, “Now Academy”- a step by step guide into the world of crypto, etc.
Changenow might not be as popular as top centralized exchanges yet, but they do have amazing benefits to offer crypto users/traders. They are no doubt making the crypto space a better place for every crypto enthusiast to swiftly and seamlessly exchange their crypto assets without stress.