ShapeShift Exchange Review (UPDATED 2018): Is ShapeShift Safe? | VKOOL

974 Review(s)
AVG Rating: 8.2/10

What is ShapeShift?

ShapeShift is a cryptocurrency exchange market that does not require an account in order to begin trading. They offer a few pending coins, major coins, and many kinds of alt coins.  They intent to provide a fast and easy way to exchange coins without having to deal with any complex or time extensive research.

They have a full YouTube video in where they explain the already simply procedure for setting up a transaction. We’ll go into all the necessary details so you know what to expect from ShapeShift.

Fundamentals of ShapeShift

This was made specially to ensure funds are secure quickly and without much effort. You don’t have to make any kind of account, provide ID, or even give them your email. It’s meant to provide a completely transparent and anonymous structure.

The company began in 2013 out of Switzerland, and they offer several kinds of coins, some of which are pending. A mobile app is also offered for free to look at updates in the market, and to start trading.

Breakdown of ShapeShift

If you’d like to make a quick transaction you’ll be able to see if the coin you’re interested in is offered on their select menu screen. This is particularly useful for traders who want to access alt coins which aren’t often available in as any websites as ETH, BTC, or LTC.

This works globally and though they do not accept any kind of fiat currency, you can transfer your crypto from a different website to deposit it here. This is partially useful for people who are in countries where cryptocurrency is more regulated and where making a transaction aren’t as easy.

The main perk of ShapeShift is that any and all transactions can be done without the need for any kind of verification.

All you have to do is provide your address for your wallet, and then list where you would like your new coin to go to. There is a full outline of what you can expect to pay, the minimum you’re allowed to deposit, and what the mining fee is.

Consumer Reviews

This varied a lot, especially ne users compared to those who began using this when it came out. The fact they offer a streamlined process to transmit currency is always going to require larger fees, since it caters to those who know less about markets, and also people who want to remain anonymous.

Some people did say that it was fast and simple, praising its interface and selection of coins. A few mentioned that they lost funds and that there were failed transactions.

Reliability of ShapeShift

Back in 2016 the company went offline of a short period to help improve their security infrastructure. They did have an attack which took money out of wallets and the CEO did issue a statement mentioning what happened. He claimed that an employee was looking to steal crypto and by doing so infiltrated the company on the inside.

They decided to fully explain what steps they are going to take to ensure this won’ happen again, and it’s clear that the CEO was transparent in defining exactly what happened.  A forensic investigation as held which outlined for certain that the attack was internal, and not from some outside hacker. The auditor released a full statement of all the more technical details for people to verify for certain that the attack was not a compromise of their system from a random hacker.

Full Fees for ShapeShift

Deterring the full fees varies depending on when you look to purchase cryptocurrency. For example, when we reviewed it at this time the value of ETH was $780 when converted to USD. Just by looking at this site for about 10 seconds the price fluctuated about 5 times. So of course this will have a different in the total market value.

They do have a full explanation on how they choose fees. The say that the average rate for transfers is 0.5%, this is to help establish a proper exchange rate. The say that this miner fee is the only associated fee. The also display this information before you finalize a transaction.

You can also look at the full deposit maximum and minimum of your chosen cryptocurrency.

Consumer Support

A full FAQ is provided where potential users can learn about what can be expected, to clarify any potential questions. They also have a “Submit a request” page where people can try to get more information depending on the topic of choice. You give your email and provide a description of what is happening, as you can see from the image below.

They are also active on Reddit, and they can be reached through their social media platforms.

ShapeShift vs Changelly

Both alt coins and major crypto coins can be exchanged on Changelly. They have a set 0.5% fee for trading, and they are partner with many major groups. Signing up is free and requires an email to begin. You can also look at the full market value of the crypto you’re looking to exchange by visiting the front page of their website.

ShapeShift vs Coinbase

Coinbase is a major exchange site where people can purchase Litecoin, Bitcoin, and Ethereum. You can use your debit card, credit card, or link a back account to make a direct deposit. They are known for their easy to use interface and their simplicity where anyone can set up an account. All they require is a full name, email, and password of your choosing.

ShapeShift vs Bittrex

With Bittrex you get the option to trade over 190 different forms of crypto. They also do not offer the exchange of fiat currency, so you must already have a wallet with crypto to begin. They are a popular exchange site and they are based out of the US. They did mention that in the future they will start allowing people to deposit USD however, so they have made a major change in deposit possibilities.

ShapeShift vs Binance

Binance also offers the trade of cryptocurrency, at this time they offer ETH, BTC, BNB, and USDT exchanges. The main focus is on major coins and not USDT however. They also have a full outline of all the market changes and provide consumers the ability to know what the value is of certain coins, so you know exactly what you’re getting in terms of value.

ShapeShift vs Evercoin

Evercoin is also another popular place to trade cryptocurrency; they also provide a free app. The front of their website has an explanation of what the current value is depending on what kind of cryptocurrency you want to trade. As of now they offer 20 different kinds of coins, including Dogecoin, Bitcoin, Ethereum, Litecoin, Monero and many others.

ShapeShift FAQ

  1. What are the full ShapeShift fees?
    Fees can vary depending on different factors but before you complete a transaction, you can see what the total cost is for depositing. There is an exchange rate applied which recalculate about every 30 seconds. This is said to be often in the range of 0.5%.
  2. Is ShapeShift safe?
    In 2016 the company decided to make changes to their protocols and safety platforms. Determining if it would be safe for all is impossible but they have committed themselves to safety.
  3. How to use ShapeShift exactly?
    If you need further support we recommend looking at tier YouTube video where they help provide the step by step breakdown. Truly it’s very easy however; all you have to do is see if the coin you’re looking for is offered, trade it for the coin you have by providing an address, and if you’re OK with the fees, then continue to transaction and it should paper in your wallet.
  4. What’s a good ShapeShift alternative?
    A few different groups exist like FlippyCoin, Blocktrades, Evercoin, flypme, and Changelly.
  5. Is there any ShapeShift Reddit page?
    There is with an active community of 2,722 members at: https://www.reddit.com/r/shapeshiftio/
  6. What is the definition of ShapeShift?
    A shape shifter would be a thing which changes in appearance, which is what the company does, they trade coins for coins.
  7. Where can I find a ShapeShift review from consumers?
    Simply looking at their Reddit page or examining different marketplaces will have a lot of different consumer experiences.

Summary

ShapeShift offers users an easy to use and streamlined approach to trading cryptocurrency. The fact they do not require any sort of identification makes it appealing for people who want a fast and anonymous transaction.  There is a slightly higher fee than other sites due to the simplicity and no need to register.

The fact they offer many kinds of alt coins is also appealing for people who want to trade the known crypto for potentially useful coins. The company website also outlines all you need to know about it in an easy to understand way. They’ve also had a lot of different changes in their safety protocol which was updated to improve security.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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