Founded in 2014 by Erik Tristan Voorhess (the current CEO), ShapeShift is an instant digital asset exchange that allows crypto users to convert different cryptocurrencies namely Bitcoin, Monero, Zcash, Ethereum, Dogecoin and Dash among others. Currently, the company is headquartered in Switzerland.
As a leading instant digital asset exchange, the service is most suited for users who are in need of buying and converting one cryptocurrency or altcoin to the other. With ShapeShift, users don’t have to create an account, provide personal information, undergo verification or deposit funds.
As a result, users are safe from financial and identity theft.
In our informative ShapeShift review, we will cover the features, services and fees charged by ShapeShift.
ShapeShift Features and Services
Instant Exchange of Cryptocurrencies
As an instant digital asset exchange, ShapeShift allows cryptocurrency owners to convert one cryptocoin to the other. Currently, it offers support for over 45 cryptocurrencies to name a few:
Ethereum classic among others.
In addition, the digital asset exchange also offers support for the following altcoins:
Potcoin among others
Using the platform, cryptocurrency owners can convert cryptocoin to cryptocoin or cryptocoin to altcoin. ShapeShift has a strict “no fiat” policy. This means users cannot purchase cryptocurrencies using fiat currency or political money. As a result, they are assured of security from financial and identity theft.
To exchange one digital asset with another, simply head to ShapeShift web platform and on the homepage, you should find a small window with the title “Choose Which Assets to Trade.” Within the window, you have two options:
Crypto users can select what cryptocoin or altcoins they would like to deposit and what cryptocoin or altcoins they would like to receive. To select what cryptocoin or altcoins to deposit, click on the icon under “Deposit.”
A list of icons will appear giving you the opportunity of selecting what you need. When you click the icon under “Receive”, a list of cryptocoins or altcoins will also be presented.
When done, select Quick or Precise options.
Learn the difference between Quick and Precise options.
A screen will appear with the option of selecting where the funds should be sent. Another field will be available for you to add the refund address for the deposited cryptocoin or altcoins. This option is provided in case the exchange failed.
To complete the transaction, check to agree with the terms and the platform will present to you a window that looks as follows. Afterwards, you should see ShapeShift digital address. Now, you can send the funds from your wallet to ShapeShift digital address.
Immediately the funds have been sent and the network has made the necessary confirmations, the exchange will be done and your funds will be sent to your wallet. To view the status of your transaction on the network, click “See it in the blockchain.”
Remember to email yourself a copy of the receipt.
ShapeShift for Mobile
With ShapeShift for Mobile, you can now exchange your digital assets while on the move. The mobile app is compatible with Android and iOS devices. Just like the web platform, the process of exchanging digital assets using the mobile app is easy.
All you need is to select the crypto coin you would like to deposit, select the crypto coin or altcoins you would like to receive and complete the transaction.
Just like the web platform, you don’t have to create an account when using the mobile app. Unlike the web platform, the mobile app has the ability of retaining past records of your transactions. With the mobile app, you also have the choice of sorting digital addresses used during transaction by date or coin.
ShapeShift for Business
ShapeShift for Business is a service designed for merchants and ecommerce platforms. Basically, if you are running an ecommerce platform that accepts cryptocurrencies, you can use ShapeShift API.
The service allows you to send and receive different cryptocurrencies. In addition, the service can help you convert cryptocurrencies for your customers on the fly.
As a result, your platform can support several cryptocurrencies without the need to manage multiple wallets, code branches and blockchain databases.
Here is how the service works.
Let’s assume your website sells goods, services and accepts Bitcoin as payment. To allow your users to pay with other cryptocoins or altcoins like Litecoin, you can use the ShapeShift API. As a result, your customers will be able to pay using altcoins and other cryptocurrencies while you will receive the payments as Bitcoin or Bitcoin Cash.
Let’s also assume your website sends out Bitcoin to users. You can use ShapeShift API thus giving your users the option of receiving other cryptocurrencies. As a result, you will have an edge against your competitors.
Below are three tools offered by ShapeShift for Businesses.
Designed for merchants, you can incorporate it on your website and accept Bitcoin payments and deposits. To get started with the Shifty button, simply incorporate the Shifty Button HTML code in one or more WebPages on your website.
As a result of integrating this feature, your website will now accept Bitcoin and other cryptocurrencies automatically. ShapeShift has made it easy for website owners and developers to integrate the Shifty button with their website.
Simply browse to the Shifty button webpage, select the button type (extra small, small and Large), select the cryptocurrency you would like to get paid in, get your public API key, add your destination address and amount(optional). Once you are done, click “Generate Code.”
Now, integrate the code in your WebPages.
This is another tool that enables users on your website to purchase and sell coins directly on your site. The tool allows for exchanges to be made by users on your site without them leaving the site.
ShapeShift Skeleton’s code is open source and comes with a template that is customizable. As a result, it gives your developers the chance to brand the tool with your own digital assets and colors.
This is another useful tool offered by ShapeShift to its users that allows them to automatically pay any Bitcoin address with an altcoin of your choice. The tool is available as a browser plug-in compatible with popular browsers like Mozilla Firefox.
With the plug-in, you can invoice with different cryptocurrencies such as Litecoin, Peercoin and Dogecoin among others.
The browser plug-in uses the power of ShapeShift to convert your altcoins and complete the payment for you. To install ShapeShift Lens, simply browse to ShapeShift website, scroll to the bottom and on the bottom left corner, you should see the following link “Lens Extension.”
Once you click the link, the website will redirect you to the correct webpage. Here, you can download the plug-in compatible with your browser.
Once the installation is successful, a tiny ShapeShift fox icon will appear next to Bitcoin addresses on all WebPages you visit. To use Lens, click on the icon and you can now pay to that Bitcoin address with an altcoin of your choice.
You don’t need an account to complete the transaction.
Unlike other cryptocurrency exchanges that charge you trading fees, ShapeShift charges you miner fee. The amount varies and depends with the type of cryptocurrency. Here is a breakdown of the miner fees for each cryptocurrency.
Bitcoin – Bitcoin Miner Fee: 0.0025 BTC
Bitcoin Cash – Bitcoin Cash Miner Fee:0.0002 BCH
Ether – Ether Miner Fee:0.001 ETH
Doge – Dogecoin Miner Fee:2.0 DOGE
Ether Classic – Ether Classic Miner Fee: 0.01 ETC
Litecoin – Litecoin Miner Fee: 0.001 LTC
ShapeShift does not charge any exchange fee or service fee. As per ShapeShift terms and conditions, the company is unable to return failed transactions which are valued less than the miner fee. If a user sends a digital asset to an incorrect address, the user will be charged an extraction fee which is equal to 50 EUR.
Learn more about ShapeShift Miner Fees.
ShapeShift has revolutionized the way crypto users interact with digital assets.
Basically, crypto users have the power of swapping digital assets without the need of an account. These means no emails, no passwords, no lengthy registration process, no lengthy verification process and no bid or ask orders. In addition, users don’t have to send digital assets to be held in a centralized exchange.
While compiling this informative ShapeShift review, we found out that the ShapeShift customer support is wanting. Although they have offered an intuitive contact form, it would be much better if users had access to live chat or phone support.
ShapeShift is a great platform for crypto users looking to exchange digital assets as well as settle payments with different cryptocurrencies and altcoins.
The question remains – without an account at ShapeShift, are your transactions and activities really safe?