A Critical Review of ChangeHero – Not the Crypto Savior You Expected

With over 30 purported heroes and fintech experts striving to create a user-friendly exchange platform with global accessibility, one would hope for a trustworthy service backed by proper licensing. Unfortunately, our assessment of ChangeHero reveals more than meets the eye, including regulatory breaches. Read on for the full rundown.

Lack of Trustworthiness

Operating under the name HeroFinTechs Limited with a listed address in Hong Kong, ChangeHero falls under the regulatory oversight of the SFC. However, a search through the database yields no matching entry for the company running the changehero.io site. Furthermore, investigations into other public registers, such as those managed by FCA, ASIC, CySEC, BaFin, and FINMA, also yield no results. Despite claiming to have been in operation since 2017, the absence of permits renders this firm unsafe for crypto endeavors.

Questionable Online Ratings

ChangeHero reviews across platforms like TrustPilot and SiteJabber exhibit conflicting testimonials on various aspects of service, from transparency to customer support. This raises suspicions about the authenticity of the company’s reputation. Fake review networks, like OctoTrade, often contribute to misleadingly positive ratings, further complicating the assessment of user feedback.

Social Media Presence

Since its debut in May 2018, ChangeHero has garnered significant online attention, particularly in countries like the United States, Germany, France, the United Kingdom, and Canada. With a robust presence across platforms like Facebook, VKontakte, LinkedIn, and more, the exchange has successfully reached a wide audience. However, this extensive outreach has also contributed to its ability to ensnare unsuspecting victims.

Fee Structure and Bounty Programs

ChangeHero’s fee structure lacks transparency, with fees varying based on the chosen exchange rate. The platform also charges an additional $50 transaction fee, the rationale for which remains unclear. While the exchange offers rewards through bug bounty and affiliate programs, the terms and conditions are not fully defined.

Trading Amenities and Software

Despite some commendable features, such as a diverse selection of supported wallets and cryptocurrencies, the lack of regulatory oversight undermines the exchange’s credibility. The rudimentary software, devoid of advanced functionality, fails to compensate for this deficiency.

Asset Selection and Account Creation

While ChangeHero offers a decent selection of assets and a simplified account creation process, its decentralized nature raises concerns about security and accountability. The involvement of the controversial payment processor Mercuryo further compounds these issues.

Limited Contact Details

Customers facing issues with ChangeHero have limited recourse, as the company only provides an online form for communication. This lack of active contact channels and slow response times exacerbate user frustration.

Seeking Resolution for Crypto Problems

With countless exchange platforms vying for users’ trust, it’s imperative to report issues promptly and seek assistance when necessary. Our crypto investigation service offers support in tracking and recovering funds, ensuring a swift resolution to crypto-related problems. Book a free consultation today to learn more!