- Fast and easy to use exchange platform
- Wide array of supported cryptocurrencies
- Great customer support
- Highly trusted and secure
- No fiat currency supported
- Not regulated
ShapeShift is a revolutionary and innovative cryptocurrency exchange that’s been widely used and integrated throughout the cryptocurrency ecosystem. ShapeShift was launched in 2014 with the vision to provide a fast and seamless cryptocurrency exchange solution. Users of the exchange do not need to create an account like on other exchanges and can thus exchange between Bitcoin, Ethereum, and a wide array of other altcoins quickly and anonymously. ShapeShift has become an integral exchange in the cryptocurrency ecosystem as it is now incorporated into various cryptocurrency wallets for in-app crypto trading. ShapeShift serves the global cryptocurrency markets but is headquartered in Switzerland. The ShapeShift exchange is one of the most popular, most trusted, and most convenient cryptocurrency exchanges in the world. There are many reasons for this and we will analyze them all in our in depth review below. Join us as we uncover all aspects that make up the ShapeShift exchange and discover whether they are the right cryptocurrency exchange for you.
ShapeShift features their very own proprietary web-based exchange platform in which anyone in the world can use. Users can access the ShapeShift platform via their website shapeshift.io and can exchange their crypto assets without creating an account or providing any personal information. However, users can choose to create an account and provide their email address if they want. The platform interface is beautifully designed and easy to use providing a seamless exchange solution. The exchange only supports crypto to crypto exchange without the ability to buy or sell for fiat currency. Therefore, users will need to acquire cryptocurrency with fiat elsewhere before using the ShapeShift exchange.
To use ShapeShift’s exchange services, all a user needs to do is select which cryptocurrency they would like to swap (send) and which cryptocurrency they want to receive. The user must have a receiving address for the cryptocurrency they want to receive and paste it in the receiving section. Shapeshift will provide the user with a depositing address for the cryptocurrency they’re swapping (sending) and once their crypto is sent to this address, ShapeShift will facilitate the exchange at the best possible rate and send the swapped crypto to the receiving address you provide. That’s it, the entire process is super simple, fast, and convenient.
The exchange platform does not feature any of the traditional trading platform features such as order windows, price charts, volume, etc. The whole idea behind ShapeShift is to be an easy, fast, convenient, and secure method of exchanging cryptocurrency assets. Traders are expected to conduct their analysis elsewhere before using the ShapeShift exchange service.
ShapeShift is strictly a crypto to crypto exchange and does not support any fiat to crypto or vice versa exchange pairs. ShapeShift does however support an extensive variety of cryptocurrencies including most of the top cryptocurrencies and a numerous smaller alternative cryptocurrencies. In total, ShapeShift supports over 60 cryptocurrencies that can each be exchanged for one another. However, sometimes some of these crypto assets will be unavailable to exchange for whatever reason. Although, users can always count on the top crypto assets like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to be available to exchange.
Fees and Commission
ShapeShift incorporates their fees into the amount of cryptocurrency being received and uses a “what you see is what you get” approach, minus the crypto miner fee. The miner fee is usually quite insignificant, varies from crypto to crypto, and is only charged to run the cryptocurrency’s network and does not go to ShapeShift. Another fee in which users may be charged is the extraction fee. This fee is only charged to users who mis-send their cryptocurrency to the wrong address. In order to get this cryptocurrency back users would have to pay a fee equivalent to $50 USD. However, this extraction process and fee only affects users who make a critical mistake when using the ShapeShift services. Most other exchanges will not even go through the process of extracting funds for you and they will be lost forever.
Security and Fairness
ShapeShift is a highly reputable and trusted cryptocurrency exchange despite being unregulated. The biggest security feature of ShapeShift is the fact that the exchange does not act as a custodial service like other cryptocurrency exchanges. Therefore, when a user uses ShapeShift, their coins are sent there only to be exchanged for the new coin they selected, where their new coins are then transferred directly into the users personal crypto wallet. Also, users of ShapeShift never have to disclose any personal information so there is no risk of their data being stolen. All in all, ShapeShift is a very safe, secure, and fair cryptocurrency exchange.
The customer support provided by ShapeShift is much like other cryptocurrency exchange, a mix of good and bad. In times of high cryptocurrency usage and adoption, support reps can be very slow to respond, but most of the time they are quick. Support reps can be reached via a support ticket system and social media channels. Additionally, users can browse the exchanges extensive FAQ page and support page for loads of helpful information.
Overall, the ShapeShift cryptocurrency exchange is an excellent crypto to crypto exchange solution. The entire process is very fast, simple, secure, and convenient. Also, ShapeShift supports a wide array of cryptocurrency assets and can be used anywhere in the world from nearly every web browser or smart mobile device. The exchange services are of premium quality and the customer support is very helpful overall. We as many others can really appreciate the ShapeShift crypto exchange and how much they have impacted the cryptocurrency ecosystem.
The following are the common questions that customers inquired about ShapeShift.
Is ShapeShift regulated?
No, it is not regulated.
Is ShapeShift a scam?
No, ShapeShift is a legit exchange and is highly trusted by people all around the world.
Where is ShapeShift based?
ShapeShift is based out of Switzerland.