Which platform to choose? And why? (Guide):
If you are reading this tutorial, you probably already know that cryptocurrencies are a real revolution. With Bitcoin in the lead, the popularity of crypto is increasing rapidly day by day – no one knows if it will ever end. But with all this attention and growth in the crypto world, the demand for safe and reputable exchange platforms is an extremely important topic.
With so many exchange sites available, it is difficult to choose the right one for your cryptocurrency purchases and sales. That is why, today, in this comparative guide between Changelly and ShapeShift, we are going to take a look at these two great bitcoin and cryptocurrency trading platforms.
You can compare the platforms from several angles, we will go over the main points. However, I will first introduce you to the platforms and the teams behind it, so that you can understand more clearly what we are talking about. So, without further ado, let’s get down to business and discover ShapeShift and Changelly!
Introduction
Before we jump straight to the comparison between Changelly and ShapeShift, I’ll first give you an idea of what we’re going to talk about. I will briefly introduce the two trading platforms and and the structure of the two companies, let’s start with Changelly !
Changelly: Overview
Changelly’s prototype was originally developed in 2013. Its creators were part of the famous MinerGate cryptocurrency mining pool. However, the company was not launched until a few years later – at that point the MinerGate team had nothing to do with it, a lot of people seem to ignore it, so let me clarify. Currently, MinerGate and Changelly are two completely separate entities.
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As a bitcoin and cryptocurrency trading platform, Changelly rose to fame in 2016. Its simplicity and trading fees are the main reasons for its popularity. Changelly requires virtually no personal information from its users to start transacting – all you need is an email address
. Plus, the platform offers over 100 different altcoins and currencies to trade – that’s really huge! Also, the site provides 24/7 live customer support – No scheduled responses! This is surely an important feature to have when we are talking about a bitcoin and cryptocurrency exchange platform.
Another plus for Changelly is that the platform can boast of being ultra-secure – as of today, there have been very few intrusion attempts or hacks recorded on the platform – There have been one Ethereum-related attempt, and one that disrupted Changelly’s customer support. This happened in December 2017 as euphoria took hold of the market – The truth is that a lot of trading platforms have encountered similar issues before. No matter how good your business or trading platform is, it seems like no one is immune from potential threats.
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On the other hand, however, people seem to be wondering whether Changelly is legit or not. If you take a minute to do a “changelly review” search and browse Changelly’s online reviews, reviews and ratings, you will notice that there is a huge gap between 1 star and 5 star reviews – Apparently the There is no such thing as a happy medium when it comes to evaluating Changelly, and it is not without reason.
By going to google and typing Changelly reviews, you are going to see people who leave negative reviews on the company are mainly those who have tried to buy, sell or trade some kind of cryptocurrency with fiat currency ( traditional currencies such as the euro or the dollar). Granted, Changelly offers a fixed 0.5% buy, sell and exchange fee between cryptocurrencies, on the other hand, when it comes to fiat currencies, they are apparently not as transparent.
Truth be told, the company doesn’t intentionally lie to its users – it’s just that the sometimes very high fiat currency trading fees are not advertised and the customer finds out for himself. Usually when people see the “0.5% fee applied to cryptocurrencies,” they tend to think of it as site-wide. Then, when trading fiat currency, they see relatively high fees (these fees may vary depending on market position).
However, it should be noted that the site has become more transparent on this issue lately. They clarified that a “5% + 5%” fee will be charged during the transaction (5% for Changelly and 5% for Simplex). Given this information,
Aside from this confusion over trading fees, Changelly has an excellent reputation.
ShapeShift: Overview
Now that you have a general idea about Changelly, the next step in our Changelly vs ShapeShift comparison will be to introduce ShapeShift .
ShapeShift was founded in 2013 by Erik Voorhees. The company is based in Switzerland and is considered to be one of the best known and most trusted bitcoin exchange platforms in the world.
ShapeShift is renowned for offering its users the ability to trade cryptocurrency without the need to store all personal data on the company’s servers. However, as of October 1, 2018, that has changed – ShapeShift now requires certain personal information to be stored in order to be able to perform successful transactions on their platform.
So one of the main features for which ShapeShift was so well known could also be considered the platform’s biggest loss.
ShapeShift has always emphasized the fact of not storing user information on their platform, while ensuring extremely fast transactions between cryptocurrencies. A lot of people were wondering – with so little security in place, where do all their funds go between trades or in failed transfers?
Well, people had their answers – between March and April 2016, ShapeShift suffered three security breaches. All three attacks were carried out by the same hacker. In total, around $ 200,000 was stolen, in the form of Litecoin, Bitcoin, and Ethereum.
After the situation calmed down a bit, ShapeShift discovered that it was one of its employees who was behind the attacks. He disclosed sensitive security information to the hacker in question. The CEO of the company promised the community, in a statement, that no real funds were stolen from users and that the company fixed the issue so that it would not happen again.
Obviously, the losses have already been addressed – However, a simple Google search will reveal that there are a lot of people who are disappointed and dissatisfied with ShapeShift, especially the people who complained about the company’s lack of privacy prior to the attack.
There are many reports of lost funds during the transaction, poor customer support and communication, hidden fees, etc. The company struggled to deal with all these issues that arose before and especially after the attack on their servers.
Now that you have a general idea about these two cryptocurrency exchange platforms, we can begin our Changelly vs Shapeshift comparison. But before that, I’ll tell you about the main criteria that were used to evaluate the two platforms and explain the reasoning behind my choices.
Evaluation criteria
In this comparison between Changelly and Shapeshift, I have selected some of the most important criteria that a trading platform should have.
I based my choices on the preferences and opinions of Internet users, the concerns most often expressed and other related variables.
Security
It should be obvious to most people that the top priority that a cryptocurrency exchange should have and provide to its users is security .
Imagine such a scenario: you have 100 Bitcoins, that’s obviously a lot of money! One day, you decide to exchange your Bitcoins for another cryptocurrency, let’s say Ethereum. You find a bitcoin and cryptocurrency trading platform, a very sophisticated, multifunctional platform with a nice design! Of course, you will be happy and confident.
Since the platform is so attractive and well structured, you decide to use it and, without even thinking twice, proceed to trading your bitcoin. You fall asleep dreaming of all that Ethereum that you will have when you wake up once your transaction is completed … Except that you wake up and find that you have been the victim of a scam and that all your funds have evaporated, because the platform of trading that you decided to use was not well secured.
Can the fact that the platform is beautiful or multifunctional console you at this point? Impossible! – You will be devastated because you just lost all your savings. Now do you realize how important the security of a platform is?
Expenses
A good trading platform should always have the best rates and fees when it comes to cryptocurrency trading. In our comparison “Changelly vs Shapeshift”, we will certainly not ignore these points.
There are many crypto trading websites, companies and platforms that offer their users “the best trading fees in the market”, but once you make a few trades you will find that this is far from the truth.
Reputable and trustworthy cryptocurrency trading sites always declare their fees up front – they make it clear on their homepages how much they are going to charge you per trade. Keep in mind that this also means that these sites don’t hide any fees from their clients and are completely transparent about trading fees (you’ll see why this matters later in the Changelly vs Shapeshift review). .
When choosing a bitcoin (or any other asset) trading platform, always try to compare fees with at least two other platforms. Sometimes you will be surprised at how far from the term “lowest fees on the market” some platforms are true.
The speed and diversity of choice
These two criteria are often classified as secondary, I decided to group them together. However, just because they are secondary does not mean that they are not important.
Let’s start with speed . It goes without saying that a good trading platform will be able to transact (buy, sell or exchange cryptocurrency) at a higher speed without negatively influencing the security of the transaction.
One of the main problems with blockchain-based crypto-trading platforms is that their speed depends on the blockchain. It’s hard to predict whether your transaction will be processed in a matter of minutes or hours.
As for the variety of choices, it’s a bit of a case by case. Some people only need one or two cryptocurrencies (usually Bitcoin and Ethereum, Ripple, Litecoin, among the more well-known and widespread), while others want to have at least a few other cryptocurrencies. Depending on the category to which you belong, this criterion may be important or negligible.
For me, these are the main criteria for choosing a good cryptocurrency trading platform. Of course, there are many more criteria, but if a platform has all of these characteristics, the other factors become preferential and secondary choices.
Now let’s move on to the comparison between ShapeShift and Changelly and analyze these two platforms based on the criteria we just defined.
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Changelly vs Shapeshift – Which one is better?
Let’s start with the most important criterion, safety
Which of the two is more secure?
Security is the most important factor when choosing a cryptocurrency trading platform. So, in our case, which of the two platforms is the more secure Changelly or Shapeshift?
As I mentioned before, Changelly can currently boast of being almost perfectly secure. There have been minor issues, but according to the general opinion on the web, users seem relatively happy with the current security of the platform.
Even if someone tries to hack Changelly, the site still requires its users to provide an email address during the transaction. Also, Changelly offers its customers two-factor authentication, which eliminates (or at least significantly reduces) the possibility of fraud or hacking.
ShapeShift, on the other hand, has always had security issues. The choice not to ask customers for personal details was a marketing shrewd move, the company had prioritized marketing over security, and sooner or later that choice would inevitably become a problem. And that’s what happened – Now, even though the company says its current security is up to date, many people still don’t trust ShapeShift and report various issues with missing payment and failed transactions etc.
Which of the two has the lower costs?
The two companies offer their fees in very different ways.
ShapeShift’s fees depend on the currencies you wish to trade and the market situation on the day of the trade. The company charges what are known as “mining fees” on your transaction. Of course, deposits and withdrawals are completely free. That said, there is some speculation that ShapeShift includes specific fixed fees in the transaction, but does not declare it. They can thus make a profit while offering low transaction fees. However, keep in mind that this is just speculation, which has no hard evidence to back it up as of yet.
Changelly, on the other hand, offers a flat fee of 0.5% on every purchase, sale, or exchange of cryptocurrencies. As I said before, the main problem arises when you want to trade currencies like USD or EUR. But we must admit, the platform has become much more transparent over time. Plus, the fact that Changelly lets you track your trade history provides an added layer of security and assurance.
Which of the two is faster and has a greater variety of choices?
In the comparison between Changelly and Shapeshift, both platforms offer pretty good transaction speeds. What is certain is that there aren’t many complaints online about the speed of the two platforms.
However, Changelly comes out on top: the platform offers its users over a hundred different altcoins to choose from when it comes to bitcoin and cryptocurrency trading.
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Conclusions
As you can see, it is not easy to compare Changelly and Shapeshift. These two platforms have strengths and weaknesses.
If after reading this comparison you think safety is really the most important factor, then Changelly would be a logical choice for you. On the other hand, since ShapeShift dealt with the situation of its hack, they have not yet suffered any other such incidents.
In addition, they removed their famous slogan “no personal information” and now ask people to register if they want to make a transaction. It could prove the fact that they have started to take things seriously and improve their service.
Additionally, if Changelly’s fiat currency exchange fees issue is not a barrier for you, the platform is a very good option for people looking to trade different cryptocurrencies. Changelly now has some fame and is regarded as a reputable cryptocurrency exchange.
Well, there we are at the end of this “Changelly vs Shapeshift Comparison” tutorial. Hope it has been useful to you and that you now have a better understanding of these two bitcoin and cryptocurrency exchange platforms!
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