Shapeshift Cryptocurrency Exchange Review

Exchanges
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Shapeshift History

It is not possible to exchange, buy or sell cryptocurrency quickly and without extra problems without registration on all resources. Almost 98% of all existing exchanges will require a complicated verification procedure and personal identification. But this is definitely not required at the ShapeShift exchange. The home of the cryptocurrency exchange is Switzerland. The date of the resource’s foundation is the end of August 2014.

The founder of the project is Eric Vorhes. Roger Wehr, Michael Turpen, Truvor Covercote and Bruce Fenton are partners. The team invested about $1.6 million in 2016, along with Digital Currency Group, the largest digital asset investment company.The official ShapeShift website supports a multi-lingual service in 12 languages.

In August 2017, the cryptoproject team acquired the Keepkey cryptocurrency wallet, which not long before had already been integrated with the project. The exchange operates in almost all countries around the world, but in the U.S. in 2017, the state of Washington issued an injunction to ban the company from operating in the state. After that, the management of the exchange had to move the office to another state and re-register the Keepkey cryptocurrency wallet.

Registration on Shapeshift

There is no need to create your own account. The platform does not require any personal data for verification. There is also no need to specify your E-mail. You enter the exchange site and immediately start trading.

How the Exchange Works on ShapeShift

The customer is not required to enter funds into the balance of this site. There are no schemes for withdrawal and input of fiat money. Only crypto-assets are used in the reverse side, which are represented by 50 positions. The most popular tokens are:

  • Dash;
  • Monero;
  • Zcash;
  • Ardor;
  • Stratis;
  • Dogicoin, etc.

The main page shows the working windows of the tokens to exchange. You need to click on the selected token to exchange and the type of exchange – “Exact” or “Fast”. Once you have selected the appropriate option, you must activate the “Continue” button. Next, you have to make an application, where you must specify the number of tokens, fill in the addressees of the wallets, where the altcoins will be transferred to, and necessarily – the address to return the tokens, in case of unsuccessful transaction.

At the top of the window there is information about available altcoins at the moment. Once all fields are filled in, you must click “Start Transaction”. Later, a window will appear about the status of the transaction. At the top there is information about the recipient-recipient of altcoins and the amount. The service allocates up to 5 minutes for 1 transaction. At first, the light indicator in the form of flashing “Waiting refill” is displayed, after the altcoins are credited to the exchanger’s account, the information “Waiting exchange” will appear. A green tick will inform about the successful completion of the operation.

During the exchange, it is necessary to pay attention to the following working nuances of the crypto-exchange:

  • The exchange rate works online and is fixed on the deposit. Even while filling out the online application form, the rate will float. According to official data, ShapeShift exchange uses data from coincap.io.
  • It is necessary to take into account the limits on the amounts, if you exceed the limit, the transaction will be automatically cancelled and the altcoins will be returned, just as you can not conduct transactions for amounts less than $0.1.
  • If you have a small deposit, the confirmation will be zero, while a large deposit requires at least 1 confirmation.

The platform provides the opportunity to exchange the following positions:

  • BTC to altcoins;
  • Altcoins to BTC;
  • Any altcoin to Altcoin.

By default, all altcoins are exchanged online, so you need to choose the appropriate positions yourself. Currently, the crypto platform has launched a beta version of Bitfract, which is designed to keep exchanging one altcoin position for several others, without involving many separate transactions.

Shapeshift Commission

Considering the fact that the resource does not require any data entry from users, we can say that the security system is well designed. Thus, hackers cannot gain any access to your personal data. Partly, the lack of verification was the reason for the distrust of the exchange by the regulators in the United States and several other countries.

Security on Shapeshift

Considering the fact that the resource does not require any data entry from users, we can say that the security system is well designed. Thus, hackers cannot gain any access to your personal data. Partly, the lack of verification was the reason for the distrust of the exchange by the regulators in the United States and several other countries.

Pros
  • There is no need to conduct complicated schemes of verification of your own personal data;
  • A large selection of crypto-assets to work with over 50 positions;
  • There is a mobile version, which allows you to manage the service from anywhere in the world;
  • Large selection of plugins for working with partners;
  • Constant expansion and addition of new altcoins;
  • Sufficient number of language interfaces.
Cons
  • There is no option to directly trade tokens on the platform;
  • There are no options to use fiat money;
  • Slow response of technical support for technical problems.
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