ChangeNOW has announced an update for the fixed rate functionality on their cryptocurrency exchange platform. The changes involved interface, transaction time, exchange limits, and the size of the rates during a fixed rate exchange.
The fixed rates exchanges will now be processed with enhanced speed, without any security cutback for each of the 29 crypto assets that support the fixed rate functionality, Bitcoin, Ethereum, USDT, Cardano, Doge, and Ripple among them. ChangeNOW is going to keep adding new coins to this list.
The update also touches upon several interface adjustments. Once a ChangeNOW customer agrees to a fixed rate, the clock is set for 2 minutes to create a transaction, and for 20 more minutes to send a deposit after the transaction is created. Now the time is indicated right in the calculator above the final exchange amount box. A small lock icon in this box enables ChangeNOW users to choose whether they want to use the fixed rates option or stay with floating rate. Same icons on the supported currencies page mark all 29 currencies available to proceed with fixed rates exchange.
According to Mike Ermolaev, head of PR at ChangeNOW, this move will give users more freedom of choice in exchanging their funds:
“Prices and fees in the crypto world are always unstable. Coins can turn bullish or bearish at any moment, even while a transaction is occurring. That’s why when exchanging one coin with another crypto or fiat, the average user only has an approximate idea of their total sum following conversion. The final sum can be bigger or less than expected depending on market behavior. Fixed exchange rates are a means of changing this situation and making the whole process more comfortable for users. This newly updated feature lets ChangeNOW users know the exact sum they will get in the currency into which they are exchanging. After a user selects a fixed rate option, they are hedged against the market volatility, as ChangeNOW takes all the rate-related risks and protects them from the rate fluctuations. However, this feature is optional, we will leave it up to users to decide whether they want fixed or floating exchange rates on transactions.”