If you are a person who knows the tidbits of the crypto market, you would know that buying and selling cryptocurrency takes place through an exchange.
Crypto exchanges work exactly like a stock exchange. A crypto exchange is a place where you can trade cryptocurrencies or other digital currencies for other assets like fiat money or other altcoins.
Many of you might argue that crypto wallets have started providing an exchange service but, based on our research, we concluded that the range of cryptocurrencies that crypto wallets are way less than crypto exchanges.
However, crypto exchanges have their drawbacks too. The crypto exchange market is made up of two types of exchanges.
- Centralized Crypto Exchange
- Decentralized crypto exchange
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Centralized Crypto Exchange
On a centralized crypto exchange, you exchange your cryptocurrency through a third party.
With these exchanges, your anonymity no longer exists as you have to provide your identification details for transactions to take place.
Decentralized Crypto Exchange
Decentralized Crypto Exchange, your identity is fully covered, and there are no risks of hacking or security breach as you do not need any third party to execute your trade.
Decentralized Crypto Exchange platform uses peer-to-peer trading which uses proxy token or an escrow system. Also, as compared to centralized exchanges, they charge a minimal fee for transactions.
One such well-known decentralized crypto exchange is ChangeHero. In this article, we will do a complete review of ChangeHero and answer some of the most basic concerns regarding this topic.
What is ChangeHero?
This Hong-Kong based exchange was founded in the year 2018. However, the company is relatively new in the crypto market.
It has a team of blockchain developers who have solid experience in crypto, so they definitely know what they’re doing and are well recognized for it.
With a simple and user-friendly interface, even a beginner can easily navigate his way through this platform.
You can exchange over 48 different types of cryptocurrencies through 5 different fiat money via Visa or MasterCard. ChangeHero also allows transactions for some local currency.
They have integrated their platform with other large cryptocurrency exchanges like Binance and Huobi, which means you get the best exchange rates for your cryptocurrency.
This website is very serious regarding the privacy of its users which is why they never ask you to create an account or provide any personal information during transactions.
Features of ChangeHero
1. No Registration
As mentioned earlier, you do not need to register yourself or provide any personal details for transactions. Thus your identity is fully anonymous as you trade your coins.
But this anonymous trading is limited only up to 300 EURO, any transaction beyond the maximum limit will require you to complete the verification process.
2. 24/7 Support
ChangeHero has fantastic support that response to your queries at any time of the day. To resolve your queries you can visit the official website and click on ‘Chat’ on the bottom right corner.
3. Non-custodial
ChangeHero is non-custodial, which means the exchange does not store your cryptocurrencies, it only acts as a middleman who facilitates the transaction. This adds a layer of security on the exchange.
4. No Limits on Exchange
There are no upper or lower limits on transactions, but in rare cases you will need to exchange an amount that at least covers the network fees for that transaction to be processed in the block chain.
5. Best Rates
As this platform is integrated to other cryptocurrency exchange it offers the best prevailing rated for your coins.
How ChangeHero Works?
ChangeHero can be accessed only through a desktop, it does not provide mobile app.
Step 1: Visit the ChangeHero website. Select the currency you need to send from the ‘you send’ column. The default is set at Bitcoin, however you can change it according to your choice.
After that input the currency you want to exchange your funds to. After that ChangeHero will calculate the approximate amount you will receive.
Step 2: You will be transported to the transaction page. Input the recipient address there.
Step 3: Next, a deposit address will be generated for you where you will need to send your funds to.
Step 4: After finding the best exchange rate for your coin your transaction will be completed. It will take approximately 30 to 40 minutes, depending upon the network speed.
Step 5: The transaction is successful, ChangeHero will send the amount immediately to your wallet.
You can purchase cryptocurrencies through debit and credit card, but that will require you to create an account and get it verified.
Fee Structure
ChangeHero charges a reasonable fees of 0.5% on every transaction, which is the best rate offered in the market. However, fiat-to-crypto or crypto-to-fiat transactions may cost you a higher amount.
Also Coinfy charges a convenience fee of 3% for transactions through debit or credit cards and 1% on bank transfers.
Purchase Limits
As mentioned earlier, this platform limits buying cryptocurrencies to 300 EURO from an unregistered account. After registering and verifying your account, your buying limit increases to 10,000 EURO per month.
You can sell crypto for fiat without verification up to an amount of EURO 300. After verifying your account, you can sell crypto up to 15,000 EURO per month.
Transaction System
There are two exchange rate this platform offers to its userRat
1. Best Rate
The Best Rate means ChangeHero will scour through the market and provide you the best and most profitable exchange rate for your cryptocurrency.
2. Fixed Rate
The Fixed Rate allows you to avoid market fluctuations. ChangeHero finds a good exchange rate for you and freezes it for 15 min so that the price of your coin remains stable while you transact.
Customer Support
As mentioned earlier, ChangeHero has a wonderful support team who is always ready to help its users. Whenever you have a query, it is resolved immediately by them.
If you do not get the reply through the chat feature you can mail your query on [email protected] for questions related to buying/selling crypto currency you can send an email to [email protected]
You can reach out to them on their official social media handles on Twitter, Facebook, Telegram and Reddit.
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Conclusion
So that’s it. With this we end our review on ChangeHero. We hope that you must have gained some insight on ChangeHero and how it works.
It is good exchange for beginners as the layout of this platform is intuitive and simple which makes buying and selling faultless.
It is also a good platform for people who need their transactions to execute quickly without having to go through a lengthy registration process like that on Binance or CoinBase.
This exchange has been around for a few years and has a very good customer response which makes it a legit a safe exchange. Along with this, it also has high ratings and dozens of positive reviews on TrustPilot.
All in all, we conclude that it is a safe, simple, and easy exchange for buying, selling, and trading cryptocurrencies.