Shapeshift is a unique and incredibly popular platform that allows users to trade between cryptocoins and tokens without holding their funds. It is not a wallet and users retain control of their funds. Rates are updated in real time and there are no transaction fees. Trading is quick and easy for the user.
Shapeshift has perhaps one of the simplest user interfaces available. This is one of their primary selling points. The design and logo is attractive and easy to navigate. They do not collect any personal information from users such as name, email, address etc. The information that they do have (wallet address, user name etc.) will be shared with relevant law enforcement upon request.
Crypto Currencies Support
- European Union
- Hong Kong
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Russian Federation
- United Kingdom of Great Britain and Northern Ireland
- United States of America
- Web Interface
- Mobile App
Partners and integrated software
Shapeshift security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.
CEO Erik Voorhees was in the news when ShapeShift was hacked in May 2016. He claimed that things would have been much worse if he had complied with Bitlicense regulations in New York. They have since closed the service in the state of New York since they refuse to meet Bitlicense regulations. Major investors include Earlybird ventures, Lakestar Ventures, Digital Currency Group, and Roger Ver.
Among the handiest things about ShapeShift are their tools, API, and partners. They can now be found within the wallet platform of numerous popular wallets today. They make trading between cryptocurrencies a breeze, universally available, and easily accessible. They have a strict no fiat rule, so this platform can only be used for trading cryptocurrencies.
This platform provides one of the fastest and easiest ways to convert between cryptocurrencies. Transactions normally take no longer than 5 minutes. Also Shapeshift has been integrated into a number of wallets making it very easy to access and move assets. Shapeshift is not a wallet and doesn't store your funds. You will need to create a wallet to receive and hold funds traded on Shapeshift.
If a transaction fails, refunds are delayed.