How to Use Shapeshift Like a Boss

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How to use Shapeshift

Shapeshift vs Changelly are the two popular instant exchanges. They allow users to buy and sell cryptocurrencies with ease. The exchanges are designed to be user-friendly and have low fees. While these two exchange offer services that are quite similar, there are usually a few differences. In the following guide, we’re going to share tips on how to use Shapeshift effectively.

What is Shapeshift and How to Use It?

Erik Voorhees created Shapeshift in 2013. Its main selling point is that it is a crypto-to-crypto exchange. On this exchange, you cannot but crypto using fiat. Currently, users can swap about 50 different crypto coins. 

This exchange offers a very simple interface for traders. Users can navigate the exchange with ease. The only requirement is for users to enter their crypto address to begin swapping coins. There is no need to provide any personal details such as email addresses. The transactions on this exchange are instant. As a result, the exchange does not hold any funds in a centralized location. Funds are delivered to users via a deposit address created by Shapeshift. 

Anyone from any part of the world can use this exchange. However, there are some limits for transactions. In general, those who have used both Shapeshift and Changelly suggest that Shapeshift is much faster. However, speeds have slowed in general due to a growing interest in crypto, which has led to higher volumes, which most exchange struggle to handle. 

How to Use Shapeshift & What Are the Fees?

There is no service fee charged by Shapeshift. The only fee they get is the coin’s miner fee. This fee is fixed. It is believed that Shapeshift’s profits come from the actual miner fee and the fixed miner fee it charges users. Despite the lack of a fee, some users have said that the rates offered by Shapeshift are usually lower than those offered by Changelly and other similar exchanges are. 

The main difference is that the rate is shown before a transaction is an actual rate after a transaction rather than an estimation. On Shapeshift, what you see is what is charged, which can make it easier to estimate the likelihood of a profitable trade.

The Changelly exchange was created in 2016 and has its headquarters in Prague. Those who created a MinerGate mining pool were behind the creation of this exchange. Thus far, the exchange has about a million customers using its services. 

Having hard time choosing? Read our detailed comparison between Coinbase and Bitfinex.

The user interface at this exchange is quite straightforward. If you want to buy coins at this exchange, the process is quite simple and convenient. Before you make a purchase, the rates are usually made clear from the start. However, the rate stated before a transaction is usually only an estimate. Sometimes, it is not a reflection of the actual crypto that will be received since the crypto market is so volatile. It is this important to note this when using Changelly.

Changelly offers you to pick crypto to crypto transactions or buy crypto for fiat. This feature is not offered on Shapeshift. On Changelly, you can use Mastercard or VISA debit and credit cards to make the purchase. This service has no geographical limits and anyone from any part of the world can make a purchase.

The exchange claims it offers more than 80 different crypto coins for trade. Thus, if you are wondering where to buy Digibyte coins, this is the best place to get started. While there are no limits on the amount you can trade, there are usually limits when it comes to using bankcards depending on the region of the world where you live.

Expand your knowledge: Learn how to buy Digibyte in three easy steps!

How to Use Changelly & What Are the Fees?

What is Changelly

According to the terms and conditions, there is a 0.5% fee charged on each trade. However, the exchange claims that it has the best exchange rates. This matter is debatable and will often depend on the crypto coin that you are trading. Besides that, the date and time will play a role in this.

It is thus important that you investigate how to buy Digibyte, Bitcoin, Ethereum, and other coins to find out if you will get the best deal. Check out the rates offered on Shapeshift to find out what kind of a deal you can get. Additionally, you can visit a TC to USD converter and find out the current rate before you make a purchase of the coin. 

Looking for more crypto trading platforms? Check our comprehensive comparison between Bittrex and Bitfinex.

Instant exchanges sometimes have a hard time offering the best rate. Their main draw is that transactions take place fast. Besides that, while fiat to crypto is convenient, you will usually not get the best rates. The most profitable rates are crypto-to-crypto transactions. The main reason for this is that when you use a credit or debit card, Changelly has to pay processing fees to third parties.

To use Changelly, you will also need an email address, unlike Shapeshift. While this may lead to concerns about anonymity, the email address does not have to be verified. As a result, you may use a fake email if you have concerns about privacy and anonymity. You may also be asked to provide your social media account to verify your identity. However, no verification is needed.

Summary

Shapeshift is a more established company and this usually attracts more crypto investors. The fact that you do not need to register or signup to it is a great plus. If you are wondering how to sell Ethereum anonymously, this exchange is probably the best option. This is important for users who are afraid of identity theft or wish to avoid online fraud from having their identities revealed. Despite this, Changelly appears to offer users a better value. Additionally, they allow users to buy cryptocurrencies using fiat.

Having said that, the services that are offered on both of these instant exchanges are similar. This is especially so when you consider the speed of transactions. While they may not offer the best value when you consider the overall crypto exchange market, they do give users access to a wide range of altcoins that can be exchanged quickly. In short, if you are wondering which one you should use, give both of them a try and pick the one that you feel most comfortable using.

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