Shapeshift Exchange Review

Shapeshift Exchange Review
9 Total Score
  • Trades in under 10 seconds
  • No account required so no sign-up
  • Over 50 altcoins to exchange
  • Reputable company
  • Extremely user-friendly
  • Extensive FAQ section
  • Fees are reasonable
  • Compatible with multiple wallets
  • Completely decentralised
  • No links with local financial institutions
  • No need to upload any payment methods
  • Anonymity is a huge pro
  • Shapeshift Lens tool available
  • iOS and Android mobile apps
  • Skeleton tool giving your site a branded exchange
  • Shift button tool available to accept blockchain payments on your website

Shapeshift Cryptocurrency Review

Trust Score: 9/10

Shapeshift is one of the most well-known and reputable digital currency online. They make a bold claim that they are the safest and fastest asset exchange in the world. There is also something very unique about Shapeshift, which is the fact that there is no account needed to trade. Plus, the crypto exchange has a reputation for having a diverse array of blockchain assets available for trade.

The idea of Shapeshift is not to get involved in fiat currency whatsoever. It is simply a means to deposit via a cryptocurrency in order to swap one cryptocurrency for another. This is especially useful if your plan as a cryptocurrency trader is to invest in an alternative coin or a new ICO.

For instance, let’s say you want to swap Ehterum for Litecoin, then Shapeshift is the place to do this quickly. In fact, the trading or exchanging of crypto on Shapeshift is usually over within just a few seconds; it really is that easy to use. All exchanges are done via a third party wallet so it makes the process of exchanging very easy.

Note: Shapeshift is an exchange only, so there is no margin trading as such. You can quickly trade using your third-party wallet if you spot that maybe Bitcoin is on the down and Litecoin is on the up, then you can instantly make an exchange. However, there are not fiat currency trades available.

The company CEO is Erik Voorhees, and he runs the business out of Switzerland; a country well known for its financial aptitude and for its anonymity.

There is also plenty of information offered in regards to the crypto exchange marketplace on the website. On the homepage, you will see resources that give you information about the company, for business, affiliates, press, testimonials, blog, videos and there is an area where you can buy shapeshift merchandise.

You can also take advantage of built-in tools for browsers and businesses as well as mobile apps designed for Shapeshift users, which we will cover over the course of this review.

  • You do not need an account to make exchanges
  • Over 50 Altcoins available for exchange
  • Very fast exchange times
  • Extremely easy to use

 

Mobile Apps

Shapeshift has a downloadable APK on its website plus you can download the Shapeshift mobile app from the Google Play or App Store giving you access to both Android as well as iOS devices. All the main coins will be listed on the mobile app, and if they are not, it is just because Shapeshift are working on how to make the coin work without any flaws via mobile trading.

With the app, you will be able to save addresses giving you seamless access whether or not you are sharing your address. You can choose pairs easily for depositing and receiving. To deposit all you need to do is copy your deposit address. You will then be able to send currency from your external wallet. Once coins have been received, you will be ready to use the mobile app exchange service.

The entire process can take as little as 10 seconds.

  • iOS App
  • Android App
  • Downloadable APK
  • Trade on the move in 10 seconds flat

 

Shapeshift Lens Browser Extension

This is an added extra we have added to our review. It is a browser plug-in that you can use to connect directly to Shapeshift. If you use the exchange on a regular basis, you can just click on the plugin and make exchanges directly from the Lens plug-in tool. Once again, there is no need for a user account to use this tool, and it is totally free.

  • Convenient plug-in feature to access Shapeshift
  • Speeds up the process of making exchanges
  • Easy and instant access to the exchange tool

 

Shifty Button Feature

This is yet another convenient tool that is for website owners that need a tool allowing their website to accept payment in altcoins.

All that is needed is a simple insertion of Shapeshift’s HTML code that will place a shifty button on the website. This allows website visitors to come to your site and use altcoin to pay for goods. You can accept any altcoin and buyers can transfer their altcoins into the altcoins your website accepts via the exchange to pay for goods or services.

  • An easy way to accept altcoin payments
  • Anyone can pay with any altcoin
  • Buyers can convert altcoin into the currency you prefer to accept as payment
  • An easy way to accept blockchain assets

 

Shapeshift Skeleton

Yet another ingenious tool offered by Shapeshift. The shapeshift Skeleton allows your website to accept immediate purchase or sale of digital assets.

Exchanges can be made on your website without the user having to leave your website and visit Shapesxhift or any other crypto exchange. This is a great tool because most website owners want their users to stick around on their website and not wander off where there is a risk of them being distracted.

The code is absolutely free. You can get a customisable template that uses open-source code so the tool can be branded to the company’s website.

  • Allows exchanges to be made on your website
  • Brand the exchange tool to your company branding
  • Exchanges can be made without users leaving the website
  • Free open source code provided by Shapeshift

 

Coins Offered

Shapeshift wants to become an integral part of the blockchain ecosystem. You do not even need an account to make trades on the platform and what’s more is that this exchange pretty much allows you to deal with any type of cryptocurrency.

There are so many available altcoins available that we will list just a few, but you can reasonably assume that if you do not see an altcoin that is of interest for you in our list here, it is just because we probably didn’t mention it. Take a look at the website directly and use the get started option and the altcoin you want to trade is more than likely available here.

As you can see, this is the ideal exchange for anyone trading in cryptocurrency that is looking to expand or diversify their portfolio.

 

Registering at Shapeshift

You do not need to register with Shapeshift. There is no reason to because the idea of Shapeshift is that you use your Cryptocurrency address to make any exchanges.

  • No account required to make exchanges

 

Making a Purchase or Exchange on Shapeshift

There are no purchases as such for Shapeshift. All you are doing is using the exchange swap currencies either on the same wallet if the two currencies are both available on the same wallet, or from wallet to another.

To explain this further, let’s say you have a Coinbase wallet, which accepts BTC, ETH, and LTC. However, you want to exchange your ETH to DASH. For DASH, you have a CEX.io account.

This is how the process would work:

  1. Select the input as ETH
  2. Select the output as DASH
  3. Enter the address for your DASH wallet in the destination box
  4. Enter you ETH address in the refund address box
  5. Click to agree on the terms and conditions
  6. Addresses will be generated if needed and you send the ETH
  7. Your DASH wallet will then be credited with DASH
  8. Your CEX.io wallet will be deducted the ETH amount

 

  • Here is the screenshot of the first step that you would take to make this type of transaction.

 

  • Here is a screenshot of after you click continue (as you can see there is ‘Deposit Min’, ‘Deposit Max’ and ‘Minor Fee’.

 

Accepted Payment Methods

Shapeshift accepts pretty much any crypto wallet out there as long as it generates an address, which id course with cryptocurrencies every one of them must have an address.

That makes this section short and sweet. All you need to do is read the above section ‘Making a Purchase or Exchange on Shapeshift’ to understand how the exchange works.

  • Any cryptocurrency wallet with an address for your altcoins
  • Fiat Currencies are not accepted or used on Shapeshift

 

Transaction Fees

One of the nice things about Shapeshift is that there is no confusion when it comes to the fees charged for using the exchange. This is also done completely anonymously. Obviously, as with most exchanges, your fee will depend on the currency that you are exchanging/buying. It is up to you to make sure you check the fees before making an exchange as there are different minor fees on the blockchain that will apply.

  • BCH – 0.0002%
  • BTC – 0.0025%
  • DODGE – 2.0%
  • ETH – 0.001%
  • ETC – 0.01%
  • LTC – 0.001%
  • XMR – 0.02%
  • XRP – 0.5%
  • ZEC – 0.0001%

There is a complete list of fees for all currencies on offer at Shapeshift here: Shapeshift Fees.

 

Purchasing Limits

When you are purchasing one cryptocurrency for another, you will see the purchase limits clearly displayed as per the screenshot provided in the section above named ‘Making a Purchase or Exchange on Shapeshift’ – look at the ‘Deposit Min’ and ‘Deposit Max’ area.

If you want to just play around to hypothetically get an idea of the purchasing limits, you can go directly to the Shapeshift home page.

 

  1. Click on the ‘Choose Which Assets to Trade’ box
  2. Select the currency you want to ‘Deposit’
  3. Select the currency you want to ‘Receive’
  4. Click continue
  5. The ‘Deposit Min’ and ‘Deposit Max’ will be displayed

You can do this very easily because you do not an account with Shapeshift, so the tool is open to anyone that wants to check trading limits.

 

Countries Supported

All countries are supported on Shapeshift. There are no restrictions at all in this area. As long as you have a wallet with a valid crypto address for the currencies you want to exchange, you can use Shapeshift totally anonymously.

  • No country restrictions
  • All you need is a valid crypto wallet

 

Customer Support

Shapeshift has been designed as an easy to use the platform. With that in mind, Shapeshift has not made customer support a priority because there is not much to the system at all. That being said, there are some glowing reviews from users of Shapeshift that have run into problems and their problem has been sorted out hastily.

On the other hand, as with many other exchanges, there are signs of poor customer support too. Some people have reported it is extremely hard to get an answer from support on occasion. You can imagine that this is extremely frustrating as if you do happen to have a problem, it is probably going to be related to where the heck your money has gone.

There is a contact page where you can ‘Submit a request’ and Shapeshift will open a ticket and get back to you in due course. There is no telephone number or address, however.

On the website itself, there is an FAQ section that is responsible helpful. You will also find some video guides for Shapeshift too. All the fees, terms and conditions, coins accepted and more information can all be found under what is a fairly well laid out FAQ section.

  • Some glowing reviews
  • Some bad reviews
  • No real contact details available
  • Support is a submit a request form
  • FAQ section

 

Safety

Although Shapeshift is extremely popular, there has been some concern raised regarding the lack of security. As there are not account, there are no passwords and therefore no verification process.

On a positive note, there is no risk that your crypto being hacked on Shapeshift because the exchange does not have a wallet for you to hold your altcoins. The security concern for your alt coins then ultimately lays in the hands of the crypto wallets that you are using to hold your currencies.

Deposits are processed very quickly using the Shapeshift protocols, which is secured and encrypted as with any financial transaction performed online whether this occurs with fiat currency or cryptocurrency. This means that all your trust when handling the exchange is put into the security protocol that Shapeshift have put in place for the purpose of temporary crypto exchanges from currency to currency.

We have to mention the 2016 hack when around $200 thousand was intercepted bit by bit from the exchange. According to Erik Voorhees, the CEO, a rogue employee hacked the system and intercepted the exchanges. Shapeshift swiftly reacted to this and took the website offline and rebuilt the site and we assume that they added extra layers of security to ensure this never happens again.

The hack did not affect anyone using the website itself as it was not customer funds that were stolen as intercepting transactions is near enough impossible. However, the company’s own personal funds were depleted due to this hack. This is just something we thought we would mention as it was public news. For the most part, it is not a security risk for users because there are no user accounts and therefore no wallets, and no risk to users of the site should the company be liquidated.

  • No user logons
  • Highly encrypted transactions
  • Users do not store currency on the site
  • No danger to users if the company liquidates

 

Why Choose Shapeshift?

As you can clearly see, the pros far outweigh the cons. If you are looking for a place to quickly make an exchange within a matter of seconds, then Shapeshift is the go-to exchange online. On top of this, if you have a diverse altcoin portfolio and regularly make exchanges between cryptocurrencies, Shapeshift allows you the freedom to do this.

For beginners, this is the perfect website to make exchanges and give you very little reason to look elsewhere for another exchange unless you are really looking for an exchange that gives very low fees on the altcoins that you trade in.

There is no need to link any bank accounts or waller and the site is independent of any local banking systems keeping your currencies totally decentralised within the blockchain marketplace. It is essentially 100% digital. Plus, the service is completely anonymous.

Lastly, if you like your gimmicks for quick access, you can access Shapeshift from your mobile via an app, use a browser extension or use the Shifty Button feature so your website can quickly accept altcoin payments.

Really that is all there is to it!

 

Pros and Cons of Shapeshift

Shapeshift does not come with many cons whatsoever. As an exchange, it is perfect for those looking to trade in a wide range of altcoins.




9 Total Score

PROS
  • Trades in under 10 seconds
  • No account required so no sign-up
  • Over 50 altcoins to exchange
  • Reputable company
  • Extremely user-friendly
  • Extensive FAQ section
  • Fees are reasonable
  • Compatible with multiple wallets
  • Completely decentralised
  • No links with local financial institutions
  • No need to upload any payment methods
  • Anonymity is a huge pro
  • Shapeshift Lens tool available
  • iOS and Android mobile apps
  • Skeleton tool giving your site a branded exchange
  • Shift button tool available to accept blockchain payments on your website
CONS
  • Customer service can be hit and miss
  • You will need to rely on Shapeshift not to lose your transaction
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