If you’re reading this, you’re undoubtedly aware of how popular cryptocurrencies are right now. With Bitcoin driving the drive into the mainstream, crypto’s popularity is growing and will not end. As a result, in our Changelly vs ShapeShift comparison, we’ll look at the market’s two biggest exchange platforms.
With more individuals entering the crypto realm, the desire for secure cryptocurrency exchange platforms has become a hot topic. With so many exchanges accessible, it may be difficult to choose the best cryptocurrency exchange for you.
There are several viewpoints from which to compare the platforms, and we’ll go through all the major ones. But first, I’ll present these platforms so you have a better grasp of what we’re talking about.
So, without further ado, let’s compare Changelly vs ShapeShift!
An Overview of Changelly
The first step in our Changelly vs ShapeShift comparison guide is to familiarize yourself with Changelly.
Changelly’s prototype dates back to 2013. Its developers were members of the controversial MinerGate bitcoin mining pool. However, the real corporation is just a few years old, and the MinerGate crew does not associate with it.
Changelly rose to prominence as a cryptocurrency trading platform in 2016. Changelly’s simplicity and trading costs are the two key reasons for its appeal. To trade, Changelly demands practically minimal personal information from its users; all you need is an email address.
Furthermore, the site allows you to trade in over 100 different cryptocurrencies and fiat currencies. It is quite a large number! Furthermore, the website offers live customer help 24 hours a day, seven days a week – no bots! That’s an incredible tool to have for a crypto trading site.
Another aspect of Changelly’s reputation is that the platform is extremely secure. At the time of writing Changelly vs ShapeShift comparison, there have been only a few break-in attempts on the platform. One attempt involving Ethereum, and one disrupting Changelly’s customer support.
This occurred during the December 2017 excitement. It was quite important, as a few crypto trading platforms had previously experienced similar troubles. No matter how strong your firm or trading platform is, no one is immune to risks.
On the other hand, some people appear to be skeptical about Changelly. If you take a moment to go over online Changelly reviews and ratings, you’ll see that there’s a sizeable difference between 5-star and 1-star reviews – people appear to select either, with little regard for the medium ground. This isn’t for no purpose.
Is Changelly Legit?
People who are wondering, “Is Changelly legit?” and provide critical evaluations about the organization online are those who are trying to buy, sell or trade cryptocurrencies for fiat cash.
Changelly is happy to provide a flat 0.5% buying, selling, and trading cost between two cryptocurrencies, but (supposedly) they aren’t as forthcoming with fiat currency.
To be honest, the organization does not purposefully mislead its customers. Rather, they don’t mention the often exorbitant fiat exchanging costs and appear to be left to the buyer to discover on his own.
Naturally, because of the “0,5% crypto trading charge,” consumers will assume that this applies to the entire site. When they come across fiat currency trading and see the costs (which may change based on market position, but always appear to remain reasonably high), it surprises them.
However, we should note that the site has recently been more clear on this subject, stating that they would levy a “5% +5%” fee upon sale (5 percent for Changelly and 5 percent for Simplex). Things appear to be clearer now that we have this knowledge!
Aside from the fiat currency trading charge issue, Changelly has a stellar reputation.
An Overview of ShapeShift
Now that you have a basic understanding of Changelly, the next step in this Changelly vs ShapeShift comparison guide is to learn about ShapeShift.
Erik Voorhees, the founder of ShapeShift, launched the company in 2013. The firm is in Switzerland and is one of the world’s most well-known and reliable bitcoin trading platforms.
ShapeShift is well-known for allowing its customers to exchange cryptocurrencies storing no or all personal data on the company’s computers. However, as of October 1, 2018, ShapeShift now requires some personal information to be saved to complete successful trades on their site.
ShapeShift has long been proud of not keeping any or all user information on its platform, while still delivering lightning-fast transactions between cryptocurrencies. Many customers worry about where all of their monies went in between transactions or during unsuccessful transfers with such little protection in place.
People received their answers, as ShapeShift faced three security breaches from March through April 2016. The same hacker who stole around $200,000 in Litecoin, Bitcoin, and Ethereum carried all three assaults out.
After the dust settled, ShapeShift discovered that one of its employees was behind the attack, having provided vital security information to the hacker in question. In a statement, the company’s CEO assured the community that they took no money from genuine consumers and that they have resolved the situation so that nothing similar would happen again.
Needless to say, the damage had already been done – a quick Google search would reveal that there are innumerable people who are upset and unsatisfied with ShapeShift. People who were concerned about the company’s lack of privacy before the hack are among the most outraged.
Now that you understand the scenario with both cryptocurrency exchange services, we can begin comparing Changelly vs Shapeshift.
Which is better, Changelly vs Shapeshift?
Let’s start with the most critical consideration: security.
Which is the most secure option?
As I’ve probably stated ten times already, security is the most critical consideration when selecting a bitcoin trading platform. So, is one of these two platforms safer in the “Changelly vs Shapeshift” debate?
Changelly is presently virtually completely secure. There have been minor difficulties, but the overall consensus on the web is that users appear to be content with the platform’s current status.
Even if someone were to hack Changelly, the firm always needs consumers to enter an email address before doing a transaction. This is because Changelly provides its clients with 2-factor verification, which eliminates (or reduces) the risk of fraud or ill-intent.
ShapeShift, on the other hand, has legitimate security concerns. The decision not to ask clients for any personal information may have been wise in a marketing sense, but it was certain to be exposed as a flaw, eventually.
Even though the corporation claims that its current security is up to date, many individuals still don’t trust ShapeShift and are claiming many concerns, such as funds going missing, failed transactions, and so on.
Which has the lower fees?
The two firms approach their fees in quite different ways.
ShapeShift’s costs are determined by the currencies you wish to trade and the current state of the market. The corporation deducts a “miner fee” from your transaction. Deposits and withdrawals are, of course, absolutely free.
Having stated that, some conjectures ShapeShift incorporates a set, particular cost into the transaction but does not disclose it – this allows them to profit while advertising minimal transaction fees. However, keep in mind that these are only theories with no actual proof to back them up.
Changelly, on the other hand, charges a flat 0.5% fee whenever you buy, sell, or exchange bitcoins. As previously showed, the biggest difficulty emerges when we include fiat currencies, such as USD or EUR, in the equation.
Having said that, the platform has gotten much more transparent. Furthermore, Changelly’s ability to trace your trade history adds an added protection and confidence.
Which is faster and has a wider range of options?
When comparing Changelly vs Shapeshift, both platforms have relatively fast transaction speeds. These depend on a variety of circumstances, but there aren’t many people complaining about the speed of either of these providers online.
However, with diversity, Changelly takes the cake: the firm provides its consumers with over a hundred distinct cryptocurrencies to pick from with cryptocurrency trading.
Changelly vs Shapeshift: The Conclusion
As you can see, comparing Changelly vs Shapeshift is difficult because both systems have advantages and disadvantages.
If, after reading this Changelly vs Shapeshift comparison, you believe that security is the most crucial element, Changelly is the obvious pick. ShapeShift, on the other hand, has yet to experience a comparable incident after dealing with the internal-breach hacking problem.
Furthermore, they have dropped the “no personal information” hammer and are now requiring individuals to sign up if they wish to make a purchase. This might be a sign that they have taken things seriously and have improved their game.