Bitcoin Forum

Hello friends, I was in a hurry today and wanted some bitcoin, so I decided to use the instant exchange. Because I wanted to do about 100 XLM to BTC which is a withdrawal fee of many exchanges, However, I intended to use the changenow.io exchange But when I saw their exchange rate, I was surprised.

https://i.ibb.co/kJsTDhn/Screenshot-20200506-075924.jpg (https://ibb.co/m0VKyHs)

XLM: 100 _____  Btc: 0.0002003 _____  USD: $1.80

https://i.ibb.co/qdL1cMf/Screenshot-20200506-081140.jpg (https://ibb.co/px6XMv8)

But in reality:
https://i.ibb.co/Qf0c2pr/Screenshot-20200506-080348.jpg (https://ibb.co/2yJ6DWg)

Isn't this Scam? I do not know what it is, I just want to give you a warning that do not exchange by closing your eyes. Before using any exchange, check how much they are charging from you.

Tip:
If you also want to exchange XLM to BTC, then you can use blockchain.com (for a small amount) I used it.

It's a necessity to check how much an exchange will be charging you before proceeding, only a foolish person won't bother to check this out first, even changelly do cheat to, some times when Bitcoin hits 9100$ on changelly Bitcoin price will still be at 8880$

It looks like that the result of amount that already showed in the swap service already included the fees. Let's say that you will get 80k satoshi as the result before the fees and you will get 20k satoshi as your result after the fees (60k)

it's not that service is a scam but it looks like the fees is really high.

Way to high and because of this they are likely to lose a lot of customers, I don't know if the team knows about this and are they comparing this to other exchanges, I'm not going to use this exchange if the other exchange can give a better price.

Honestly the fact that fees are high doesn't make it scam. I once asked an exchange support why their fees are high and he said it's for faster transactions. Well, i dont use such services to convert crypto, I've been seeing changenow but I'm not sure about their reputation (whether good or poor), so why will i jump into it. Thanks for sharing your opinion OP, atleast it creates more awareness on checking fees before using such services.

I don't know about the exchange itself but I have used fees comparison services and used many spot exchanges which provides much better conversion ratio than most of exchanges. Changelly is an example. They generally have a good fee. Though they are not accusation free, it seems they have settled the most of it.

For small amounts, I like CoinPlaza.it (Referal link in LoyceMobile's signature (https://bitcointalk.org/index.php?action=profile;u=1903546)). The minimum is 0.001 BTC, which now takes 126.73 XLM.
If you want to exchange less, you can get 78903 satoshi on the Bitcoin Lightning Network for 100 XLM. I like this exchange because of the 1% fee without additional transaction cost.

This is not a scam but obviously the fee is quite high with a small amount of money, more than $ 5 fee for a transaction of more than $ 7. Perhaps the advice is that exchanges with small volumes should not use this exchange.

How can one exchange a coin without knowing the actual value you will get back, if anyone fall for this trick or scheme it's their own fault, some exchanges even have different values at a point in time, it's always a normal process to check yourself

They are not scams, they may have deducted some fees on your transaction. You try with larger amounts, surely you will get clear answers. If this exchange is scam then they will steal all your money and will not send you anything

It might not be a scam.

Some platforms have a minimum exchange fee, this can be somewhere along the lines of $5 to $10.

Coinbase is a similar example. Obviously the more you exchange, the less this affects the amount you receive in return.

Try entering a much larger amount and see if the exchange rate stays the same.

these must be the right answer . You only tried to exchange small amount of XLM why not try it with a larger amount and see the difference  , they are earnings for every exchange they do that's why they are actually using fixed rate for fees wether it's small or large amount of funds to trade in that exchange.

If you will look with other exchange they are also have minimum fees for widrawal.

I do not think this is a scam attempt, and we can relate it to different exchange platforms we have in the crypto world.
The change now platform seem to have high charges rate, just like the hitbtc platform used to charge high; different platforms, different rules.

Thats why traders are encouraged to read every terms and conditions before signing up on a centralized platform.

It seems that they only charge fees too high compared to other exchanges, so they are not a scam. You can use other exchanges to save an expense and not to waste it

That's a good catch by the OP. Normally the sites states that they have no or very less fee for the exchange and the user blindly accepts it. Such sites manipulate at the back end and calculate values with less market price of the coins and hence get a lot of profit from our exchange.
The best way is to fully confirm if we are getting the right amount of money after the exchange.

Essentially, the Warning in this post is that everyone needs to have a few proven exchange resources. So that you can take advantage of each of them at the right time.

Following up on my earlier reply.

It actually looks like Changenow has a variable exchange depending on the amount you're transacting at once;

https://i.imgur.com/h1329e7.png

https://i.imgur.com/nmSwrfD.png

See next to "expected rate"

This could be encouraging people to deposit more so they can scam more. Has anybody successfully receive their funds from this platform?

The transaction fee of bitcoin is quite expensive. why don't you exchange your coin to lower price like xlm to trx, etc. the fees relative cheap.
no extra fee? they are lie? not really!

like @DarkDays said, we need to check the Expected rate.

https://i.imgur.com/h1329e7.png
on screenshot above, the price for 1 xlm = 0.000005 btc, that actually the current price 1 xlm = 0.00000780 btc. why the price is less than current price on market? because this is include exchange and transaction fee. that why they say no extra fees.

sometime i use this platform for exchange small amount of my coin. till now i don't have any problem with this platform.
one of my interesting what they offer is, we will get free NOW token every we successful made transaction.

I don't think they're scamming. It's a transaction charge I think. I have checked the amount for 10K XLM which currently priced at $722 but they're offering $706 which is $16 less than the current amount. So if you use larger amount than you will pay less fees.

But personally I don't trust these type of website where scamming can often happen. You send them your one asset in returns you get other asset. After successful transaction I have to wait for them. If they are good person they will send me back but if they're scammer they won't pay. Sometimes they pay first 1 or 2 months so that they can gain some popularity.

My suggestion is that you can use real exchange instead like binance, bittrex, huobi, kucoin etc. I don't think you have to pay that much of fees in those exchange. The fees of withdrawal also be much much less than that. Also you can use famous dex's like binance dex.

I can see many people saying that this is not a scam, it may not be a scam, But what is the reason for such a high fee?

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Thank you so much, sir, I will try this next time.

I used crypto exchanges to exchange the coins but this is a new method for me.
I have bookmarked CoinPlaza.it for my reference. Is there any other trusted exchange site which offer more coins to exchange as coinplaza does not allow you to exchange bulk quantity of coins and it also offers limited number of coins.

Many complaints are the sign of something is wrong there, I never send BTC first before checking the best offer rate on alternative websites. Use bestchange for comparison and choose the best offer with the lowest transaction fee. You will not regret first comparison after few tries.

For profit ofcourse.
They have developed an exchange and the site to gain profit and therefore they charge high fee for using their service. Don't expect them to give you exchange services for free.

I tried changenow and similar sites like months ago since I don't have time to go to the exchange, wait for deposits and stuff. If the price fluctuates sharply, you'll get rekt for using such services. You can use them if the price is kinda stable. But I don't like it and don't use it anymore since they took too many fees (too expensive for a cheap guy like me).

Maybe it's a small amount so the cost is more expensive because it's regulation in their current rules and there are also some expensive exchanges with this but I haven't tried it so I have never used Changenow as an exchange for other coins.