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I've used Wattpad, Manybooks, Bookglutton, Scribd, Smashwords, and Feedbooks to distribute books over the years, and have decided I need both Feedbooks and Smashwords -- but for different reasons.
Feedbooks produces better documents and does a better job -- in my opinion and experience -- of distributing books via its own interfaces (web and mobile), and on platforms like Aldiko and Ibis Reader. Apples to apples, I've distributed 235 free copies of one book on Smashwords so far this year, versus 1007 of the same book on Feedbooks, although an uncontrolled variable is that all my own promotion drives to Feedbooks.
Smashwords, on the other hand, has made a lot of deals for free distribution via mainstream channels like B&N, Amazon, and Apple. Be warned, however, that it can take a long time for your books to appear in these channels. Right now, I'm in B&N and the iBookstore, but still waiting on Amazon, Sony, and Kobo -- and my book was accepted into the Premium Catalog on March 30. (My free e-book was also priced at $9.99 for five weeks in the iBookstore, but that's another story.)
There is no perfect solution, in short, but Smashwords and Feedbooks both have things going for them. Hope this is helpful.
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