ShapeShift Review

ShapeShift is a digital currency company, where digital assets are traded using mobile and web platforms. ShapeShift was founded in 2013 in Switzerland. In June 2015, ShapeShift was available only on the iOS platform; and users were only able to trade in 25 value tokens and digital currencies, the number of digital currencies grew to 40 types of digital currencies in September 2015.

(Image Source : https://shapeshift.io/)

ShapeShift is among the fastest methods for blockchain assets and cryptocurrency exchange. The service is so fast that exchange of cryptocurrencies happen within seconds; also, the system is designed such that the chances of having stolen funds are at the barest minimums. ShapeShift supports three types of transactions, and they are:

• Altcoin to altcoin
• Altcoin to bitcoin
• Bitcoin to altcoin

Values/Features

• Competitive: ShapeShift’s competitiveness is seen in how there are real-time updates of the bitcoin and altcoin exchange rates, and there are no fees attached. There is continuous improvement in liquidity and mastery of cryptocurrency trading.
• Easy: Exchanging blockchains or altcoins on the platform is as easy as keying in your receiving address and sending your funds. The service ensures quick cryptocurrency market exchanges with no fees.
• Safe: With ShapeShift, users do not require an account to use the exchange; hence ther is no fear of custodial risk.

ShapeShift only allows exchanges of cryptocurrencies and supports a lot of tokens, some of which are:

• Dash
• Bitcoin
• Monero
• Zcash
• Dogecoin
• Ethereum

Asides the miner fees, there are no exchange fees or service fees. When transfers are done, they are not subject to the situation where there is a difference between the trade price and expected price of a trade. This invariably means that Users have to use the exchange rates.

ShapeShift is one of the most secure and private cryptocurrency exchanges in the world. No signups, no account setups, just type in your cryptocurrency wallet’s address to do the necessary exchanges. The ShapeShift platform has a high level of safety and there have not been any reports of cyber attacks. A leading hardware wallet called “KeepKey” was acquired by ShapeShift in its bid to enhance security against theft, hence the security standards and privacy found on the platform. The KeepKey wallet allows Users save their tokens offline.

Pros

• The privacy standards are high.
• Transactions are quick and easy.
• Various options of altcoins to pick from.
• Beginners will find it easy to navigate and use.
• It has a mobile app.
• User and transaction identities are not known because there are no registrations to be done prior to an exchange.

Cons

• Users are not allowed to transact with fiat currency.
• Uncertainty about transaction speeds and deposit limits.

Seeing that the ShapeShift cryptocurrency exchange platform is easy and straightforward, just by visiting their website, choosing the tokens you intend to exchange, adding your wallet address and waiting for the transaction to process instantly, all without the need to signup or register an account.