ChangeNOW and Changelly are broker-style instant exchanges: you send crypto to an order-specific deposit address and they arrange the swap and payout. ShapeShift is different today: it is a self-custody wallet and decentralized exchange (DEX) aggregator, where you connect a wallet and approve blockchain transactions. That difference affects custody, fees, KYC, price certainty and what happens when a trade fails.
This comparison reflects the services described in their current documentation as of August 8, 2026. ShapeShift’s former centralized instant-exchange service is no longer the product being compared; its old trading experience was turned off in April 2021, and the current app is at app.shapeshift.com. For the history, see ShapeShift’s refund explanation and notice about the former beta site.
How the three services differ
| Feature | ChangeNOW | Changelly | ShapeShift |
|---|---|---|---|
| Service model | Broker-style instant exchange | Broker-style instant exchange | Self-custody wallet and DEX aggregator |
| How a trade starts | Create an order, then send crypto to its deposit address | Create an order, then send crypto to its generated deposit address | Connect a wallet, select a route and approve transactions in the wallet |
| Where funds are during the trade | The user sends funds to the address specified for the order; the payout goes to the chosen wallet | The user sends funds to the address specified for the order; the payout goes to the chosen wallet | The user controls the wallet and signs an on-chain trade routed through protocols and liquidity sources |
| Account and KYC | No mandatory account for ordinary crypto exchanges; risk checks may require verification | No account or KYC for every user; a risk check may put a transaction on hold for verification | DEX swaps do not require personal information or KYC; fiat partners may impose their own checks |
| Rate and pricing | Classic rate or Fixed rate; fees are included in the estimate |
Floating rate or Fixed rate; the fixed-rate quote includes a dynamic fee |
Route-specific quote, slippage, liquidity and network costs; no single universal ShapeShift exchange fee |
| Cross-chain swaps | Available for supported pairs and networks | Available for supported pairs and networks | Available through integrated protocols and bridge infrastructure; route behavior varies |
| Typical problem to plan for | KYC hold, late deposit, wrong network, missing memo or too-small deposit | KYC hold, expired address, wrong network, missing memo or incorrect fixed-rate amount | Insufficient gas, token approval, slippage, low liquidity or a failed on-chain transaction |
“Non-custodial” can be misleading if it is taken to mean identical risk. ChangeNOW and Changelly do not offer the same kind of ongoing account balance as a custodial exchange, but the user still sends the deposit to an address operated for the exchange process. A delayed, flagged or failed order may need support review or manual refund handling. In ShapeShift’s DEX flow, the user signs the trade from a connected wallet and the selected protocol executes it. See the services’ descriptions of Changelly, ChangeNOW and ShapeShift’s THORChain integration.
What using each service looks like
ChangeNOW: order, deposit, payout
- On the ChangeNOW exchange widget, select
Classic rateorFixed rate. - Under
You Send, select the asset and enter an amount; underYou Get, select the payout asset. - Click
Exchange, enter the payout address and, if required, the extra ID (also called a memo, destination tag or payment ID). - Click
Next, review the order and clickConfirm. - Send the deposit to the address shown on the order page. Check that the site address is exactly https://changenow.io; ChangeNOW warns that phishing sites imitate it.
ChangeNOW says it monitors a Classic rate deposit address for about 24 hours. A Fixed rate deposit generally needs to arrive within approximately 20 minutes. A late deposit may not be recognized automatically and may need support intervention. After the order is created, its page shows the transaction ID and stages such as Awaiting deposit, Confirming, Exchanging and Sending to your wallet. See its exchange instructions and status guide.
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
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Changelly: quote, transaction details, deposit
- Select the source asset and amount, then select the asset to receive.
- Click
Exchange now, review the quote, then openTransaction detailsto inspect fees. - Enter the recipient wallet address. Check the amount, network, rate, fees and address before proceeding.
- Click
Confirm & make payment, then send the source asset to the generated address.
Changelly documents this crypto-to-crypto transaction flow. Its transaction statuses include Created, Waiting for payment, Hold, Confirming, Exchanging, Sending, Finished, Failed, Not paid and Expired. A Hold can indicate a risk review requiring verification; Expired can mean a fixed-rate payment was not sent on time.
ShapeShift: connect and sign in your wallet
- Go to app.shapeshift.com and click
Connect Wallet. - Select a compatible wallet, then choose the asset pair and amount.
- Click
Preview Tradeand inspect the route, rate and network fee. - Click
Confirm and Trade, then approve and submit the transaction in the connected wallet.
The documented flow is described in ShapeShift’s trading guide. The exact quote screen can vary by wallet, chain and route. The current app offers Swap, Buy/Sell and Earn; its swap screen prompts users to connect a wallet. Legacy email-and-password login has been phased out.
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Rates, fees and price certainty
ChangeNOW: Classic versus Fixed
ChangeNOW calls its choices Classic rate and Fixed rate. It says the displayed estimate includes its fees and that it adds no further costs during the exchange. A Classic rate result can nevertheless differ from the estimate as market conditions and network costs change. A Fixed rate aims to hold the quoted rate, but ChangeNOW says fixed pricing normally carries a premium to account for volatility and liquidity risk. See its fee explanation and rate comparison.
ChangeNOW says it does not set fixed minimum or maximum limits for crypto exchanges. The practical minimum is dynamic: the deposit must cover relevant blockchain and exchange-related fees, and the interface warns if an amount cannot be processed. “No fixed limits” does not mean every small deposit is viable; a network fee can outweigh it. Its minimum-amount explanation describes this distinction.
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Changelly: Floating versus Fixed
For a floating-rate crypto exchange, Changelly lists a 0.25% service fee plus the applicable network fee. Fixed-rate pricing includes a dynamic fee in the quoted rate to compensate for the guaranteed price; fiat buy/sell products have separate partner-dependent charges. Therefore, 0.25% is not a universal fee for every Changelly product. Changelly also says minimums must cover network fees and meet the minimum exchangeable market lot, and that fixed-rate orders have tighter limits than floating-rate orders. Details are in its fee guide and transaction guide.
A fixed-rate quote is conditional: Changelly says the exact indicated amount must reach it and the incoming transaction must appear on-chain within the specified window. The usual payment window is 15–20 minutes, depending on the input asset. Floating-rate output can change with market conditions while the order is processing.
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- More than just crypto: confirm your device is authentic with Genuine Check, manage all your logins with Ledger Security Key, detect common scams with Transaction Check and more.
- Industry-defining security: battle-tested by the Donjon's white hat hackers, protected by the Secure Element, and powered by Ledger OS.
- Connect effortlessly with Ledger Wallet: pair your secure Ledger signer with the all in one Ledger Wallet crypto app to manage thousands of digital assets across multiple devices and accounts with Ledger Sync from a single, secure dashboard.
- Playful, user-friendly design: monitor the market, compare rates and Clear Sign all transactions on the secure 2.8'' anti-glare, scratch-resistant touchscreen.
- This is what security feels like: Ledger touchscreen signers all come with a private, offline, PIN-protected backup, Ledger Recovery Key, to never lose access to your assets.
ShapeShift: evaluate the route quote
ShapeShift routes trades through integrated protocols and liquidity sources rather than a single ShapeShift order book. Integrations include THORChain for native cross-chain swaps, 0x, Uniswap, Curve and PancakeSwap. Its API returns amounts, fees and possible errors from multiple swappers; indicative rates expire quickly, at approximately 30 seconds according to the API documentation.
The total cost can include the protocol or liquidity-provider fee, gas or other network charges, route costs and slippage or price impact. Check the quote immediately before signing; there is no single fee rate that describes every ShapeShift route. A route with no separate ShapeShift markup can still carry these underlying costs.
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- All your digital assets in one place. You can manage thousands of crypto including Bitcoin, Ethereum, Solana, Tether and more.
- Connectivity: USB-C cable connection only. No Bluetooth.Compatible with the Ledger Wallet crypto app, both desktop (Windows, macOS, Linux) and mobile (Android only). Not compatible with iOS.
- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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KYC, account requirements and holds
ChangeNOW
ChangeNOW says registration is not mandatory for ordinary crypto exchanges, but automated risk controls can flag an order and request documents. If the user refuses KYC, a refund may be possible in many cases but is not guaranteed. Its registration and verification guidance explains the risk-based approach.
Changelly
Changelly does not require KYC for every user, but its risk-scoring system may place an order on Hold and request verification after funds have been sent. Depending on the flow, a web user may see a KYC link, while an API or app user may need to contact [email protected]. Requested materials can include an identity document, a photo or video of the user holding it, and proof of source of funds. Changelly says some investigations take weeks or months depending on the parties involved. Its KYC and security FAQ and KYC guide give further detail.
ShapeShift
ShapeShift says its protocol-based DEX swaps do not require personal information or KYC. That statement does not necessarily apply to fiat purchases or sales: integrated providers can set their own identity checks, supported currencies and restrictions. See ShapeShift’s buying and selling guidance.
Deposit windows and common failure points
ChangeNOW: verify the order details before sending
- Wrong network or missing memo: A deposit sent on a different network than the order expects, or without a required memo or tag, may not be recognized automatically. Some assets use one deposit address for multiple orders, making the extra ID important. A smart-contract deposit may also need manual handling. ChangeNOW says recovery is not guaranteed or subject to a fixed resolution time. See its Awaiting deposit troubleshooting.
- Insufficient amount or late Fixed deposit: A deposit below the displayed minimum or one that fails to cover fees can fail; a fixed-rate order can also fail if the deposit misses its approximately 20-minute window. See its failed exchange guidance.
- Refund limits: ChangeNOW says a refund may be impossible if the exchange is finished and the payout is already on-chain, if the order has partly or fully passed the exchange stage, if the deposit is below the relevant network fee, or if funds are unsupported or inaccessible, including certain unsplit BCH/BSV cases. By default, a refund is sent to the address from which the deposit came. See its refund policy.
Changelly: do not reuse an old deposit address
- Address expiry: Changelly says generated addresses are non-reusable. A floating-rate address is generally usable for three hours; a fixed-rate address is generally usable for 15 minutes, or 20 minutes for certain assets including BTC, XMR, LTC, DCR, EOS, GAS, BNB and VET. Sending to an old address may require manual handling or a refund at current market conditions. Changelly says such cases commonly take 1–2 business days, though it may be faster. Create a new transaction rather than sending more to an old address. See its transaction guidance.
- Wrong amount on a fixed order: Changelly requires the exact amount specified; a different amount can cause failure or manual handling.
- Missing or extra memo: Assets such as XRP, XEM, XLM, EOS and BNB may require a memo, message or destination tag. Changelly separately warns that ARRR should not have a memo; adding one can prevent detection.
- Wrong network or payout address: Similar-looking addresses can belong to different networks, and the interface may not catch a network mismatch. Recovery may depend on the receiving wallet and can be impossible. If Changelly has already paid out to an incorrect address supplied by the user, it generally cannot reverse the on-chain transfer. See its exchange troubleshooting guide.
- Blockchain confirmation delay: A transaction at
Confirmingmay be waiting for the source blockchain to provide enough confirmations; Changelly says it cannot speed up that stage. Refunds are manual and conditional, and a completed exchange cannot be refunded simply because the user dislikes the final rate. See its service FAQ.
ShapeShift: wallet and on-chain risks
- Insufficient gas: An EVM token holder still needs the chain’s native gas currency, such as ETH, AVAX or BNB, to approve and submit a trade. A first token swap may require a separate approval transaction, which also costs network fees. ShapeShift explains gas fees and approval and network costs.
- Slippage, liquidity or failed execution: A route may be unavailable or have poor liquidity. If price movement exceeds the selected slippage tolerance, a smart-contract transaction can fail or revert; the network fee already paid to submit it is not returned. See ShapeShift’s guidance on failed trades and incomplete trades.
- Cross-chain route differences: A same-chain token swap is not the same as a native cross-chain swap. ShapeShift documents THORChain routes such as ETH-to-BTC and LTC-to-DOGE, whose confirmations, liquidity and fees differ from an ERC-20 swap. Wallet and network compatibility also matter; consult the supported-chain information.
Which service fits which use case?
- Choose ChangeNOW if you want a broker-style exchange with a choice between
Classic rateandFixed rate, and do not want a mandatory account for an ordinary crypto swap. Pay close attention to the order’s deposit window, network and memo. - Choose Changelly if its explicit transaction-details flow, fixed/floating choices or integrated buy/sell options suit you. Account or verification requirements can depend on the order, and its deposit addresses expire and cannot be reused.
- Choose ShapeShift if you want to trade from a self-custody wallet through DEX and cross-chain routes and are comfortable reviewing quotes and signing blockchain transactions. It is not a support-mediated instant-exchange broker; approvals, gas, slippage and on-chain failures are part of the process.
What to do if a trade gets stuck
- For ChangeNOW or Changelly, open the order page and record the exchange ID, transaction hash, source amount, selected network, payout address and any memo or destination tag. Check the status before creating another order or sending additional funds.
- For a ShapeShift swap, inspect the wallet transaction and the relevant blockchain explorer. Determine whether it is pending, reverted or completed before retrying; a retry may require another network fee.
- For any service, keep the transaction hash and screenshots of the quote and order details. Never send a recovery payment to someone claiming to be support; use the service’s official website and support channel.
For broker orders, support may be able to review a late deposit, a missing memo or a failed transaction, but wrong-network, unsupported-asset and below-fee cases may be delayed, only partly recoverable or unrecoverable. For a successful blockchain transfer to the wrong address, reversal is generally not available through the exchange service.
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