In the cryptosphere, the decentralized exchange ecosystem is still in its nascent stages, and only a few exchanges have been able to match the trading experience to that of centralized exchanges.
Changelly and Shapeshift are two platforms, which often get credited for bringing the benefits of decentralization into crypto trading.
In current times, both have emerged as the top instant exchange supporting trading in multiple cryptocurrencies. They have done many firsts in the crypto trading space, like eliminating the need to create an account to make trades or having to store funds in exchange wallets.
This being said, for users, it becomes challenging to choose one, as both platforms are leaders in their segment and have a lot of commonalities.
Therefore, let’s get started reviewing both the exchanges and check which one is better.
Changelly Vs. Shapeshift 2021
Changelly is a non-custodial instant crypto exchange that allows trading in multiple cryptocurrencies without the need to open an account.
Founded in 2015 and headquartered in Malta, Changelly was initially associated with the Minergate team but now functions as a separate team. Changelly acts as an intermediary between the crypto exchange and the crypto trader. Currently, its platform is integrated with some of the largest crypto exchanges, including Poloniex, Binance, and Bittrex.
Changelly is known for its user interface, accessibility, and competitive rates on trading pairs, which most of the exchange fails to match. To date, Changelly has able to attract over 2 million users globally.
Shapeshift was founded earlier than Changelly in August 2014 and provides crypto swapping services. It initially launched its services as a medium for quick buying and conversion of cryptocurrencies without any hassles.
Using its API, wallets providers like JAXX were able to integrate crypto-to-crypto exchange into their platform. Now, Shapeshift offers complete crypto management services, providing crypto swapping services, real-time trading, and hardware wallet storage services on KeepKey.
Changelly’s interface is pretty straightforward among all crypto exchanges. All the features like trading options, exchange rate calculations, placing of an order are integrated well into the homepage so that users don’t need to navigate multiple pages. This makes it a quick and convenient mode for buying cryptocurrencies and is suitable for beginners also.
As against the claim of being an exchange without accounts, users still need to sign up using email-id to allow sending transaction records. The website’s homepage features 24-hours statistics showing the number of trades, most active pair, processing time, etc.
After the incident of a security breach in 2016, Shapeshift changed its operating model and now requires every user to create an account. For a new user, Shapeshift will look a bit complex and difficult, but once they get familiar with all the features, the exchange can deliver multiple potential benefits.
Users can navigate through the homepage and can swap cryptocurrencies by entering necessary details with ease. Shapeshift also features a 24 hours statistics its homepage with all relevant information.
Being a non-custodial exchange, Changelly sheds the majority of its security risks and is considered a more secure option than centralized exchanges. Also, while performing a transaction, users need to complete two-factor authentication, further eliminating chances of fraud.
After some initial security hiccups on its platform, Shapeshift has considerably improved its security architecture. As compared to its earlier practice of keeping a hot wallet, Shapeshift has stopped that practice and does not store user funds anymore.
The exchange claims to have an up-to-date security architecture for its platform, but still, issues like payments going missing and failed transactions get reported.
Fees and Commission
Changelly charges a flat and transparent rate of 0.25% on every crypto-to-crypto transactions on all exchanges. However, the rate seems to vary for transactions involving fiat currencies. Further, the site does its best to provide the best rate for a transaction when it is made.
Transactions made through credit cards incur additional charges on account of settlement charges paid to payment partners.
Shapeshift trading fees are relatively low and only charge a mining fee for every transaction which is typically below 0.50%. Also, in case of a failed transaction, the exchange does not make a refund if the transaction value is less than the posted miner fee.
And, if you send crypto to an incorrect address, then Shapeshift will charge you EUR 50 as extraction fees.
Unlike other crypto exchanges, which have restrictions to operate on several jurisdictions, both Changelly and Shapeshift have no geographical restriction. Users from around the world can easily access the services of both the exchanges.
Supported Payment Modes
Changelly allows you to buy cryptocurrencies using banking channels like SEPA and through credit cards. Whereas Shapeshift does not support fiat transactions and orders can only be placed in crypto-to-crypto pairs. However, for the convenience of users, it has partnered with Simplex to offer fiat to crypto conversion. But, they offer only two options, BTC-USD, and BTC-EUR pairs.
Changelly offers non-custodial exchange services in a wide range of trading pairs, including the crypto-fiat trading pair. It provides trading support in over 150+ cryptocurrencies.
On the other hand, Shapeshift has a strict no-fiat policy and offers trading support in over 50+ cryptocurrencies, including all the major ones. Transaction Limit
Changelly offers a high exchange limit to its users. The limit for a transaction is $50 to $10,000, and the daily transaction limit is $20,000. The monthly limit for a user is up to $50,000.
Shapeshift decides the maximum limit for users based on the verification level done by the user. For example, a non-verified user (Level 1) has a transaction limit of up to $10,000. Whereas, the maximum limit for Level 2 to Level 5 verification goes from $20,000 to $50,000.
Apart from offering video guides, FAQs and troubleshooting guides, Changelly offers 24/7 live chat support for enhanced user experience and customer support.
Whereas, Shapeshift’s customer support is only limited to FAQs and through submitting a request through the helpdesk. Shapeshift claims to respond to all queries and issues within 24 hours of filing the issue.
By now, going by the review of both the exchanges, you can easily figure out which exchange is a superior one and can give you greater benefits. And, if your choice is Changelly, then you have selected the right one.
Evaluating each reviewing criteria, Changelly has the upper hand over Shapeshift. Through its intuitive user interface, Changelly makes crypto trading look very simple and easy, making it suitable for every kind of crypto trader.
Apart from the user interface, a wide range of crypto trading pairs, fiat support, higher transaction limits, flat fee rate, quick processing time, and enhanced customer support has helped it establish its name as one of the reputed crypto exchanges. And for any reason, if you want to use some alternative to changelly, there are many of them come up recently.
If you’ve any questions or want to share an experience, do write it in the comment box below.