ShapeShift Exchange: 2020 User Review Guide


ShapeShift

ShapeShift is a well-liked crypto buying and selling platform that allows you to simply swap 50+ cryptocurrencies. Discover out every little thing it’s good to learn about how ShapeShift works right now in our assessment.

Options

  • Crypto-to-crypto buying and selling with aggressive buying and selling charges
  • Handy swaps by way of ShapeShift.com or your native pockets
  • Swap 50+ cryptocurrencies in any mixture

Deposit Strategies

Execs

  • Commerce any supported cryptocurrency for another supported cryptocurrency
  • Straightforward buying and selling UI for rookies and superior merchants alike
  • Quick transaction instances

Cons

  • Solely 50+ cryptocurrencies
  • Greater buying and selling charges than Changelly (0.50% price constructed into unfold)

Introduction

ShapeShift was established in 2013 by Erik Voorhees, making it the earliest main crypto swap platform developed. ShapeShift’s aim from the start has been to supply direct crypto-to-crypto exchanges. At this time, ShapeShift continues to stay as much as that aim. ShapeShift nonetheless doesn’t help any fiat-to-crypto buying and selling in 2019.

what is ShapeShift

As a cryptocurrency trade, ShapeShift presents one of the simple interfaces you’ll see. It’s straightforward for anybody to make use of. You choose the cryptocurrencies you wish to swap, enter the quantity you wish to swap, paste in a receiving tackle in your new cryptocurrency, then full the commerce. You ship the funds to ShapeShift and the crypto trade releases the funds to your pockets as quickly because it receives them.

ShapeShift review

As a result of ShapeShift transactions happen immediately, your crypto isn’t held on a centralized trade; as a substitute, it’s delivered straight to customers through a deposit tackle setup by ShapeShift. That makes ShapeShift a non-custodial swap platform. You by no means need to deposit cash into ShapeShift, nor do it’s a must to belief ShapeShift to take care of your cash.

ShapeShift is offered wherever on the planet. All customers have sure transaction limits, though you may increase these limits by finishing KYC/AML verification.

ShapeShift has a number of opponents within the crypto swap house. Changelly is its largest competitor. In comparison with Changelly, ShapeShift often presents sooner order execution instances. ShapeShift, like Changelly, doesn’t technically cost buying and selling charges, nevertheless it does make round 0.50% on most trade charges provided by way of the platform. Changelly lately decreased its charges to 0.25%, giving Changelly the sting right here.

ShapeShift exchange review

Nonetheless, ShapeShift additionally lately launched its FOX tokens, that are a lot completely different than Bitcoins. These tokens can scale back your buying and selling charges to zero. You obtain $10 of free buying and selling for each 1 FOX token held in your pockets. As of December 2019, ShapeShift offers you 100 free FOX tokens only for signing up.

ShapeShift additionally as soon as had an enormous benefit over different swap platforms: it didn’t require any login, registration, or setup. Sadly for nameless crypto merchants, this characteristic was eliminated in 2018 as ShapeShift sought to adjust to regulatory necessities. At this time, you could register an account and full KYC/AML verification earlier than buying and selling on ShapeShift.

Key Options

Key options of ShapeShift embody:

50+ Supported Cryptocurrencies: ShapeShift helps simply over 50 cryptocurrencies. We’ve listed ShapeShift’s presently supported cryptocurrencies underneath the ‘Currencies and Pairs’ part under.

Regulated: ShapeShift is a registered enterprise with a clear and well-known workforce behind it. ShapeShift strives to adjust to all relevant regulatory necessities and to fulfill all authorized obligations.

KYC/AML Verification Required: Since 2018, ShapeShift has required customers to login, register, and confirm their identification.

Non-Custodial Change: ShapeShift is a non-custodial trade, which suggests you can not deposit cash into ShapeShift. ShapeShift by no means holds your cash. When making a swap by way of ShapeShift, your funds are launched as quickly as ShapeShift receives your funds.

Quick Transaction Occasions: Transaction instances on ShapeShift differ extensively. At sure instances, ShapeShift is the quickest crypto-to-crypto swap platform on the web, providing trades in underneath 10 minutes. At different instances, ShapeShift is comparatively sluggish, taking 30 to 50 minutes to course of a commerce.

Affordable Buying and selling Charges: ShapeShift presents buying and selling charges of round 0.5%, which it collects by way of an trade price unfold as a substitute of a direct buying and selling price. This can be a cheap price given which you can swap any of the 50+ supported crypto tokens on the platform, though it’s regarded much less cheap since Changelly decreased its price to 0.25%.

FOX Token: ShapeShift lately launched its personal native utility token known as FOX. The FOX token shall be used for membership rewards on the ShapeShift platform, together with free buying and selling.

Variable Liquidity and Coin Help: ShapeShift’s coin help and liquidity adjustments nearly every day for many of its supported cash. We’ve listed the supported cash under, though ShapeShift might not help each coin daily due to liquidity points.

Software program Pockets Help: ShapeShift instantly helps the Portis software program pockets.

{Hardware} Pockets Help: ShapeShift helps a number of {hardware} wallets, together with KeepKey, Trezor, and Ledger wallets.

Free Buying and selling With FOX Tokens: Should you maintain FOX tokens, you may commerce free of charge with ShapeShift. Each FOX token you maintain offers you $10 of free buying and selling. Your quantity is renewed on a 30-day rolling foundation. You get 100 FOX (or $1,000 of free buying and selling credit score) only for signing up for ShapeShift. Primarily, this implies low-volume merchants on ShapeShift may by no means pay vital buying and selling charges. Excessive-volume ShapeShift merchants, in the meantime, should purchase FOX tokens to scale back their transaction price burden.

New Buying and selling Platform with Direct Pockets Help: You may nonetheless work together with ShapeShift by way of ‘ShapeShift Traditional’. Beginning in 2019, nevertheless, ShapeShift launched a brand new buying and selling platform that connects instantly together with your software program pockets (Portis) or {hardware} pockets (KeepKey, Trezor, or Ledger). It’s a brand new and improved buying and selling interface which may be jarring to traditional ShapeShift merchants however appreciated by new ShapeShift merchants.

API Help: ShapeShift presents an API, making it straightforward to combine ShapeShift into your present setup.

Purchase Crypto With USD: ShapeShift lately added the power to purchase crypto with USD instantly out of your checking account whereas paying charges of lower than 1%, which is surprisingly low-cost. This feature is offered to US prospects solely.

ShapeShift benefits

ShapeShift Currencies and Pairs

ShapeShift presently helps all main cryptocurrencies and a number of other lesser-known tokens.

Present supported cryptocurrencies on ShapeShift embody: 1ST, AE, ANT, ATOM, BAT, BCH, BNB, BNT, BTC, CVC, DASH, DGB, DGD, DNT, DOGE, EDG, ELF, ETH, FOX, FUN, GNO, GNT, GTO, ICN, IOST, KCS, KNC, LINK, LTC, MANA, MCO, MKR, MLN, MTL, NMR, OMG, PAX, PAY, POLY, PPT, RCN, REP, RLC, SAI, SALT, SNGLS, SNT, SPANK, STORJ, SWT, TRST, TUSD, USDT, WINGS, ZIL, and ZRX.

ShapeShift will periodically take away or add sure tokens from the above checklist. Double verify with ShapeShift to make sure the token you wish to commerce is supported.

ShapeShift additionally lately added the power to pay utilizing USD from a checking account. You’ll pay charges of lower than 1% when shopping for crypto with USD out of your checking account.

ShapeShift Supported Deposit and Withdrawal Strategies

ShapeShift doesn’t technically settle for any deposits as a result of it’s a non-custodial trade: you by no means deposit tokens into ShapeShift and ShapeShift by no means holds your funds in its personal account.

Nonetheless, you’ll ship tokens to ShapeShift when making a swap. ShapeShift helps swaps utilizing all the cryptocurrencies listed above, which suggests you may “deposit” and “withdraw” utilizing any of the 50+ cryptocurrencies listed above.

ShapeShift Registration and Login Course of

ShapeShift doesn’t require customers to log in or signup. You can also make trades on ShapeShift with out registering. Buying and selling might be nameless. Nonetheless, you may also register an account with ShapeShift if you want, by which case you’ll discover a simple registration course of.

ShapeShift Buying and selling

ShapeShift buying and selling is simple for a newbie and superior merchants alike. There’s only one easy commerce accessible: a crypto-to-crypto swap.

Enter the kind of cryptocurrency you want to promote and the kind of cryptocurrency you want to purchase. Enter the quantity you want to promote and ShapeShift will calculate the trade price. Remember the fact that ShapeShift’s price of roughly 0.5% shall be constructed into this trade price. Enter the receiving tackle (the cryptocurrency you’re shopping for shall be despatched to this tackle). Affirm the main points, then ship the tokens to ShapeShift’s displayed tackle. ShapeShift will launch your tokens and full the swap as quickly because it receives your tokens.

ShapeShift Charges

ShapeShift doesn’t cost any particular charges apart from the miner price. Nonetheless, ShapeShift does make cash from every coin’s trade price unfold.

Usually, ShapeShift goals to earn income of about 0.50% for every commerce (50 foundation factors). One good factor about ShapeShift is that you simply obtain precisely what the trade price exhibits. With Changelly and different swap platforms, trade charges are calculated in real-time, which suggests the trade price you see on the primary affirmation web page is probably not the trade price you pay on the time of the swap.

ShapeShift Fees

Along with buying and selling charges, you’ll pay a miner’s price or community price for every cryptocurrency.

ShapeShift now helps USD financial institution transfers and crypto buying, charging charges of lower than 1% for the service.

ShapeShift Safety Points and Downtime

ShapeShift’s repute for safety took a success in 2016 when the corporate was hacked a number of instances, dropping a number of hundred thousand {dollars} in every hack. Many alleged that these hacks have been inside jobs.

Nonetheless, no buyer funds have been misplaced throughout these breaches, and all the stolen cryptocurrency was owned by ShapeShift itself. ShapeShift later used this as proof {that a} non-custodial trade was working correctly working.

Notably, ShapeShift has not been hacked since then. And, since 2018, ShapeShift has sought to enhance its regulatory standing by requiring KYC/AML verification from customers.

Ease of Use

ShapeShift is simple to make use of, and the trade has turn out to be even simpler since its newest replace. At this time, authentic ShapeShift customers can proceed to make use of ShapeShift Traditional, whereas new customers ought to discover the brand new model of ShapeShift very straightforward to make use of. You may even instantly join your pockets to ShapeShift for the simplest buying and selling course of attainable.

Belief and Privateness

ShapeShift crypto exchange guide

ShapeShift was an nameless crypto-to-crypto swap platform for many of its historical past from 2013 onward. Beginning in 2018, nevertheless, ShapeShift succumbed to regulatory strain and commenced requiring customers to finish KYC/AML verification to make use of the platform. That’s a nasty factor for nameless crypto merchants nevertheless it’s factor for anybody who needs elevated belief and privateness of their crypto exchanges. At this time, ShapeShift is extra trusted, clear, and controlled than ever earlier than.

Buyer Service

Similar to most crypto exchanges, ShapeShift presents common customer support. There’s a Zendesk assist heart accessible here. You may submit a request by way of that heart, view tutorials, or verify FAQs.

ShapeShift doesn’t supply stay chat help or telephone help. All buyer help is delivered by way of e-mail requests.

ShapeShift Consumer Information: Learn how to Setup and Use ShapeShift

ShapeShift is simple to make use of for newbie and superior merchants alike. Right here’s a quick walkthrough for making your first commerce on ShapeShift:

1. Signal Up

For many of its historical past, ShapeShift allow you to commerce property with no login, registration, or verification required. Since 2018, nevertheless, ShapeShift has required customers to register earlier than making a commerce.

ShapeShift User Guide

Go to ShapeShift.com, then click on ‘Signal Up’. You can even sign up utilizing your Google account.

How to Setup and Use ShapeShift

Enter your e-mail tackle and select a password

2. Verification

ShapeShift will place you proper into your account dashboard without having to confirm your e-mail tackle. You’ll see the four-step verification course of it’s good to full.

shapeshift-exchange security guide

To begin, confirm your e-mail tackle by clicking on the hyperlink ShapeShift despatched to you.

ShapeShift sign up account

Then, full the remaining steps by coming into your title, date of beginning, telephone quantity, and tackle.

shapeshift-crypto-exchange-review-setup

Click on ‘Subsequent’ and ShapeShift will ask you to show all the data you simply entered. You’ll must add a photograph of some sort of government-issued photograph identification, like a driver’s license, nationwide ID card, or passport.

Look forward to ShapeShift to confirm your account data. Then, your verification course of is full and you’ll start making swaps on ShapeShift.

3. Two Issue Authentication

Like all good exchanges, ShapeShift helps two issue authentication (2FA). ShapeShift offers you with a sequence of backup code numbers you need to use to regain entry to your account in the event you lose your second authentication machine. Test to confirm that you’ve got printed or copied the codes, then click on ‘Carried out’.

ShapeShift crypto security

ShapeShift helps 2FA through Google Authenticator. Obtain Google Authenticator, then verify the 2FA setup by coming into the brand new verification code.

ShapeShift exchange verification

4. Make a Swap

Click on ‘Change’ on the left-side ShapeShift menu to make a commerce. You may commerce instantly from the entrance web page of ShapeShift.io.

First, select a ‘Fast’ or ‘Exact’ commerce.

Fast orders allow you to deposit any quantity of funds you’d prefer to the deposit tackle that ShapeShift offers with out time restrictions whereas additionally permitting you to create a reusable deposit tackle.

Exact orders require you to offer your actual deposit quantity prematurely.

If you realize the precise quantity you wan to swap right now, click on ‘Exact’. Should you’re unsure, click on ‘Fast’.

Select your cryptocurrencies by clicking both crypto icon. Below ‘Deposit’, choose the cryptocurrency you wish to ship to ShapeShift. Below ‘Obtain’, choose the cryptocurrency you wish to obtain in trade.

ShapeShift crypto coin trading options

After clicking every icon, you’ll see an inventory of all cryptocurrencies presently supported by ShapeShift.

Click on ‘Subsequent’ to enter your receiving tackle. That is the general public pockets tackle you need your obtained funds to be despatched to.

Test the trade price and ensure the main points. Remember that ShapeShift expenses an trade price price of roughly 0.5%, though the speed can differ barely for various pairs.

Chances are you’ll get a reduction on buying and selling charges (and even free trades altogether) you probably have FOX tokens in your account. You obtain free $10 of buying and selling quantity for each 1 FOX token held in your account.

Click on Subsequent. ShapeShift will generate a sending tackle for you.

Or, you probably have beforehand linked a software program or {hardware} pockets, a transaction display will pop up for that pockets. In any case, you’ll ship your cryptocurrency to the displayed tackle.

As quickly as ShapeShift receives your cryptocurrency, it would launch your tokens to the receiving tackle you supplied.

Alternatively, you may entry a extra typical buying and selling interface by visiting ShapeShift.com (ShapeShift.io options the traditional ShapeShift interface).

5. Withdrawal

There’s no precise ‘withdrawal’ required from ShapeShift; ShapeShift by no means holds your cash. The tokens you bought throughout the swap are already within the pockets you supplied throughout the swap.

That’s it! You’ve efficiently swapped with ShapeShift.

Last Phrase

ShapeShift is probably the most established title within the crypto swap house. Based again in 2013, ShapeShift continues to supply aggressive charges on crypto-to-crypto trades right now. ShapeShift modified its enterprise mannequin considerably in 2018 when it began requiring customers to confirm their identification and log in earlier than making a commerce. Nonetheless, it’s an indication that ShapeShift is embracing the present regulatory setting.

At this time, ShapeShift customers can swap 50+ cryptocurrencies whereas paying a price (constructed into the trade price) of round 0.50%.

To study extra about ShapeShift and the way it works, go to the trade on-line at ShapeShift.com. Alternatively, ShapeShift is constructed into many software program wallets, letting you immediately swap cash with out leaving your present pockets.





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