UPDATE 1 November 2020: This exchange is no longer accessible. We have not been able to find any information about it closing down. Accordingly, we have now marked this exchange "dead" in our database and moved it to our Exchange Graveyard until further notice.
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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 XCH4NGE consists of four parts: general information, fees, deposit methods and security.
XCH4NGE is an upcoming cryptocurrency exchange from the United Kingom. The exchange has already launched the fiat-to-crypto part of its platform and anticipates that it will launch also the crypto-to-crypto part in the near future. This exchange is different in the way that it is more of an “Ebay for cryptocurrencies”, but with security procedures in place for ensuring that the sellers and buyers can’t fool each other. A transaction where you buy BTC for GBP will take place in accordance with the following process:
- You select to buy BTC (purchase will then be from a verified seller at the platform).
- Then, you input the amounts of the transaction. You will only have 90 seconds to complete this page (in order to avoid price speculation).
- You complete the order, upon which the seller is asked by the exchange is he/she is online and ready to complete the order.
- If the seller says he/she is ready, you proceed to payment. Payment must be executed, and seller must confirm payment, within 30 minutes from going to the payment part of the transaction. The platform will now hold the cryptocurrency to be sold in escrow (fiat currently is not held by the exchange as it is sent “off-platform”). If payment is not sent, the cryptocurrency will go back to the seller.
UK Platform in Licensing Discussions
XCH4NGE has its headquarters in London (Mayfair) and is registered at UK Companies House (no. 11161068). United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro and Instant Bitex.
We have also recently received information that this exchange is in the process of obtaining an “FCA EMI license” in the UK. This would allow the platform to provide UK users with what they themselves refer to as “full, crypto-friendly bank accounts”.
As its main advantages, this trading platform states that they have 24/7 support, fee transparency and that the platform is fast and reliable. We definitely feel that all of these factors are very important to a prospective user of the platform.
Platform live in 241 countries worldwide
The exchange was previously only open to UK-investors. Today, it is open in 241 countreis worldwide (including US-investors). The platform engages in systematic community building for buyers and sellers to engage more in the platform. International users can start buying and selling with minimal KYC-details (name, country of residence, username, and phone number). They are, however, still able to verify themselves up to a bank level, world-wide.
XCH4NGE Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the purchase interface at XCH4NGE, where we have chosen to buy XRP from the user Liquidking at the platform on 20 July 2019:
We feel that this trading interface is quite intuitive, but it surely lacks many of the features that advanced traders would prefer to have in their trading.
XCH4NGE Trading fees
This platform for cryptocurrency trading does not charge different fees between takers and makers. Instead, it divides between buyers and sellers. Buyers do not have to pay any trading fees at all, whereas sellers pay 1.00%. This is a somewhat unusual fee model, and it will surely be appreciated by the buyers in the cryptocommunity. Buyers should note though that as fiat currency payments has to be executed outside of the XCH4NGE-platform, buyers will also be charged bank transfer fees.
According to information to Cryptowisser, this exchange is however moving towards a Verified Transaction System (VTS) for its UK users. In such solution, fiat will be paid directly into an XCH4NGE corporate account, and then forwarded to the seller upon verification of the payment and its source.
XCH4NGE Withdrawal fees
XCH4NGE charges 0.0005 BTC when you withdraw BTC. The corresponding fees for its other supported cryptocurrencies are 0.001 BCH for BCH, 0.006 ETH for ETH, 1.5 XRP for XRP and 0.01 LTC for LTC. These fees are below industry average and do not constitute an area of concern.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at this exchange. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them at XCH4NGE.
To find another exchange accepting purchases with fiat currency (regular money), just use our Exchange Finder. The rest is easy!