What Is Shapeshift?
Shapeshift is a digital exchange platform that allows you to swap crypto currencies in pairs. It was founded in 2014 by Erik Voorhees who is considered as one of the pioneers in developing and promoting such platforms and a strong advocate of giving investors full freedom and control of their crypto assets. We’ll be taking a detailed look at Shapeshift review in this article.
Erik Voorhees aspires to see a world free of banking or any other intermediary financial situation so that no personal information or asset is given in custody and control of any situation at all. This is the philosophy behind the invention of Shapeshift i.e. asserting human’s freedom in its truest sense.
With the passage of time, Shapeshift has expanded its operations and now also offers buy, send, receive and trading of crypto currencies along with the swapping of such currencies. It can be inferred that Shapeshift is a whole package now rather than a standalone application.
How Does Shapeshift Work? What Does Shapeshift Do?
Shapeshift provides its clients an elegant, complication free, simple to use platforms. These platforms are available on browser and mobile apps; including apps for both Apple and Android users.
In 2020, Shapeshift acquired Portis, an Israeli based start-up that allows you to create your own wallet or strengthen the security of your already established one. Portis allows clients to maintain their wallet keys with them ensuring full custody. For developers, it provides them a platform to integrate their codes and security to devise the type wallet they aspire for.
You begin by registration that requires minimal information. After registration, you need to link your hard wallet to store your crypto currency. The platform offers three best wallets i.e. KeepKey, TREZOR and Ledger to link with. Once done with it, your favorite crypto currency is just a few clicks away from being in your wallet.
The primary task of the platform is to allow you to swap your cryptocurrency. So if you have Bitcoin and you want to exchange it for Ethereum, the platform allows you to do so in a simple few steps. It quotes you a rate at which this exchange would be carried out. You can make the transaction of any amount you like.
With swapping, the platform can also be used for trading and buying crypto currency. This is another advantage of it.
It also provides a live chart where prices of different crypto currencies are displayed. Additional trading information with tools are also there to help you out in making buy, sell or hold decisions. There are several tools each with its own utility. You might need little Shapeshift guide to make best use of them
Are Coins In Shapeshift A Good Investment?
Shapeshift offers hundreds of coins and several thousands of pairs to quench your thirst for investment in crypto. These investments are totally secure as you and only you hold the key to perform any such related transactions. The reason Shapeshift review by its clients is positive only because it believes in client’s control and custody of their crypto.
In addition to it, you would be amazed to see how minimal the Shapeshift fees and commissions are. In most of the cases, it charges absolutely nothing. Nothing means no fees, no spread and no commissions at all. In other cases, it might charge an amount and that compared to your investment would be nothing but little fractions.
Plus, the platform also gives you competitive and lucrative rates for swapping your crypto as compared to other platforms. Why don’t you visit Shapeshift reddit reviews here to see for yourself what others are thinking about this platform.
Is Shapeshift An Exchange?
An exchange is a platform that allows you to swap your cryptocurrency with other such cryptocurrency or fiat currency. An exchange is primarily of two types i.e. centralized and decentralized. At its inception, the founders had a vision to make Shapeshift dex. Dex stands for a decentralized exchange. This simply means that the exchange doesn’t keep any asset of its clients in its own custody. The fundamental characteristic that goes against traditional banking.
However, it lived short to its initial intentions. Shapeshift DEX couldn’t materialize as it announced in 2018 KYC and other regulations making it a centralized platform. This change in shift resulted in loss of several clients. And in 2021, it realized that it had to go back. Once again founders announced the company would realize its early intentions and would be head to toe Shapeshift DEX Company.
There are exchanges that accept fiat currency and others that keep it purely crypto. Initially, Shapeshift hovered around the concept of crypto currency dealer only. It didn’t accept fiat currency back there. But after considering Shapeshift review by other contenders and stakeholders, it decided to commence working with fiat currency as well.
Shapeshift is an exchange. Can it be termed as completely Decentralized exchange? A concise answer would be no. Perhaps, no exchange has yet attained altogether DEX status. There is room of improvement. Gladly, the leaders of the platform are striding rightly towards the point where it can be called a completely decentralized exchange.
How Do You Use Shapeshift?
Using Shapeshift is a piece of cake. You can use it through your web browser or can have it as an app in your mobile. You don’t need any technical or sophisticated knowledge beforehand as its simple elegant interface becomes a Shapeshift guide on its own.
On app, just tap what you want to do with your Shapeshift i.e., buy, send or receive crypto currency. Select your wallet, put the numbers and there you go. This is just as simple as it is.
Added advantage is that you can transact whatever amount or percentage you like to. Meaning, the platform allows you to transact crypto currency in half, minimum, maximum or custom value of your choice.
You don’t need to traverse through the Shapeshift guide in order to use it. Even if you have rudimentary knowledge of internet and mobile apps, you can easily get yourself accustomed to the platform.
Pros And Cons Of Shapeshift
A few pros and cons are discussed here that would help you to get a bird eye view of the platform. This might also assist in deciding whether to use Shapeshift defi or some other defi.
|Pros Of Shapeshift||Cons Of ShapeShift|
|Use swapping, buying and trading without any fee or hidden charges||May charge little network, wallet fee|
|Very simple and elegant to use the platform. Shapeshift guide is available in form of chart and email support.
|Until recently, it was a centralized exchange and raked in bad reputation|
|Provides complete custody to the client||Some of the users have faced technical issues such as loss of wallet address etc.,|
|Is shapeshift legit ? It is indeed a secure and legit wallet.||It doesn’t deal with all the crypto currencies available.|
|Security is further bolstered by providing custom encrypted key||Even going KYC, might require a little information that a few would consider unwanted hindrance.|
|Time to transact is extremely low|
How To Use Shapeshift With Coinbase?
Shapeshift allows you to use other exchange platforms to receive crypto in your wallet maintained at Shapeshift. This could be done for many reasons. For instance, to maintain full custody or to enjoy benefits of low fees, commissions, etc. One such common exchange platform used with Shapeshift is Coinbase.
Receiving your crypto from another exchange is fairly simple. Just tap “receive” on your phone or on the website. Select the type of crypto currency you want to receive. Put the amount and choose the type of receiving. You can either have a quick option or precise option. Precise option allows you to assert more control over your transaction but if you are in a hurry, you can go for a quick option. With these few steps, you are done.
Does Shapeshift require KYC?
The short answer to this question would be NO!
Shapeshift originally took off as a platform that was zealously supporting privacy. This was the vision of the founder as well that using this platform would in no way infringe your privacy. Your information is yours and no one has the right to use, spread or exploit it in any way. The organization had its vision to be called as a wholly Shapeshift Dex and also to be called as Shapeshift Defi platform.
A true decentralized exchange does not even take a pint of their client’s privacy and this was the main purpose. To serve customers without taking their information was the original objective. However, in 2018 it implemented KYU requirements that required clients to submit information revealing their identity, residence and citizen status.
Implementing KYC caused a huge blow to Shapeshift’s original stance and people questioned whether it should be called a real Shapeshift Defi. Shapeshift review by forums was also hitting hard its current and potential clients. Many left using it. Prospective users after seeing Shapeshift review reddit, decided not to join it at all.
In 2021, Shapeshift decided to do away with the KYC requirement and go full Defi. In a press statement it released in January-2021, it unequivocally stated that being no-longer any time of financial intermediary, it doesn’t require any private or personal information from its users. Becoming Shapeshift Defi has resulted in several positive Shapeshift reviews on different forums.
Shapeshift Transition To DeFi With No KYC
In September 2018 the decision of Shapeshift to introduce regulations of KYC so that it can continue its operations and save itself from being forced to the wall. This decision caused the company to more than 90% of its customers.
Now it has decided to root out KYC requirements and become a head to toe Shapeshift DeFi. An estimated Total Locked Value (TVL) of USD 17 billion are stored in Defi all over the globe.
This transition would take place in stages. First, Bitcoin would be able to trade via Shapeshift Dex. After its successful inauguration, the company would allow other cryptocurrencies and coins to trade on the Dex as well. If you want to take part in Defi now, then take a look at DYDX exchange or Uniswap or Sushiswap
This service would be available for the US customers as well as for the customers dwelling in other regions of the world.
How Do I Buy Bitcoins On Shapeshift?
Shapeshift allows its users to buy Bitcoin, Ethereum, and USDC by using a debit or credit card within seconds. It has acquired services of Wyrne Corporation for this purpose.
The purchasing of Bitcoin through debit or credit card is not limited to the only US residents. People around the globe can purchase Bitcoin through their plastic cards. There is a list given on the website clearly listing the type of exchanges through which a purchase can be made. One just has to take a peek at it to confirm if one’s debit or credit card is supported or not.
The simple and elegant platform allows users to purchase the bitcoin without any hassle. The Shapeshift guide is available for your guidance:
- The first step is to link your wallet with the Shapeshift. Linking wallets is easy. If you already possess a Shapeshift wallet , just click on it, input address and here you go. In other case, you can easily devise a wallet with the help of Portis.
- “Buy Crypto” appearing in the upper menu is quite visible. Just tap on it.
- Select the region you are buying from i.e., the United States or rest of the world.
- The next step is to select your debit/credit card
- Put the information needed and select type cryptocurrency you are willing to purchase
- A confirmation would be required. Go for it.
- Once confirmed, you will get the cryptocurrency in your designated wallet within a few seconds.
This is how easy it is to purchase crypto from Shapeshift
How To Retrieve Crypto Back From An Address Shapeshift?
You will need to have a deposit address to receive your coins. When you place an order, you input a deposit address. This is the address where you will receive your crypto.
Now what will happen if you place an order to a wrong address? In this case, Shapeshift is unable to provide you any sort of assistance. Order once sent to an address cannot be taken back. Therefore, it is of extreme importance to place your order carefully.
You must double check while putting the address. Whether you are going to receive Bitcoin or Ethereum, you need to be extremely cautious before putting an address as this step is not reversible.
Shapeshift Vs Changelly
After getting through Shapeshift, and understanding it thoroughly, the last step would be comparing it with another exchange in order to arrive at a final verdict. Here, we are comparing it with Changelly, a famous exchange and can see what are the differences and how much room for improvement is there for Shapeshift.
Many would have this question in mind: is Shapeshift safe? Shapeshift is one of the most secure Dex available and no such major security flaw has been reported against it.
While Changelly is a secure platform, there are a few cases being reported where users claim their money was stolen
Shapeshift supported currencies are almost 100+.
It supports more than 150+ coins.
It is one of the lowest fee charging platforms.
It may be charging a bit more fee than Shapeshift.
It has an easy, simple and elegant platform. Users have reported none to less issues while using it.
It has got a remarkable interface as well. Almost the same as Shapeshift.
It has an estimated annual revenue of $20 million.
It has an estimated annual revenue of $6.1 million.
What Coins Are Supported In Shapeshift?
As heralded on its website, the platform supports 100+ crypto assets and coins. It supports all the major coins such as Bitcoin, Ethereum, Dash, Maker, etc,.
Shapeshift cryptocurrency happens to be one of the lowest fee-charged currencies. In most of the cases it doesn’t charge any fee, spreads or commissions while transacting through it. However, you will have to bear the miner fee that is charged by the third party.
Shapeshift has also fixed its fees related to purchase of crypto. It has levied a fixed rate of 1.9% on domestic and 3.9% on international transactions made by credit or debit card for the purchase of crypto currency.
Shapeshift Login Process
Shapeshift offers a simple and hindrance free Login process. Click on the login tab appearing on the front page of the platform. It will take you to the login page. Here you will have to options, either login through Google or use your own Email id and password.
If you don’t have an account on Shapeshift, you can click on “Create an account”. Enter your email and password. You will receive a confirmation email. Confirm it and you are ready to use the platform.
There are several alternatives available to Shapeshift. All these alternatives come with their own specifications, pros and cons. Some of the most relevant alternatives are
Shapeshift media handles
Shapeshift is available on almost all important social media platforms. Shapeshift customer service is available on Facebook, Twitter, Discord, Telegram, Instagram and Youtube.
Takeaway – Shapeshift Review
After considering all in all and taking into account Shapeshift io reviews and Shapeshift exchange reviews it can be said that it is secure, reliable, cheap and easy to use platform.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates