The cryptocurrency space has seen a large surge in popularity, attracting a new wave of investors eager to gain exposure to digital assets. The problem is that many of these investors come from a traditional finance background and are used to the ease of buying and selling stocks.
Unfortunately, the crypto world isn’t as straightforward as the stock market, likely because it’s still relatively new compared to traditional stocks. This extra complexity can lead to misunderstandings, especially when it comes to different products and services.
This is particularly true for crypto wallets. One product that has been on the receiving end of some unfair criticism is NOW Wallet, developed by the team behind ChangeNOW. Online reviews show valid complaints and sources of frustration, but in most cases, they are from users who may not fully understand how crypto wallets work or the factors that affect transaction times and fees.
In this review, we’ll explore whether NOW Wallet is a good choice in 2024 by highlighting its key features and addressing common user concerns.
What you'll learn 👉
Main features of NOW Wallet
NOW Wallet is a non-custodial crypto wallet developed by ChangeNOW, a popular crypto exchange service with a global presence. As a non-custodial wallet, NOW Wallet provides users with complete control over their private keys, ensuring full ownership of their digital assets.
Unlike custodial wallets, where a third-party entity can have control over the funds, NOW Wallet stands out by eliminating the need to trust a centralized authority.
Multi-currency and NFT support
NOW Wallet supports more than 1,500 cryptocurrencies. Essentially, investors who want exposure to major coins like Monero (XMR), Bitcoin (BTC), and Ethereum (ETH) can do so. NOW Wallet also supports many ERC-20 and BEP-20 tokens, as well as leading stablecoins.
Moreover, NOW Wallet allows users to store, send, and receive non-fungible tokens (NFTs) directly within the wallet. This is where the service stands out, as many of its rivals focus only on storage options for digital coins or NFTs, not both.
Users have the option to manage their digital collectibles alongside their cryptocurrencies, giving them a complete solution for their digital assets.
In-wallet swaps
NOW Wallet’s integration with ChangeNOW enables users to swap cryptocurrencies directly within the wallet. This feature is particularly useful for users who want to diversify their holdings or react quickly to market movements without using an external exchange.
The swap process may take some getting used to for beginner investors with minimal experience. However, the process itself is straightforward and requires no additional registration or lengthy identity verification.
An often overlooked advantage of NOW Wallet is its capability to facilitate cross-chain swaps. This functionality allows users to exchange assets across different blockchain networks—such as swapping Bitcoin for Ethereum—without relying on intermediaries. This feature caters to a diverse range of user preferences.
Staking opportunities
NOW Wallet offers staking options for several cryptocurrencies, including ChangeNOW’s own NOW token, allowing users to earn passive income by participating in the network’s consensus mechanisms. Staking is an ideal way for users to grow the value of their portfolios without actively trading.
NOW Wallet’s staking interface is designed to be user-friendly and easy to stake tokens like Tron (TRX), Binance Coin (BNB), Solana (SOL), Cosmos (ATOM), Tezos (XTZ), and Cardano (ADA) directly from the wallet without interacting with multiple platforms.
DApp connectivity
NOW Wallet integrates with decentralized applications (DApps) through a feature called WalletConnect. This integration allows users to interact with multiple DApps across several blockchains, including Ethereum, Binance Smart Chain, Polygon (MATIC), and more.
This feature is useful for users interested in decentralized finance (DeFi), as it provides easy access to services such as lending, borrowing, and yield farming. By connecting NOW Wallet to DeFi apps, users have another tool to maximize the potential of their assets without relying on traditional financial intermediaries.
Addressing the negative reviews
NOW Wallet has garnered high ratings in app stores, with many users praising its easy-to-use functionality and intuitive design. For example, on the Google Play Store, NOW Wallet boasts a 4.5 out of 5-star rating from over 2,300 reviews. The majority of users are praising its intuitive interface and impressive set of features.
Also, NOW Wallet stands out for its fast and responsive customer support. The company offers 24/7 assistance through a support chat. This means users can get help whenever they need it, whether they’re troubleshooting an issue or have questions on how to maximize the wallet’s features. This focus on customer satisfaction has earned NOW Wallet positive reviews and built trust among its users.
No review of NOW Wallet would be complete without addressing many of the negative reviews on platforms like Trustpilot. In the vast majority of cases, negative reviews focus on issues such as transaction delays, high fees, technical problems, and general concerns.
It is important to understand that many of these concerns, while certainly valid, are related to external factors beyond the control of NOW Wallet. We have also identified many reviews that wrongfully attribute a poor experience to NOW Wallet when the correct criticism or frustration is due to a lack of understanding of how blockchain transactions work.
Consistent and frustrating delays
One common complaint revolves around consistent delays with payments, with some users mentioning their funds are “processing” for extended periods. Transaction delays in the blockchain space are not unique to NOW Wallet or any of its competitors.
Transaction delays occur due to network congestion, ongoing blockchain upgrades, or the specific nature of the cryptocurrency being used. Even the largest and most trusted digital currencies can be problematic. For example, the Bitcoin and Ethereum networks often experience significant congestion during periods of high demand, leading to longer transaction confirmation times.
For instance, the launch of the CryptoKitties game, which uses Ethereum-based ERC-721 tokens, accounted for around 25% of Ethereum’s total traffic and pushed transactions on the network as high as 7 million per day. This level of traffic created a massive strain on the network and served as a reminder that Ethereum still faces scalability challenges that impact user experience.
NOW Wallet, as a non-custodial service, is limited by the performance of the underlying blockchain network. In situations where the network is congested, transaction times may take longer than expected. Fortunately, NOW Wallet provides an estimated time for transaction completion, which should ease user concern.
Fee structure and misunderstanding
New investors, especially those accustomed to free stock trading apps like Robinhood, may find NOW Wallet’s fee structure to be exorbitant. It is crucial to understand that the fees involved in crypto transactions fluctuate and are determined by the blockchain network itself — not by NOW Wallet.
During periods of network congestion, transaction fees for cryptocurrencies can be significantly higher. These fees are necessary to incentivize miners to confirm transactions. Any review complaining about large fees is unfortunately outside of NOW Wallet’s control, and any criticism toward the company is misplaced.
NOW Wallet does not add fees on top of the standard network fees. However, in cases like in-wallet swaps through ChangeNOW, standard fees apply. NOW Wallet provides transparent rates, which a user must confirm before proceeding with a transaction. This transparency is a major advantage for users who want to avoid surprises when managing their digital portfolios.
Blocked transactions
A handful of reviews focus on blocked transactions when attempting to exchange or send funds, such as Tether (USDT) on the Ethereum network. These reviews overlook that blocked transactions can occur for various reasons, including security protocols, compliance checks, or network-related issues.
As a reminder, NOW Wallet is merely a non-custodial wallet and as such it cannot control the blockchain network. If a transaction is blocked, flagged, or delayed, there is a very high likelihood of it being due to the network itself, or security measures meant to protect the user.
While we can understand why consumers are frustrated by such delays, these inconveniences exist to minimize the likelihood of funds being mishandled.
Fiat conversion issues
We found a top-ranked review that best demonstrates a lack of user understanding. The review mentioned a specific issue with attempting to sell a meme coin into GBP. The user reported that the service was unavailable, and NOW Wallet’s customer support team confirmed that this option is not supported.
The user likely did not understand that not all cryptocurrencies are available for direct fiat conversion, especially less commonly exchanged pairs. The availability of fiat pairs is determined by market supply and demand, third-party integration capabilities, and other factors.
While this limitation is understandably frustrating for users whose base currency is not the U.S. dollar, NOW Wallet does have a feature that minimizes the inconvenience. Specifically, NOW Wallet can convert many smaller cryptocurrencies to a major coin like Bitcoin or Ethereum. Once complete, the major coin can be sold for a foreign currency.
Conclusion: NOW Wallet is a solid choice
NOW Wallet is a solid choice for both new and experienced crypto users. While it has received some negative reviews, the vast majority of these are due to factors beyond the control of NOW Wallet. In a few instances, the negative experience could be due to a lack of proper understanding of how the crypto industry operates. This is understandable, especially for new investors who may have many years of experience in the equity market.
By providing a non-custodial wallet that focuses on security, privacy, and ease of use, NOW Wallet stands out among a very competitive field as a reliable option for managing digital assets.
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