Thanks to the popularity of cryptocurrencies, it is becoming easier to find the right exchange platform for one’s needs. However, changing from one unit of cryptocurrency to the other can be meticulous and slow.
This can make it tough to enjoy Bitcoin or Ethereum because users can get tired of spending hours and WiFi speed to get a megabyte of data. To get around this, Erik Voorhees created the quick cryptocurrency exchange platform known as Shapeshift in 2013.
This Shapeshift review is designed to help users see if this crypto-exchange platform is worth its reputation and to help them understand it. By doing this, it will become clearer to understand why many crypto-enthusiasts are fond of it, particularly newbies in cryptocurrency.
What is Shapeshift?
Shapeshift is a cryptocurrency exchange that comes with a very user-friendly platform. Unlike other, more complex platforms, it only takes a few clicks to transfer assets.
The platform is free to use and is available to users interested in crypto-only exchanges. It trades in many different currencies and Altcoins, including Bitcoin, Litecoin, and Ethereum.
Easy to Understand Interface
One of the biggest benefits of Shapeshift is the simplified interface that makes it easy for anyone to use. It can be used without any account; you only need your current crypto address.
Inputting the data is smooth and quick, since you only need a destination and deposit address to get the exchange to work. You can also view the current state of different cryptocurrencies, like the percentage value of Bitcoin cash.
Shapeshift does not charge for any service. They have a preset minimum and maximum deposit, which should not be under or overlapped.
Another useful feature of Shapeshift is its browser plugin extension, known as the Lens. This can help you use your Altcoins for any cryptocurrency merchants online.
When you choose smaller transactions, you can expect instantaneous results. Larger transfers take longer to process, but the overall use of Shapeshift for exchange is faster than many mainstream exchange platforms.
Once you begin your transfer, a timer of ten minutes begins to determine your current exchange rate. With one click, you can send the coins immediately or wait for the right amount.
Upon the completion of any transaction, a fixed miner’s fee comes with each transaction. These vary according to the cryptocurrency, such as Bitcoin Cash costing around 0.000366454 per transfer.
You can choose to exchange up to forty different currencies in any transaction. Once you input the number of coins in one section, you can see the turnover/exchange rate, both in the currency you are sending and the USD amount you are giving.
Many mainstream applications are not as clear or quick to exchange Altcoins, something Shapeshift excels in. You can use this demonstration to help you get an idea of how to properly receive and deposit your Altcoins:
You might be wondering, “Is Shapeshift safe for my cryptocurrency accounts?” The reality is that Shapeshift has no options for any form of registration, not even sensitive, personal details such as phone numbers or names.
The only details you need to input are the aforementioned deposit and destination address. This means you won’t be in danger of any hacking or delisting of your coins.
Once you commit to a transaction, the Altcoins are directed to your external wallet or account. They do not store any information or funds.
Because they do not charge for transfers or exchange, they can commit these near-free exchanges without issue. It also means any actions done through their platform is all within the AML regulations, so you will be legally safe.
However, a consequence of this is that Shapeshift is exclusive to the cryptocurrency market. They have a “no fiat” policy, meaning you cannot purchase with your credit card or bank account.
Service from the support team is not great, even though the platform has made mistakes with the currency core. Submitting a request is limited to different options, which may or may not cover your actual dilemma.
Another big problem with the team is the lack of contact information. There are no addresses or numbers, so waiting for a response can get quite frustrating.
3.7 out of 5 stars. The service is fast and simple to use, but the fixed miner’s fee can be off-putting.
Shapeshift is one of the simplest, fastest, and most engaging platforms for cryptocurrency exchanges. It has an easy-to-understand interface; it is ideal for beginners and long-time patrons alike.
It has remarkable speed for all transactions, taking only minutes to accomplish what other sites need an hour for. You also get direct exchange, meaning you get the actual amount instead of estimated prices for your deposit.
Thanks to a lack of user accounts or information, you can stay anonymous and protected from potential leaks or hacks. You can also enjoy the Lens to make any cryptocurrency payments easier.
A big problem with the site is the lack of adequate customer support, limited only to preset or customized notes to the team. The fixed miner’s fee also becomes problematic for smaller transactions.
- Fast transactions for preset or specified amounts
- Simplified exchange rate chart
- User-friendly interface and navigation
- No user account required
- Free service for transactions
- No data or fund storage, meaning direct deposits only
- Up to 40 different Altcoin currencies
- Browser plugin for convenient crypto-purchases
- Fixed miner’s fee
- Crypto-only exchanges
- Poor customer support options
Thanks to its fast processing and lack of user accounts, Shapeshift is one of the best Altcoin exchange tools in the market. It has a simplified interface, a wide range in cryptocurrencies, and a handy web extension.
Despite the accessibility, it is limited to the crypto market, making it tough for those who want to use it for real-world purchases. It also has a poor customer service, which can easily go from an unnecessary feature to a bothersome change.
Regardless, the Shapeshift crypto platform stands out thanks to a seamless transfer service. If you want quick, anonymous deposits, Shapeshift can do it within a minute.