Step of Exchanges Comparison
ChangeNOW is a non-custodial exchange with the purpose to make your exchange experience as simple as possible where the steps are:
Looks like there is not KYC/AML for low transaction amount. I do read that they require KYC/AML if they detect suspicious transaction. What are the fees?. Well, there are various network and trading fee but they claim that their service are to find the best exchange offer.
Most Custodial Exchanges?
Common Exchange Process
The process may not be complicated but contains many step and can be time consuming. However, for most people in the current era, this custodial exchange is preferred because it is made similar to the current banking system. Although there are many time consuming steps in the process, they are all to secure the funds of the users for them. In the true decentralized crypto world, the users may have complete control but bears the responsibility of securing their funds alone. Most people today are not ready to bear such responsibility, for example when they lose their keys, they lose their funds forever, and another one is that the transaction process is irreversable where if they make a mistake in writing the address, they also lose their funds forever. When the user have problems with the interface, exchanging, depositing, withdrawing, and even when they lost their password, the support can help them. When anything goes wrong, the users can even blame the support and may even get refunds.
If KYC/AML are Involved
Additional steps are:
In App Exchange
In Wallet Exchange
Decentralized Exchanges (DEX)
DEXs are mainly used for P2P transaction where the smart contracts performs the automation. The point of DEX the control of own funds and censorship resistance. However, most DEX that I know today relies on Ethereum where you always need Ethereum for transactions.
After this I will write about embedding ChangeNOW widget on your personal sites but before that, join the affiliate program or you will miss out on the 0.4% commission of the fees when users use your widgets or any built-in you made, for example, here is my referral link: https://changenow.io?link_id=123040aec1d261.
Since I am a content creator and a blogger, this is my favourite part about ChangeNOW. Unlike decentralized finance, exchange, and token in the old days, ChangeNOW is one of the platforms that provides widgets for bloggers like me where all you need to do is to paste the code provided on your widget section. However, before that you need to make sure that your blog, platform, or website can run:
Well, you don't need to thoroughly check but just copy&paste the code and see if it works. If it doesn't work, then your platform does not support so your next best thing is to just post your referral link. Disclaimer, below is my widget code, don't use mine because all the commissions will go to me. Therefore, get your own code at https://changenow.io/embeds/widget.
Full Wordpress Exchange
They provide a pack to build a full Wordpress ChangeNOW exchange site. The experience is like having your own full exchange website. You can get the Wordpress plugin, them, and intallation guide at https://changenow.io/your-exchange. I have my exchange ec2-52-69-251-238.ap-northeast-1.compute.amazonaws.com by following the installation guide and recorded a video of the process. Although the installation guide starts with building your own cloud VPS but actually most of the procedure is installing Wordpress. If you already have Wordpress, all you need to do is to upload the plugin and theme, and install an additional Polylang plugin. Finally, navigate to Theme NOW gear somewhere at the buttom of the admin panel and input your API key.
My Comments and Questions