Do you know if anyone has asked ChangeNow about these rates they are offering and how to they respond and explain themselves?
Pretty simple, they have their defense covered, and it's understandable, nobody is going to pay the fees for you at 20$ per tx.
The process of exchanging crypto consists of many different steps, and during those steps, various fees are charged.
These are the possible ones:
- network fee for the deposit transaction from a customer's wallet;
- network fee for transferring coins to our liquidity provider;
- trading fees that our liquidity providers charge;
- network fee for sending the exchanged funds to the customer.
The fees vary depending on the currency and the exchange amount.
Of course that no fee bs is just pure bs, again in their terms:
5.4. The ChangeNOW’s interest (the ChangeNOW’s remuneration for the using of its services and the Website) is included in the final rate of the User’s change transactions. You don’t need to pay additional fees directly to the ChangeNOW, unless otherwise provided by these Terms.
So you don't need to pay me an extra $ for that plumbing job, just pay me 150$ for the materials and 50$ for the work
If you use low fee coins it and a higher amount, probably over 500$ yeah, the fees are smaller and it obviously beats the hell of an ATM or a face2face transaction, but otherwise, nope!
In the end, it is what it is, they are a business, not a charity.
