ChangeNOW is a rip-off! ChangeNOW illegally holds my cash! ChangeNOW are thieves! Those are probably the most antagonistic feedback which were making rounds on the web. Those accusations were given the crypto neighborhood taking a look carefully into it, and a few have long gone forward and reputedly carried out an in depth research of items main as much as all of the situation.
Crypto trade and processing carrier ChangeNOW entered the crypto marketplace in 2017 and has advanced a variety of merchandise round its flagship platform. It sort of feels to have a colourful presence on Twitter, with a wholesome following and common tweets. Their representatives are energetic, responding briefly to buyer comments on Trustpilot (4.eight stars in keeping with 7,338 evaluations), the App Store (4.6 stars in keeping with 934 evaluations), Google Play (4.6 stars in keeping with 2.92Okay evaluations), Reddit, and different websites. Additionally, contributors of ChangeNOW’s workforce are within the limelight, particularly their head of PR, who’s steadily contributing to in style crypto media outlets along with his crypto market analysis and taking interviews with quite a lot of crypto experts and celebrities.
At the floor, this looks as if a valid industry. What’s the explanation why for rip-off accusations in opposition to ChangeNOW when it has a name like this?
What Is ChangeNOW?
ChangeNOW, a non-custodial crypto trade platform that has been round for just about Five years and has been utilized by over 3.Five million purchasers. With the number of over 400 cryptocurrencies (in step with probably the most recent reviews), the carrier supplies crypto-to-crypto and fiat-to-crypto swaps. Other folks from nearly anyplace at the globe can use this platform, which provides 24/7 buyer improve and a variety of crypto answers. A few of them are crypto loans, an in-house wallet, and nodes explorers. According to ChangeNOW’s claims and customers’ comments, the typical transaction time is ready 5 mins. Each the switch carrier and the pockets are to be had within the type of cellular apps, making it simple for customers to behavior transactions.
Not like custodial platforms, ChangeNOW does no longer hang personal keys, so customers have complete regulate in their price range. It’s so simple as selecting the cryptocurrency you wish to have, depositing the price range into the generated deal with, and receiving your cash – there aren’t any intermediaries concerned. Your price range are secure until the trade asks to your seed word to your pockets. We haven’t discovered allegations of this type in relation to ChangeNOW.
Then again, describing all of the deserves of ChangeNOW isn’t the purpose right here. Crucial issue to imagine on this context is the platform’s ranking on Trustpilot, an unbiased carrier amassing evaluations of thousands and thousands of customers around the world.
The truth that Trustpilot isn’t merely averaging evaluations, but additionally elements in ranking age, in addition to whether or not the industry asks for evaluations, leads us to consider it’s not going ChangeNOW can be a rip-off venture given its 89% ranking of ‘superb’ in keeping with 7,290 evaluations as of this writing.
The next are the rankings of different identical services and products:
And right here’s what in reality unhealthy evaluations seem like:
Supply: Trustpilot.com
What Makes Some Customers Assume ChangeNOW Is a Rip-off?
Despite the fact that maximum ChangeNOW customers percentage sure evaluations, there are nonetheless some damaging feedback on-line. Listed below are probably the most maximum widespread the explanation why customers declare ChangeNOW is a rip-off or categorical discontent with the carrier. Additionally integrated are the responses from the platform’s representatives:
| Grievance | Reaction |
| A transaction took slightly a large number of time.
| A liquidity supplier had a subject that led to the extend. In a Telegram chat, ChangeNOW’s neighborhood was once notified of conceivable delays. |
| The volume of crypto won didn’t fit the sum proven sooner than the transaction came about. | The consumer swapped crypto at a floating price, so the trade price distinction was once led to through excessive marketplace volatility. There are two varieties of charges introduced through ChangeNOW: floating and stuck. In spite of being upper, the latter protects customers from marketplace fluctuations like the only the consumer skilled. |
| Looking ahead to money back for too lengthy. | As a part of its Phrases of Carrier, ChangeNOW stipulates refunds might take as much as 20 industry days if the problem is advanced, akin to a consumer opting for the improper community. More often than not, alternatively, it takes as much as 24 hours. |
As you’ll be able to see, all lawsuits are addressed with sound explanations. Importantly, the customers who complained about looking forward to their refunds for too lengthy additional up to date their evaluate and admitted that they won the price range in the end. A evaluate of dozens of damaging evaluations unearths no proof that ChangeNOW had deceived or scammed somebody.
Is ChangeNOW a Rip-off or Legitimate?
The loss of legislation and the decentralized nature of crypto makes the problem of legitimacy slightly sophisticated. However digging slightly deeper must fix things out.
The platform is registered in Seychelles underneath the identify CHN Crew Restricted. As already discussed, the selection of ChangeNOW purchasers quantities to over 3.Five million already. It’s extremely not going that such a lot of other folks would proceed to make use of a carrier imagined to be a rip-off and price it definitely. This type of loyalty can’t be artificially created and maintained for goodbye. ChangeNOW mobile app and NOW Wallet also are slightly well-liked by customers judging through the selection of downloads. Particularly, the iOS app is rated 4.6 out of five.
Some would possibly argue that they’re purchasing sure evaluations. This will be the case if we noticed a ton of damaging evaluations as smartly since they may be able to’t be got rid of. The other is right – nearly all of the evaluations are sure.
A large reputation from the vast majority of crypto customers is the most productive evidence that ChangeNOW is a depended on platform.
Media Evaluations of ChangeNOW
Moreover, it is very important analyze what other devoted media retailers have to mention about ChangeNOW.
Evaluate of ChangeNOW through CryptoNewsZ
CryptoNewsZ reviewed the platform as follows:
“After reviewing ChangeNOW, we will be able to conclude that there aren’t any problems with it. Its consumer interface is slightly easy and easy. Considered one of its very best options is that customers don’t must create accounts to make use of the carrier. It’s awesome to different competition because of the safe non-custodial nature of the platform, the facility to shop for Bitcoin and different virtual property with a Visa or MasterCard, in addition to the great ecosystem of services and products supplied through ChangeNOW.”
Evaluate of ChangeNOW through EthereumWorldNews
That is what EthereumWorldnews said about ChangeNOW:
“General, ChangeNOW is an exceedingly helpful and favorably rated app that each crypto veteran must check out.”
Evaluate of ChangeNOW through Benzinga
ChangeNOW was once additionally reviewed through Benzinga, a monetary information and research website online liked through Wall Side road’s most sensible investors:
“No longer simplest is ChangeNOW secure, it’s speedy and environment friendly. It’s extra safe than maximum centralized cryptocurrency exchanges because it does no longer stay your price range.”
Evaluate of ChangeNOW through HedgewithCrypto
In its evaluate of ChangeNOW, HedgewithCrypto.com, which has an target market of one.5+ million readers, said:
“ChangeNOW seems to be a secure cryptocurrency trade this is non-custodial.”
Evaluate of ChangeNOW through TheMerkle
ChangeNOW was rated through TheMerkle.com as follows:
“Because of the safe non-custodial nature of the platform, the supply to buy Bitcoin and different virtual property the usage of a Visa or MasterCard, and the intensive ecosystem of services and products, ChangeNOW outperforms its competitors.”
Evaluate of ChangeNOW through 99bitcoins
In its evaluate of ChangeNOW, 99bitcoins.com concluded:
“A rip-off allegation does exist in opposition to ChangeNOW, however on additional analysis, it doesn’t seem legitimate.”
“Cyber Hygiene? I’ve By no means Heard of It.”
Alas, such an angle persists amongst some contributors of the crypto neighborhood. Such a lot of phrases concerning the significance of cyber hygiene had been posted and outspoken. Nonetheless, some other folks fall for fraudsters’ tips, ignoring the most straightforward protection laws.
There’s one case that merits to be discussed one at a time. A misfortunate consumer shared their 12-word protection word on some phishing web page which enabled scammers to scouse borrow cash from the consumer’s pockets. It was once Atomic Pockets in fact, however ChangeNOW were given concerned as a 3rd birthday celebration. If truth be told, it was once ChangeNOW that averted the cash from going to the palms of scammers. Whilst appearing for the most productive passion of the consumer, the platform was once nonetheless accused of “maintaining cash illegally”.
Supply: Reddit.com
The sufferer shared a 12-word backup word on a phishing web page for God-knows-what explanation why and blamed ChangeNOW for his or her misfortune.
There may be the problem of consumer incompetence to imagine. Whilst exploring the intricacies of the crypto international, some inexperienced persons could make errors like surroundings the improper community or sending cash to the improper deal with.
Supply: Trustpilot.com
These items aren’t unusual, however why blame a crypto platform for one’s personal errors? It’s a rhetorical query.
ChangeNOW’s Efforts to Struggle Scammers
A web page known as Corporate Responsibility on ChangeNOW’s web page outlines its stance on cybercrime. Representatives of the platform additionally rigidity the hassle they put into increase their popularity:
In keeping with ChangeNOW, it’s committed to creating the crypto house more secure, as evidenced through its skill to get well over $19 million stolen in cyberattacks and fraud. ChangeNOW claims it at all times displays suspicious process, so AML and KYC procedures are implemented when customers’ movements carry issues. The platform boasts an in-house AML machine, and its anti-fraud workforce cooperates with police around the globe to analyze cryptocurrency crimes.
Considered one of ChangeNOW’s a hit asset restoration circumstances was once the return of $15 million value of COMP tokens that have been mistakenly despatched to customers through Compound.
In a similar fashion, ChangeNOW returned $1 million in MATIC cash, which have been stolen on account of the 2020 Eterbase hack.
ChangeNOW additionally returned $100K in XRP to deceived customers who had misplaced their Ripple cash in a rip-off giveaway. Steps like those imply its authentic worry for the crypto neighborhood, proving its phrases with motion.
So it looks as if ChangeNOW has skilled some reputedly unfounded accusations whilst having a tolerant angle to rip-off sufferers.
Given all of this, there’s no explanation why to not consider ChangeNOW’s head of PR, Mike Ermolaev:
Conclusion
Is ChangeNOW a rip-off? Neatly, the above-said details end up slightly the other. Taking into consideration the rate of transactions, a consumer may just notice they’ve been scammed inside of an issue of 15 mins. Destructive evaluations can be ample if ChangeNOW have been a rip-off. This isn’t the case, as there are overwhelmingly sure consumer evaluations. In mild of this and different elements like ChangeNOW’s huge crypto ecosystem, the platform’s efforts to battle cybercrime, its responses to rip-off accusations, and high-profile media protection paintings in ChangeNOW’s want to determine that it’s certainly no longer a rip-off.
