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The exchanges by default are the gateway to the mass adoption of crypto. Before getting exposure to any crypto project, a general user gets introduced to exchange first. They are the place that connects to the legacy financial ecosystem. 

For a user to select the best exchange could be very subjective and depends on the priorities & the critical elements. For example, a user looking to exchange his crypto for another crypto/fiat might be searching for an exchange(CEX) with better liquidity, low latency. For him, the critical elements may not be the decentralized control of the asset and he might consider using a centralized exchange for a short span if liquidity is guaranteed so that he gets a better exchange value.

For a regular trader, the decentralized control of the fund might be the critical element preferably when he deals with a huge amount each day. Non-custodial exchange service could be the ideal solution for him. He might prefer AMM-based DEX, or simply DEX. However in general DEX, liquidity is an issue, even though AMM-based DEX  solves the issue of liquidity, it is limited to a particular Blockchain, interoperability is still an issue.

Exchange fees and crypto withdrawal fees are another important aspects all the traders/users look for, to make their trading experience cost-effective.

The underlying issue with centralized exchange could be with KYC/AML compliance in which the user has to go through the hectic registration process, to the extent of submitting the ID proof, along with a selfie holding the ID. It could also take some time to get verified. 

A naive trader/user might end up giving sensitive personal data to an untrustworthy exchange with a low reputation, which could lead to misuse of the data in fraudulent activities.

**In general, the ideal characteristics of the best exchange are:-**
- Easy & simple user interface.
- Cost-effective exchange(includes both exchange fees & crypto withdrawal fees)
- Crypto-Crypto swap & Crypto-Fiat swap.
- Easy registration process(without longer waiting period to get verified) or No registration at all(if crypto-crypto).
- Wide list of exchange pairs.
- One-click service if possible
- Better liquidity, low latency
- Fast exchange

In the ongoing week of **Best Exchange** in #steemcryptochallenge I will introduce you to some of the best exchange facilities that are available in the crypto domain. 

Today I have selected **ChangeNOW** as the best exchange.

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### [ChangeNOW](https://changenow.io/)

ChangeNOW is an instant exchange facility and it does not require any registration process to make a swap. 

In a traditional centralized exchange, the pairing is mainly with BTC, ETH & USDT. So if you swap from one altcoin to another, you have to exchange twice, first with the base(BTC, ETH, USDT) and then again with the other pair. So in this process, you will pay more exchange fees because of the two-fold exchange. Moreover, it is time-consuming. Not to mention, in the traditional centralized exchange facilities, registration and KYC is needed.

ChangeNow seeks to solve the aforesaid issues. And without any registration, without any two-fold exchange, you can swap one crypto for the other. It has a wide list of cryptos, 166 supported cryptocurrencies, including STEEM(yes that's the interesting part).

However, if you are buying cryptos with a Debit/Credit Card then KYC is needed. For the crypto-crypto swap, KYC is not required.

For crypto-crypto swap there are two options:-
- Classic Rate
- Fixed Rate

**Classic Rate** is basically dynamic in nature. As the price of crypto changes every second, at the time of the actual exchange(when you finally receive the crypto in your wallet) it could vary slightly(positive or negative) than what is displayed on the screen at the time of initiating the exchange. 

**Fixed Rate** is relatively a better option, as you will get the exact amount that is displayed at the time of initiating the exchange. And you need to send the desired input amount within a set window(20 mins), to make the exchange and the exchange rate valid. However, this facility is not available for all the listed coins. 


![sap477.png](https://cdn.steemitimages.com/DQmb6HbYDRMHKBC4V7jyGSCpqRGkvw1pU74jB7iTetG5Pqg/sap477.png)


ChangeNOW does not have any hidden fees, whatever is displayed in front of you covers the exchange fees and blockchain fees. So it is quite transparent.

Furthermore, ChangeNOW is integrated with major cryptocurrency exchange like Binance, Bitfinex, Huobi, etc, so they offer you the best available exchange rate at the time of exchange. 

For a micro trader also, this platform is suitable, as you can exchange as little as 2 USD to 20 USD worth crypto(depending upon the coin). There is no such upper limit. 

Regarding the speed of exchange, it varies from 2 mins to 20 mins depending upon the Blockchain network. For highly scalable Blockchain the exchange can be completed as fast as 2 mins.

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### How do I make an exchange in ChangeNOW

Go to: https://changenow.io/

You can notice **Classic Rate and Fixed Rate**, the default option is always **Classic Rate**. You can select **"Fixed Rate"** if the coin is supported to make a Fixed Rate exchange.

Select the input currency and the quantity. For example TRX.

Select the output currency. For example, STEEM.

Once you enter the input, the estimated output currency will be displayed. The final conversion rate could vary depending upon the volatility and change in price at the time realization. Click on **"Exchange"**.


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Then fill the **output waller address or Recipient wallet address**. Click on **"Next"**.


![sap473.png](https://cdn.steemitimages.com/DQmdk8wb7q8ARVFpj6CrPfGv9k6kzDQkcMCrHhDgsrekH5P/sap473.png)


Then it will ask you to confirm the exchange. Click on **Confirm**. It will also display the estimated time on this page.


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Finally, you will see the input **address** along with the **amount**  to send to which you need to send get the output.


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In a similar way, you can choose the **Fixed Rate** exchange if the coin is a supported one. 

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### Analysis

For 120 TRX, the estimated conversion into STEEM is showing as 18.85 STEEM.

The current TRX price is 0.0268 USD, so 120 TRX= 3.216 USD

The current STEEM price is 0.166 USD, so 18.85 STEEM= 3.129 USD

So net exchange fees= (3.216- 3.129) USD= 0.087 USD

Percentage fees= (0.087/3.216)x100= 2.7%

In the standard instant exchange facilities, the average exchange fee is around 3% and that is considered most competitive in the broader instant exchange facilities.

So 2.7% exchange fees and that too with an exchange of as little as 3.21 USD worth crypto look very genuine and cost-effective. 

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### Pros & Cons of ChangeNOW 

#### Pros
- A wide list of listed coins. It has a native token called NOW which is used in voting to list a new asset.
- Intuitive User interface.
- It is very easy to use for the average internet user. So it lowers the barrier to entry.
- In the context of an exchange facility, the exchange rate is at par with the industry standards.
- The Fixed rate exchange and classic rate exchange options give the flexibility to the trader to choose the suitable one as per their choice.
- The exchange is as fast as 2 to 20 mins(depending on the coin & the underlying blockchain network)
- It is fully automatic. Non-custodial.
- It supports micro exchange, as little as 2 USD worth crypto.

#### Cons
- In some of the exchange pair, only one-way trading is available. For example- You can trade TRX-STEEM but not STEEM-TRX.
- The Fixed Rate Exchange facility is available to a few selected coins, not all.
- During high volatility the Classic Rate Exchange may vary significantly at the time of final exchange. 

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### Conclusion

The common average internet user and a crypto trader who does not want go into the intricacies of advanced trading options, ChangeNOW is a suitable exchange facility and for a micro trader, it is the best exchange option to go with. 

The exchange fee is very transparent as everything including the blockchain network fee is included in the net exchange value that is displayed on the screen at the time of initiating the exchange. The no registration/no sign up is the best features of ChangeNOW to bring the attention of the crypto traders.

Overall, I find this exchange facility to be one of the best quick/instant exchange facilities for the average internet users and micro-traders. 

Thank you.

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### tl;dr


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Cc:-
@steemitblog
@steemcurator01
@steemcurator02

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<center>*Unless otherwise stated, all the images, infographics, charts, tables, etc(if any) are my original works. Screenshots are taken from the ChangeNOW official exchange site.*</center>

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<center>**The post payout is set to "Power Up 100%"**.</center>

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