Unfortunately, buying and selling altcoins like Ethereum isn’t always as easy as buying and selling bitcoin. This is due to the fact that most altcoins can only be bought using bitcoin rather than fiat currency.
The good news, however, is that instant exchanges like Changelly and Shapeshift exist, which can be used to quickly and easily exchange bitcoin (and Euros or U.S. Dollars in the case of Changelly) for any of the over 100 popular altcoin variants.
For example, if you want to buy some Monero at Changelly or Shapeshift, you just need to have a Monero wallet address and a form of payment such as bitcoins or a credit card (in the case of Changelly).
Shapeshift vs Changelly Review – Number of Altcoins Offered
At present, Changelly tops the instant exchange charts in regard to the number of altcoins supported.
This is due to the fact that Changelly currently supports 91 different digital currency offerings. The Shapeshift exchange, by comparison, currently supports fewer than 50.
Changelly Fees & Cryptocurrency Exchange Rates
Changelly was established by the same team that created MinerGate – a service where cryptocurrency miners join together in pools. Changelly can be used in much the same way as larger exchanges like Coinbase and allows users to buy digital currency directly via credit card.
Changelly, however, is not in itself a true alternative to the larger exchanges and in some aspects that gives it an advantage.
It’s fees are simple and straightforward: a flat 0.5%.
While Changelly charges flat transaction fees of just 0.5% per transaction, cryptocurrency exchange rates themselves can often be as high as 13% on regular exchanges.
Shapeshift Fees – No Transaction Fees, But Exchange Fees Do Apply
While Changelly charges a flat 0.5% transaction fee, Shapeshift, by comparison, doesn’t charge users any transaction fees (other than standard miner fees).
So if they don’t charge any transaction fees, then how does Shapeshift make money?
According to Shapeshift CEO Erik Voorhees, Shapeshift calculates exchange rates by comparing rates to those offered (in real-time) by other exchanges.
Like a money trader, Shapeshift keeps the difference between the exchange rate they get it for and the rate they give you, which they say is typically around 0.5%. Though many users have stated that the Shapeshift rate is poor compared to Changelly.
Shapeshift’s fees can vary depending on the transaction and time, making the fees less predictable compared to Changelly. As of the time of writing, the Shapeshift bitcoin rate is slightly more costly than the Changelly rate, though this could certainly change at any time.
Also, unlike Changelly, Shapeshift does not accept U.S. Dollars, Euros or credit card purchases.
Shapeshift Advantages & Pros
- Only miner fees and exchange fees, no transaction fees (about 0.5%)
- Supports almost 50 popular cryptocurrencies
- User-friendly website & high privacy standards
- Good reputation
- Fast transaction conversions
Changelly Advantages & Pros
- Simple and flat 0.5% exchange fee
- Currently offers almost 100 cryptocurrencies available for instant exchange
- User-friendly website design
- High-trust score among thousands of cryptocurrency traders & good reputation
- Fast transaction conversions
- Buy bitcoin & other digital assets with credit card
For a more in-depth look at Changelly, see our Changelly review.
Changelly vs Shapeshift Review – Conclusion
Both Shapeshift and Changelly have become successful in their niche of making cryptocurrency transactions simple and quick.
While both are great services, Changelly currently appears to have the advantage and to be the better option in most situations due to the fact that Changelly:
- offers more cryptocurrencies
- the fee is fixed
- Changelly allows purchases with a credit card in USD or EUR
- its solid reputation among the crypto community
What experiences do you have with Changelly and Shapeshift? Do you use one or both? Feel free to share your comments below.
Dave Starkax built his first computer when he was 8 years old and has never looked back. Dave built trading platforms for the exchange of video game digital goods beginning in 2001. When he read the bitcoin whitepaper in 2011, he recognized it as a solution to the biggest problem his industry had been facing for over a decade. He joined Do Cryptocurrency upon meeting the founder and learning about his inspiring mission for the crypto community.