This ShapeShift review has nothing to do with the futuristic T-1000 from the Terminator 2 movie. It has to do with the new ‘shape’ of money just about everyone’s heard about.
We’re talking about digital currency. More specifically, cryptocurrencies and the need for an outlet to exchange one form to another. This is where ShapeShift Cryptocurrencies Exchange comes in.
What Does Shapeshift Do and Is It a Safe Broker? (Review Breakdown)
- ShapeShift is a cryptocurrency exchange that started in 2013. The founder is Erik Voorhees. The Swiss-based company is popular with millions globally to exchange digital assets quickly and easily. So, yes it's a safe crypto broker.
Our ShapeShift review takes a look at what you can expect from a cryptocurrency exchange. If you're into Bitcoin and the like, you'll want to learn how to exchange your crypto.
Cryptocurrency is a hot button topic. It's a sector that can be manipulated. As a result, make sure you trade it with proper risk management.
After all, you don't want to blow up your brokerage account (read about the different types of stocks).
ShapeShift is very simple to use. You can swap out cryptocurrencies nearly instantly. There's no need to provide personal info or wait long periods for account creation.
To sum it up, ShapeShift can do business without KYC (Know Your Customer), because no fiat currency is involved. The exchange strictly does crypto-to-crypto transactions.
For example, let's say you want to order pizza from a restaurant that accepts Bitcoin; but you only own Litecoin. You can head over to ShapeShift.
Select Litecoin as the Deposit amount and Bitcoin as the Receive amount. Then do your exchange and enjoy your pizza.
ShapeShift has mobile (both Apple & Android) and desktop platforms. However, fewer cryptocurrencies are available for exchange on the mobile app.
This is due to rules and regulations of the app stores; not any policy by ShapeShift.
Truly an international exchange, the ShapeShift crypto exchange site is available in 15 major languages. The service is accessible in the USA, as well as globally. Check out a list of the best crypto wallets.
However, it is blocked in some states, like New York and Washington, due to state regulations. Here's a preview of their website menus:
2. Exchange Fees
Our ShapeShift review takes a look at the exchange fees you can expect. ShapeShift currently facilitates the exchange of over 30 cryptocurrencies. They range from the wildly popular to the more obscure.
You can exchange Bitcoin to altcoin, altcoin to altcoin, or altcoin to Bitcoin; whatever you want. If it's on their list of cryptocurrencies, you can exchange it.
For example, cryptos like Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Zcash, Dash, Ripple, and Monero are among the many choices.
ShapeShift is a non-custodial exchange. They won't hold your cryptocurrencies for you. Therefore, this makes your transactions with ShapeShift more secure from hacks.
Because the exchange is not holding onto deposits. ShapeShift exchanges your cryptos then sends them right back to you at the address you supply.
Provide either the address of your wallet or your account with another exchange currently holding your cryptos.
What Are Shapeshift's Fees in 2020? (Pricing Review)
- ShapeShift exchange rates are inexpensive. What you see is what you get in terms of exchange fees.
- They make a small percentage from the spreads which are updated in real time. And there are no other fees; except the miner fees set by the blockchain network.
- Like similar crypto exchanges, ShapeShift has upper and lower transaction limits. However, they don't post the exact amounts on their site.
- If you somehow breach ShapeShift exchange limits, they automatically return your funds to you. However, you can become a member if you wish to raise your limit to make larger exchanges.
1. Cryptocurrencies Support: Shapeshift Review
ShapeShift provides a suite of products and services to expand your options. In addition to the crypto exchange, ShapeShift offers the following:
What Is Bitfract?
- This free tool enables users to exchange one cryptocurrency for multiple cryptocurrencies in one transaction. For example, let's say you have Bitcoin, but you want to diversify that into several other cryptos.You don't have to do several transactions. Instead, you can do it all at once with the Bitfract tool.
This free tool provides real-time market data on every cryptocurrency under the sun. They appear listed in order of popularity.
However, the search feature enables you to locate data on more obscure digital assets quickly and easily. So you don't need to scroll through a list of 1000+ cryptocurrencies.
Moreover, clicking on the name of any crypto provides you with charts and even more market data. If you want to trade something other than cryptocurrency, check out our real time stock alerts.
The KeepKey wallets, compatible with Mac, PC, Linux, and Android, are designed for secure storage of cryptocurrencies. At the time of this writing, the KeepKey wallet costs $79.
3. Purchase Btc With a Credit Card
ShapeShift continues to grow and expand its services. The company has partnered with Simplex to enable users to purchase Bitcoin using a credit card.
4. Partners and Affiliate Programs
For those who wish to become a ShapeShift Partner, ShapeShift API integration and an affiliate program are available. Currently, the commission paid to affiliates is 0.25% /mo. based on total Bitcoin volume provided by your integration.
5. The Competition: Shapeshift Review
An article in Forbes states that over 200 cryptocurrency exchanges are being used by active crypto traders. Did you know that there are over 1600 cryptocurrencies?
Most of the trading volume, however, comes from very few cryptos. And it's the same with exchanges servicing the crypto world.
Only a few are behind most of the transactions. At least ShapeShift is among the top ones.
For example, ShapeShift's primary competitor is Changelly; a similar instant exchange. These two names promptly come to mind when a need to quickly swap cryptos arises.
In a ShapeShift vs Changelly showdown, I'd say it's a tie. It all depends on your personal preference.
For example, Changelly currently offers more cryptocurrencies. However, ShapeShift's fees may be slightly less. Try our day trading room free for 14 days.
6. Shapeshift Review Takeaway
Erik Voorhees, ShapeShift founder, said that a telegraph across the ocean 100 years ago was faster than sending a bank wire today. The promo for Ripple, a popular cryptocurrency, says it’s faster to get on a plane and fly money across borders than it is to send it as a digital payment through a bank.
That may be true. After all, when we say crypto, we mean a digital currency. One that's not regulated by the banks. However, it's regulated, albeit differently.
And because it operates independently of a central bank, the exchange from one form of crypto to another is fast. Nonetheless, when you need hard cold cash, ShapeShift can’t help you.
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