ShapeShift is a popular exchange platform created in August 2014, in Switzerland. It’s a product of ShapeShift AG to which Coincap, Keepkey, and Bitfract also belong. It allows for the quick exchange or ‘shifting’ of over 50 cryptocurrencies in a secure environment and as we will see in this ShapeShift.io review it’s easy to use format is great for beginners. Although the site has a strict no-fiat policy, there is a link to a Simplex partnered page where you can buy Bitcoin with a credit card. In this ShapeShift.io review, we aim to help you find out more about this exchange platform, explain how to set up an account and help you with any doubts you may have.
As of September 2018 in order to begin exchanging funds on ShapeShift, users need to create an account. Accounts are set up with 2-factor authentication using the Google 2-Factor Authentication app. Be sure to store the seed codes supplied by ShapeShift securely as they are required for account recovery. Once an email address has been verified then you will be asked to enter some personal information (name, age, address, etc.). Finally, an ID type and the relevant document number is entered and will then be verified.
As mentioned earlier in this ShapeShift.io review, the exchanging of funds on the platform is pretty simple. You go to the home page and click on the icon under ‘Deposit’ and select the type of funds that you want to exchange. Now select the type that you want to receive by clicking on the coin icon under ‘Receive’. Next, select a ‘Quick’ or ‘Precise’ transaction (more on that below). You need to enter an address for the funds you will receive as well as one in case the transaction fails and your funds need to be refunded.
Once you’ve agreed to the terms then you will be brought to another page and then you’ll be shown a ShapeShift deposit wallet address where you need to send the funds to be exchanged. After the ShapeShift system has received your funds to be exchanged, the transaction will be processed and then sent to your chosen wallet.
ShapeShift provides two options for exchanging cryptocurrencies, ‘Quick’ or ‘Precise’. With a Quick exchange, the user doesn’t enter an amount that they want to receive and can ‘deposit’ what they like as long as it is between the deposit maximum and minimum.
A Precise exchange refers to an exchange where the user specifies how much they want to deposit/receive before getting a deposit address from ShapeShift. You can get a better rate and exchange more in one transaction (higher maximum) however there is a 5-minute time limit on the quoted rate.
The only fee charged by ShapeShift is a flat miner fee on every transaction (even failed or returned transactions). To view miner fee amounts click here.
Privacy and Security
Until September 2018 it was possible to trade on ShapeShift without providing personal information however since then personal information must be provided. This is an effort to follow KYC and AML regulations and ShapeShift says the submission of personal information is necessary to operate in certain jurisdictions and to provide higher trading limits. They insist that all data is immediately encrypted and only for very specific customer support situations or other unlikely cases will it be decrypted. They also say that the encryption keys are stored in cold storage so that any stolen information is inaccessible to a thief.
If you have any queries, you can contact ShapeShift by submitting a request, or through the live chat available on the website. When submitting a request, a reply can be expected within a few hours but can take up to 48 hours. It must be noted that some users have complained about long wait times between replies when working to resolve issues but their online FAQ page and Help Center is full of great resources and information.
ShapeShift.io Review Summary
This popular trading site has a lot going for it, ease of use and commitment to security among other strengths. And although the implementation of their new account system has drawn criticism from those users concerned about account privacy, user security, and anonymity, protecting users is still a core value of ShapeShift. In a world of growing cryptocurrency related regulations, policy changes such as that of ShapeShift, are difficult to avoid. Hopefully, this ShapeShift.io review has helped improve your understanding of how the exchange operates. If you are interested in opening an account and seeing how easy it is for yourself, then click here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above ShapeShift review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.