Changelly vs Shapeshift: Instant Cryptocurrency Exchange
In 2017, the price of Bitcoin soared and that prompted a veritable gold rush. As professionals and novices poured money into the cryptocurrency markets, people’s investments blossomed and this, in turn, sparked more interest. With consumers flooding the market, innovations have swept across the industry in recent times. Although cryptocurrency exchanges are still the dominant medium, a raft of alternative platforms have jumped on bandwagon. CFD providers quickly identified the crypto trading trend and now offer markets for Bitcoin and other popular altcoins like Ethereum.
The Changing Face of Cryptocurrency Payments
At broker eToro, PayPal payments, trading guides and mirroring (a feature that allows you to copy the actions of an experienced trader) are all available. These features have not only made the trading process easier but more efficient. Taking the idea of speed and efficiency a step further, instant exchanges have also become popular in the last year or so. Leading the way in this area are Changelly and Shapeshift. In simple terms, both platforms allow you to instantly change one currency for another.
Comparing Changelly and Shapeshift
Founded in 2013, Changelly is both an exchange and conversion platform that stands on its own as widget for other cryptocurrency sites. The major benefit of using Changelly is that it’s not bound by geographical restrictions. Because users aren’t required to verify their identity, it’s possible to set up a trade in seconds from anywhere in the world. To convert one currency to another, the user selects the currency they have and the one they want. After this, they input the amount, hit the exchange button and provide their payment and wallet details. When the process is complete, it usually takes between 5 and 30 minutes for the funds to appear in the user’s wallet.
Like Changelly, Shapeshift was also launched in 2013 and offers a point-and-click exchange and conversion solution. When you compare the two sites, the services they offer are almost identical. However, as you’ll note from our Shapeshift review, this company doesn’t accept fiat deposits. In other words, you can only convert one currency to another. In contrast, Changelly accepts 50+ fiat currencies, including USD and EUR. When it comes to speed, though, Shapeshift has the edge. Transactions are virtually instant and, while you may pay a slightly higher fee for this luxury, it does mean you’ll receive your coins a lot faster.
As the cryptocurrency market continues to evolve, the range of options available to traders of all persuasions will continue to increase. Exchanges such as Binance will continue to offer a raw form of trading, while novices that check out our eToro review will know that using their social trading system, they are able to piggyback off the moves of expert investors. Finally, as consumers start to use Bitcoin et al as a payment method, instant conversion sites like Changelly and Shapeshift should become more popular. With the number of ways to trade, exchange and pay always improving, another crypto gold rush is almost a certainty.