ShapeShift is a well-liked crypto buying and selling platform that allows you to simply swap 50+ cryptocurrencies. Discover out all the things it is advisable find out about how ShapeShift works at present in our evaluation.

Options

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

Deposit Strategies

Professionals

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

Cons

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

Introduction

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

what is ShapeShift

As a cryptocurrency alternate, ShapeShift gives probably the most simple interfaces you’ll see. It’s simple 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 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 isn’t held on a centralized alternate; as an alternative, it’s delivered straight to customers by way of a deposit tackle setup by ShapeShift. That makes ShapeShift a non-custodial swap platform. You by no means should deposit cash into ShapeShift, nor do you must belief ShapeShift to take care of your cash.

ShapeShift is accessible wherever on the earth. All customers have sure transaction limits, though you’ll be able to increase these limits by finishing KYC/AML verification.

ShapeShift has a number of opponents within the crypto swap house. Changelly is its greatest competitor. In comparison with Changelly, ShapeShift often gives quicker order execution occasions. ShapeShift, like Changelly, doesn’t technically cost buying and selling charges, however it does make round 0.50% on most alternate charges supplied by means of the platform. Changelly lately diminished its charges to 0.25%, giving Changelly the sting right here.

ShapeShift exchange review

Nevertheless, ShapeShift additionally lately launched its FOX tokens, that are a lot totally 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 function was eliminated in 2018 as ShapeShift sought to adjust to regulatory necessities. Immediately, you should 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 present supported cryptocurrencies underneath the ‘Currencies and Pairs’ part beneath.

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

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

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

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

Affordable Buying and selling Charges: ShapeShift gives buying and selling charges of round 0.5%, which it collects by means of an alternate fee unfold as an alternative of a direct buying and selling charge. This can be a affordable charge given which you could swap any of the 50+ supported crypto tokens on the platform, though it’s regarded much less affordable since Changelly diminished its charge to 0.25%.

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

Variable Liquidity and Coin Help: ShapeShift’s coin assist and liquidity modifications virtually day by day for many of its supported cash. We’ve listed the supported cash beneath, though ShapeShift could not assist each coin day by day due to liquidity points.

Software program Pockets Help: ShapeShift immediately 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: If you happen to maintain FOX tokens, you’ll be able to 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. Basically, this implies low-volume merchants on ShapeShift might 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 charge burden.

New Buying and selling Platform with Direct Pockets Help: You’ll be able to nonetheless work together with ShapeShift by means of ‘ShapeShift Traditional’. 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 that could be jarring to traditional ShapeShift merchants however appreciated by new ShapeShift merchants.

API Help: ShapeShift gives an API, making it simple to combine ShapeShift into your current setup.

Purchase Crypto With USD: ShapeShift lately added the power 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 present 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 listing. 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 alternate: you by no means deposit tokens into ShapeShift and ShapeShift by no means holds your funds in its personal account.

Nevertheless, you’ll ship tokens to ShapeShift when making a swap. ShapeShift helps swaps utilizing all the cryptocurrencies listed above, which suggests you’ll be able to “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 may be nameless. Nevertheless, you too can 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 straightforward for a newbie and superior merchants alike. There’s only one easy commerce out there: 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 fee. Remember that ShapeShift’s charge of roughly 0.5% might be constructed into this alternate fee. Enter the receiving tackle (the cryptocurrency you’re shopping for might be despatched to this tackle). Affirm the small print, 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 other than the miner charge. Nevertheless, ShapeShift does generate income from every coin’s alternate fee 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 alternate fee reveals. With Changelly and different swap platforms, alternate charges are calculated in real-time, which suggests the alternate fee you see on the primary affirmation web page might not be the alternate fee you pay on the time of the swap.

ShapeShift Fees

Along with buying and selling charges, you’ll pay a miner’s charge or community charge 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 fame for safety took a success in 2016 when the corporate was hacked a number of occasions, dropping just a few hundred thousand {dollars} in every hack. Many alleged that these hacks had been inside jobs.

Nevertheless, no buyer funds had 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 accurately 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 straightforward to make use of, and the alternate has change into even simpler since its newest replace. Immediately, unique ShapeShift customers can proceed to make use of ShapeShift Traditional, whereas new customers ought to discover the brand new model of ShapeShift very simple to make use of. You’ll be able to even immediately join your pockets to ShapeShift for the simplest buying and selling course of potential.

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 stress and commenced requiring customers to finish KYC/AML verification to make use of the platform. That’s a nasty factor for nameless crypto merchants however it’s an excellent factor for anybody who needs elevated belief and privateness of their crypto exchanges. Immediately, ShapeShift is extra trusted, clear, and controlled than ever earlier than.

Buyer Service

Identical to most crypto exchanges, ShapeShift gives common customer support. There’s a Zendesk assist heart out there here. You’ll be able to submit a request by means of that heart, view tutorials, or verify FAQs.

ShapeShift doesn’t supply dwell chat assist or cellphone assist. All buyer assist is delivered by means of e mail requests.

ShapeShift Person Information: Find out how 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 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 may also register 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 with no need to confirm your e mail tackle. You’ll see the four-step verification course of it is advisable 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, cellphone quantity, and tackle.

shapeshift-crypto-exchange-review-setup

Click on ‘Subsequent’ and ShapeShift will ask you to show all the info you simply entered. You’ll have to 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 supplies you with a sequence of backup code numbers you need to use to regain entry to your account in case you lose your second authentication machine. Verify to confirm that you’ve got printed or copied the codes, then click on ‘Accomplished’.

ShapeShift crypto security

ShapeShift helps 2FA by way of 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’ll be able to 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 tackle that ShapeShift supplies with out time restrictions whereas additionally permitting you to create a reusable deposit tackle.

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

If you realize the precise quantity you wan to swap at present, click on ‘Exact’. If you happen to’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 alternate.

ShapeShift crypto coin trading options

After clicking every icon, you’ll see an inventory of all cryptocurrencies at present 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.

Verify the alternate fee and make sure the small print. Remember that ShapeShift prices an alternate fee charge of roughly 0.5%, though the speed can fluctuate 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 related 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 is going to launch your tokens to the receiving tackle you offered.

Alternatively, you’ll be able to 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 in the course of the swap are already within the pockets you offered in the course of the swap.

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

Ultimate 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 at present. ShapeShift modified its enterprise mannequin considerably in 2018 when it began requiring customers to confirm their id and log in earlier than making a commerce. Nevertheless, it’s an indication that ShapeShift is embracing the present regulatory setting.

Immediately, ShapeShift customers can swap 50+ cryptocurrencies whereas paying a charge (constructed into the alternate fee) of round 0.50%.

To study 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.



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