This is a Shapeshift.io Review post.
In 2017 Bitcoin has ruined the market growth of other Altcoins. In 2017 Bitcoin has started with a value of just $900 USD and in that one year, it closed the market at the price of $20,000 USD.
This growth has gained lots of worldwide attention. Nowadays every trader and investor in this cryptocurrency field wants to invest in Bitcoin. Also, the other Altcoins such as Ethereum, Bitcoin cash, Dashcoin, Litecoin are giving a tough competition to Bitcoin in this year.
So the people who are not capable of investing in Bitcoin finding other alternatives to this in Altcoins. Today every trader or individual is finding a quick and cost-effective way to invest in these Altcoins.
So today in this post I will tell you about Shapeshift.io which is considered as a quick, affordable and easiest way to invest in Altcoins.
So what is Shapeshift.io?
Shapeshift.io is a Swiss Cryptocurrency exchange platform. It was created in August 2014. The founder of Shapeshift.io is Erik Voorhees. He is also known for the creation of Satoshi Dice but later on, he sold it. After that, he is handling only shapeshift as an exchange platform.
He mentioned the two main features or goal on which shapeshift will work always is to make it the fastest, most private, and most convenient way and to swap digital currencies, and the exchange rate will always remain
They also promise that ShapeShift can change currencies in under ten seconds and you don’t need an account for that. All this promises and features seem to be true as the exchange is Quick enough. The fees are also low compared to other exchange platforms.
Shapeshift describes themselves as “the safest, fastest asset exchange on Earth” and which lets people trade any leading blockchain asset for another. The company recently acquired Keepkey hardware wallet that offers greater security against theft. That means you can expect strong privacy and security standards as you work through the platform. I think this is thing you must know before i actually start Shapeshift.io Review.
How does it work?
Company when describing the goal of Shapeshift.io said that they saw the complicated and difficult way that digital currency was being exchanged online and they believed that it could – and should – be done in a simpler way. ShapeShift.io says they give people a way to trade currencies in under ten seconds, from the beginning of the transaction to the end.
For using shapeshift specify your currency that you want to exchange. Also, you have to select that where you want to send these exchanged coins from Shapeshift.
After that shapeshift will send the exchanged coins to the desired place once it receives the payment. The exchange rate of Shapeshift is obtained from the different market sources. It always remains the same Independent of traded volume.
You can also choose between Quick and precise orders. The quick transaction is an operation where you have to specify the receiving address and you will receive a deposit address from Shapeshift. In Quick order, you don’t have to specify your need for Altcoin as they will deposit whatever they like.
In precise transactions, you can specify your exact numbers. Shapeshift also gives you the options of Shapeshift lens and Shifty button. Using these features you can buy items with any alternatives cryptocurrency. You can also receive and exchange altcoins payments easily as a merchant.
How to use Shapeshift.io or How can I swap between currencies in 10 seconds on Shapeshift?
Go to the official site of Shapeshift.io
https://shapeshift.io/#/coins this is the link to the Shapeshift.io website.
The interface is same as changelly and the operation mode also. When you open the site choose the cryptocurrency that you want to exchange.
Choose between the options of Quick and precise as I told you before.
After that click on “continue”. Suppose you choose the option of Quick. So for that enter the destination address. After that enter your refund address and agree to the terms and conditions.
If you have selected the option of “precise” than enter the number of coins you want to send or receive. Enter the destination address and your refund address and then agree to the terms and conditions.
Now when you did with the mode of operation Hit the “Start transaction” button. After that, you will receive a “deposit Address” from shapeshift.io
Send your Bitcoins to that address and wait till the transaction gets completed.
Small deposits are processed with zero confirmations. Larger deposits wait for at least 1 confirmation. The exchange rate shown is exactly what you’ll receive, minus only the miner fee required by the network. There is no exchange fee or service fee. For a full list of mining fees
That’s it. In this entire process, you don’t need an email or password. No sign-up process for the creation of the account to trade. No bid and ask orders. This the simple use of Shapeshift.io
What is the trading fees of Shapeshift.io?
Trading fee is main concern in Shapeshift.io Review post. The company does not charge any extra commissions to their customers for the transaction. They only charge a small “miner fee”.
The mining fees defer from currency to currency. I will tell you some important cryptocurrencies mining fees and Rather than that, you can refer the image.
|BCH||Bitcoin Cash Miner Fee: 0.0002 BCH|
|BTC||Bitcoin Miner Fee: 0.0025 BTC|
|DOGE||Dogecoin Miner Fee: 2.0 DOGE|
|ETH||Ether Miner Fee: 0.001 ETH|
|ETC||Ether Classic Miner Fee: 0.01 ETC|
|LTC||Litecoin Miner Fee: 0.001 LTC|
|XMR||Monero Miner Fee: 0.02 XMR|
|XRP||Ripple Miner Fee: 0.5 XRP|
|ZEC||Zcash Miner Fee: 0.0001 ZEC|
How is the customer support of shapeshift.io?
Customer support is a big minus point for Shapeshift.io
In other words, it is same like Koinex. When everything is going well and fine you will see mindblowing glowing reviews and niggles are sorted out very quickly. On the other hand, when things are not going well is can seem very hard to get an answer out of the company. This can be quite irritative, especially when you’re trying to find your money.
Also, you will not see any address or telephone number to Pinpoint shapeshift for your Money. so this is bad side of Shapeshift.io Review page.
What are the Advantages of using Shapeshift.io?
- Account and verification – there is no need for any account or verification to trade on this platform.
- Speed – The smaller transactions do not require a network verification and the larger ones need just one. Easy currency swapping time is 10 seconds (according to the company).
- Mobile app – shapeshift does offer a mobile app for its users to convert their cryptocurrency easily. It is also as fast as the website.
- Globalized site – Although shapeshift.io is a Switzerland based company but used on the worldwide scale.
- Price – users get a specific exchange rate (market rate of several exchanges that updates every 30 seconds) for their order, which does not change based on the size of the order.
- Platform – it is a unique platform for a user who wants to swap his one cryptocurrency to other.
What are the Disadvantages of Shapeshift.io?
- Fees – mining fees vary from coin to coin. The major inconvenience here is that each coin has a different fee and one has to check beforehand, even though the fee is actually included in the price quoted by ShapeShift.
- Unspecific market capitalization – like other cryptocurrency exchange platforms ShapeShift does not display clearly the current prices of the largest (by market cap)
- Lack of Leverage – as the working idea of Shapeshift is totally different so as a result of this they do not support Leverage trading.
- Lack of Fiat currency support – due to its nature of service it does not support Fiat currency. You can just swap between crypto to crypto.
Shapeshift Vs Changelly which is better option for you?
|Shapeshift has higher fees.||Changelly has lower fees of 0.5% per trade.|
|Transaction Limits are lower.||Transaction Limits are higher.|
|The platform has higher trust and reputation in the market.||As the company is new Changelly is Building trust in the market.|
|It has higher levels of Liquidity.||It has lower levels of Liquidity.|
|Shapeshift requires no information about the user.||Changelly need an Email address from the user.|
|Shapeshift’s interface is ideal for Intermediate or advanced users.||Changelly has better user-friendly interface ideal for beginners.|
|Its Execution time is Low.||Its Execution time is higher than Shapeshift.|
|You cannot trade in Fiat currency.||You can trade in some of the Fiat currencies.|
Is my fund is safe on Shapeshift.io?
Shapeshift is referred as the most private cryptocurrency exchange platform available in the market. Account set up not required. You can just type the address of your cryptocurrency wallet to exchange one token for another.
It does not report any thefts or attacks yet. So it seems to be safe to use this platform. You can use the KeepKey as a hardware wallet to store your coins safely.
so this is my Shapeshift.io Review. Shapeshift.io is the oldest and largest cryptocurrency exchange platform offering instant swap between one coin to other. The main attraction of this platform is the ease of use and transaction speed.
Also, it does not require any registration for the trade. You don’t have to go through the entire lengthy sign-up process or the verification process. The main advantage of this platform is also the main disadvantage of this platform.
Yes, fees vary from time to time and currency to currency. So for every transaction, you have to check the fees and compare it to the market capitalization. i will suggest to check changelly over shapeshift. you should read my post on changelly.
So that’s all for Shapeshift.io. if you still have any doubts let me know in the comment section. Please share this post with your friends and family.