Instant Crypto Swap Comparison! Changelly vs. Shapeshift vs. SWFT Blockchain
Changelly supports over 100 cryptocurrencies, as well as USD and Euros. SWFT Blockchain, although newer to the space, has grown from 18 tokens supported in January 2018, to over 90 different cryptocurrencies as of mid-December 2018. Meanwhile, Shapeshift has a more limited offering with only 35 cryptocurrencies. While Shapeshift and SWFT Blockchain do not yet provide fiat buy-ins, Changelly provides the ability to use USD and Euros at a surcharge. All three exchanges support top currencies like Bitcoin, Ethereum, Ripple, Stellar Lumens, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum Classic and more. Each exchange has a few exclusive tokens available for instant swaps like NEM on Changelly, Vechain on SWFT Blockchain, and Siacoin on Shapeshift. As a vote of confidence in stablecoins, SWFT Blockchain recently added USDC and DAI support and changed the unit of account for all the values on its platform to USDC
In terms of transaction fees, Changelly charges 0.5% for a crypto to crypto transaction. Shapeshift’s fees are variable flat fees that are calculated based on a miner fee. The fee depends on the trading pair and is therefore worth checking on an individual basis. Since Shapeshift’s fee is flat, it is not suitable for smaller transactions but better for larger transactions. SWFT Blockchain charges a 0.05% fee per trade when users hold Swftcoin (SWFTC) in their SWFT Blockchain wallet, and 0.1% for users who don’t own.
At the time of this writing, here are the rates for exchanging 1 ETH to BTC: Shapeshift will return ~0.027210 BTC, Changelly will return ~0.027236, and SWFT Blockchain will return ~0.027451. This overall difference between the lowest rate (Shapeshift) and the highest (SWFT Blockchain) is less than 0.1%. All three screenshots below were taken within 1 minute.
Aside from UI differences and small variations in prices, Changelly, Shapeshift and SWFT Blockchain are pretty easy to use. While Shapeshift and SWFT Blockchain let users send any amount of currency between a range, Changelly asks the user to specify transaction amounts before finalizing the transaction. One important difference is that SWFT Blockchain combines its decentralized transfer feature with a ‘cross-chain’ wallet where users can trade and store their crypto assets without leaving the app. Therefore, SWFT Blockchain gives users the option of making instant in-wallet swaps, or doing decentralized swaps from one address to another. SWFT Blockchain also offers limit and round-trip orders, which enable users to select their preferred rate of exchange and sit back and wait until their desired price or profit point is reached. Although these orders will only take place once the market meets the conditions set in the trade order, they are great tools to use in a volatile market such as the cryptocurrency one.
In terms of security, all three exchanges are very secure. In the case of Changelly, Shapeshift and ‘decentralized’ transfers on SWFT Blockchain, users’ funds are not at risk because they are never actually stored by the company. When Shapeshift was famously hacked in three separate thefts, only the company’s funds were stolen, while users’ funds were unaffected. Although SWFT Blockchain does store wallet-users’ funds, these are protected by several layers of cold storage. The company has also partnered with top security providers in the industry to make sure users’ funds are never at risk.
Where do I store my coins on Changelly, Shapeshift, and SWFT Blockchain?
- SWFT Blockchain is a cross-chain wallet app. This means in addition to providing similar transfers to Changelly and Shapeshift, it also provides a wallet for the over 90 crypto assets available on the app, and in-wallet swaps to exchange these in seconds. Changelly and Shapeshift are similar to SWFT Blockchain’s ‘decentralized’ transfers where users are responsible for their own destination and refund addresses.
Which one has lower fees?
- Changelly and SWFT Blockchain will be better for smaller amounts as their fees are percentage based, with SWFT Blockchain having the lowest percentage, at the time we did the tests. In larger amounts, Shapeshift may be better as it takes a flat transaction fee.
Which one is faster?
- At the time of writing, the average transaction time over the past 24 hours is 1026.17 seconds on Changelly, 739 seconds on Shapeshift, and 32.1 seconds on SWFT Blockchain. Therefore, SWFT Blockchain is by far the fastest of the three.
All three platforms provide similar services and therefore, it is difficult to determine which exchange is better. SWFT Blockchain offers trades in the same way that Shapeshift and Changelly do, but also offers a wallet for all its supported currencies and in-wallet swaps, including limit and round-trip orders, which makes trades faster and hassle-free. Therefore, if users are looking for a more complete crypto asset trading and holding platform, SWFT Blockchain may better suit their needs since it covers more bases. However, Changelly currently has the widest selection of cryptocurrencies between the three at 100+, including fiat (USD and EUR), meaning users will find a wider variety of unique trading pairs on Changelly, where they can also jump to and from fiat directly. Lastly, Shapeshift may be a better fit for larger transactions thanks to its variable flat fees.