Change
Change is an Amsterdam-based, AFM-regulated retail investment platform offering a unified mobile app for trading 90+ cryptocurrencies and 360+ CFDs on stocks, ETFs, forex, indices, and commodities, serving 135,000+ verified retail investors across the EEA and Switzerland with a €10 minimum deposit.
- Company typePrivate
- Founded2016
- HeadquartersAmsterdam, Netherlands
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Change does
Change Securities B.V. (operating as 'Change') is an Amsterdam-headquartered, AFM-regulated retail investment platform offering multi-asset trading through a unified mobile and web application. Founded in Tallinn, Estonia in 2016 by Kristjan Kangro, the company has evolved from a pure crypto exchange into a combined crypto and CFD brokerage, currently serving over 135,000 verified users across the EEA and Switzerland. Its core product, the Change Mobile App, exposes more than 90 cryptocurrencies and approximately 360 CFDs covering stocks, ETFs, indices, forex, and commodities, with leverage up to 30x on major FX pairs and a €10 minimum deposit.
The platform is built on a multi-asset architecture spanning iOS, Android, and web clients, with segregated client-asset custody handled by the Stichting Change Custody foundation (a bankruptcy-remote Dutch vehicle) and BitGo Europe GmbH as technical sub-custodian for crypto wallets using cold and hot storage. CFD execution is routed to FCA-regulated Finalto, CySEC-regulated EXT LTD, and SM Capital Markets, while AML/CFT compliance and customer support are outsourced to Estonian affiliate xChange AS. Order types include Market, Limit, and Stop orders, supplemented by a Recurring Buy automation feature and margin account infrastructure managed through Stichting Cliëntengelden Optionclub.
Commercially, Change is a transaction-fee business monetized primarily through spreads on CFDs and altcoin conversions (0.10%), overnight financing on leveraged positions, network and flat €1 fiat withdrawal fees, and a €20/month inactivity charge after 90 days of dormancy. Bitcoin trading is advertised as zero-fee with embedded spread. The company is majority-owned (51%) by Swiss private equity firm Andromeda Capital Partners since August 2023, with cumulative funding exceeding €21M. Customer base is exclusively retail, served via product-led, self-serve onboarding with no enterprise tier.
Change firmographics
Firmographics- Name
- Change
- Legal name
- Change Securities B.V.
- Website
- https://changeinvest.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Change is an Amsterdam-based, AFM-regulated retail investment platform offering a unified mobile app for trading 90+ cryptocurrencies and 360+ CFDs on stocks, ETFs, forex, indices, and commodities, serving 135,000+ verified retail investors across the EEA and Switzerland with a €10 minimum deposit.
- Ownership category
- akta.pro rank
Change industry classification
Industry- Product category
- Retail Trading Platform
- NAICS
- Investment Banking and Securities Intermediation (523150)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)
- akta.pro secondary industries
- Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL), Crypto Borrowing & Margin Credit Facilities (FSADAFAC)
Keywords
Where Change is headquartered
LocationHeadquarters
- HQ city
- Amsterdam
- HQ country
- Netherlands
- HQ region
- Europe
Offices2 records
Markets served
Change business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Crypto Trading Fees: Zero-fee Bitcoin trading (spread costs apply). Altcoin trading fees start at 0.10% per transaction. Revenue derived from bid-ask spreads and explicit trading fees.
- CFD Trading Spreads: Commission-free CFD trading. Revenue generated through variable spreads on crypto (0.97% avg), stocks (0.65% avg), forex (0.02% avg), indices (0.06% avg), ETFs (0.24% avg), and commodities (0.33% avg).
- Overnight Financing Fees: Daily margin fees charged on leveraged CFD positions held overnight. Rates vary by asset: crypto 0.071%, stocks 0.0125%, indices 0.018%, gold/silver 0.018%, oil 0.050%.
- Fiat Withdrawal Fees: €1.00 flat fee for fiat withdrawals to bank accounts.
- Passive Account Fees: €20 monthly fee applied to accounts with no activity for 90 consecutive days.
- Crypto Withdrawal Fees: Fixed withdrawal fees per asset type (e.g., 0.0003 BTC, 0.006 ETH) plus dynamic network/gas fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Bitcoin Trading: 0% fee with spread costs |
| Transaction based/ take rate | Pay-as-you-go | CFD Trading: Commission-free with variable spreads |
| Transaction based/ take rate | Pay-as-you-go | Fiat Deposits and Withdrawals |
| Subscription | Monthly | Account Maintenance: €0 active, €20 passive |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Change product offering
Product offeringCore offering
Change operates a multi-asset investment platform (mobile app and web) where retail investors can trade 90+ cryptocurrencies and 360+ CFDs on stocks, ETFs, indices, forex, and commodities through a single unified interface with a €10 minimum deposit. The company provides segregated custody through a bankruptcy-remote foundation structure (Stichting Change Custody) with BitGo Europe GmbH as sub-custodian, and is regulated by the Dutch Authority for the Financial Markets (AFM) as an Investment Firm under MiFID II and as a Crypto-Asset Service Provider under MiCAR.
Product overview
Change operates as a multi-asset investment fintech platform offering a unified trading application alongside specialized services. The core product is the Change Mobile App (iOS, Android, web) which serves as the primary interface for all trading activities. The platform provides two main trading verticals: Cryptocurrency Trading (90+ crypto assets with zero fees on Bitcoin and 0.1% on altcoins) and CFD Trading (covering stocks, ETFs, indices, forex, and commodities with leverage up to 30x). Supporting infrastructure includes Crypto Wallet & Custody services through Stichting Change Custody, Exchange and Execution Services for order management, and a Margin Account for leveraged positions. Additional features include Recurring Buy for automated investing and ESG Reporting & Whitepapers for cryptocurrency due diligence. The platform is designed for simplicity with a minimum deposit of €10 and targets both beginner and experienced traders seeking multi-asset access through a single account.
Differentiator
Problem solved
Functional benefit
Products and services
- Change Mobile App A multi-asset trading application available on iOS, Android, and web platforms that enables EEA and Swiss retail investors to trade 90+ cryptocurrencies and 360+ CFDs on stocks, ETFs, indices, forex, and commodities through a single unified interface with a €10 minimum deposit and self-serve onboarding.
- Cryptocurrency Trading Trading service for 90+ cryptocurrencies including Bitcoin, Ethereum, and various altcoins. Bitcoin trades are zero-fee with spread costs applied; altcoin trades carry 0.10% conversion fees. Crypto withdrawal fees are fixed per asset plus dynamic network/gas fees.
- CFD Trading Commission-free Contract for Difference trading on stocks, ETFs, indices, forex, and commodities with leverage up to 30x on major forex pairs. Variable spreads are incorporated into pricing: 0.97% crypto, 0.65% stocks, 0.02% forex, 0.06% indices, 0.24% ETFs, 0.33% commodities, with overnight financing fees on leveraged positions held overnight.
- Crypto Wallet & Custody Segregated custody and administration service for crypto-assets held in omnibus hosted wallets through Stichting Change Custody foundation, a bankruptcy-remote vehicle. Assets are backed 1:1 with sub-custody by BitGo Europe GmbH using cold storage (offline wallets) for long-term holdings and hot storage (online wallets) for immediate liquidity.
- Exchange Service Crypto-asset exchange service supporting Market Orders, Limit Orders, and Stop Orders where Change acts as principal in the transaction. Available to EEA and Swiss retail clients on the Change Mobile App and web platform.
- Execution Service Crypto-asset order execution service executing Market Orders on a back-to-back basis with third parties, subject to Change's best execution rules. Provides execution access for retail clients in EEA and Switzerland.
- Margin Account Margin trading account enabling leveraged CFD positions with margin requirements managed through Stichting Cliëntengelden Optionclub foundation. Supports up to 30x leverage on major forex pairs with risk management tools including stop-loss and take-profit orders.
Quantifiable outcome
- 135,000+ verified users on platform
- +3 more outcomes
Companies that use Change
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
Change technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Change partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- xChange ASminorEstonian third-party company (registry code 14428150) to whom Change Securities B.V. outsources certain AML/CFT compliance activities including customer due diligence, PEP identification, and data retention, as well as customer support services.
- BitGo Europe GmbHcoreTechnical sub-custodian for crypto-asset storage and wallet management. Responsible for secure storage of private keys using cold storage (offline wallets) and hot storage (online wallets for immediate liquidity). Essential for platform's custody infrastructure.
- Finalto Financial Services LimitedcoreUK-based liquidity provider (regulated by FCA) providing price feeds and execution venue for CFD trading services. Partnership commenced June 9, 2020.
- EXT LTDcoreCyprus-based liquidity provider (regulated by CySEC) providing execution venue for CFD trading. Partnership commenced December 24, 2020.
- FunderbeamminorInvestment platform through which users can become Change shareholders. Part of community engagement and referral strategy.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Change competitors and assessment
Company assessmentDirect peers
- Plus500: Publicly listed CFD-focused retail broker with strong European presence, listed on the LSE. Closely comparable on the CFD/leveraged trading vertical where Change earns its largest unit economics.
- eToro: Multi-asset retail trading platform offering crypto, stocks, ETFs, and CFDs through a single app, regulated in Europe (CySEC, FCA) and globally. Most direct comparable to Change's unified crypto + CFD retail model.
- Trading 212: European multi-asset retail broker (CFDs + investable stocks/ETFs) with commission-free pricing and mobile-first UX. Closely matches Change's customer segment, product breadth, and pricing philosophy.
- Bitpanda: Vienna-based retail platform offering crypto, stocks/ETFs, and commodities via a single regulated app under MiFID II/MiCAR. Targets the same European retail multi-asset niche as Change.
- Revolut: UK/EU fintech super-app with embedded crypto trading, stocks, and CFDs under its MiFID entity. Competes for the same European retail investor wallet with a broader feature set.
- Kraken: Regulated crypto exchange with EU presence (MiCA registration), offering spot and margin trading. Directly comparable to Change's crypto exchange and custody offering.
Broad incumbents
- Coinbase: Largest publicly listed US crypto exchange, now expanding into derivatives and international markets via MiCA registration in Europe. Competes with Change on the crypto trading vertical at much larger scale.
- Binance: Largest global crypto exchange by volume. Although facing regulatory pressure in the EU, it remains a price/feature benchmark that Change must compete against for European retail crypto users.
- Interactive Brokers: Global multi-asset broker with European regulated entity, offering equities, derivatives, FX, and crypto. Sets the upper-bound benchmark for multi-asset retail/professional brokerage infrastructure.
Regional players
- DEGIRO: Low-cost European broker (now part of flatexDEGIRO) offering stocks, ETFs, and derivatives with limited crypto exposure. Comparable as a low-friction European retail broker, though narrower on crypto.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Change social profiles
Digital presenceChange compliance and trust
Trust signalCompliance3 records
Change financial estimates
Financial estimateRevenue estimate
Valuation estimate
Change leadership team
Management profileNumber of profiles
Profiles1 record
Change subsidiaries and ownership
Company hierarchySubsidiaries1 record
Change funding detail
Funding detailFunding overview
Funding rounds5 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Change M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Change
What does Change do?
Change operates a multi-asset investment platform (mobile app and web) where retail investors can trade 90+ cryptocurrencies and 360+ CFDs on stocks, ETFs, indices, forex, and commodities through a single unified interface with a €10 minimum deposit. The company provides segregated custody through a bankruptcy-remote foundation structure (Stichting Change Custody) with BitGo Europe GmbH as sub-custodian, and is regulated by the Dutch Authority for the Financial Markets (AFM) as an Investment Firm under MiFID II and as a Crypto-Asset Service Provider under MiCAR.
Is Change a public or private company?
Change is a private company. It is classified as private equity controlled and is currently operating.
When was Change founded?
Change was founded in 2016. It employs 11 to 50 people.
Where is Change based?
Change is headquartered in Amsterdam, Netherlands, in the Europe region.
How does Change make money?
Six revenue lines are on record. Crypto Trading Fees are the primary driver. The others are CFD Trading Spreads, overnight Financing Fees, fiat Withdrawal Fees, passive Account Fees and crypto Withdrawal Fees.
Who are Change's main competitors?
Direct peers on record are Plus500, eToro, Trading 212, Bitpanda, Revolut and Kraken. Broad incumbents are Coinbase, Binance and Interactive Brokers. DEGIRO is listed as a regional player.
Does Change have an API?
No public API is recorded for Change.
What industry is Change in?
Change's product category is Retail Trading Platform. Its primary akta.pro industry code is FSADAAAD, Crypto Derivatives Exchanges (Futures, Options & Perpetuals), with a secondary code of FSADAAAL, Margin Trading & Collateralized Borrowing (Exchange-Operated). Its NAICS code is 523150 and its SIC code is 6200.