ShapeShift

ShapeShift is a well-liked crypto buying and selling platform that permits you to simply swap 50+ cryptocurrencies. Discover out every part you might want to learn about how ShapeShift works at the moment 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

Professionals

  • Commerce any supported cryptocurrency for another supported cryptocurrency
  • Simple buying and selling UI for newbies and superior merchants alike
  • Quick transaction occasions

Cons

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

Introduction

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

what is ShapeShift

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

ShapeShift review

As a result of ShapeShift transactions happen immediately, your crypto is rarely held on a centralized alternate; as an alternative, it’s delivered straight to customers by way of a deposit deal with setup by ShapeShift. That makes ShapeShift a non-custodial swap platform. You by no means should deposit cash into ShapeShift, nor do you need to belief ShapeShift to take care of your cash.

ShapeShift is accessible wherever on the earth. All customers have sure transaction limits, though you may elevate these limits by finishing KYC/AML verification.

ShapeShift has a number of opponents within the crypto swap area. Changelly is its greatest competitor. In comparison with Changelly, ShapeShift normally affords quicker order execution occasions. ShapeShift, like Changelly, doesn’t technically cost buying and selling charges, nevertheless it does make round 0.50% on most alternate charges supplied by way of the platform. Changelly not too long ago diminished its charges to 0.25%, giving Changelly the sting right here.

ShapeShift exchange review

Nonetheless, ShapeShift additionally not too long ago 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 provides 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 function was eliminated in 2018 as ShapeShift sought to adjust to regulatory necessities. At present, it’s essential to 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 at the moment supported cryptocurrencies beneath the ‘Currencies and Pairs’ part under.

Regulated: ShapeShift is a registered enterprise with a clear and well-known crew 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 Trade: ShapeShift is a non-custodial alternate, which implies 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 Instances: Transaction occasions on ShapeShift range extensively. At sure occasions, ShapeShift is the quickest crypto-to-crypto swap platform on the web, providing trades in beneath 10 minutes. At different occasions, ShapeShift is comparatively gradual, taking 30 to 50 minutes to course of a commerce.

Cheap Buying and selling Charges: ShapeShift affords buying and selling charges of round 0.5%, which it collects by way of an alternate price unfold as an alternative of a direct buying and selling payment. It is a cheap payment given that you could swap any of the 50+ supported crypto tokens on the platform, though it’s seemed much less cheap since Changelly diminished its payment to 0.25%.

FOX Token: ShapeShift not too long ago launched its personal native utility token known as FOX. The FOX token will likely be used for membership rewards on the ShapeShift platform, together with free buying and selling.

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

Software program Pockets Assist: ShapeShift immediately helps the Portis software program pockets.

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

Free Buying and selling With FOX Tokens: If you happen to maintain FOX tokens, you may commerce free of charge with ShapeShift. Each FOX token you maintain provides 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. Basically, this implies low-volume merchants on ShapeShift may by no means pay important buying and selling charges. Excessive-volume ShapeShift merchants, in the meantime, should purchase FOX tokens to scale back their transaction payment burden.

New Buying and selling Platform with Direct Pockets Assist: You possibly can nonetheless work together with ShapeShift by way of ‘ShapeShift Basic’. Beginning in 2019, nevertheless, ShapeShift launched a brand new buying and selling platform that connects immediately 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 basic ShapeShift merchants however appreciated by new ShapeShift merchants.

API Assist: ShapeShift affords an API, making it simple to combine ShapeShift into your current setup.

Purchase Crypto With USD: ShapeShift not too long ago added the flexibility to purchase crypto with USD immediately out of your checking account whereas paying charges of lower than 1%, which is surprisingly low cost. This selection is accessible to US clients solely.

ShapeShift benefits

ShapeShift Currencies and Pairs

ShapeShift at the moment 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 record. Double verify with ShapeShift to make sure the token you need to commerce is supported.

ShapeShift additionally not too long ago added the flexibility 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 alternate: 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 implies 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 may make trades on ShapeShift with out registering. Buying and selling could be nameless. Nonetheless, you can even register an account with ShapeShift if you want, wherein 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 obtainable: 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 alternate price. Remember that ShapeShift’s payment of roughly 0.5% will likely be constructed into this alternate price. Enter the receiving deal with (the cryptocurrency you’re shopping for will likely be despatched to this deal with). Verify the main points, then ship the tokens to ShapeShift’s displayed deal with. 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 other than the miner payment. Nonetheless, ShapeShift does become profitable from every coin’s alternate price unfold.

Sometimes, 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 alternate price exhibits. With Changelly and different swap platforms, alternate charges are calculated in real-time, which implies the alternate price you see on the primary affirmation web page might not be the alternate price you pay on the time of the swap.

ShapeShift Fees

Along with buying and selling charges, you’ll pay a miner’s payment or community payment 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 popularity for safety took a success in 2016 when the corporate was hacked a number of occasions, shedding just a few 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 alternate 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 alternate has turn into even simpler since its newest replace. At present, authentic ShapeShift customers can proceed to make use of ShapeShift Basic, whereas new customers ought to discover the brand new model of ShapeShift very simple to make use of. You possibly can even immediately join your pockets to ShapeShift for the best buying and selling course of doable.

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 desires elevated belief and privateness of their crypto exchanges. At present, ShapeShift is extra trusted, clear, and controlled than ever earlier than.

Buyer Service

Similar to most crypto exchanges, ShapeShift affords common customer support. There’s a Zendesk assist heart obtainable right here. You possibly can submit a request by way of that heart, view tutorials, or verify FAQs.

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

ShapeShift Consumer Information: The right way to Setup and Use ShapeShift

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

1. Signal Up

For many of its historical past, ShapeShift allow you to commerce belongings 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 too can sign up utilizing your Google account.

How to Setup and Use ShapeShift

Enter your e-mail deal with and select a password

2. Verification

ShapeShift will place you proper into your account dashboard with no need to confirm your e-mail deal with. You’ll see the four-step verification course of you might want to full.

shapeshift-exchange security guide

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

ShapeShift sign up account

Then, full the remaining steps by getting into your identify, date of beginning, telephone quantity, and deal with.

shapeshift-crypto-exchange-review-setup

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

Look ahead to ShapeShift to confirm your account info. Then, your verification course of is full and you may 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 should utilize to regain entry to your account when 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 by way of Google Authenticator. Obtain Google Authenticator, then affirm the 2FA setup by getting into the brand new verification code.

ShapeShift exchange verification

4. Make a Swap

Click on ‘Trade’ on the left-side ShapeShift menu to make a commerce. You possibly can commerce immediately 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 deal with that ShapeShift offers with out time restrictions whereas additionally permitting you to create a reusable deposit deal with.

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

If you already know the precise quantity you wan to swap at the moment, click on ‘Exact’. If you happen to’re undecided, click on ‘Fast’.

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

ShapeShift crypto coin trading options

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

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

Test the alternate price and ensure the main points. Remember that ShapeShift costs an alternate price payment of roughly 0.5%, though the speed can range barely for various pairs.

You might get a reduction on buying and selling charges (and even free trades altogether) if in case you 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 deal with for you.

Or, if in case you 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 deal with.

As quickly as ShapeShift receives your cryptocurrency, it should launch your tokens to the receiving deal with you supplied.

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

5. Withdrawal

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

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

Ultimate Phrase

ShapeShift is probably the most established identify within the crypto swap area. Based again in 2013, ShapeShift continues to supply aggressive charges on crypto-to-crypto trades at the moment. 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 present, ShapeShift customers can swap 50+ cryptocurrencies whereas paying a payment (constructed into the alternate price) of round 0.50%.

To be taught extra about ShapeShift and the way it works, go to the alternate 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.





Supply hyperlink

LEAVE A REPLY

Please enter your comment!
Please enter your name here