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Author Topic: How does shapeshift/changelly work?  (Read 145 times)
Lanatsa
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March 23, 2019, 11:51:26 PM
 #21

I've never used changelly, but ShapeShift used to be anonymous.  Now ShapeShift requires some KYC information.  Since they are merely middle-men between you and the full-blown exchanges, charging you middle-men fees as well as the fees the exchange is charging, I don't know why anybody would use them.  

If you have to submit KYC anyway might as well register to a full featured exchange, control your buy and sell orders yourself, and save money on fees.  
Have the same questions on my mind too why there are people who do really tend to make use of these exchangers if there are full featured ones.
I cant deny the fact that this do give somehow the convenience yet you do just directly sent out your coin and exchange it into specific coin that you want without
too much hassle.Shapeshift already goes to the path of KYC that's why I shift up on changelly.
You can try Changenow, which do not require KYC up to 11 BTC, as far as I know. I use exchangers because it is much easier and reduces the risk. Any exchange, even Binance, can be hacked, or they can block an account, as Bittrex does sometimes. In both cases, the funds will be lost, so exchanges without registration are more secure.
You do have the point on using full featured exchangers compared to changenow.changelly,shapeshift similar sites where you can able to directly
swap your coins on desired tokens.

Hope these exchangers could still remain to be unchanged on kyc rules.

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March 26, 2019, 01:01:58 PM
 #22

they have accounts on multiple cryptocurrency exchange, and when you decided to exchange your crypto in Changelly or Shapeshift you actually let them to handle your coin and traded them in other exchanges. It will be good option if you want to do a quick trade, since their algorithm will find the best deal, you don't need to worry about the price difference of several exchanges, but their fee is ridiculously high compared to other traditional crypto exchanges.

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