Core Question

Breaking down what happened with ChangeNOW...

What happened

On October 5th, I used ChangeNOW to exchange about 24 USDC into XMR. Granted this was a bit of my own fault and stupidity, but, the price quoted for XMR was about 20% higher than the actual price, and conversely 20% lower when going XMR to other crypto. Meaning that they were taking a huge 20% fee. I didn't notice it at first, however, when I saw the balance land in my wallet, I thought how strange. But, I didn't think much of it, for some reason.

Now, on October 6th, I was going to change my XMR back into SOL. I went on the platform, and saw the quoted price was at about $420, while the XMR actual price was at about $540 at the time of exchange.

Why did this happen?

Well, because I was dealing with a small amount, they were taking a bigger cut (which makes sense), however, 20% is way too much. This essentially gobbled up my money. Now, thankfully, the money was from surveys, faucets, and other earning platforms, but it still sucked. Thankfully, I used another exchange to get my SOL, but it was eye opening. Always check the exchange rate before exchanging.

Why was I getting XMR in the first place?

You have probably wondered, why did I get XMR in the first place? Well, it was more of an experiment more than anything else. I was trying out what it would be like to have something where my wealth is in XMR to be private. Looking back, I should've experimented with less (like the minimum I could swap). But, that's life, you make mistakes and you improve.

Also, this post is to not hate on ChangeNOW, all I'm saying is 20% for a $20 swap is ridiculous, but I should've realized that first before swapping. We both share some of the blame. Me for not realizing the huge fees and them for the huge fee.

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