Jul 31, 2014
Arabic, Chinese, Dutch, English, French, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish
Bitcoin, Litecoin, Ethereum
Bitcoin, Ethereum, Ethereum Classic, Litecoin
Bitcoin, Litecoin, Ethereum
Shapeshift is an online cryptocurrency exchange based in Switzerland. It has been described as an instantaneous’ exchange, owing to the speedy nature of its transactions. Shapeshift has provided traders with a unique alternative, as they don’t have to sign up or create an account to trade. Cryptocurrency traders who intend on transferring money between currencies such as Ethereum and Bitcoin can make use of this platform. The interface is extremely easy to use and users are able to seamlessly exchange cryptocurrencies. Its features have been described below.
- Currencies available: Shapeshift has been described as supporting the most cryptocurrencies. The website lists around seventy-two cryptocurrencies, though users will discover that a large number of these are temporarily unavailable’.
- Supported countries: Shapeshift is available all over the world, which is one of its strongest traits. However, some states in the United States have blocked its use due to specific state regulations.
- Payment methods: Shapeshift operates on a strictly crypto policy. This means that any trader intending to exchange fiat currency for cryptocurrency may have to look for another exchange as Shapeshift only supports crypto to crypto exchange.
- Duration: despite being described as an instantaneous’ exchange, users need to be aware that transactions may take quite a while. This is because orders have to be processed once they have been received. Additionally, the Blockchain also has to verify transactions.
- Transfer limits: Shapeshift does not display the limit size on its website, despite acknowledging its existence. However, Shapeshift provides traders with a means of increasing their limit.
- Supported wallets: the Shapeshift Company has acquired the Keepkey wallet which offers traders with a safe and secure alternative to store their coins.
- Security features: Traders have no security issues to bother with, seeing as there exists no passwords or verifications to be made. However, several concerns still arise. For one, traders have to trust Shapeshift entirely when they make a deposit, seeing as the instantaneous’ nature of the transactions doesn’t allow for offline wallets. Additionally, Shapeshift suffered an infamous hack attack two years ago that has since left its reputation in terms of security rather stained.
- Customer support: customer support at Shapeshift is rather shaky, with no clear way of how to submit inquiries. Users are provided with a sole means of contacting the support team- submitting a request on the support tab. However, requests may take over three days before being answered.
- Unified and Instants: Shapeshift transactions are seamless and instantaneous, a quality that most traders are keen to look for in a cryptocurrency exchange.
- Excellent Security Measures: Storage is basically done in cold wallets, which makes the site strong in terms of security as this minimizes its vulnerability to hackers.
- Dynamic capability: Traders who prefer working on their mobile devices rather than a computer have also been catered for. The company has created a Shapeshift mobile application for both iOS and Android-enabled devices.
- Anonymous: Lastly, users who are keen on anonymity can definitely find a home in Shapeshift. The platform does not require users to register an account or even go through any verification steps.
- Exchange fiat to digital currency is not supported: The main disadvantage with Shapeshift is the fact that traders cannot exchange fiat currency with cryptocurrency.
- Site improvement are needed: Additionally, the fact that the company's website is not explicit on transaction speeds and limits is a disadvantage.
- Relatively poor customer support: The customer support function also needs a lot of improvement.
Shapeshift can be described as a game changer when it comes to crypto exchanges. It can definitely be recommended for traders who are especially keen on anonymity and fast speeds. However, advanced traders may need to rethink using Shapeshift as an exchange as it does not offer any trading platforms.