Change

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.

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

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

• Cryptocurrency trading
• CFD trading
• Multi-asset trading
• Retail brokerage
• Crypto custody services

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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.
2. 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).
3. 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%.
4. Fiat Withdrawal Fees: €1.00 flat fee for fiat withdrawals to bank accounts.
5. Passive Account Fees: €20 monthly fee applied to accounts with no activity for 90 consecutive days.
6. Crypto Withdrawal Fees: Fixed withdrawal fees per asset type (e.g., 0.0003 BTC, 0.006 ETH) plus dynamic network/gas fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• xChange ASminorOthersEstonian 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 GmbHcoreTechnology or IntegrationTechnical 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 LimitedcoreTechnology or IntegrationUK-based liquidity provider (regulated by FCA) providing price feeds and execution venue for CFD trading services. Partnership commenced June 9, 2020.
• EXT LTDcoreTechnology or IntegrationCyprus-based liquidity provider (regulated by CySEC) providing execution venue for CFD trading. Partnership commenced December 24, 2020.
• FunderbeamminorGTM or Marketing PartnerInvestment platform through which users can become Change shareholders. Part of community engagement and referral strategy.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xx.com/changefinance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Change