XCH4NGE Review (2019)

Support reachable 24/7 (via stay chat).
P2P platform that solely requires verification once.
Account setup (incl. full verification) takes about 15 minutes.
P2P platform for more than one cryptocurrencies.

DISADVANTAGES

Fewer sellers than preferences (e.g., LocalBitcoins).
Prices aren’t competitive (more than 2.5%).
Website doesn’t look exquisite (but is presently being redesigned).

WHAT IS XCH4NGE?

XCH4NGE is a UK restrained organisation (based in London) which used to be established on the twenty second January 2018. The sole listed director is Sarfraaz Patel.

Their mission is “to make cryptocurrency on hand for everyone” and “become the ideal entry factor to the digital asset ecosystem”.

But what makes them unique? When I asked, they told me they wanted to be a “one cease shop” for the whole thing crypto-related. Quite ambitious it seems!

They launched their peer-to-peer (P2P) platform in November 2018 to UK residents. This seems to work a lot like LocalBitcoins, the place you’ll buy cryptocurrency from different users – no longer without delay from XCH4NGE.

However, this P2P platform is simply the first stage of their platform. There are other services they’re aiming to launch in 2019:

Mobile Application (Q1 2019): Will firstly consist of their P2P platform, however will be extended consist of all their upcoming services.
Cryptocurrency Exchange (Q3 2019): This’ll be reminiscent of some thing like Binance (i.e. crypto-to-crypto) and will encompass a broader decision of cryptocurrencies to buy and sell.
Banking (Q4 2019): They’re working with the UK Financial Conduct Authority (FCA) to reap an e-money license. If they get this, they’ll be able to offer UK bank debts services to established users. That’s a huge deal if they can pull it off.

HOW’S IT WORK?

After beta trying out their P2P platform in October 2018, they launched their peer-to-peer (P2P) platform in November 2018 to UK residents.

Signing up and verifying your identity doesn’t take long (15-20 mins). You’ll want to provide:

Your name, address, email, and cellphone number.
Bank details.
Scanned copy of your ID (passport or riding license).

Selfie of yourself, protecting your ID, and a piece of paper with ‘EXCH4NGE’ and the date.

XCH4NGE utilise a “leading UK savings agency” to function KYC verification, which potential that there’s less of a hazard you’ll be exposed to stolen or laundered money when buying or promoting bitcoin (BTC). Because all of us the usage of their platform is verified, customers and sellers can retailer time and make transactions more securely (i.e., with much less chance of fraud).

Once I signed up, I used to be disenchanted to locate that XCH4NGE’s P2P platform was once quite bare. When I checked, there have been solely three bitcoin (BTC) agents online.

The ripple (XRP) market was a little more active – but not by much.

When I tested the shopping for technique (about 10:00 AM on a Sunday), I wasn’t honestly able to find a vendor on line (even although their opening hours said otherwise). That’s now not amazing 🙁

Why Use XCH4NGE to Buy and Sell Crypto

XCH4NGE is a very promising new exchange. Sitting someplace between Local Bitcoins and a normal exchange, it’s off to a top notch start.

It’s worth remembering that XCH4NGE is nevertheless a younger exchange. There are a restricted number of buyers and marketers right now, and only the top five or so cryptocurrencies are reachable to trade, but this will all change soon. As greater users commence to alternate on the platform, the liquidity and range will continue to grow. Starting in February, XCH4NGE are opening up to over 25 countries.

XCH4NGE’s great support, security, and on-boarding technique are well well worth considering. If it doesn’t go well with your requirements proper now, it may additionally do so in the future, as it continues to develop at a speedy rate. XCH4NGE’s roadmap and product imaginative and prescient are full of brilliant ideas to enhance the platforms. Things such as multiplied security, even easier trading, and charge protection.

SUPPORTED CRYPTOCURRENCIES

XCH4NGE presently helps the following cryptocurrencies:

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ripple (XRP)

They’ve instructed me they are searching to guide more cryptocurrencies in the close to future. However, they’re no longer quite geared up to disclose what these new additions will be.

CONCLUSION

I’m excited to see how XCH4NGE’s platform develops. If they can pull off their roadmap (e.g., getting an e-money license), then they could end up a serious contender in the space.

But in its contemporary state? I won’t be the usage of it and wouldn’t advise it.

When I can purchase bitcoin from established brokers on Bittylicious and Solidi (who both have super reputations), what’s the benefit of using XCH4NGE? It seems like LocalBitcoins, but with all the quality things about it removed (e.g., privacy, preference of payment method, etc.).

Despite charging decrease expenses to marketers (0.75%), the costs offered to buyers (when I checked) weren’t as aggressive as preferences (at least 2.5% to buy more than £18). I couldn’t locate a vendor who used to be on-line to take my buy order either. Double whammy.

Website: https://www.xch4nge.com
Telegram: http://t.me/xch4ngecommunity
Facebook: https://www.facebook.com/XCH4NGE
Medium: https://medium.com/@xch4nge
LinkedIn: https://www.linkedin.com/company/xch4nge/
Instagram: https://www.instagram.com/xch4nge
Twitter: https://twitter.com/xch4nge
Bounty ANN thread: https://bitcointalk.org/index.php?topic=5110329.0

Author: https://bitcointalk.org/index.php?action=profile;u=2179512