Shapeshift is a currency changing platform which allows users to swap between two cryptocurrencies instantly. It was founded in 2013 and became fully functional in 2015.
Shapeshift is a unique idea and best known for its privacy and is convenient as compared to other exchanges at is really fast and easy to use and no hefty processes are involved in exchanging coins as compared to online exchanges where risk factors and long processes are involved for trading.
Coinomi is the most popular multi-purpose and multi-currency wallet using ShapeShift API for exchanging coins using Coinomi’s mobile application where users can exchange and store, send or receive more than 270 alternative coins including Bitcoin, Ethereum etc.
How does it work?
No Signup processes are involved in Shapeshift, there are only 3 steps in the process.
- The user selects the currency they want to swap.
- Enter the currency you want to swap against, i.e (BTC TO ETH) and the relevant address for the currency.
- After these steps, a deposit address is generated and the exchanged currency is sent to your address.
That is all the steps required to swap currencies no signup, no verifications are required. There are no verifications in small transactions but larger transactions may include one or more verifications.
With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you’ll receive, minus only the miner fee. There is no exchange fee or service fee. There are some network fees related.
A full list can be found about network fees here
Overall the platform is amazing but there are some negative reviews found online especially regarding the time taking to swap between currencies and higher fees but worth mentioning the platform is totally anonymous as no sign-up process are involved and the fees are charged by the coin network not Shapeshift.
Shapeshift is a popular choice and legitimate choice for instant exchanging online it is easy to use and provides more than 200 coins to exchange.
However, the exchange doesn’t let you buy coins using fiat currencies including credit cards or bank transfer the platform is only used for exchange purposes and cannot be compared with Changelly.