Our Full Expert Review For 2023
Description: A Comprehensive Overview For 2021
Platform Price: 0.0
Platform Category: Exchange Platform
Author: Jeffrey Taylor
ChangeHero is designed as a cryptocurrency exchange platform and swap service that allows you to swap between various cryptos instantly and buy these coins with either a debit or a credit card.
- No registration is needed
- You have limitless crypto swaps
- The platform is secure
- There’s a lack of information on the company and its founders
- Expensive fees are associated with these crypto transactions
Everything You Need to Know About ChangeHero
In this comprehensive review, we’re going to be looking at ChangeHero, which is a crypto exchange platform that’s based in Hong Kong. This site is well-liked because this swapping system offers a simple method of exchanging cryptocurrencies instantly.
We have detailed the vital information you require before deciding whether this is the right exchange platform for your needs. Continue reading to find out everything you need to know about ChangeHero and the swapping services this platform offers its users.
Our Comprehensive Review of ChangeHero
One of the most well-known features surrounding ChangeHero is its rapid exchange systems, which can process your transaction instantly. However, another popular feature of this exchanging system is that you can remain entirely anonymous while exchanging your crypto coins.
KYC documentation is not required for the most part. The only exception is for transactions that are flagged by the platform’s risk-scoring-based auto system. That’s not all! ChangeHero is also designed as a non-custodial service provider. Meaning, this exchange system doesn’t have access to your funds nor private keys. You have complete control over your money.
However, the internet is filled with copious scam platforms in the cryptocurrency industry. Thus, finding an exchange platform like ChangeHero might be too good to be true. What more could you ask for? ChangeHero offers rapid processing times on your transactions while remaining anonymous and gaining the luxury of controlling your funds.
That’s why we have designed this review to help paint a more accurate picture of ChangeHero and help users decide whether this system is worthwhile using. We strongly recommend that you browse through this review before exchanging crypto tokens with ChangeHero.
What Is ChangeHero?
ChangeHero is designed as a cryptocurrency exchange platform and swap service that allows you to swap between various cryptos instantly and buy these coins with either a debit or a credit card. This purchasing can be done through a third-party service, which is called mercuryo.
From our research, we have found that the company behind this crypto exchange platform, ChangeHero, is called Herofintechs Ltd. This company was founded in 2016 while the ChangeHero exchange platform has been operating since 2018.
The Main Features of ChangeHero:
ChangeHero is equipped with several main principles, which it aligns with when offering crypto exchange services. These primary features include:
- Transparent fees
- No required registration
- Transaction tracking
- Anonymous exchanges
- Non-custodial services
ChangeHero Account Creation
You don’t need to register with ChangeHero to make crypto exchanges. This is the perfect option for individuals who wish to be conducting these swapping services anonymously. You’re only required to undergo a KYC procedure if your transactions are flagged by the system.
While no registration is needed, a user might wish to remain connected through updates. These users can gain desired updates through their social media platforms, such as:
You can purchase crypto tokens with your debit or credit card. All of these payments are done on a secure platform to ensure your card details remain encrypted. Additionally, you can swap cryptocurrencies on ChangeHero for fiat.
These different currencies include EUR, USD, RUB, and others. However, users should understand that ChangeHero uses a secure third-party platform to facilitate these payments, and PayPal isn’t a supported payment option.
ChangeHero KYC Requirements
Smaller transactions using ChangeHero don’t require KYC. Additionally, ChangeHero is equipped with a risk-scoring-based automated system. This spots any suspicious activity during exchange operations. These transactions are placed on hold and flagged by the system when such activity is spotted.
From here, the user is asked to perform and pass the KYC and AML verification process. ChangeHero can share the required information from KYC or AML procedure with the respective legal authorities if a legitimate official request is presented.
How Does ChangeHero Work?
When making a crypto exchange on the ChangeHero platform, your selected funds are immediately sent to various exchanges, such as Bittrex. These trading platforms are where these crypto coins are swapped and sent back to your account in the form of the specific cryptocurrency you have chosen to receive at the start of this transaction.
In this instance, ChangeHero acts as the middleman. This eliminates the challenge of exchanging these crypto coins. Thus, you don’t need to go through the hassle of signing up with various trading platforms and making copious withdrawals and deposits.
The construction of these exchange platforms, like ChangeHero, makes such processes the ideal service for individuals who don’t have much time on their hands. It’s also a good option If you don’t trade frequently and want to remain anonymous.
However, you might find using exclusive trading platforms more beneficial if you’re trading cryptocurrencies frequently. These trading platforms typically have lower fees and don’t require ID verification when using this site, which is unlike most exchange platforms.
Is ChangeHero Safe?
Many scam platforms are present on the internet, which can make it challenging when you’re trying to find a crypto trading and exchange platform. However, we can confirm that ChangeHero is safe for individuals to use. An important tip to remember is that there are more scams found with trading platforms than exchange sites.
So, ChangeHero being safe isn’t too much of a surprise. However, that doesn’t mean this platform is the best option. The ChangeHero website is a safe cryptocurrency exchange platform, as it’s non-custodial.
This means you’re in control of your specific funds throughout the process. Another company or broker doesn’t have access to this money. Nonetheless, a safe exchange site doesn’t automatically mean that you’re gaining the best service.
What Are the Features Making Up the ChangeHero Platform?
Here are the most prevalent features making up ChangeHero:
ChangeHero doesn’t charge any set rates nor fees. These charges are worked out dynamically and use the difference between bid/ask (also known as the spread) for a specific pair. However, you can typically expect between one to five percent in exchange fees.
This is extremely high and can result in you losing valuable funds when making these exchanges. That’s why many individuals use other exchange platforms and crypto swapping services, as you can gain the same service while paying less.
The exchange services offered by ChangeHero accommodate the swapping and purchasing of numerous cryptocurrencies. These crypto coins include:
- USD Coin
- Paxos Standard Token
- Ethereum Classic
- Binance USD
- Binance Coin
- Bitcoin Cash
- Bitcoin SV
This is a significant number of coins available to swap and purchase on ChangeHero. However, other services offer many more crypto coins. Nonetheless, ChangeHero lists the most popular cryptocurrencies, which shouldn’t be a problem for most crypto enthusiasts wishing to swap tokens.
Fixed Rate and Best Rate of Exchange
When choosing ChangeHero to exchange cryptocurrencies, you have two choices when selecting rates. These are a fixed rate and a best rate option, which detail:
- A fixed rate means that you’re going to receive the same amount of crypto coins you see detailed on the transaction page when you’re initially making an order. This means you don’t benefit from a favorable price movement during this exchange.
- A best rate means that you get the best market rate at the time your exchange is processed. Meaning, you could gain less or more crypto coins than excepted at the time you make an order. This is because of the volatile market conditions associated with cryptocurrencies.
You might be wondering how much you can exchange on ChangeHero. Luckily, this exchange platform is designed to offer limitless exchanges. In other words, you can swap as many cryptocurrencies as you would like, whenever you want.
However, some minimum limits apply when using ChangeHero. It’s vital to understand these minimum limits before you decide to use this platform. The minimum amount of crypto you can exchange is dependent on the specific cryptocurrency coin you want to swap. However, the average is generally $5 worth of this coin. Additionally, the minimum amount you can purchase is $20 when ordering cryptocurrency.
ChangeHero is similar to other non-custodial crypto exchange services. Thankfully, customers don’t typically require support. Nonetheless, there is definite peace of mind offered from the presence of a dedicated customer support department.
Luckily, ChangeHero provides a live chat support system, which can be accessed 24 hours a day. However, this doesn’t mean you’re going to receive support at any hour. In most cases, you’re required to send an additional email to the support team to gain assistance. This process is unnecessarily time-consuming.
Trustpilot offers great ratings on ChangeHero, as many of these individuals claim that the platform provided rapid transaction processing times while the display on this site is easy to navigate.
However, we also found that many users stated the fees were extremely expensive and could find cheaper rates from alternative trading platforms with the same experience. Nonetheless, these reviews didn’t include the name of these exchange sites. Additionally, copious amounts of these reviews were fake, which wasn’t entirely reassuring.
Countries Where ChangeHero is available
ChangeHero is available in all countries except for the following restricted countries:
- North Korea
- US Virgin Islands (including St. Thomas, St. John, St. Croix)
- Northern Mariana Island
- American Samoa
- Puerto Rico
- North Korea
What are the fees of using the ChangeHero swap service?
You’re going to be charged approximately one to five percent of the transaction’s value. This money is taken from the funds you receive when making the transaction. Many individuals find this percentage to be extremely high, and we agree. Other exchange platforms and trading sites offer a more reasonable fee for this crypto swap service.
Is it safe to make exchanges on ChangeHero?
Yes, customers can use the ChangeHero exchange platform with peace of mind knowing that their funds and information are protected. However, this doesn’t mean that it’s the best swap service on the internet. This is especially if you trade frequently, in which case, a trading platform would be more cost-effective.
Our Final Verdict:
ChangeHero is known for being a brilliant exchange platform and is the best option for those who need to quickly change from one crypto coin into another while not having to go through the time-consuming process of registering with a trading platform or more established crypto exchanges.
However, this quick exchange comes at a great sacrifice. Yes, the site is safe to use but the prices charged for these transactions can be classified as criminal. You’re giving approximately one to five percent of your transaction value, which is extremely high when compared to other swap services and crypto exchange platforms. Additionally, you can’t use this exchange platform from the US, which is a problem for most individuals.
That’s why we recommend seeking services from another exchange platform, like Coinbase or Binance, if you don’t trade often. Otherwise, it would be best to sign up with an established trading platform if you’re trading frequently.