Is Shapeshift a good exchange? Notice 2022

The exchanges of cryptocurrency are one of the fastest growing companies in recent years thanks to the growth of Bitcoin and other currencies. Shapeshift is a exchange a bit special, and more and more users are starting to use it thanks to the high level of privacy it offers its customers.

In this article, I will tell you what Shapeshift is, what its users offer, how it works and what its positives and negatives are.

Introduction What is Shapeshift?

Shapeshift is a exchange Swiss-based cryptocurrency company that allows its users to buy, sell and trade cryptocurrency easily, quickly and affordably.

How was born?

Shapeshift was founded in 2014 by Erik Voorhees, its current CEO and cryptocurrency enthusiast who had previously worked on several blockchain before. The main ones are Coinapult and Satoshi Dice, although he also collaborated with BitInstant in his time.

After completing these projects and selling one for nothing more and nothing less than 126 Bitcoins in 315, he embarks on his new adventure; Metamorphose. This new company of Erik was very quickly supported and already in 2021 it received funding from more than 5 venture capital companies.

How do I sign up for Shapeshift? It's certain?

One of the features of Shapeshift is that you don't need to create an account in order to operate, just connect your cryptocurrency wallet. Currently, you can do this with the following:

• Trezor
• KeepKey
• register
• doors

Regarding security, know that the development team of Shapeshift takes all possible measures to avoid any type of theft or scam. THE exchange has already been attack in 2016 and hundreds of cryptocurrencies were stolen.

Since then, Shapeshift has improved its security barriers and all tokens that pass through Shapeshift are stored in a physical cold wallet (KeepKey), which makes it much more difficult for hackers to gain access.

Also, and since you don't need to give any personal information to create your account, Shapeshift is a fairly secure platform. However, if history has shown us anything, it's that no platform is 100% hacker-proof. Therefore, here are some tips that will help you trade securely with Shapeshift or any other exchange:

• Do not leave tokens or cryptocurrencies in the exchange, remove them in a cold wallet when you are done trading.
• Do not load all your cryptocurrencies on the exchange to exchange, only the ones you are going to use.
• Make sure you are using secure, virus-free equipment to log into both your wallet and Shapeshift.
• Do not share your wallet's private keys with anyone.
• Beware, some scammers try to impersonate trade support to find their victims.

How does ShapeShift work?

Although Shapeshift is a exchange, its operation is somewhat different from the rest of the platforms available on the market.

To get started, you don't need to create an account, just connect a cryptocurrency wallet in which you have a token or cryptocurrency. Once you have established this connection, you must select one coin to “deposit” and another to “withdraw”.

It's simple, because it would be like selecting the currency you want to pay with (deposit currency) to buy another currency (withdrawal currency). But before executing this trade, you will need to select the type of order you want to make.

• Quick orders – This type of order will generate a cryptocurrency wallet address where you can deposit money whenever you want, so it is a “reusable” order.
• Precise control: This type of order is "one-time use", and you must specify in advance the amount of cryptocurrency you are going to send.

Finally, you just need to enter the address of the cryptocurrency wallet to which you want your new cryptocurrencies to be sent. Also, a field will appear where you need to put a backup address where they can send the cryptocurrencies you paid with in case something goes wrong.

Products

Among the products that Shapeshift offers its users are:

High availability

The platform on which cryptocurrency transactions are conducted on Shapeshift is the Shapeshift Platform. You will find the following sections:

• Dashboard: this is the main screen, where you can see the main links to connect your cryptocurrency wallet or important notices.
• Assets: in a tab you can see the graph and information about the cryptocurrencies supported by the platform. At first, only a few cryptocurrencies appear, but if you want to view a particular one, just click on “+”.
• Trade: This is the tab where the trades I mentioned above are done.
• History of transactions – Here you can find your latest transactions.
• Fox token – In this tab you will find information about the Fox Token and how to get rewards for HODLing.

Foxtokens

Fox tokens are a native platform token that allows users to earn rewards and save money on fees. Simply holding Fox Tokens gives you 2 benefits:

• The possibility of obtaining rewards for the program Shapeshift Rainfall. En HODLing Fox Tokens, every time someone makes a trade on the platform, you can get rewards in USDC. The more Fox tokens you have, the more likely this is to happen.
• For every Fox token you hold in a wallet on the platform, you can enjoy $10 worth of transactions without charges every 30 days. Thus, if you have 10 Fox tokens, every 30 days you will be able to make a transaction up to $100 without commissions (miners' commissions are still active).

These tokens cannot currently be purchased, although if you create an account (with personal data), the platform will give you 10 Fox tokens.

KeepKey

KeepKey is a physical cryptocurrency wallet that allows you to store your cryptocurrencies safely and affordably. This is Shapeshift's go-to wallet, and with which it allows for more integrations.

Additionally, they have a partnership together, so if you are a Shapeshift customer, you can get it at a very low price.

Buy cryptocurrencies

Shapeshift also offers the option to buy cryptocurrencies with a credit or debit card. This is done from the Shapeshift platform itself, in a button on the top bar that says “Buy Crypto”.

It can be paid for with a number of fiat currencies, although only the following cryptocurrencies can be purchased:

• CTB
• ETH
• BNB Faucet
• USC
• USDT

The payment methods available are:

• Visa / MasterCard
• Apple Pay
• ideal
• KNOW
• comfort

Commissions and fees

Contrary to what happens in other exchanges or exchange houses, the commissions for trading in Shapeshift depend on the cryptocurrency you operate with. So, instead of having a flat rate, commissions in Shapeshift are structured as follows:

It is important to keep in mind that most of these commissions correspond to the fees that miners apply to validate transactions.

Medium

One of the biggest issues when looking for a exchange is the quality of customer support. And the truth is that for such exchange decentralized, Shapeshift has very good support.

To begin with, if you have any questions, you can access the Frequently Asked Questions and Answers (FAQ) section from the link you will find in the footer. If nothing can help you, you can turn to their help center.

To access the Shapeshift Help Center, you need to click on the link in the footer that says “HelpDesk”. Once inside, you'll find several categories and a search engine that you can use to find articles that might help resolve your issue.

If you cannot find the solution to your problem here, you can open the live chat by clicking on the “Support” icon which is pinned at the bottom of the screen.

Clicking on this button will open a menu with a search engine where you can enter your questions and, if the search engine does not show anything that can help you, you can contact the support team directly by clicking on the “Contact Us” button in the lower right corner of this dialog box.

In addition to all these options, you should keep in mind that you can try to contact Shapeshift and its team through their social networks:

1. Facebook: https://www.facebook.com/ShapeShiftPlatform/
   1. Perfect for discovering what's new on the platform.
2. Twitter: https://twitter.com/ShapeShift_io
   1. Ideal to be aware of the most relevant news from the world of cryptography.
3. Instagram: https://www.instagram.com/shapeshift_io/
   1. Know the evolution of the company and have a closer contact with them.
4. Youtube: https://www.youtube.com/channel/UCu3maYVeb18l2b1gqjO5KeQ
   1. To see tutorials on how the platform works.
5. Telegram: https://t.me/shapeshiftofficial
   1. It is a community of platform users (not employees) who help each other to solve their problems or doubts about the platform.

Do you have phone service?

No, like all the others crypto exchanges -currency, Shapeshift does not have an official phone number that can be called.

Pros and cons

As for all exchanges in the market, Shapeshift has its pros and cons. These are the main ones:

Benefits:

You can trade on Shapeshift without giving out any personal information, so it protects the privacy of its users quite well.

The team is constantly working to improve the security of the platform, which thanks to its physical wallet system is already quite advanced.

You can earn rewards and save money on commissions by HODLing the native cryptocurrency of the

Transactions within the platform are completed quite quickly.

It offers the possibility to buy cryptocurrencies using traditional payment methods.

Drawbacks :

Due to the nature of the exchange, in which trading is similar to sending cryptocurrencies from one wallet to another, the commissions for trading certain cryptocurrencies can be very high for small caps.

Final opinions and conclusion

In short, Shapeshift is a exchange made by and for fans of the cryptocurrency world. Like other exchange houses, it offers the possibility of exchanging currencies without having to provide personal data. This is something quite interesting and one that many people appreciate very positively, especially those who, like its founder, do not trust modern monetary theory.