In this post, I want to include a reasonably new form of altcoin exchanges. They are termed as ‘instant cryptocurrency exchange’. These exchanges make it possible for you to trade any cryptocurrency for a various cryptocurrency with a reasonably straightforward approach, compact payment, velocity and in some cases even anonymously.
When it comes to buying Bitcoin there are many exchanges and places which let you buy Bitcoins with credit card & debit card, online banking, or with any other option. But when it comes to buying other cryptocurrencies (altcoin) like Litecoin, Dash, XRP, Monero, or any other coin we have limited options. That’s where instant cryptocurrency exchange comes to the game.
Changelly and ShapeShift are two of the most popular Instant cryptocurrency exchanges, which serve this purpose to exchange other cryptocurrencies (altcoins) with Bitcoin in minimal time, low fees and without any hassle.
10 Best Bitcoin exchanges worldwide 2017-18
Changelly is newly born instant cryptocurrency exchange launched in 2016. Changelly was established by the exact men who own MinerGate – a mining pool that will allow you to sign up for other miners across the globe. Changelly is based in Prague(Checkslovakia). The exchange is clean and easy to use, have an intuitive interface, best exchange rates, very low fees. Fees are mere 0.5% of transaction amount.
It allows you to exchange one cryptocurrency for another in the most convenient way possible. It does this by aggregating and suggesting the best rates directly on its website. Changelly offers you best exchange rate in comparison to other instant cryptocurrency exchange.
Changelly accepts payments in nearly any cryptocurrency and you can receive a payout in any other cryptocurrency. It let you buy Bitcoin and other altcoins using a credit/debit card but I won’t recommend you to buy Bitcoin directly from changelly as card rates are slightly higher than other Bitcoin exchanges.
Changelly is a relatively new company in the cryptocurrency industry. But It has reached the milestone of 1 million customers in short span of time. This shows the popularity and reputation of this instant cryptocurrency exchange.
Changelly supports almost every country in the world. It has very high limits and solid liquidity. You can make a trade of any size, and a transaction is processed within 5 to 30 minutes.
Pros
1.The largest offering of cryptocurrencies in cryptocurrency exchange industry.
2.Changelly offers you best exchange rate.
3.Interface is clean and simple
4.Lowest commission fee for crypto-to-crypto conversion.
5.Can buy any cryptocurrency using credit & debit card
Cons
- High exchange rates than other exchanges when purchasing cryptocurrency using a credit & debit card
- Though it does not require any form of identification, one does need to submit an email address to complete the exchange transaction.
Shapeshift
Shapeshift was the first crypto to crypto instant cryptocurrency exchange launched in the year 2013 by Erik Voorhees CEO of the company from Switzerland. Shapeshift does not allow you to buy cryptocurrencies with fiat currencies e.g. US Dollars, Euro, British Pound, etc. It follows no fiat policy. It only allows swapping of one cryptocurrency to other cryptocurrencies instantly.
Shapeshift claims to be the safest and fastest instant cryptocurrency exchange in the world. The user doesn’t need to create an account, deposit fund, or provide any private personal information. Shapeshift does not even require any e-mails, passwords, or any bid either. This reduces the identity and financial theft risk.
It uses a very simple and smooth process to convert a cryptocurrency to another. It has to be said, this instant cryptocurrency exchange has made quite a name for itself over the past few years. ShapeShift check all the right boxes required in a secure, smooth and reputed exchange
Although, Shapeshift transaction limits are comparatively lower and fees are bit higher than Changelly.
Pros
- It facilitates the fastest and instant conversion of cryptocurrencies.
- It protects customers’ information and prevents possible identity thefts.
- It offers higher level of liquidity
- Support almost every altcoin
- Most trusted instant cryptocurrency exchange
Cons
- It does not allow to buy cryptocurrencies using fiat currency
- Transaction fees are comparatively higher
Comparison between changelly vs shapeshift
4. Fiat currency support
Changelly allows buying Bitcoins using fiat money i.e. USD, Euro etc. Whereas Shapeshift does not support fiat currency you can only exchange one cryptocurrency to other cryptocurrencies
Fees
Changelly has very low fees only 0.5% of the transaction amount, on the other hand, shapeshift transaction fees are much higher and it charges a different fee for a different currency.
Transaction limits
Changelly has higher transaction limits. A user can make a transaction of any size, while Shapeshift transaction limits are comparatively lower.
Interface
Changelly has more user-friendly and simple interface in comparison to shapeshift.
User personal information
Changelly requires user email address to create an account whereas shapeshift doesn’t ask for any personal information to create an account. This reduces the identity and financial theft risk.
Trust level
Shapeshift enjoys higher trust and reputation among users in comparison to Changelly as it is relatively new.
Transaction execution time
Shapeshift complete a transaction instantly whereas Changelly takes few minutes to an hour for completion of a transaction.
Conclusion
These both instant cryptocurrency exchanges serve the same purpose i.e. instantly convert any one of the cryptocurrencies for another cryptocurrency. Still, there are some minor differences.
Changelly offers amazing conversion services even though it’s flat currency to Bitcoin rate is excessively high. It has comparatively low transaction fee and high trading limit. On the other hand, instant conversion service offered by Shapeshift makes the company a preferred choice and it enjoys higher user trust, but its inability to process fiat currency to cryptocurrency transactions is a huge drawback.
Even with the minor flaws in both exchanges, one thing is certain i.e. these both are best instant cryptocurrency exchange among cryptocurrency exchanges industry.
cryptocurrency-trading-complete-guide-for-beginners/
get-free-bitcoins-10-legit-ways-to-make-money-with-bitcoin
How does Bitcoin price is determined
Bitcoin fork explained -Bitcoin cash a new currency derived from Bitcoin