A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of ChangePro consists of four parts: general information, fees, deposit methods and security.
CHANGEPRO HAS BEEN OUTED IN THE CRYPTOCOMMUNITY AS A FRAUDULENT EXCHANGE. ACCORDINGLY, DO NOT UNDER ANY CIRCUMSTANCES DEPOSIT ANY ASSETS TO THIS EXCHANGE.
ChangePro is a cryptocurrency exchange from Australia. From our understanding, the main purpose of this platform at this point is to attract investors and also attract deposits of cryptocurrencies. These cryptocurrencies will then be sold on to the traders at the exchange and the fees for such further sales will be used to pay back the initial investors who deposit the cryptocurrencies, with interest. Interest is dependent upon the volume of the deposited cryptocurrency assets.
The exchange promises 7-10% daily interest which surely is too good to be true. We can’t see how this adds up. This corresponds to a yearly interest of 2,555-3,650%. We are not convinced by the statistics and explanations provided by ChangePro and will simply need more information to consider the viability and success likelihood of this business model.
According to information on its website, it has already racked up 56,571 active investors. They are currently in process of adding more cryptocurrencies to their platform. Next step in their time table is to launch trading apps on iOS and Android.
It is yet not clear to us whether ChangePro will accept investors from the U.S. or not. Something that points towards not accepting US-investors is that of the other 10 Australian cryptocurrency exchanges, only 2 are open to US-investors. Something pointing towards accepting US-investors is that ChangePro will be a decentralized exchange and that decentralized exchanges normally don’t care about the residency or citizenship of its users. We will follow up with ChangePro and revert once we have received clarity in this matter.
General information on decentralized exchanges
Decentralized exchanges are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal information. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, decentralized exchanges normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.
But, as mentioned above, they are definitely gaining market shares against their centralized counterparts. You have probably heard of at least one of the following exchanges that are all decentralized exchanges: Binance DEX, EtherDelta, Bibox, Bitshares Asset Exchange, Waves DEX, Bancor Network, OpenLedger DEX, IDEX, Token Store, Bisq, Counterparty DEX, Burst Asset Exchange, CryptoDerivatives, AirSwap.io, Fcoin Exchange, Barter DEX, Switcheo Network, DEx.top, Ethermium.
ChangePro Trading fees
We have not been able to find any information on ChangePro’s trading fees. This is potentially a risk for you as an investor (if the exchange does not inform of the fees anywhere we believe there is a higher risk that the fees are high). Accordingly, we strongly urge you to make your own analysis of the trading fees at ChangePro before depositing any funds there and before concluding that it is the best cryptocurrency exchange site for you.
ChangePro Withdrawal fees
We have not been able to find ChangePro’s withdrawal fees either. This is also potentially a risk for you as an investor. Accordingly, we repeat the above advice, namely that we strongly urge you to make your own analysis of the withdrawal fees at ChangePro before depositing any funds there and before concluding that it is the best cryptocurrency exchange site for you.
At ChangePro, you can deposit through both wire transfer and credit cards, as long as you deposit through any of the payment service providers Perfect Money or Payeer. This can be helpful especially for newer crypto investors and it makes ChangePro an “entry-level exchange”.
A general warning should be issued here for the different deposit fees charged by exchanges for deposit of fiat currencies. Especially when deposits are made through payment services such as Perfect Money or Payeer.
ChangePro has an average security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and ChangePro received a D+ score. This is decent, but there is also room for improvement.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: