In this article, we will compare Changelly and Coinbase cryptocurrency exchanges. We’ll look at the fees they charge, the supported currencies, their security features, and more.
The crypto wallet fees comparison is a guide to compare the best cryptocurrency exchanges on the market.
Nowadays, there are hundreds of different cryptocurrency exchanges on the internet, but the most of them fall into one of two categories: instant, non-custodial exchanges or conventional, custodial exchanges. Coinbase is an example of the former, whereas Changelly is an example of the latter. We’ll compare Changelly vs Coinbase in this post so you can determine which is most convenient for you.
What exactly is Changelly?
Changelly, along with Shapeshift and CoinSwitch, has been operating since 2015 and is one of the most prominent non-custodial crypto exchanges. Users’ crypto tokens are not held by this kind of exchange. Users must specify the wallets that they want to utilize for their transactions. Non-custodial exchanges are a less attractive target for prospective hackers since they do not store bitcoin. They also have simpler user interfaces and don’t have the sophisticated trading features that more experienced traders need. Some non-custodial exchanges do not need users to register, allowing for anonymous trading.
Is Changelly a secure platform?
In the past, cryptocurrency exchanges have been hacked, resulting in the theft of millions of dollars in bitcoin. The stolen tokens, on the other hand, were kept in wallets supplied by the exchange. Hackers are less inclined to break into Changelly since it does not keep any tokens. As a result, Changelly is secure, and wallet security is ultimately up to each user.
What about the costs?
Changelly’s costs are clear and simple to comprehend. For all transactions, they charge a flat 0.25 percent commission.
Changelly’s major benefits are its simple UI, simple pricing structure, quickness, and the fact that consumers must provide very minimal personal information. In reality, all that is required of users is an email address. For those who desire anonymity, this is a benefit. Check out my post on Shapeshift alternatives for a more in-depth Changelly analysis as well as other non-custodial exchanges.
What exactly is Coinbase?
Coinbase is a bitcoin trading business headquartered in San Francisco that was established in 2012. It is one of the world’s most well-known custodial bitcoin exchanges. Coinbase, like other custodial exchanges, offers cryptocurrency wallets to all of its customers, and any tokens purchased or exchanged are kept in those wallets until the user moves them to their own personal wallets. Hackers target this kind of exchange because it may easily store millions of dollars worth of user tokens. Coinbase said a few months ago that they had been attacked by hackers in June, but that their security team had stopped the effort and no cryptocurrency had been taken.
Many custodial exchanges, like as Bittrex and Poloniex, offer very complicated user interfaces with sophisticated trading features that experienced users appreciate. This isn’t the case with Coinbase, since their UI is more basic (albeit not as basic as non-custodial) and doesn’t provide sophisticated features.
Coinbase is often regarded as a user-friendly bitcoin exchange for newcomers.
Is Coinbase a secure platform?
Despite being an attractive target for hackers, Coinbase has yet to be hacked in any major way. They’ve put in place a number of critical security measures. To begin with, the majority of money are kept in offline encrypted wallets that are spread across several locations. All users must utilize two-factor authentication (2FA) for additional protection. Almost every Coinbase review you read will praise the company’s security.
Fees on Coinbase
You must pay a charge for all bitcoin purchases and sales. This is typical of every transaction. For novices, though, calculating your transaction cost on Coinbase may be a bit tricky. Coinbase costs vary depending on the quantity of crypto you’re purchasing and the payment method you choose, unlike Changelly, which has a set %.
The charge would be 2.99 USD if you bought 100 USD worth of Bitcoin using a US bank account. However, if you pay with a credit card, the charge will be $3.99 USD. It takes some time to get accustomed to this.
Now that we’ve met the two competitors in our comparison, let’s watch them go head-to-head in a variety of areas to discover where they’re alike and where they’re different.
Head-to-Head: Changelly vs. Coinbase
Type of transaction
Coinbase is a custodial service. Changelly is a non-custodial situation. Because you utilize your own wallets for trading, non-custodial exchanges have the benefit of wallet ownership. Users get wallet addresses from custodial exchanges, but they do not receive their wallet’s private keys, implying that they do not have complete control.
Because they do not store tokens, non-custodial exchanges offer the minor security benefit of being less attractive to hackers.
If there is one benefit to custodial exchanges, it is the ease of use. All of your crypto wallets are in one location with these exchangers. Creating individual wallets for each cryptocurrency you invest in may be difficult if you have a lot of them.
It’s not simple to choose a winner in this round. Some users may value convenience above everything else, while others place a higher value on wallet ownership.
Hackers may find Coinbase more attractive, but they have managed to keep things secure. They have yet to be hacked or have significant thefts because to offline storage, encryption, and enforced 2FA, among other security precautions and procedures.
Both exchanges are secure, even if they are secured in different ways. Both teams are tied in this round.
Methods of Payment
Changelly didn’t accept fiat currency purchases until recently. However, they have just begun to accept credit card payments for Bitcoin purchases.
From the beginning, Coinbase has supported fiat currencies. You can purchase bitcoin with fiat money and withdraw cryptocurrency to fiat currency. Payments may be made using a variety of methods, including US bank accounts, credit cards, SEPA deposits, SWIFT, PayPal, and others.
In this round, Coinbase has a clear edge.
Ease of use and quickness
Coinbase has a user interface that is much simpler to use than other custodial exchanges like Bittrex or Binace, making it an excellent choice for new crypto traders. Changelly’s UI is on a whole other level of simplicity than Coinbase’s.
Both exchanges provide quick trading, with transactions taking just a few minutes.
Because of its clean, minimalist UI, Changelly has a small edge in this round.
Neither of these exchanges provides transactions that are fully anonymous. Both need users to sign up for an account. Coinbase, on the other hand, will need ID verification, while Changelly just requires a valid email address, which does not have to be the user’s primary email address.
Changelly is the winner of this round. Without a doubt.
Coinbase allows customers from 32 different countries to trade cryptocurrency. Coinbase exclusively serves as a cryptocurrency wallet in other countries. Changelly may be used by anyone from any nation since it does not need any personal information.
Changelly wins this round, particularly if you don’t reside in one of the 32 countries that Coinbase fully supports.
Tokens that have been listed
The goal of cryptocurrency trading is to swap one kind of cryptocurrency for another. The more tokens a platform offers, the more trading choices consumers have. Coinbase is a cryptocurrency exchange that accepts 18 different cryptocurrencies. Changelly has over 150 items on his list and comfortably wins this round.
When it comes to determining trading costs, the exchanges use quite different approaches. Trading costs on Coinbase are determined by a series of regulations that change depending on the amount being traded, the payment method used, and the user’s country of residency. Users don’t always know how much they’ll have to spend in advance, but this information is presented before they make a purchase.
Changelly employs a less complicated technique. A normal 0.25 percent of the transaction price is charged as a trading fee. If you trade 100 dollars worth of Ether for 99.75 dollars, you will get 99.75 dollars. This method is simpler to grasp, particularly for inexperienced traders. Additionally, costs will be cheaper than on Coinbase. When exchanging one token for another, however, Changelly may not discover the optimal exchange rate, and you may not receive the full value of your money.
Changelly’s pricing structure is simpler to comprehend, but it may not get you the greatest bargain. Let’s call this one a tie.
Apps for mobile devices
Because so many individuals trade cryptocurrency on their tablets or smartphones, exchanges that provide mobile applications have an edge over those that don’t.
Coinbase and Changelly both provide mobile applications for iOS and Android that are both well-designed and simple to use. This round is a stalemate.
Conclusion: Changelly vs. Coinbase
Let’s have a look at the final score of our head-to-head match:
|1: The kind of trade||X|
|3: Methods of Payment||X|
|4: Convenience and speed||X|
|Anonymity is number five.||X|
|9: Apps for mobile devices||X|
Coinbase takes one round, Changelly takes four, and the game ends in a tie or undetermined after four rounds. Changelly may seem to be much better than Coinbase as a result of this. However, selecting an exchange may be influenced by a single aspect that is most essential to you. If you need to purchase bitcoins using PayPal, for example, Coinbase is the exchange for you, regardless of how many rounds it has lost. If you need anonymity, you may use Changelly or similar non-custodial exchange.
Finally, both platforms are excellent exchanges that provide quick, safe, and dependable bitcoin trading. This Changelly vs Coinbase comparison has given you enough information about both services to help you decide which one to choose. After that, go ahead and have fun exchanging!
Continue reading: Bitstamp vs. Coinbase
The bitdegree exchange review is a cryptocurrency exchange that has been around for quite some time. It was one of the first exchanges to offer instant transactions, which is what makes it so popular with traders.
Frequently Asked Questions
What is the most accurate crypto exchange?
The most accurate crypto exchange is Coinbase.
Is Changelly a good exchange?
What exchange is better than Coinbase?
Coinbase is a reputable exchange that has been around for quite some time. It is the most popular cryptocurrency exchange in the world, and it offers users a lot of features. However, there are other exchanges out there that offer better rates and more features than Coinbase.
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