- ShapeShift Exchange History
- What Is ShapeShift?
- How Does ShapeShift Work?
- Pros and Cons
- Getting Started with ShapeShift
- How to Trade on ShapeShift?
- Swapping Cryptocurrency
- ShapeShift Fees
- ShapeShift Deposits Procedure
- Accepted Payment Method
- ShapeShift FOX Token Details
- ShapeShift App
- Supported Cryptocurrencies & Countries
- Is ShapeShift Safe to Use?
- ShapeShift Security
- Customer Support
Users today have multiple crypto exchanges to trade coins. However, reading reviews and researching before getting into the exchange is vital. The same goes for the ShapeShift review. There are different ShapeShift reviews on the internet, but not all reviews will cover critical aspects of this trading platform. This ShapeShift will cover all the aspects that a trader should know before entering into this crypto industry. From what ShapeShift is to how this Cryptocurrency exchange platform works and other information, the review covers every detail.
|Supported Fiat Currencies
|Submit a Request Form, Help Center, & FAQs Support
ShapeShift Exchange History
ShapeShift was founded in 2014 as a Cryptocurrency-to-Cryptocurrency trading business. The Swiss firm has been at the forefront of providing quick Cryptocurrency exchange services across dozens of pairs. It has also stayed loyal to the Blockchain’s original intent: to allow decentralized, anonymous peer-to-peer transactions. However, with the altering Cryptocurrency regulations in the trading industry, ShapeShift is also adopting these changes.
Even as more traders and communities of crypto exchanging voicing their enthusiasm for ShapeShift, a deeper examination of the company’s stated problems, including the Wall Street Journal’s latest discovery that it handled $9 million in illegal activity in 2017 and 2016, casts a bad light on it. The activity also affected its share price. Some individuals have begun to wonder, “Is ShapeShift one of the top crypto exchanges it claims to be for trading?” Let us check the complete picture by going forward with the review.
What Is ShapeShift?
ShapeShift is the trading Cryptocurrency exchange website founded in 2013 by Blockchain enthusiast Erik Voorhees and debuted in 2014. Erik intended to make the process of purchasing cryptos like Bitcoin as simple as possible by turning ShapeShift into a “vending machine” that anybody could use. In the initial period of the launch, users could only trade with a few cryptocurrencies.
However, after the registered users’ list started increasing, the platform increased the trade count to 40 cryptocurrencies by 2015, with over 940 trading pairs. Furthermore, the list of cryptocurrencies expanded to 103 by July 2018. Presently there are more than 750 cryptocurrencies to trade. Some popular coins are- Bitcoin, ETC, BlackCoin, Augur, Gnosis, etc.
The website ensures that registered users’ funds are completely safe and keep changing as per the regulations. This safety update attracts investors like Digital Currency Group, Access Venture Partners, LakeStar, and others.
How Does ShapeShift Crypto Exchange Work?
Being a crypto-to-crypto exchange platform, ShapeShift does not allow users to purchase cryptocurrencies using fiat currency. Wallets like JAXX can incorporate crypto-to-crypto trading into their services via its API. However, ShapeShift operates under its platform and adds real-time trading, making it a potential competitor of other trading platforms.
ShapeShift beta platform offers its users a comprehensive crypto exchange and security solution. There is a web-based interface for managing ShapeShift swaps and a cold crypto wallet. KeepKey, a revolutionary hardware wallet from ShapeShift, incorporates cold storage asset management into the system. Users can also use ShapeShift’s hardware wallet interface to trade cryptocurrencies.
Features of ShapeShift Exchange
ShapeShift keeps updating its service by adding some excellent new features, giving consumers additional capability and capabilities. Some of the exciting ones are:-
Buying Crypto with Debit Card
One of the exciting things is buying Bitcoin, USDC, and Ethereum, using a debit card. Rather than waiting for 3-5 business days to acquire Cryptocurrency, users can now do it in seconds, with no fuss. This update is available to users in over 20 countries across the world, including the United States.
Addition of Coins
There is a new list of cryptocurrencies added to the platform to trade. On the ShapeShift Platform, users may now send, receive, trade, and keep XRP. XRP is a payment-focused digital asset. The original digital currency of the XRP Ledger, an open-source, decentralized Blockchain technology that can settle transactions in as little as 3-5 seconds. In addition, there is a Binance Coin (BNB) which is currently on the list of top digital assets in Coinbase.
Converting to USDC Button
Users can use the Instant Convert tool to convert any assets into USDC stablecoin with a single click. Stablecoin is generally linked to a stable asset, such as the US dollar, allowing holders to protect themselves against market volatility. A tiny blue button is located next to each accessible asset on the dashboard.
ShapeShift Review: Pros and Cons
|Fast transaction speed.
|Trading Fees Vary.
|Built-in hardware wallet.
|Lack of Customer Support.
|No-Custodial Funds Holding.
Getting Started with ShapeShift Crypto
Users wanting to trade in ShapeShift do not require going through a tedious registration process. ShapeShift does not save any information about its users. It allows users to use it entirely anonymously. The user needs to login with essentials and provide an ID verification process. The platform offers an address to transfer coins to, and the user will need to provide the wallet’s address.
However, this is quite a work of concern because users will need to ensure the coins are safe against the hack. Users concerned about holding their currencies on the platform prefer keeping them in cold wallets or hardware wallets. On the other hand, ShapeShift has no other security risks because it does not handle personal information.
How to Trade on ShapeShift Exchange?
One of the common questions traders have is how to ShapeShift coins? Trading funds or coins is easy and handy. Users need to follow specific steps to trade on the platform. Below are the steps to follow after registering with the website.
Choose Assets to Trade
Users can select from the listed coin to trade in the swap. In this scenario, the Bitcoin and Ether currencies are exchanged. After that, pick between a Quick or Precise exchange.
Deposit the minimum and maximum amounts permitted. The transaction will be completed immediately. It is possible to reuse the deposit address.
Users can indicate the exact amount they wish to receive. After that, the user will get a deposit address. The order will expire if pricing is not filled within five minutes. This option gives the user a chance to receive a better rate.
How to Swap Cryptocurrencies on ShapeShift?
The user will need to fill below detail to swap cryptocurrencies:-
- Destination: This is the address to which new coins will be delivered.
- Refund: Deposited coins will be refunded to this address if the exchange fails.
- Click the Reusable Address option to reuse the Deposit address.
One of the selling factors of ShapeShift is its minimal transaction fee. Unlike other platforms that impose a fixed cost of 0.1 percent, ShapeShift transaction fees or ShapeShift fees are determined by the currency exchange. As a result, the user should double-check the price before beginning to trade.
One thing to know here is that fees charged on the platform go directly to miners who confirm different blockchains. There is an extraction fee charged on traders. The extraction fees for digital assets transmitted to the wrong address will be 50 EUR denominated in the miss-delivered asset using then-current exchange rates.
Other than this, there is no fee for deposit and withdrawal charged on the trader.
Deposit Procedure On Shapeshift
Users must deposit to the ShapeShift deposit address supplied to utilize ShapeShift. To use a paper wallet (physical representation of the ownership) to make a deposit, the user will need to complete three simple procedures.
Locating the Private Key
Though it’s easy to mix up the two, the private key is not the same as the public key. The length of these two alphanumeric sequences is different. The private key will be much longer than the public key, which is usually brief and resembles an address.
Importing the Private Key
The private key may be imported into any wallet the user likes. The user needs to keep in mind that everything from the paper wallet must be imported. There is no method to import just a fraction of a private key’s digital assets.
Making the Deposits
Once done, users can deposit funds and do not have to pay any fee.
Accepted Payment Methods on Shapeshift
For traders who want to trade on the website can use a different mode of payment method. Users can use credit cards, debit cards, Banxa, and Cryptocurrencies to complete the payment process.
ShapeShift’s FOX Token Details
ShapeShift token for traders is available in the form of FOX. FOX Token is an ERC-20 token that grants access to ShapeShift Platform products. When ShapeShift users acquire FOX Tokens, they may claim them. Users can earn up to 3268.1583%* APR on FOX Tokens.
One of the best things about the FOX token is the Fuel Rewards. When the user trades, they will receive $1 in FOX value for every 10 FOX Tokens they have in the wallet. The more FOX the user holds, the better it is at covering the expense of gas.
In addition to this, the website also offers a Rainfall Rewards program. Every time the user trades any crypto on the website, the random user having FOX tokens will win the USDC reward. More FOX tokens the trader carries, the higher the chance of winning. In addition to this, you can check out a detailed guide on FOX token by clicking here.
If users want to trade crypto on mobile, then the best is to install the ShapeShift app. The app allows users to purchase, sell, and transfer digital assets like Bitcoin and Ethereum without entrusting their private keys to a third party. It has developed an app for both Android and iOS.
Users can buy Bitcoin with a credit or debit card, trade it into a portfolio of other digital assets, and securely transact from their mobile app anywhere in the globe. Users have complete control and custody over their keys using the mobile.
What Cryptocurrencies & Countries Support Shapeshift
ShapeShift offers multiple crypto options to trade. Users can choose the crypto as per the market demand without paying any fee and do the trading. In the initial stage, the exchange had only limited coins to trade, but as the cryptocurrency industry started growing and users started using platforms, requirements for currencies increased.
Some of the cryptocurrencies available on ShapeShift are- Bitcoin, Edgeless, Golem, Bitcoin Cash, Bitcoin Gold, Ripple, Dogecoin, etc. Overall, there are more than 50 cryptocurrencies on the site.
ShapeShift has customers globally, although it maintains the right to refuse service in some areas. Customers in New York State, for example, are banned from using the exchange due to their IP geolocation.
Is ShapeShift Safe to Use?
Although ShapeShift has faced fund hacks before and security issues, the site ensures clients’ funds are safe. However, the crypto exchange complies with regulations applied by the crypto body. It is a registered company with a dedicated and well-known workforce and a diverse product line that spans the crypto ecosystem. ShapeShift, for example, makes the KeepKey hardware wallet. Initially, users did not have to register or provide any ID for the verification process, but the practice has ended due to a data breach.
When it comes to security, the exchange site is pretty good. Most importantly, it only holds consumer money as long as they are required to complete transactions. It eliminates the need to make a deposit and leave the cryptocurrency on the exchange, where it may be stolen. User’s money is likely to be secure if ShapeShift is hacked.
ShapeShift has been a non-custodial decentralized exchange from the initial stage. This indicates that the exchange did not keep any user identity or personal information. It also does not collect or retain users’ money. The primary reason to keep a crypto-to-crypto exchange service and not bring crypto-fiat payments into the system was to maintain anonymity. ShapeShift takes customer’s data and coins security as a top priority. With the growing concern of data hacking, the platform ensures to update itself in the security area. ShapeShift adopts:
- The website conducts anti-money laundering (AML) ID verifications during the registration process.
- Offers KeepKey cold storage wallet that uses two-factor authentication and protects the PIN and password phrase (2FA).
- Uses a method to detect wrong wallet addresses and other forms of fraud.
- Encrypts all data using an air-gapped (offline) key.
ShapeShift Customer Support
The customer support system of ShapeShift is quite promising. Right from knowing about the transfer of funds, security, fees, and other information, the customer support team is helpful. Users can submit their queries through emails, which the team will revert soon. The email support is pretty fast. The help center by the exchange website is helpful. The customer support team will sort out the queries regarding any service in real-time. Users may also ask inquiries via the FAQ page or create tickets and receive responses within 24 hours. However, there is no direct phone number for users to contact to speak with customer service.
ShapeShift Review: Conclusion
After going through the information mentioned in the above review, it is pretty clear that ShapeShift is a pretty good platform compared to other cryptocurrency exchanges. From user-friendly interface (web & mobile) to easy trading activity and real-time customer support.
However, security and customer data safety is quite a concern, which the team should look upon. They should also be more transparent about some issues, such as deposit and withdrawal limitations. Deposit limitations appear only when the user ‘attempts’ to change or convert their currency. ShapeShift will work best for new and experienced coin traders if the team considers these issues, as its user-friendly interface is easy for the users.
Is ShapeShift Legit?
Yes, the crypto exchange site ShapeShift is a legit platform to trade different exchange coins.
Does ShapeShift Requite KYC?
Currently, there is no need for KYC for registration purposes.
Is ShapeShift Commission-Free?
Yes, there are no fees for trading, also no commission on any service, except miner fees. Some part of the fund will go to the network miners.
How Does One Cash Out on ShapeShift?
There are two exchanges on ShapeShift:-
- Quick Exchange: It waits for users to exchange as far as possible.
- Precise Exchange: It allows users to enter the amount to exchange, allowing for exact transfers. Users can use ShapeShift API and other tools for withdrawal and deposit.
Is ShapeShift The Best Crypto Exchange Today?
While there are varied opinions, ShapeShift distinguishes itself for its unique blend of security, anonymity, and user-friendly features, thus making it a notable choice in the cryptocurrency market.
How Much Does ShapeShift Charge?
Shapeshift provides a transparent and cost-effective trading experience as the charges on the user are based on what specific cryptocurrency is being traded, and there are no additional deposit or withdrawal fees.
What Can One Buy On ShapeShift?
There are more than 50 coins to exchange. Users can buy BTC, LTC, XRP, ETH, and BNB with debit or credit.