What is ChangeNOW?

ChangeNOW is a non-custodial global crypto exchange, founded in 2017 as an alternative to standard custodial CEXs. This means that, unlike on a centralized exchange, users don’t load funds into the platform directly. Instead, ChangeNOW acts as an intermediary which aggregates trade quotes from other exchanges, generates a payment link, then asks the user to complete the transaction by depositing cryptocurrency directly from their self-custodial wallet.

Users don’t need to sign up for an account to use the platform, although certain privileges can be unlocked by completing registration and KYC. In terms of user experience, this places ChangeNOW partway between a traditional centralized exchange (CEX) and an onchain decentralized exchange (DEX). 

Since its inception as a basic swaps platform, ChangeNOW has expanded its product lineup to become a “crypto management platform” featuring a mobile portfolio management app (NOW Tracker), staking, fiat support, a self-custodial software wallet (NOW Wallet), crypto loans and its own native utility token: NOW.

Today, ChangeNOW boasts upwards of five million users worldwide. Around 1,200 cryptoassets are available for trading, across over 110 popular blockchains. The platform also boasts on- and off-ramp support for over 70 fiat currencies via third-party payment processors. 

What services does ChangeNOW offer?

ChangeNOW is accessible through its web platform, mobile apps (both Android and iOS) and a Telegram bot. The platform’s core feature is its instant swaps interface, which functions with a different workflow from conventional exchange platforms. 

Users first select the asset they want to swap, then input a receiving address for their tokens. After this, an onchain wallet address is generated, where the user must deposit their funds to continue the trade. The transaction is then typically carried out within 2 minutes, with the funds deposited to the user wallet specified at the beginning of the process. To streamline future trading, users can opt to set a permanent receiving address on the platform, rather than inputting it fresh each time. 

Aside from crypto swaps, the platform also features bank card buys and sells. These function much the same as basic swaps, but payment is completed via third-party fiat payment processors rather than onchain deposits. ChangeNOW also offers instant crypto loans, allowing users to borrow tokens using their holdings as collateral. 

Users who sign up for the full ChangeNOW Pro version of the platform — which requires registration and KYC to access — enjoy lower trading fees, as well as receiving cashback rewards of up to 0.2% on their trading activity. Pro users can also carry out AML (anti-money laundering) checks on addresses, to avoid their transactions being flagged as suspicious and potentially blocked. 

Mobile users can download the NOW Wallet app, a non-custodial multi-asset wallet built by the ChangeNOW team. The wallet integrates ChangeNOW’s swap engine and fiat purchase tools, while also adding NFT storage and staking of NOW and other crypto tokens.

What’s required for a ChangeNOW account?

Typically, cryptocurrency exchanges require KYC verification as part of their regulatory and licensing procedures, aimed at preventing financial crime. Approaches to onboarding, however, may vary depending on the platform’s operational model. ChangeNOW, as a non-custodial exchange, allows users to perform basic swaps without account creation, while verification procedures are applied only when required.

It is possible to create an account and complete identity verification on the platform, which opens up access to ChangeNOW Pro. Although not mandatory, this does unlock additional bonuses within the ecosystem, such as boosted cashback on trades.

Access to certain features can vary by jurisdiction. The exchange is not available in the UK and various sanctioned jurisdictions. ChangeNOW Pro is generally available to US users, although access can vary by state.

What fees does ChangeNOW charge?

ChangeNOW bakes its fees into the final swap rate, with average rates coming in around 0.4% per trade (although this can vary depending on market conditions and token liquidity). Users can opt for either a floating or fixed-rate fee when trading. The latter locks in the quoted rate for up to 20 minutes, to avoid price slippage during execution.

ChangeNOW reports that the 98% of its swaps settle at a better rate than initially stated, meaning that users typically receive slightly more crypto than quoted at time of submission. 

For credit card purchases, the fee is likewise baked into the final quote. Rates depend on the particular asset and network, although fees of around 2-4% appear common across simple fiat-to-stablecoin purchases.

The most basic tier of ChangeNOW Pro membership does not require any payment to access, only KYC registration. However, users can opt to pay a monthly fee to upgrade their VIP status. The two higher tiers, Emerald ($15/month) and Brilliant ($100/month), include more attractive cashback terms and more monthly AML checks.

What is NOW?

NOW (ChangeNOW) is the native utility token of the ChangeNow platform, deployed on both Ethereum and BNB Chain. Within the exchange’s ecosystem, NOW is used for cashback payouts, staking and membership perks on ChangeNOW Pro. 

Through the NOW Wallet, holders can stake their tokens to earn rewards, with staking managed via the linked NOWCustody infrastructure. The token also plays a role in partner incentives and enterprise programs, with lower prices on offer for users who pay in NOW tokens. 

ChangeNOW’s regulatory and security record

ChangeNOW is registered in Saint Vincent and the Grenadines, but is broadly accessible globally, including in most of Europe and North America. Despite its low barriers for entry, the platform does actively monitor the addresses interacting with it to flag any suspicious behaviour, including accounts linked to hacks or thefts on other platforms. Trades from such accounts can be paused pending KYC.

Crucially, the exchange itself has suffered no significant security incidents targeting its own infrastructure. This is in part due to its non-custodial design, which means that the platform does not hold onto user funds for any significant length of time, nor does it pool funds into centralized holding wallets, limiting its attractiveness to bad actors.