Changelly and Shapeshift These platforms are respected for instant exchanges, empowering users to easily buy and trade a range of cryptocurrencies, known as altcoins. Their appeal lies in their simplicity, rapid transactions, and low costs. Though they share similarities, some crucial distinctions set them apart.
Here, we'll delve into what makes these exchanges tick, weighing their advantages against any drawbacks.
Changelly
Founded in Prague in 2016, the brains behind Changelly are the creators of MinerGate, a mining pool offering guided mining services. Changelly This platform already boasts over a million users flocking to its exchange.
Changelly is known for its easy-to-navigate interface, making it convenient to buy altcoins swiftly. Right from the beginning, it makes the exchange rates and transaction times transparent. However, the pre-transaction rate is merely an estimate and may differ from the final crypto amount received, given the volatile nature of exchange rates in the crypto world.
Offering two pathways for users, Changelly supports crypto-to-crypto and fiat-to-crypto exchanges, the latter being a unique feature compared to Shapeshift. Users can convert USD or Euro into cryptocurrency using their VISA or MasterCard from anywhere around the globe, with no geographical restrictions.
Boasting a diverse portfolio, Changelly supports exchanges for over 80 cryptocurrencies. Generally, there are no exchange limits, though card transactions might have regional caps, as detailed in their FAQ.
Changelly Fees
Changelly applies a 0.5% flat fee per trade but prides itself on providing competitive exchange rates—a claim open to debate based on the currency and transaction timing. It's prudent to compare rates on Changelly, Shapeshift, and other platforms you use to secure the best deal.
Instant exchanges prioritize speed over favorable rates. While fiat-to-crypto swaps offer convenience, the rates are disadvantageous compared to crypto exchanges due to third-party processing fees.
Unlike Shapeshift, Changelly requires an email address for use. Although some users worry about privacy, the email isn't verified, allowing for anonymity with a fake address. Some users mention requests for social media verification, yet it seems non-mandatory. anonymity or privacy concerns Shapeshift's core service focuses on straightforward crypto-to-crypto swaps. However, it doesn't facilitate crypto purchases with fiat money, offering exchanges for almost 50 crypto variations.
Shapeshift
Established in 2013 by Erik Voorhees, Shapeshift Operating as a crypto exchange, Shapeshift simplifies the cryptocurrency swapping process with a user-friendly interface. Enter the crypto address, and without the need for an account or email, the crypto moves directly to your deposit address—a function of instant transactions avoiding centralized exchanges.
Though accessible worldwide, Shapeshift imposes transaction limits. Enhanced deposit limits are possible when using the 'specific amount box' feature.
User feedback reveals faster transaction times on Shapeshift compared to Changelly, albeit the soaring crypto demand has slowed overall exchange speeds. here Shapeshift refrains from charging service fees aside from the receiving coin's miner fee, according to listed rates. Some believe Shapeshift profits from discrepancies between miner fees. Despite no upfront fees, users often critique Shapeshift's unfavorable exchange rates against competitors like Changelly.
Shapeshift Fees
Unlike Changelly, Shapeshift offers transparency by guaranteeing the rate displayed is the rate received. here Shapeshift, with its established reputation, appeals to crypto enthusiasts for its anonymity—no sign-up, no ID needed, minimizing risks of identity theft. Nevertheless, many find Changelly provides better value with its ability to purchase Bitcoin and Ethereum using fiat.
Both exchanges offer similar services with speed as the central feature. Though they may not provide the best market value, these exchanges grant quick access to a diverse altcoin selection.
Conclusion
Browsing user reviews reveals dissatisfaction and frustration, a typical sentiment for crypto startups, oftentimes exaggerated.
In conclusion, the best way to choose is to experiment with both means, ultimately sticking to what feels right for you.
Andrew is a tech blogger and corporate lawyer certified in the UK and Ireland. With a strong background in advising on Fintech, data privacy, and intellectual property, he holds a Masters in Corporate Law and collaborates with a burgeoning Irish e-commerce company while guiding Fintech startups. Reach out at [email protected].
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10Comments
Hi there,
Though a ‘fake’ email might be considered one 'unused elsewhere', all user transactions remain perpetually archived on Changelly (as accounts cannot be deactivated), raising ongoing privacy and security concerns.
I encourage an amendment to accurately portray the necessity of a valid account for Changelly and emphasize the privacy implications.
Using Changelly has been smooth twice, but Shapeshift won my preference for its ease of use, despite two unsuccessful transactions losing over thousands in Digibyte and Ripple. My attempt for restitution was hindered by insufficient documentation tracking past exchanges, turning it into bad luck. For my second, I've contacted support a week ago with no response. Given limited contact options, caution is advised; thus, I now favor wallet-based exchanges without issues, recommending against exchanges like these.
Have you checked the transaction's blockchain status?
A solitary attempt at ShapeShift left me disappointed. I utilized my Blockchain wallet's Shapeshift feature in December 2017 to swap Bitcoin for Ether, yet it lingers as 'pending' by January 2018. With raised support tickets and emails lacking answers, confirmed bitcoins remain unspent.
Thank you! We welcome any queries about Changelly.
Any idea how you lost the coins?
Was it sent to the wrong address etc?
I've waited three weeks for Changelly to process my exchange; attempts to contact them go unanswered. Are the coins lost?
Waiting on a Shapeshift exchange has been a day-long ordeal... Here’s hoping it completes promptly.
Evaluating Changelly and Shapeshift: Which Instant Exchange Triumphs?
We delve into a side-by-side analysis of Changelly and Shapeshift to determine which stands out as the top instant crypto exchange. Are they reliable? And how do their fees stack up?
These two platforms rank among the most favored instant exchanges today, enabling users to buy and swap a vast array of digital currencies, known as altcoins. Each service is designed with simplicity and speed in mind, coupled with competitive fees, although subtle variations exist between them.
This review will delve into what makes each exchange tick, weighing their strengths and weaknesses.
Founded back in 2016 in Prague, the visionary creators behind MinerGate (a mining pool that demystifies the mining process for its users) gave birth to this platform.
Within a short span, Changelly has garnered the attention of over a million users.
With a straightforward interface, Changelly offers a nimble path to acquiring altcoins. It ensures clarity with its exchange rates and processing times right from the start. However, the rate initially displayed is just an approximation and may fluctuate due to market conditions at the time of the transaction, given the notorious volatility in crypto markets.
Changelly extends two main features: (i) seamless crypto-to-crypto swaps, and (ii) an exclusive option for users to convert fiat currencies like USD or EURO into cryptocurrencies using either VISA or MasterCard. It operates globally without geographical constraints.
Boasting what they claim as the most extensive cryptocurrency collection available for exchange, Changelly supports over 80 cryptocurrencies. While no caps generally hinder users' exchange volumes, limits may apply based on card transactions, contingent upon regional regulations detailed in their FAQ.
Changelly asserts a flat 0.5% trade fee while claiming to provide superior exchange rates, a claim up for debate varying by currency and the precise moment. As a prudent approach, always cross-check exchange rates across Changelly, Shapeshift, and other platforms before proceeding.
Instant exchanges may not flaunt the best rates; they sell on speed. While appealing, the fiat-to-crypto convenience incurs a less favorable rate due to third-party fees.
Unlike Shapeshift, Changelly demands an email for access. While this might provoke privacy concerns, there's an ability to use an unverified email and maintain anonymity.