ChangeNOW is a scam! ChangeNOW illegally holds my money! ChangeNOW are thieves! These are some of the hostile comments that have been making rounds on the internet. These accusations got the crypto community looking closely into it, and some have gone ahead and seemingly done a detailed analysis of things leading up to the entire scenario.
Crypto exchange and processing service ChangeNOW entered the crypto market in 2017 and has developed a wide range of products around its flagship platform. It seems to have a vibrant presence on Twitter, with a healthy following and regular tweets. Their representatives are active, responding quickly to customer feedback on Trustpilot (4.8 stars based on 7,338 reviews), the App Store (4.6 stars based on 934 reviews), Google Play (4.6 stars based on 2.92K reviews), Reddit, and other sites. Also, members of ChangeNOW’s team are in the limelight, especially their head of PR, who is often contributing to popular crypto media outlets with his crypto market analysis and taking interviews with various crypto experts and celebrities.
On the surface, this looks like a legitimate business. What is the reason for scam accusations against ChangeNOW when it has a reputation like this?
What Is ChangeNOW?
ChangeNOW, a non-custodial crypto exchange platform that has been around for almost 5 years and has been used by over 3.5 million clients. With the choice of over 400 cryptocurrencies (according to the most recent reviews), the service provides crypto-to-crypto and fiat-to-crypto swaps. People from almost anywhere on the globe can use this platform, which offers 24/7 customer support and a wide range of crypto solutions. Some of them are crypto loans, an in-house wallet, and nodes explorers. Based on ChangeNOW’s claims and users’ feedback, the average transaction time is about five minutes. Both the swap service and the wallet are available in the form of mobile apps, making it easy for users to conduct transactions.
Unlike custodial platforms, ChangeNOW does not hold private keys, so users have full control of their funds. It’s as simple as picking the cryptocurrency you want, depositing the funds into the generated address, and receiving your coins – there are no intermediaries involved. Your funds are safe unless the exchange asks for your seed phrase for your wallet. We haven’t found allegations of this kind relating to ChangeNOW.
However, describing all the merits of ChangeNOW is not the point here. An important factor to consider in this context is the platform’s score on Trustpilot, an independent service accumulating reviews of millions of users around the globe.
The fact that Trustpilot isn’t simply averaging reviews, but also factors in rating age, as well as whether the business asks for reviews, leads us to believe it is unlikely ChangeNOW would be a scam project given its 89% rating of ‘excellent’ based on 7,290 reviews as of this writing.
The following are the ratings of other similar services:
And here’s what really bad reviews look like:
What Makes Some Users Think ChangeNOW Is a Scam?
Even though most ChangeNOW users share positive reviews, there are still
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