Crypto Exchange: Easy How to… Explained

About

What is Namex Crypto Exchange?

Namex Crypto Exchange is a simple and fast instant cryptocurrency exchange service powered by ChangeNOW technology. You do not need to register, and your exchanges will have no limits. We will quickly convert almost 200 coins for you without charging any additional or hidden fees (transparency and security above all).

How does it work?

Namex Crypto Exchange through ChangeNOW is integrated into multiple cryptocurrency trading platforms, including Binance, Bitfinex, Huobi, OKEx, and Kucoin. At the moment of the trade, we’ll choose the best exchange rate on the market at any given moment and offer it to you.

Why do People and Companies trust us?

The Service is Created by a team of experienced blockchain developers at ChangeNOW. This is a secure service with a bonus twist: The Service is completely registration free. This allows our clients to to sustain their privacy, and avoid financial theft. We offer the best rates on the market, as we use reliable cryptocurrency trading platforms on the comparison basis. We chose the best rate for you available at the instant of the exchange. No more need to look and search all the exchanges. The system does it for you instantly and automatically.

Cryptocurrency Exchange Process

How fast will my transaction be processed?

The processing speed ranges from about two to twenty minutes, depending on how long it takes for a block to happen in the network. Most orders process in just a few minutes. If the transaction is large (more than 1 BTC or equivalent), processing it may take a little longer, depending on the size of your transaction and the capacity of the block. We boast the highest exchange speeds on the market thanks to our revolutionary trading algorithms.

What is cryptocurrency wallet address?

Cryptocurrency wallet address is a unique combination of numbers and letters ranging from 26 to 35 characters in length. It usually looks something like this: 75bkZPLB4Wn6F347PLZBR34ijhzQDUFZ4ZC.

How do I get my cryptocurrency wallet address?

When you decide which crypto coin you would like to acquire, find a reliable wallet. Each cryptocurrency has an official one. When you create a wallet, you automatically get an address and a private key. Keep your private key to yourself and don’t show it to anyone, even if they ask. For security reasons, we will never ask you for your private keys and nobody should.

What is a recipient wallet address?

If you want to buy a cryptocurrency, you need to have it sent to a specific crypto wallet. Each coin has its own one. The recipient address is your wallet, to which your crypto is transferred after the exchange.

What is a transaction hash?

Transaction hash (also referred to as "TX") is the unique identification code that registers every transaction in the blockchain. This unique code allows you to verify its status and validity in the blockchain.

How can I cancel a transaction?

Blockchain operations are irreversible. If the funds are sent, the transaction cannot be canceled by anyone. Therefore, thoroughly check all the payment details before sending funds to anyone, including us or anyone else.

Why is the final amount of funds different from the initial amount?

It takes some time to process transactions. Due to the high volatility of cryptocurrency, speed is crucial, however, the final exchange rate can differ both in the positive or negative direction. What we guarantee is the best rate at the very moment of an exchange operation.

What fees are there during an exchange?

The process of exchanging crypto consists of many different steps, and during those steps, various fees are charged. These are the possible ones:
  • network fee for the deposit transaction from a customer's wallet;
  • network fee for transferring coins to our liquidity provider;
  • trading fees that our liquidity providers charge;
  • network fee for sending the exchanged funds to the customer.
The fees vary depending on the currency and the exchange amount. For every swap, ChangeNOW finds the fastest and most user-profitable way to execute an exchange. It is crucial to us that the final amount you receive is as close to the estimate as possible. That's why we calculate all the possible fees for every transaction very thoroughly and include them in the estimate.

How long does it take for a transaction to be finished?

Transactions normally take minutes (from 2 to 30 minutes depending on the networks conditions). If your transaction takes more time, it may be due to various issues:
  • DDoS attacks. Unfortunately, such problems happen from time to time, but we are always happy to help you and solve any issues;
  • Cryptocurrency updates. We may update the client and disable some coins. As soon as we turn them back on, you will get your funds right away;
  • The blockchain is overloaded. Too many transactions are waiting to be included into the blockchain, and yours may wait for its turn, too. Sometimes you might have to wait a little longer.

What is the minimal exchange amount on Namex?

There is no upper limit for cryptocurrency exchanges on Namex Crypto Exchange. However, there are lower limits: they are different for each coin and range from ~$1.7 to $20.

What happens if I deposit an unsupported coin or token?

If you send in an asset that is not supported on ChangeNOW (full list of supported assets is available here), unfortunately, we won’t be able to guarantee a refund. Please keep this in mind to make sure your funds are safe at all times.

Exchange Rates

What is a classic rate cryptocurrency exchange?

A classic rate cryptocurrency exchange is an exchange performed at the current most profitable rate on the market. An expected rate is the current exchange rate you will get. However, the cryptocurrency market is highly volatile and you should account for that. During the classic rate exchange, each transaction may have its own unique exchange rate because of price fluctuations, market conditions, and network fees. The rate might change at any moment; as a result, you might receive more or less than you thought you would.

What is the expected exchange rate?

The expected rate is the rate at this exact moment. You must understand that it takes some time to send the deposit and confirm the transaction so, with the market volatility, you might get a bit less or more than you thought you would.

What is a fixed rate cryptocurrency exchange?

A fixed rate crypto exchange is an exchange performed at the same rate which is displayed to the client at the beginning of an exchange, regardless of subsequent rate fluctuations. In some cases, fixed-rate exchanges have lower rate but the opposite is also possible.

What's the difference between fixed rate flow and сlassic flow?

During the сlassic flow, each transaction may have its own unique exchange rate because of rate fluctuations, market conditions, and network fees. The rate might change at any moment; as a result, you might receive more or less than you thought you would. Implementing fixed rate exchanges leads us to lay down a small reserve to guarantee your safety from exchange rate fluctuations. It's included into the rate you will see at the beginning of the exchange, no other fees included. Because of the rate risks we take, the fixed rate may differ from the сlassic flow's rate. However, it gives our customers confidence in the amount they will receive.

How do fixed rate exchanges work?

After you've picked the Fixed Rate flow, you create an exchange and make a deposit. You have 20 minutes to deposit your exchange funds; during that time, we guarantee that the rate won't change in any way. You will receive the exact amount that was displayed to you.

When should I choose the fixed rate flow?

You may choose the fixed rate flow if you would like to be certain that the amount of crypto you'll receive will stay the same, no matter what. With fixed rate exchanges, our users enjoy the stability of their conversions and are safe from sudden rate drops. In some cases, fixed-rate exchanges have lower rate but the opposite is also possible.

Additional Info

Do I need to register to use Namex Crypto Exchange?

In order to be able to use Namex, customers don't need to create any sort of accounts. However, there are some exceptions. Namex through the provider platform ChangeNOW uses an automated risk management system to check all transactions. Each case will be considered individually. According to European AML directives, KYC regulations, and platform requirements, we will ask you to provide a scan of your ID document valid in your country, as well as some additional information on the funds’ origin.

How can I send a correct BCH/BSV/BCHA transaction? What should I do if anything went wrong?

The Bitcoin Cash hard fork has resulted in creating multiple chains. However, as they are not secured by replay protection technologies, there is a chance of double-spending affecting both chains (BCH/BSV or BCH/BCHA). It means that transactions made with one of these coins may be replicated for the other.

In such a case, please contact platform support team at support@changenow.io. We will do our best to refund you within 24 hours. Still, we have to warn you that in some extremely rare circumstances there may be no chance of getting the funds back. The best way to avoid it is to split your coins: please make sure you did it before arranging a transaction.

What's so special about SegWit addresses?

Please keep in mind that our deposit addresses for BTC conform to the SegWit standard. It's technically impossible for Namex & the entire platform ChangeNOW to withdraw any coins except for BTC from SegWit BTC addresses since neither BCH, LTC, or BSV support SegWit at the moment. When it comes to refunds, please note that ChangeNOW’s technical department is able to refund only BTC from SegWit BTC addresses. No other crypto assets, including but not limited to LTC, BSV, BCH sent to a SegWit BTC address could be refunded.

KYC/AML

KYC/AML explained

The crypto market is subject to a number of certain rules and regulations which make it mandatory for most crypto services to have the AML/KYC procedure implemented. Namex and ChangeNOW strive to protect our clients from any type of scams and fraudulent activities in the crypto world and complies to all rules and regulations present at the moment, and one of the ways that enables us to do so is the KYC/AML procedure. This procedure confirms the absolute legality of the transaction carried out by you before the regulatory institutions. Thus, you confirm that you are a law-abiding citizen and the state has no reason to address any claims towards you.

KYC/AML procedure

Namex.co AML/KYC procedure is fully based on the platform's ChangeNOW’s AML/KYC procedure, which is supported by an automated risk prevention system. If a transaction is marked suspicious by this system, the exchange is put on hold and the customer in question is then asked to confirm their identity.
There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria in order to cheat the algorithm.
This system has proven to be very useful against money launderers and scammers, since the KYC process allows us to tell an honest customer apart from a scammer very quickly and without any trouble.
Each KYC case is handled individually. If a certain client is eligible for the procedure since their transaction had been marked as suspicious, they are informed of that with a pop-up notification after the exchange has been submitted, in which they will be asked to turn to the support team. We will apply a set of сlassic procedures to our KYC clients, among which are asking a client to submit the following:
A high-quality photo of any identification document valid in their country or internationally; A dust transaction from the originating address to ChangeNOW’s address (this is necessary to confirm that the funds belong to the client); A selfie of the client holding a sign that has "ChangeNOW" and the current date written on it. After ChangeNOW has received the following materials, the exchange is completed, and the exchanged funds are then sent to the specified recipient wallet address.
We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that can be safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner; therefore, ChangeNOW reserves the right to apply the KYC/AML procedure to certain clients, wallet addresses and select assets.
Namex and ChangeNOW do not support any money-laundering or other illegal activities; therefore, the service doesn’t enter any business agreements with individuals or business entities involved or suspected in such activities.
In case a client doesn’t wish to disclose their identity for certain reasons and refuses to provide the documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, Namex / ChangeNOW reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.
In case a client submits a false set of documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, namex /ChangeNOW reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.
Please bear in mind that Namex's platform ChangeNOW reserves the right to submit all the received materials to legal authorities (Interpol, Europol, and others) in case a corresponding request is received. You can read the official ChangeNOW's Rules of Anti-Money Laundering and Combating The Financing Terrorism compliance control here.

How are my documents stored after the KYC/AML procedure?

All the documents that you might provide during Namex / ChangeNOW's KYC/AML procedures are encrypted and stored in specialized secure storage as long as required by law. We guarantee that they won't be sold to or shared with any kind of third party, excluding potential law enforcement requests.

Third-party partner services notice.

Namex utilises ChangeNOW, as a platform and provider of the service, which performs certain cryptocurrency exchanges through texchanges of certain trading pairs that are carried through partner services. These exchanges aren't much different from regular Namex/ChangeNOW exchanges, however, there are few to keep in mind:
  • In these cases we don't carry out any KYC checks on our side. However, they might be carried out by our partners;
  • Please be aware that other services that we are partnered with might have KYC policies that are somewhat different from ours;
  • However, us carrying out exchanges through third party services does not forfeit our responsibility for the exchanges. If you run into any issues during the exchange, just let ChangeNow support team know to get resolution in the shortest time possible.