More than 30 alleged heroes and fintech experts are working to make this exchange platform comprehensive and intuitive to use, with worldwide availability.
If that was the sole truth, backed by a proper license, we’d wholeheartedly recommend this firm. Sadly, our ChangeHero review reveals a lot more than meets the eye, along with the regulatory breaches, so keep reading for the full report.
| Regulated by: | Unregulated Crypto Exchange |
| Is This Company Safe? | Since this firm has no operational license, we cannot consider them safe! |
| Known Websites: | changehero.io |
| Have Warnings from: | N/A |
| Registered in: | Hong Kong |
| Operating since: | 2018 |
| Trading Platforms: | Web widget |
| Maximum Leverage: | No leveraged trading available |
| Minimum Deposit: | No deposits required |
| Deposit Bonus: | Not available |
| Trading Assets: | Crypto |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | Caution is advised – contact our legal professionals in case of any issues! |
Can’t be Trusted
With the listed address being in Hong Kong, HeroFinTechs Limited falls under the regulatory oversight of SFC. However, examining the database, we couldn’t find a single entry that matches the name of the company running the changehero.io site.
In addition, looking through the other public registers, run by prominent regulators, such as FCA, ASIC, CySEC, BaFin and FINMA, also provided no useful results. Furthermore, the conduct claims to exist since 2017, but the regulatory conditions and expectations have significantly changed since the mass crypto expansion.
Today, due to the missing permits, this firm cannot be considered safe, so please make sure you choose a properly regulated and supervised exchange for your crypto endeavors.
Suspicious Online Ratings
Something fishy is going on with ChangeHero reviews and in popular media. It seems that the clients are quite divided about their opinions on the quality of service.
If you take a look at those found on TrustPilot and SiteJabber you’ll notice contradicting testimonials on various topics, from transparency to customer support. The company still enjoys a good reputation, or does it?
Remember, various unscrupulous entities like OctoTrade pay review seller networks for fake content. The comments that gave this exchange a high rating look uncannily similar to the ones posted by these fraudsters.
Viral On Social Networks
The changehero.io exchange made their online debut in May 2018, which you may check in the WhoIs database. Majority of the traffic to the site originates in these countries:
- United States
- Germany
- France
- United Kingdom
- Canada
This unlicensed company has gained so much traction due to heavy online presence. It’s virtually everywhere, including profiles on Facebook, VKontakte, X and Pinterest, and business networks like LinkedIn, CrunchBase and Medium.
That’s not all, as the firm also operates channels on YouTube and TikTok streaming services, a Reddit board, and a chat room on Telegram. It’s easy to understand then how this fraudulent machinery gained hold of so many victims. If you’re looking for a way to get your money back from this platform, contact our experts.
Fee Structure
Not much transparency is shown in the domain of costs and commissions of any type. What we managed to find in the FAQs was that the company charges two sorts of fees upon buying/selling currencies.
That depends on what rate you choose. In that sense, fee of 0.5% for the Best Rate transactions and 0.7% for the Fixed Rate exchanges. The portal may charge an additional $50 transaction fee, but the reasons aren’t clarified.
Bug Bounty Program
Reporting bugs can allegedly be rewarding for the existent users of the exchange. Valid reports about the platform’s vulnerabilities can be rewarded with sums from $100 to $1.000 in BTC. The exact conditions may vary, as the campaign was not yet fully defined in all aspects.
In addition to that, there’s an always active affiliate campaign that allows users to earn based on the amount of referred customers. With the crypto referral links, users are supposed to get 50% of the portal’s revenues.
Decent Trading Amenities
We were surprised by how good some aspects of trading with this platform are. The range of supported crypto wallets is rather good, and the service covers many popular coins and FIAT currencies.
In the end, however, the fact that this exchange is operating with no supervision from the authorities makes all this go down the drain.
Simple Software With Good Compatibility
The software provided by the exchange is quite rudimentary. It consists of a few forms that allow clients to submit an exchange request. There are no graphs, no tickers, and no heat maps as the company provides their own Best Rate and Fixed Rate pricing.
This apparent lack of advanced functionality is greatly offset by an above average ChangeHero wallet support.
Good Instrument Selection
The provided services on ChangeHero crypto exchange include FIAT to Crypto exchange and vice versa, as well as Crypto to Crypto exchange.
The selection of assets includes the most popular coins like BTC, ETH, XRP, ADA and TRON, which are interchangeable with EUR, USD, GBT, TRY and UAH, as well as each other. While this seems like a good coverage, compared to the industry leading exchanges this is nothing impressive.
Account Creation Process
Signing up for the service isn’t necessary in order to use the functions of the website. Since the company operates as a decentralized exchange, you can just perform the desired swapping and leave, without the need to pass a detailed KYC.
You can still choose to complete this step, and get access to ChangeHero VIP trades. This is a particularly good thing, since fraudsters like FiveStarBit tend to require you to share sensitive information just to abuse the access to it.
Shady Processors Involvement
Since the exchange itself operates in a way that doesn’t store users’ funds, there’s basically no deposits and withdrawals. However, all the transactions are handled by the notorious Mercuryo, which was multiple times involved with untrustworthy platforms, as FinTelegram has reported in the past.
For that reason, you shouldn’t be surprised if you encounter problems during transactions. However, you should be aware that we provide legal support for the defrauded traders.
Scarce Contact Details
If the customers find themselves facing an issue, the company doesn’t seem open to discuss it and help resolving it. Firstly because there’s only one way to get in touch with the firm: the online form. Secondly because there’s no other active contact channels and the existing one is slow and sometimes even left ignored.
Problems With Crypto? We Can Help!
There’s countless exchange platforms online that claim to provide the best imaginable security and fastest transfer solutions. However, the majority of them operate without strict regulatory supervision, which is, in essence, the only proof of their legitimacy.
That’s why you shouldn’t hesitate to report problems with exchange sites as soon as you encounter them. Additionally, our crypto investigation service can help you track your funds and help you recover them. All you have to do is book your free consultation!
FAQ Section
What is ChangeHero?
It is a popular, but unlicensed cryptocurrency exchange that has a mixed reputation among clients.
How do I Use ChangeHero?
All of the exchange features are embedded into the website itself. They can be used by following the on-screen instructions on their dedicated pages.
What is CipherTrace?
It is a specialized set of software tools that allows tracking cryptocurrency transfers. Contact our expert team for more info on how it can be used to recover your lost funds.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Fchangehero-review%2F
Hello there, I’m Jacqueline Pagan. I want to express my gratitude to this amazing team for returning my missing Bitcoin to me. The frustration of losing bitcoins can be compared to misplacing your keys during a snowfall.