Shapeshift Review: Insights before you start using it [Updated for 2020]

With so many cryptocurrency exchanges, choosing one that fits your needs is a tough task. If you're looking for an instant, anonymous exchange of your cryptocurrency to another cryptocurrency, then Shapeshift is the correct platform for you.

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Article Index

  1. Introduction
  2. Shapeshift Review: Is it a good deal?
  3. Shapeshift Fees
  4. Shapeshift Cryptocurrencies
  5. How to use Shapeshift?
  6. Shapeshift Customer Support
  7. Shapeshift vs Changelly
  8. Alien Gear Shapeshift Review
  9. Frequently Asked Questions (FAQ)
  10. Conclusion

 

Introduction

With the introduction of cryptocurrencies and blockchains, another industry that started booming was the industry of cryptocurrency exchanges. Bitcoin was launched in 2009, and since then, there have been hundreds of cryptocurrencies that were released, and even more are coming in the market. With so many cryptocurrencies in the market, several exchanges were also introduced in the market.

Cryptocurrency exchanges are the platforms where people can buy and sell cryptocurrencies in exchange for fiat currencies or other cryptocurrencies. One such platform that offers an instant exchange for the cryptocurrencies is Shapeshift. It is one of the most popular exchanges that are present, along with Changelly.

Shapeshift is a combination of being user-friendly and speed. Erik Tristan Voorhees founded the exchange in 2013 with its headquarters in Switzerland. The platform was launched to be a quick medium for transactions, and hard wallets like Jaxx decided to team up with the exchange for ease of the customers. This made the exchange extremely popular in no time.

 

Shapeshift Review: Is it a good deal?

Shapeshift offers its users to purchase cryptocurrencies in a direct crypto-to-crypto exchange platform. Shapeshift does not allow the users to buy the crypto assets using fiat currencies and the platform has a collection of over 50 cryptocurrencies to swap from. The platform is available as a computer website, and a mobile application is available as well.

The cryptocurrency platform works similarly to Changelly, and both of them have been dominating the market with just minor differences in their working. The exchange provides truly anonymous crypto trades for the users with the option of setting up an account which depends on the users. The features of Shapeshift are:

  • easy to use interface
  • instant swapping of cryptocurrencies
  • no sign-up or email address needed
  • secure and private crypto exchanges

 

Shapeshift Fees

Unlike Changelly, the company is honest with the charges that they have for the transactions and other processes. The costs they offer for their cryptocurrencies are considered to be a little higher than Changelly, and they are listed as follows:

  • BCH- 0.0002 BCH miner fee
  • BTC- 0.0025 BTC miner fee
  • ETH- 0.001 ETH miner fee
  • XMR- 0.02 XMR miner fee
  • ZEC- 0.0001 ZEC miner fee
  • XRP- 0.5 XRP miner fee

For a standard transaction, the price is given to the user once the payment is received, and the blockchain network confirms the transactions. This helps the platform in avoiding any double spends and other risks. The price offered to every user may vary depending upon the risk, liquidity, and brokerage for the cryptocurrency.

 

Shapeshift Cryptocurrencies

Shapeshift offers support for almost 50 cryptocurrencies on its platform, which includes well-known cryptocurrencies like Bitcoin, ETH, BCH, etc. Along with these, it also has altcoins listed on the exchange, such as Augur, Gnosis, Potcoin, ReddCoin, BlackCoin, etc. The users can convert any altcoin to Bitcoin, or Bitcoin to altcoin, or altcoin to altcoin.

 

How to use Shapeshift?

To use Shapeshift for buying or exchanging cryptocurrencies, the user can either directly visit the account and trade cryptocurrency anonymously. For this, you can choose the cryptocurrencies of your choice and exchange them on the platform. In case you wish to set up and account, you have to provide your details for the registration process.

Visit ShapeShift here.

1. This is done by entering your email id and confirm the registration by the email sent to the mentioned id. Once verification is done, you have to fill out your necessary information and submit it for approval.

2. Once your account is registered, you can begin trading by choosing the asset of your choice, which you want to trade and receive in exchange. Then you can choose from Quick or Precise Method.

  • Quick Method: Select between maximum and minimum allowed deposit limit, and exchange will be made.
  • Precise Method: Specify the amount you need, the deposit address is provided, and if the price is not filled in five minutes, the order expires.

3. Further, fill the address on the order form, and the new coins will be sent to the mentioned address. Then once the deposit address is entered, the transaction is complete, and the swap is settled.

 

Shapeshift Customer Support

Shapeshift has a working support team that is always available to help the users along with an FAQ section, which contains the common queries of every user. The inquiries sent through email receive a response in 48-72 hours, sometimes the time is extended a little.

 

Shapeshift vs Changelly

Shapeshift is more attractive for the users as the platform is well established, and the feature of anonymous transactions appeals more to the user. This helps in eliminating the risk of identity theft, Changelly, however, uses the email id to allow operations on its platform. Changelly offers support for more coins and allows exchange using debit/credit cards, but Shapeshift does not have this property on its platform.

 

Alien Gear Shapeshift Review

This sounds like a software that can be used by the exchange or some programming method implemented in the development, but it is not related to the platform. Alien Gear is an online store providing accessories for ammunitions and not a crypto exchange software, So don’t get confused with this search result.

 

Frequently Asked Questions (FAQ)

1. Where are the headquarters of Shapeshift located?

Shapeshift has its headquarters in Switzerland, and it’s been operating since 2015 from there.

 

2. What is the Shapeshift deposit address?

It is the address where the coins will be sent by the user for the exchange to take place.

 

3. Is Shapeshift safe?

Shapeshift offers the option of anonymous transactions or creating an account. This explains the platform value the user identity and wants to keep them safe from any thefts.

 

4. How much time does the transaction take?

The transaction can take place from 30 seconds to several hours.

 

5. What happens if the transaction fails?

In that case, the user is advised to contact the customer support by opening the contact page and selecting “Submit a request.” 

 

Conclusion

Shapeshift has made the crypto exchange process easier for the users as more and more people have moved towards the crypto market using the exchange. The anonymous exchange feature has helped them gain more users as this feature provides a sense of safety to the users. The support of almost 50 altcoins is beneficial for those looking to broaden their cryptocurrency portfolio.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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