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ShapeShift Review

Last Updated on June 25, 2024

James Headshot
Written by
Adam Headshot
Edited by
ShapeShift logo
3.90
Crypto Head Rating
Visit ShapeShift

The Bottom Line

ShapeShift offers a user-friendly platform that balances anonymity with security. The exchange has a transparent and competitive fee structure, and using ShapeShift’s native FOX tokens can further reduce fees.

With a non-custodial service model and additional security through the KeepKey hardware wallet, ShapeShift prioritizes the security and privacy of its users’ digital assets, even after past security breaches.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Supports a wide range of cryptocurrencies
  • No need for an account or personal information for basic transactions
  • Offers competitive exchange rates
  • Provides a platform for both mobile and desktop users

Cons

  • Higher fees compared to some other exchanges
  • Limited customer support options
  • No fiat currency trading
  • Lack of advanced trading features
  • Some users report slow transaction times

Quick Summary

Headquarters Location Switzerland
Fiat Currencies Supported (through third party apps) USD, AUD, GBP, CAD, EUR, NZD + 131 others
Total Supported Cryptocurrencies 10000+
Trading Fees 0%
Deposit Methods Cryptocurrency, Banxa, Mt Perelin, Onramper
Support Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

ShapeShift maintains user privacy while adhering to security protocols. The crypto exchange requires only an email verification for its registration process, yet it doesn’t skimp on protective measures.

ShapeShift homepage

By generating unique wallet addresses with each transaction and implementing two-factor authentication, ShapeShift provides a secure environment where users can conduct trades confidently. These efforts reflect the platform’s commitment to ethical practices and its proactive stance in the evolving cryptocurrency regulations.

Established by Erik Voorhees, ShapeShift was created to offer a good trading experience for cryptocurrency users. Known for its pleasing design and intuitive interface, this platform is recognized as one of the most powerful crypto exchanges.

About ShapeShift

Launched in 2014, ShapeShift is determined to transform crypto exchanges’ operations. It quickly became popular in the fast-paced world of cryptocurrency for adding a variety of new currencies and reducing the complexities usually found in traditional fiat currency transactions.

June 2021 marked ShapeShift’s transition into a fully decentralized entity that transferred control and governance to the community holding FOX tokens. This decisive transformation has made the service efficient and cost-effective for cryptocurrency trading activities.

ShapeShift features

Users interacting through the dedicated Shapeshift app or their accounts find themselves in a situation where users are empowered and prioritized.

ShapeShift has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, Telegram and YouTube.

ShapeShift has a mobile app on both the Apple App Store and Google Play.

Trading Experience

ShapeShift stands out as a leading crypto exchange by supporting 10000+ cryptocurrencies, a significant variation not commonly found with other exchanges. It carries popular crypto coins such as Bitcoin, Ethereum, Litecoin, Ripple, etc.

The vast selection offered might seem daunting at first glance, but the platform has been designed so that even novice traders can use it. It also provides tools that make converting traditional money into various forms of virtual currency easy. ShapeShift has made its platform easy to use, ensuring users are not overwhelmed by difficult industry jargon.

The platform caters to beginners and experienced traders, providing an easy-to-use interface for straightforward cryptocurrency trading. It’s accessible across multiple devices, such as Android and iPhone mobile applications. For desktops, it enables users to manage their portfolios effortlessly.

However, the platform is not without its challenges. Users have occasionally reported technical issues, such as the platform crashing or freezing, which can be sources of frustration for users who prefer a platform that supports their specific tasks without interruption.

ShapeShift exchange marketing

ShapeShift Fees

ShapeShift offers a low-fee model, which does not include deposits or withdrawal charges. Eliminating unforeseen expenses allows users to concentrate on what’s essential: executing knowledgeable trades with the potential for profitability.

The platform has an incentive mechanism centered around FOX tokens, the core currency used in ShapeShfit’s network (to further reduce trading fee). This promotion nurtures community among its participants and boosts economic efficiency when engaging in digital asset exchanges.

The platform ensures that users are fully informed of any miner or network fees associated with their transactions, providing clarity before any funds are committed. This upfront fee approach fosters confidence in the platform and exemplifies ShapeShift’s commitment to fair and transparent pricing.

The absence of any deposit or withdrawal fees is a welcome feature in ShapeShift. The platform shows its dedication to an economic trading experience by sparing users from these costs. With the clear communication of miner fees, ShapeShift is considered a financially considerate choice for users who value straightforward and cost-effective transactions.

Type Fee
Trading Fee 0%
Withdrawal Fee (Bank Transfer) Not Listed

ShapeShift supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0025 BTC. The average across all other exchanges that we've reviewed is 0.000401 BTC. This means ShapeShift charges above the industry average by 522.97%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.

Security - Is ShapeShift Safe?

ShapeShift has adopted many strict security protocols to protect user funds. First and foremost, offering non-custodial services guarantees that users have direct control over their assets. This setup means the exchange and its clients are responsible for maintaining secure operations on the platform.

Below, we’ll show you how ShapeShift maintains a secure environment for its platform’s stability and trustworthiness.

The KeepKey Hardware Wallet

ShapeShift’s KeepKey hardware wallet safeguards your cryptocurrency holdings from potential online threats by providing a private key for your wallet. As the developer and vendor, ShapeShift ensures customers use one of the safest cryptocurrency wallets to secure their digital currencies. Through the KeepKey wallet, users can perform transactions directly from their wallets rather than dealing with traditional exchanges’ KYC requirements and tracking systems.

Anonymity vs. Accountability

In its early days, ShapeShift allowed users to conduct transactions anonymously. However, as pressure from increased regulation demanded greater accountability from such platforms, ShapeShift stopped allowing anonymous use but continued upholding high-security protection measures.

Remember that the transition toward enforcing identity checks did not compromise safeguarding client assets on ShapeShift. Each transaction was associated with a newly generated public wallet key and fortified by two-factor authentication protocols (2FA). These efforts to integrate security with account creation procedures integrate strict adherence to secure operating principles, strengthening ShapeShift’s reputation as a trustworthy exchange.

Breaches and Safeguards

Security breaches are all too common for online platforms, and ShapeShift has not been immune to such incidents. The company experienced a severe breach by one of its employees, resulting in the theft of many digital currencies. CEO Erik Voorhees openly described the event while ensuring that customers’ assets remained untouched and highlighting the treacherous nature of this inside job. Despite facing this ordeal, ShapeShift’s users did not suffer any financial loss due to the episode, showcasing resilience on the part of the platform and dedication toward safeguarding its user base.

ShapeShift Customer Support

ShapeShift’s decentralized business model mirrors its emphasis on robust customer care. Whether resolving technical glitches or offering insights about using FOX tokens, the support team’s contributions result in contentment among users.

Let’s analyze ShapeShift’s customer support and see how their services enhance users’ experiences with the platform.

Responsiveness and Helpfulness

ShapeShift’s customer service is praised for its rapid and competent resolution of issues. Users recount experiences that speak volumes about the support team’s friendly and respectful demeanor.

ShapeShift’s customer support can troubleshoot problems proficiently, often exceeding user expectations. This proactive approach is seen in the platform’s engagement on social media, where they actively listen and respond to user concerns.

Self-Help Resources

The platform’s FAQ section provides immediate answers and enables users to address common concerns independently. For those who prefer to expand their knowledge of cryptocurrencies, the knowledge base offers in-depth articles on various topics for self-guided education and problem-solving.

By offering these resources, ShapeShift ensures that users have the tools they need to manage the complexities of cryptocurrency exchanges, regardless of their level of expertise.

User Testimonials and Critiques

Overall, ShapeShift has garnered a positive reputation, with users frequently citing the platform as the best crypto exchange for their needs. Repeat users, in particular, appreciate the continuous improvements, which reflect ShapeShift’s responsiveness to market demand and user feedback.

Despite all the positive feedback in Shapeshift exchange reviews online, there is still room for improvement. Some users have expressed frustration with the occasional delays during periods of high market volatility, suggesting the platform could improve its performance.

Additionally, while many users find the interface straightforward, others have called for more detailed tutorials. ShapeShift is known to be open to critiques as it strives to improve the user experience on the platform.

ShapeShift support

ShapeShift Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

Innovative Features and Rewards

Shapeshift continuously employs features that compensate users for their engagement. The platform distributed FOX tokens, which give members voting privileges while using a democratic Snapshot system to steer its governance. Therefore, Shapeshift has built a system that promotes and rewards community involvement.

We’ll talk more about the incentives and attributes of the ShapeShift platform below.

Rainfall and Fox Tokens

ShapeShift has introduced its Rainfall feature, which provides USDT as an incentive for users who trade on their platform. This reward adds a new dimension to each trade and shows ShapeShift’s dedication to enhancing user experience using their service. So, trading activities are not just about exchanging assets but also have the added potential benefit of receiving rewards.

FOX tokens help reduce trading fees. Users holding FOX tokens obtain governance rights, allowing them input into decisions affecting the platform’s direction. Users can accrue these tokens by completing particular tasks related to one’s account.

FOX tokens possess a limited total supply cap, which suggests they might appreciate over time if demand rises. This scarcity is designed to encourage user involvement in Shapeshift’s environment while offering an opportunity for financial gains as more people seek out FOX tokens due to increasing demand.

Exclusive Promotions and Giveaways

To ensure the sustained engagement and retention of its user base, ShapeShift integrates offers and gifts into its plan to maintain a strong connection with users. Using FOX tokens grants users access to exclusive giveaway opportunities that strengthen their bond with the platform while motivating ongoing participation.

However, it’s crucial to recognize that promotions sometimes face implementation challenges. Users have reported difficulties like high shipping costs for hardware wallet giveaways on international orders. This indicates room for improvement in executing these plans effectively, ensuring they fulfill their intended goal without compromising user confidence.

How to Sign Up on ShapeShift

  1. Create Account - Visit the ShapeShift website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the methods listed below. Remember this exchange only supports depositing fiat currencies through third party apps it supports.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Cryptocurrency
  • Banxa
  • Mt Perelin
  • Onramper

ShapeShift Alternatives

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Fiat Currencies Supported
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Fiat Currencies Supported
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Fiat Currencies Supported
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Final Thoughts

As we conclude this ShapeShift review, it’s clear that the platform offers a unique blend of features that cater to a diverse range of user needs. From its wide selection of cryptocurrencies and user-friendly interface to its transparent fee structure and strong security measures, ShapeShift has established itself as an impressive presence in the crypto industry. The platform’s innovative rewards and governance model further enhance its appeal, providing users with opportunities to participate and benefit from the exchange’s growth.

ShapeShift has shown a continuous commitment to improvement, responding to user feedback, and adapting to the ever-changing demands of the cryptocurrency market. While there are areas for improvement, particularly in customer support and platform stability, the overall sentiment among users is trust and satisfaction.

For those seeking an exchange that values security, transparency, and user engagement, ShapeShift is worth considering.

ShapeShift FAQs

Withdrawal fees on ShapeShift are generally tied to the miner fees required to process transactions on the cryptocurrency blockchain. ShapeShift does not set these fees but rather by the network conditions, including congestion and transaction complexity.

The platform typically calculates these fees automatically at the time of withdrawal. As with any crypto exchange or trading platform, users should review the current details on the ShapeShift platform to understand any associated withdrawal fees at the time of their transaction.

ShapeShift was founded by Erik Voorhees, who is known in the cryptocurrency community and involved in various other digital asset ventures.

As the CEO of ShapeShift, Voorhees has advocated for the cryptocurrency industry and played a significant role in shaping the platform’s direction.

ShapeShift was originally known for allowing users to trade cryptocurrencies without requiring personal information, thereby offering an anonymous trading experience. However, regulatory changes have affected how ShapeShift operates.

Depending on the time and the jurisdiction, ShapeShift may require ID verification as part of their registration process. Users considering using ShapeShift should check the current requirements directly on the platform to understand what information is needed to complete the verification process for trading.

ShapeShift is incorporated in Switzerland, a country known for its robust financial services sector and progressive stance on digital assets and blockchain technology. Switzerland’s regulatory environment has made it a popular location for crypto-related businesses.

ShapeShift supports many cryptocurrencies, allowing users to trade between digital assets directly. This includes well-known currencies like Bitcoin and Ethereum, along with various altcoins.

The platform frequently updates its list of supported assets, so users should check the ShapeShift platform for the most current information regarding available cryptocurrencies for trading.

Trading on ShapeShift is designed to be a straightforward process. Users typically must create an account, complete the necessary verification steps, and start trading.

The platform offers a user-friendly interface for selecting the cryptocurrencies they wish to exchange, setting up the transaction, and confirming the trade. Users are responsible for ensuring that their wallet supports the currency they wish to trade and should be aware of the miner fees associated with the transaction.

Users can seek assistance from ShapeShift’s customer support or service documentation for further details on the trading process.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
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Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

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