Cryptocurrencies have exploded in popularity in recent years and as a result, there are many new businesses sprouting every day. Shapeshift was one of the first businesses that realized the potential of this industry early on. It was founded in Switzerland and has been operating from there since 2013. ShapeShift has built a reputation early on as one of the leading cryptocurrency exchange platforms with aims to make switching digital coins quick and simple.
Even though they were very popular in their early years, recently we have seen a lot of companies trying to grab some of that market share. This Shapeshift review will try to find out if this company has been growing over the years to meet traders evolving demands, or whether it has been resting on its own laurels for far too long.
ShapeShift users do not need to sign-up or provide an email address or any other personal information when exchanging coins. You do get the option, but it isn’t necessary to continue forward with the exchange.
This is where we would love to see some transparency. Accessing any information regarding daily/monthly limits is buried far too deep for most people to notice. Basically, what you need to know Is that there is a daily cap of $10,000 for registered users. This sum allegedly is higher as you move up to the higher-tier accounts, but we could not confirm this as there was not enough information on their website.
On the other hand, ShapeShift does a pretty good job when it comes to fees. Unlike most platforms that charge a set fee of 0.1%, ShapeShift’s fee varies from one cryptocurrency to the other. There is a Miner Fee table that users should consult before committing to any exchange.
Educational resources are always a hot topic among traders. While some deem it as necessary for any serious organization, others do not mind its absence. ShapeShift does not choose a side in this argument and does the job half-heartedly.
While some exchanges offer a much broader range of tools, ShapeShift focuses on one thing and does it brilliantly. As the world of cryptocurrency evolves every day, it is very useful to have a blog with helpful articles. These cover everything that a beginner might need to more nuanced market changes that experienced clients can benefit from. These are very well laid out in categories so that you can easily navigate to the topic you are interested in.
Aside from the excellent Blog section, there is very little to find on ShapeShift. There is a FAQ page, but it is one of the worst we have ever seen as it offers little to no useful information. Very few questions are actually answered, and those that are often pointless.
As far as cryptocurrency exchanges go, ShapeShift remains one of the cleanest looking ones. Simplicity is the keyword here. It is noticeable everywhere, starting from web design to exchange execution. Everything has its own space and is very responsive. You will not have any troubles navigating the website or the platform.
Speaking of the platform, you will be happy to know Shapeshift has made it possible to trade anywhere on the go with their mobile application. While the desktop will no dauntedly remain the traders’ favourite, it is good to know traders now have an alternative for when they are on the go.
Customer support can be troublesome on ShapeShift. When everything is going well, you will be loving the platform, but once any issue occurs, you will feel stranded. It can be frustratingly hard to get an answer out of the company. This gets even more annoying when you are simply trying to recover your money.
The contact page on the website leaves much to be desired. For starters, there is no address or telephone number to pin ShapeShift down. Your best option is just to hope you never encounter any real problem with the platform.
When your account is created and verified, you can head directly to the Crypto Swap, which allows you to directly swap any two coins of your choice. For example, if you have Ethereum, but need Bitcoin, you can swap them instantly.
Back in 2017, the company acquired KeepKey to encourage users to store their coins in a more secure environment. It is important to note that the exchange does not hold your funds, just provides the exchanging act.
Can We Recommend ShapeShift?
The Swiss-based company has come a long way since its creation. In this ShapeShift review, we have proved that you can teach old dog new tricks. If the company continues to improve the user experience, it will become of the biggest exchanges on the market. Before it does, it will have to upgrade some key features that hold it back for the moment.