Comparing Changelly vs Bittrex isn’t a straightforward comparison. I can’t give you a simple answer as to which is better because they are very different and are good for different things. Its like comparing broccoli to spinach (great comparison right?)… both are vegetables but what they provide for your body differs. Changelly and Bittrex are both cryptocurrency exchanges but what they provide is also very different.
In this comparison article I’ll be going over what each exchange provides, what they are good for, how you can use them both in conjunction with one another and more.
Changelly and Bittrex In a Nutshell
Changelly is an exchange that is geared towards buying/selling cryptocurrency whereas Bittrex is for those looking to actively trade or invest in large number of different cryptos.
They are very different. Changelly allows users to easily purchase cryptocurrencies with credit/debit cards and although you can trade back and forth between different currencies, its not the best choice for this. Bittrex on the other hand does not allow users to purchase cryptocurrencies with cards nor fiat money in any way, but they are an excellent platform to trade on if you are a serious trader or are looking to be.
A Look Inside The 2 Exchanges
Here I’m going to go over some of the key features of both exchanges and explain what they have to offer. Lets take a look at Changelly first…
The Changelly Exchange
At Changelly you can buy and sell a variety of cryptocurrencies. Right now they have around 65 different cryptocurrencies that you can exchange including all the popular ones like Bitcoin, Ethereum, Litecoin, Dash, Ripple, Monero, DogeCoin and a lot more.
One of the key features that attracts people to use this exchange is that they allow you to purchase Bitcoin with credit/debit cards. It doesn’t matter where you are in the world. If you have a Visa or Mastercard then you are able to as long as you can verify that it is yours (there is a short verification process to avoid fraud).
You are also able to exchange one currency for a variety of others. For example you could sell Ripple for Monero, or buy DogeCoin with Ethereum, or buy EOS with USD. There are literally hundreds of different combinations here and this is something most exchanges don’t offer. What Changelly does is looks for the best prices of exchanges out there and makes the trade for you from what I understand.
Unlike many exchanges, Changelly doesn’t provide users with wallets. You can’t store your cryptocurrency here. You will have to have a wallet somewhere else that you can send it from and to when making an exchange.
The Bittrex Exchange
Bittrex is a cryptocurrency only exchange, meaning that you cannot buy cryptocurrency with fiat money here, like a credit/debit card for example which you are able to on Changelly. So you first must already have cryptocurrency and transfer it over to Bittrex to be able to make trades.
This exchange is more for professional traders/investors. They give you a ton more options for cryptocurrencies you can trade and have advanced price charts + technical analysis tools you can use to really dig in and determine what good buy/sell prices are for different coins.
In addition Bittrex also provides wallets for every currency they have on the exchange. This means that you can store all your funds right on the exchange and make very quick trades back and forth within seconds.
The Big Differences and What They Are Good For
Comparison of Fees
The fees are much higher on Changelly than they are on Bittrex.
If you are going to buy Bitcoin with a credit/debit card on Changelly then you will be charged a 10% fee total, which is the highest of the fees that they charge and is a combination of the fee that Changelly charges and the credit/debit card processing fee (5% each). For crypto to crypto transactions they will only charge 0.5% fees, which is 5 times less. However, at Changelly you will also be charged the blockchain transaction fee because every transaction made on this exchange goes on the blockchain. This added fee can vary a lot.
Bittrex’s fees are much less. they charge a 0.25% flat rate on all trades. This is only have of the lowest fee that changelly charges and you don’t get charge the additional blockchain fee. When you make trades on Bittrex they don’t actually get recorded on the blockchain. Its basically just moving numbers around between accounts. The only time you get charged the blockchain fee is when you withdrawal, which will be recorded and confirmed.
Because every exchange made on Changelly goes on the blockchain and for Bittrex its just number moving around in accounts, the transaction time is much higher for Changelly.
They tell you that it can take anywhere from 5-30 minutes generally but at times it can take longer depending on network congestion and such.
At Bittrex the transaction time is literally less than a second as long as there are buyers and sellers on both sides that agree on prices.
As mentioned, Changelly does not offer wallets and Bittrex does. So if you use Changelly you will need a wallet on hand already whereas at Bittrex you will be provided with one for every currency.
What They Are Best Used For
So obviously Changelly is the better place to buy cryptocurrency if you are just getting started and don’t have any. They allow you to buy with credit/debit cards whereas Bittrex does not give you the option to purchase with fiat money.
But Bittrex is the better of the 2 for trading without a doubt. The combination of faster transaction times, lower fees, and wallets available make it the much better choice. Bittrex also has more currencies available which makes it good for investors that are looking to get their hands on rare cryptos.
You Can Use Them In Conjunction
If you already own cryptocurrency and don’t want to buy any more with fiat money then Changelly isn’t even going to be worth it for you. I mean you could make some trades on there every once in a while but there really isn’t much of a point to doing that.
If you do want to buy cryptocurrency then Changelly is where you can do that as you already know. But of course first you are going to need a wallet before you can purchase any. So what you can do is go over to Bittrex and create an account there. Then you can purchase crypo on Changelly and send it directly into your Bittrex wallet.
This is one course of action you could take if you are looking to actively trade. But if you are looking to just buy and hold long-term then you aren’t going to want to store your funds on Bittrex. In this case you should get a hardware wallet like TREZOR or Ledger Nano if you want to be really safe.
You could also use GDAX or Coinbase to replace Changelly. Both these exchanges allow you to purchase cryptocurrency with fiat money and Coinbase even allows you to use a credit/debit card just as Changelly does (GDAX does not). In addition they both provide wallets to store your crypto in on the exchange.
The reason these might be better options for you is because they charge less fees. GDAX’s fees are almost non-existent and Coinbase charges a 3.99% fee when purchasing with a credit/debit card compared to the two 5% fees you get charged at Changelly (10% total).
Conclusion on Changelly vs Bittrex
Both exchanges are good. They are just different… that’s all. They are best used for different things because what they provide is different.
Changelly is slower, charges higher fees, and doesn’t give users wallets like Bittrex does, but Changelly gives users the ability to buy with credit/debit cards which Bittrex does not.
- Changelly = Decent for buying crypto with fiat money (I prefer Coinbase or GDAX though)
- Bittrex = Great for actively trading with fast transactions and low fees
As always, leave any comments or questions below and I’ll get back to you soon 🙂