ChangeNow.IO is a relatively new exchange that supports swapping your Monero (XMR). This is a non-custodial service which can guarantee the maximum level of safety, simplicity, and convenience for users.
The service has over 170 coins available for exchanging and doesn’t hold a limit. This means that users have the ability to exchange as much as they want to. There’s also the fiat option available, and users can buy crypto using their Visa or MasterCard.
This latest option supports the mass adoption of cryptos, which has been set by the crypto community as one of the main goals. Being able to get access to crypto that easily using your card will allow even novice investors to give crypto a try, and the move definitely boosts the mainstream adoption of the digital assets.
How does ChangeNOW work?
The service is integrated into various crypto trading platforms, and these include Binance, Bitfinex, and Bittrex.
The team behind the project is also working with more exchange partners as well, and they say that they are usually choosing the very best exchange rate that’s available on the market at any given moment for their customers.
Trusting ChangeNOW to instantly exchange your XMR
Monero users place high importance on safety, privacy, and anonymity and ChangeNOW.IO knows and respects this. The service has been created by an experienced team of blockchain developers, and it’s fully secure. The team behind it says that users don’t require any registration process. This allows its clients to avoid identification or financial theft as well.
On the other hand, it’s crucial to mention the fact that the service has KYC for more significant amounts. This is why we strongly recommend that you use ChangeNOW.IO for smaller amounts.
Regarding your XMR transactions, the processing speed will range from about two to twenty minutes, and this usually depends on how long it takes for a block to happen in the network. They promise on the official website that most orders are processed in a matter of minutes.
They also make sure to tell users that if the transaction is larger such as above 1 BTC or its equivalent, processing the deal might take longer, and this will depend on the size of the transaction and also the capacity of the block.
Getting a wallet address and canceling transactions
After you decide which crypto you want to acquire, in our case XMR you have to find a reliable wallet. When you create a wallet, you will automatically get an address and a private key as well. This should be kept as safe as possible, and users are advised never to show it to anyone. The service also promises never to ask its users for their private keys.
When you want to buy XMR, you will need to have it sent to a specific crypto wallet, and the receiving address is the wallet to which the crypto is transferred after the exchange.
They also highlight the fact that blockchain operations are irreversible, and after the funds are sent, the transaction cannot be canceled by anyone. This is the main reason for which users are advised to double-check all the payment details before sending funds to anyone.
On ChangeNOW.IO transactions take from 5 to 30 minutes, and they note that a transaction could take more time due to various factors which include the following: DDos attacks, crypto updates, the blockchain overload.
Explaining the necessity of KYC/AML
In order to be able to use ChangeNOW.IO to exchange your XMR, you will not have to create an account, and this is vital for users’ privacy.
The service explains to users that the crypto market is subject to rules and regulations, and this makes it mandatory for crypto services to use AML/KYC.
In order to protect users from scams and fraudulent activities and also to comply with regulation, the procedure mentioned above is necessary.
The AML/KYC procedure confirms the legality of the transaction that’s carried out. You can learn more about it on their official website.
For a more detailed explanation of how to use the service check out the video above.