Changex Review 2024

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Changex (formerly Bitvalex) is a one-stop mobile platform for staking, DeFi lending and fiat-to-cryptocurrency trading. While relatively new to the market, Changex shows promise in becoming a big player. This review will uncover the key features of Changex to help UK traders decide if this exchange is a good choice.

Our Take 

• Changex offers some enticing DeFi personal banking products, including a crypto debit card and passive income opportunities 
• The brand’s mobile app is easy to navigate, responsive and beginner-friendly 
• The exchange is still in its infancy and does not yet match up to competitors in terms of available products and features 
• The lack of regulation is a serious risk. Traders may want to consider a reputable crypto broker instead like FXCC or PrimeXBT

Crypto Tokens

Changex has integrated six blockchains, including Ethereum, Polygon, and Arbitrum, and more than 50 different cryptocurrencies, including popular assets like BTC, ETH, MATIC, DOGE, SHIB, USDT, USDC, and many more.

This is a reasonable range of digital currencies to meet the needs of both beginner and more experienced crypto traders. On the downside, this falls well below the hundreds available at alternatives like OKX. This means Changex isn’t the best pick if you fast access to up and coming tokens.

Crypto Products

Wallet

The Changex crypto wallet is an e-wallet that allows traders ownership of their crypto assets with DeFi functionality in a non-custodial wallet format. Here, traders can buy, hold and swap crypto easily.

Ethereum, Hydra, Arbitrum, Polygon and KCC are all supported here, with BNB, OKC and Cosmos set to be available soon.

Bank

We were intrigued by the decentralised crypto-friendly bank feature at Changex. This allows traders to enter into the digital economy with fiat accounts and a debit card, bringing together banking with the non-custodial wallet. We found this feature impressive and think it’s an enticing option for anyone looking to get into crypto trading.

Wealth

The ‘wealth’ aspect of Changex is focused on traders earning passive income through decentralised finance. We found that this involves staking your assets so that you can earn on your investment without actively trading.

Importantly, Changex allows users to maintain full access to their coins while the asset is staked, which we thought was a decent advantage.

Funding Methods

Although it’s a DeFi wallet, Changex also uses bank accounts and crypto debit cards. This means users can access both crypto and fiat in the same application and can buy and sell their digital assets within that app without transferring.

That also means you can set up payments to enter your wallet, including your salary, and pay for things with your Changex debit card that is attached to the account. Passive earning can take place while this is happening via staking, leveraged staking, lending and saving.

Changex advertises that by doing this, you can earn a 45% annual return on your money.

CHANGE

CHANGE is the native token of the Changex app (rebranded from Bitvalex) and it is multi-chain and deflationary. Currently, CHANGE is available on the Ethereum and Hydra networks.

The CHANGE token can be purchased within the Changex app and runs on the Hydra decentralised exchange or the MEXC centralised exchange.

We were pleased to find that when buying tokens on the Changex app, tokens belong to the trader at all times.

Hydra

Hydra is Changex’s staking mechanism, built to keep staking decentralised and accessible. This means users do not need a staking computer, or even a steady internet connection to use it. We view this as an interesting way to earn in comparison to traditional trading methods.

How To Buy CHANGE

CHANGE can be purchased through one-sided swaps. This means that if you had BTC, for example, and wanted CHANGE, you could swap them on the Hydra network.

Here is how I did it:

1. Select your BTC wallet in Changex
2. Click on the blue ‘Swap’ button located at the bottom of the screen
3. Enter the desired amount of BTC you wish to swap in the ‘You send’ field
4. Observe the rate, slippage, and estimated network and service fees provided in the ‘You get’ section
5. If this is your first time swapping with Changex, you will need to approve the transaction by tapping the ‘Approve’ button
6. Once your initial swap transaction is approved, click on the newly-displayed ‘Swap’ button to convert your BTC to CHANGE, without any further steps required

Our experts found that this is the most straightforward way to purchase CHANGE tokens. However note that once you carry out this swap, you cannot swap it back to its original currency.

For one-sided swaps, there is a minimum of $50 and a maximum of $5000 on a single transaction and there is no daily limit.

Fees

Changex (formerly Bitvalex) advertises no hidden fees, which we confirmed during our review of the platform.

However, when you buy or sell cryptocurrencies on an exchange, you are likely to incur transaction fees. These fees can vary depending on the exchange you use and the specific type of transaction you perform.

Regulation

Changex (formerly Bitvalex) is a registered company, operated by Olympus Capital JSC with registration number 206820199.

However, Changex is not officially regulated because funds are dealt with on the blockchain and aren’t stored in centralised locations. This means traders will not have access to the same safety procedures offered by regulated brokers.

As such, we always urge caution to traders considering unregulated exchanges. Instead, it might be worth considering an established broker that offers crypto derivatives, such as FXCC.

Mobile App

The platform for Changex is a proprietary mobile app, available to download on the App Store and Google Play. It is a hybrid personal finance app which aims to provide a one-stop shop for investing and earning crypto.

Through the platform you can use the non-custodial wallet and utilise the bank account option, giving investors both centralised and decentralised elements simultaneously.

Overall, we found the app user-friendly, highly functional, and responsive. It is easy to navigate and has well-organised features which we think would suit beginners as well as experienced investors.

Leverage

Changex does offer leverage, specifically leveraged staking – something not commonly found at other exchanges. Leveraged staking is a means of earning passive income on Changex and can increase staking awards by a factor of 1.2-2x.

Leveraged staking essentially creates a margin position for your base asset and uses it as collateral to buy stablecoins (a cryptocurrency with a pegged value). This is then used to buy more of the base asset which is then put in a leveraged pool.

Unlike staking in other kinds of trading, DeFi staking is considered a more secure form of investment, though traders should be aware that they are still exposed to significant risk.

How To Stake In CHANGE

Below is an outline of how to stake in CHANGE, which I found a fairly seamless process:

1. Buy BTC, ETH, USDC, or USDT in the app using your bank card
2. Swap the purchased cryptocurrency for CHANGE
3. Click on your CHANGE wallet
4. Select the Stake option
5. Follow the provided instructions to finalise the transaction

You need to have some Hydra to stake CHANGE on the Hydra chain. Alternatively, you need to have Ethereum so you can pay transaction fees on the network.

Demo Account

We were disappointed to find that there is no demo account at Changex. Whilst this is quite common at crypto exchanges, it’s still a shame that prospective clients cannot test out the platform before depositing their funds.

Bonus Schemes

At the time of writing in 2023, there are no bonus deals available at Changex.

Extra Tools & Features

The most notable additional feature available is the Changex crypto debit card, which is a payment card that is linked to your crypto wallet and Euro bank account. You can use it to make purchases anywhere that accepts cards, just like a regular bank card.

However, you can also use it to spend your crypto, which we found just as easy. We liked that you can easily choose which currency to spend using the app with a single tap of a button.

Changex also offers an average blog section, with market insights, news and guides. The articles appear to be added every month, which we think could be improved to compete with other brands. The content could also be more engaging and comprehensive to match rival crypto brokers.

As Changex is still in its early stages of development, it will be interesting to see what additional products and services will be made available in the future.

Customer Service

We were pleased to see that Changex provides 24/7 customer support via Telegram. You can also email customer support at inquiries@changex.io.

Having 24/7 customer service is key for crypto firms due to the global nature and time-sensitive characteristics of the cryptocurrency market.

With that said, we hope the brand introduces some more convenient methods of contact in the future, such as a live chat feature. This is offered by many alternatives, including PrimeXBT, and serves beginners well.

Company Details & History

Changex (rebranded from Bitvalex) was founded in 2022 and has its headquarters in Sofia, Bulgaria. It is available worldwide except in the US and is in the process of extending more of its services across the globe.

Their vision is to make crypto more accessible to the wider population by creating an app that is easy to use but is as powerful as other crypto solutions on the market.

Security

Changex offers a non-custodial DeFi wallet. This means that the trader is the only person who can access the wallet and the funds inside it, removing the need for typical security measures.

Changex also cannot access the personal information that is associated with your wallet. The only time they collect data on customers is during Know Your Customer checks.

With that said, the lack of regulatory oversight (as with many crypto exchanges) is still a concern. Scams are rife in the crypto industry, so it’s important to remain vigilant when depositing your money at any exchange.

Trading Hours

Cryptocurrency trading operates 24 hours a day, seven days a week, unlike traditional financial markets. The crypto market is decentralized, meaning it is not tied to any particular location or exchange. As a result, cryptocurrencies can be bought, sold, and traded at any time, including weekends and holidays.

Should You Invest In Crypto With Changex?

Overall, Changex (formerly Bitvalex) is a new platform which has not fully matured yet, which is where many of its shortcomings arise, such as regulation and transparent information. The exchange has ambitious growth plans for the future, so it might be worth keeping an eye on.

However until then, we recommend considering more established crypto brokers like FXCC and PrimeXBT. These have longer track records and more attractive crypto trading conditions. 

FAQ

Article Sources

Changex Website

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