ShapeShift Review

Visit ShapeShift
About ShapeShift
Type Instant Exchange
Rating
Currencies Bitcoin Ethereum Ripple Bitcoin Cash Litecoin NEO Monero Dash Ethereum Classic NEM OmiseGO Qtum Zcash 0x Bitcoin Gold Decred DigiByte Siacoin Augur Dogecoin Golem Status Komodo Bancor
+28 more
Fiat
Deposits Cryptocurrency
Trading Fees USD: 12.5%
BTC: 0.5%
Two Factor Authentication
Previous Hacks 2016
Registration Required
Verification Required
Mobile Apps
Location Switzerland
Founded 2013
Languages
Website Visit
ShapeShift
Social Networks

What is ShapeShift?

ShapeShift, founded by Erik Voorhees, is a cryptocurrency exchange that acts a little differently from the other exchanges we review here. They do not offer any exchange of fiat currencies, like US Dollar or Euro. This means they do not use banks anywhere in their operations. It is a web and API platform, created back in August of 2014, to offer exchanges between bitcoin and other altcoins with speed and efficiency. This is good if you have funds in the crypto world, not so good if you're just starting out and want to buy some cryptocurrency using fiat currency. To see a list of other exchanges that accept fiat currency, check out our exchanges comparison table. They also differ from other sites, as you do not need an account with ShapeShift in order to use it and exchange currency. There is no lenghtly sign up process and no passwords to remember. This allows its users to stay completely annonymous.

Currencies Offered

The cryptocurrencies offered on the site are:

Account funding

Unlike other exchanges, ShapeShift do not take your money and hold it in a centralized exchange, therefore no account is needed. This means they hold no private personal information, which keeps their users safe from identity theft and other security concerns. This makes them one of the best exchanges to swap digital currencies quickly.

Commission and Fees

ShapeShift do not charge commission or service fees, they do, however, charge a miner fee. The fees are displayed below, depending on the currency you are exchanging. ShapeShift differ from other exchanges once again, by clearly showing customers who much they will get after the completed transaction, rather than an estimate.

It's worth noting, that if you were to send funds to the wrong address, e.g., BTC sent to LTC wallet, you be charged an 'extraction fee' equivalent to 50 Euros.

Miner Fees
1st Blood5.8975 1ST
Aragon1.9757 ANT
Basic Attention Token8.8898 BAT
Bitcoin Cash0.0002 BCH
Bitcoin0.0015 BTC
Bitcrystals4.0 BCY
Blackcoin0.01 BLK
Bancor0.7088 BNT
BitShares0.5 BTS
Clams0.001 CLAM
Civic7.3379 CVC
Dash0.002 DASH
Decred0.03 DCR
Digibyte0.01 DGB
Dogecoin2.0 DOGE
District0x57.3151 DNT
Edgeless3.3459 EDG
Emercoin0.2 EMC
EOS0.3557 EOS
Ether0.002 ETH
Ether Classic0.01 ETC
Factoids0.001 FCT
FunFair Token42.8127 FUN
GameCredits0.2 GAME
Gnosis0.0217 GNO
Golem8.7524 GNT
Matchpool8.9052 GUP
Komodo0.002 KMD
LBRY Credits0.02 LBC
Lisk0.1 LISK
Litecoin0.015 LTC
Maidsafe7.0 MAID
Melon0.003 MLN
Mastercoin0.325 MSCN
Monacoin0.2 MONA
Metal Pay2.33 MTL
Namecoin0.005 NMC
Numeraire0.1768 NMR
Novacoin0.1 NVC
TenX Token0.01 PAY
Nubits0.01 USNBT
Nxt1.0 NXT
OmiseGO0.2956 OMG
Potcoin0.01 POT
Peercoin0.01 PPC
Qtum0.01 QTUM
Ripio15.2853 RCN
Reddcoin0.01 RDD
Augur0.0646 REP
iExec1.3572 RLC
Siacoin10.0 SC
Salt0.6712 SALT
Storj2.7350 STORJ
SingularDTV19.3 SNGLS
Status32.0196 SNT
Startcoin0.02 START
Steem0.01 STEEM
SwarmCity1.1098 SWT
TetherUSD1.1 USDT
Vericoin0.0002 VRC
Vertcoin0.02 VTC
Voxels0.01 VOX
WeTrust6.4698 TRST
Waves0.001 WAVES
Wings4.9195 WINGS
Counterparty0.1 XCP
Monero0.02 XMR
NEM4 XEM
Ripple0.5 XRP
Zcash0.0001 ZEC
0x3.1437 ZRX

Exchange Speeds

Processing an exchange with ShapeShift can take anywhere between thirty seconds and twenty minutes. This is dependent on the amount of traffic on the network. Typically, orders are completed within a few minutes.

Location

ShapeShift is based in Switzerland, but is available worldwide, including the USA. They have servers running in many different countries all over the world, however, they do not have any servers in the USA. Due to regulations, trading in the states of New York and Washington has been blocked for the time being.

Transfer Limits

Transactions have deposit limits that are set by ShapeShift and your exchange will not get processed if you send more than the limit. However, ShapeShift do not publish what these limits are. You can watch a video about increasing your limits on the site below.

Security

Since ShapeShift don't ask for account details, passwords, email addresses, bank account information or anything like that, there is no security concerns for users to be worried about. Other sites require two step verification to secure their accounts, which is a good thing, but not at all necessary with ShapeShift as there is nothing that needs such protection.

Support

The ShapeShift website has an extensive FAQ section, full of everything you could ever think to ask. There is a support area, where users can submit requests. However, users have found this can be quite slow, as there are so many people using the site since the recent boom of cryptocurrency activity. They aim to respond within 48-72 hours.

Mobile Apps

ShapeShift offer both iOS and Android apps, both are free to download. The apps allow you to convert cryptocurrencies, including bitcoin, directly within the app. It provides the same functionality as their desktop site, but is more convenient for users on the go or in a hurry.

Pros

  • Lots of cryptocurrencies offered
  • Offer apps for iOS and Android
  • Clear fees

Cons

  • Cannot pay with fiat currency

Videos from ShapeShift

ShapeShift.io's iPhone App (iOS)

Step-by-Step: How to exchange digital assets with ShapeShift.io

Step-by-Step: How to do "Precise" bitcoin and digital asset exchanges on ShapeShift.io

How to Get Higher Deposit Limits for Your Exchange

Screenshots from ShapeShift

ShapeShift Screenshot
ShapeShift Screenshot 2

Visit ShapeShift

Visit ShapeShift

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