If you’re looking for a seamless swap service platform to make crypto-to-crypto exchanges, then it might be worth checking out ChangeNow.
The platform has come a long way since its launch in late 2017, subsequently supporting over 170 different digital tokens across more than 30,000 trading pairs . This includes hallmark coins such as Bitcoin, Ethereum and Litecoin, as well as a range of lesser known ERC-20 tokens.
If you’re thinking about using the ChangeNOW swap service platform, or simply want to find out whether they’re right for you, take some time to first read our comprehensive guide.
What is ChangeNOW?
- 1 What is ChangeNOW?
- 2 How Does the Swap Service Work at ChangeNOW?
- 3 NOW Token
- 4 Has ChangeNOW Formed any Notable Partnerships?
- 5 What Other Notable Products or Services Does ChangeNOW Offer?
- 6 ChangeNOW Review: The Verdict?
- 7 ChangeNOW
- 8 Pros
- 9 Cons
In a nutshell, ChangeNow is a platform that allows users to seamlessly swap cryptocurrencies with other cryptocurrencies. For example, need to swap Bitcoin for Ethereum, or maybe Litecoin for Monero? You can achieve this at the click of a button via the ChangeNOW platform.
However, while at first glance this sounds like any other exchange or swap service operating in the crypto space, ChangeNOW appears to have some clear advantages.
First and foremost, as a non-custodial service, ChangeNOW does not store or hold any of the digital tokens that they support, subsequently ensuring that users can swap coins in a safe and secure eco-system. Furthermore, the ChangeNOW platform does not require users to register an account to begin using their swap services. This makes the exchange process fast and burden-free.
For those that remember the struggles that leading exchanges had during the crypto craze of late 2017 – insofar that platforms had to temporarily restrict new signs-ups to deal with extreme demand levels, the non-registration model at ChangeNOW is highly notable.
Furthermore, a key selling point from the team at ChangeNow is that they do not place any limits on the amount of cryptocurrency that you can swap. Exchange limitations is something that often frustrates traders, especially when they need to react to a key market event.
When it comes to speed, we found that the ChangeNOW swap service is able to execute crypto exchanges in approximately 2 minutes in the vast majority of cases. However, in rarer cases, this can take up to an hour depending on blockchain times.
It is also important to note that a key aspect to the ChangeNOW ecosystem is that the underlying technology has been integrated with a range of partnered third party platforms.
This is crucial to the swap service framework, as it ensures that users are able to obtain the best possible rate at the time of the transaction.
With that being said, in the next section we will provide a quick overview as to how the swap service works.
How Does the Swap Service Work at ChangeNOW?
As noted above, when you access the ChangeNOW platform to perform a swap, there is no requirement to register an account. As such, you can get started straight away.
Firstly, you are required to select the two currencies that you want to swap. In the drop down menu associated with the ‘You Send’ button, select the digital asset that you currently hold.
At the time of writing, this can be from any of the 170+ cryptocurrencies currently supported by the platform. Next, select the cryptocurrency that you want to receive via the “You Get” drop down box.
You will then need to enter the quantity of coins that you want to swap. Once you do, the “You Get” box will update with the quantity of coins you will receive.
For example, if you currently hold 1.5 BTC, and you want to swap it for LTC, then the amount of LTC you will receive will show in its respective box.
In the next stage of the swap service transaction, you will be required to enter the wallet address of the receiving coins. If you don’t have a wallet address for the cryptocurrency you are looking to receive, then ChangeNOW allows you to do this via one of their partner services.
Next, verify the information you entered, and confirm the swap. At this point of the transaction, ChangeNOW will display a unique deposit address for you to send your coins to. Once this is received, the platform will autonomously find the best rate available via its partnered exchanges, before finalizing the swap.
All in, you should expect the end-to-end swap process to be concluded in 10-20 minutes. The key point about the above example is that the process required no registrations, emails, or passwords, nor were any limits initiated.
To further increase the capabilities of the ChangeNOW platform, the project recently issued its own digital token. Known as the Now Token, it is now listed on Binance DEX, as well as IDEX and EtherDelta. In fact, further research suggests that the NOW token was actually the first token to be issued on the Binance Chain.
The token itself is split 50/50 between the Binance Chain (BEP2 Standard) and Ethereum (ERC-20 standard). At the time of writing, users can seamlessly swap ERC-20 tokens to BEP2, although BEP2 to ERC-20 swaps are planned for the very near future.
One of the key concepts to the NOW token is that it makes is super easy to migrate an alternative token to its new mainnet.In a nutshell, the team at ChangeNOW can facilitate a token-to-mainnet migration by designing a bespoke workflow on behalf of the user. In doing so, those holding the respective token will then be able to perform simple swaps with other digital currencies.
Nevertheless, by simply holding the NOW token, users on the platform are afforded a range of key benefits. This includes enhanced support from the ChangeNOW team, more favorable affiliate conditions (such as increased revenue share), and even better rates on exchanges.
In order to obtain the NOW token, this can be achieved by participating in the ChangeNOW Airdrop, or alternatively, by purchasing them on one of the aforementioned third party exchanges.
Has ChangeNOW Formed any Notable Partnerships?
When we went through the end-to-end review process, we were very keen to see whether or not any established crypto-related organizations were associated with the ChangeNOW platform. To this extent, we were surprised to see how many hallmark names had integrated the ChangeNOW protocol into their systems.
For example, hugely popular cryptocurrency wallet Exodus added support for ChangeNow swaps in September 2018. This essentially means that those holding funds in their Exodus wallet can make a crypto-to-crypto swap without needing to leave the wallet interface.
Exodus themselves ensures that private keys are encrypted during the transaction process, subsequently keeping ChangeNow to their promise of being a non-custodial swap service.
Notably, Exodus is not alone in their support for the ChangeNow protocol. Other leading wallet providers such as Trezor, Guarda, ClassicEtherWallet, Ledger, Atomic Wallet, and as previously mentioned, Binance, have all taken the ChangeNOW plunge.
What Other Notable Products or Services Does ChangeNOW Offer?
Upon concluding our review process, we also came across a couple of additional ChangeNOW services that we felt warranted a mention. First and foremost, we were interested to explore the project’s NOWPayments product.
In a nutshell, ChangeNOW allows merchants to start accepting cryptocurrency as a means of payment. This includes leading coins such as Bitcoin, Ethereum, and Litecoin, as well as a number of stablecoins. Much like in the case of integrating PayPal, the NOWPayments protocol can be added to a merchant’s website through a simple widget.
When users proceed to pay with their chosen cryptocurrency, the NOWPayments protocol will perform an automatic conversion. The reason for this is to avoid the volatile fluctuations often associated with the crypto markets.
Moreover, crypto payments facilitated via the NOWPayments protocol are instantly withdrawn to the merchant wallet, subsequently making the process seamless for all parties involved in the transaction.
We also took note to the project’s LightingNOW service. The purpose of the LightingNOW service is to facilitate a well-connected and stable Lighting node, subsequently easing the process at which blockchain assets are transferred.
Not only does this enable instant payments that require no confirmations on-chain, but the service is highly scalable. Furthermore, the LightingNOW protocol can also facilitate cross-chain automatic swaps.
ChangeNOW Review: The Verdict?
In summary, the team at ChangeNOW have come a long way since their inception in late 2017. Their core product – the swap service platform, allows users to exchange cryptocurrencies in a seamless manner, without any need to register an account. Moreover, the service, which usually takes in the region of just 2 minutes, does not place any restrictions on the amount of cryptocurrency tokens that you can swap.
We were also impressed with the number of notable partnerships that the project has since formed. Whether it’s their integration with Ledger, Trezor, Binance or Exodus, forming partnerships with such hallmark names can only add further weight to legitimacy of the project.
Finally, it is also worth keeping an eye on some of the project’s latest innovations, such as it’s NOWPayments and LightingNOW protocols.