ShapeShift cryptocurrency exchange review

What is ShapeShift?

ShapeShift is a cryptocurrency exchange that offers trading in a variety of digital assets. The platform prioritises quick, cost-effective ways to buy and sell cryptocurrency.

ShapeShift is often described as an “instant” cryptocurrency exchange. It provides access to the world’s leading cryptos without needing to register an email, password or login. In fact, it’s one of the few platforms that lets you trade cryptocurrency without an account.

The company recently acquired KeepKey, a leading hardware wallet that offers greater security against theft. That means you can expect strong privacy and security standards as you work through the platform.

Which cryptocurrencies can I trade?

ShapeShift has three types of transactions it supports:

• Bitcoin > altcoin
• Altcoin > bitcoin
• Altcoin > altcoin

The platform, which only permits crypto-to-crypto trades, supports dozens of tokens, including:

Is it available in Hong Kong?

ShapeShift is available globally, including Hong Kong.

What payment methods are accepted?

ShapeShift only facilitates crypto-to-crypto exchanges. This means you can only exchange one token for the other because fiat currency is not enabled.

How much will it cost me to use ShapeShift?

ShapeShift doesn’t charge any fees for using its service. Instead, the company’s revenue comes from the exchange rate (in other words, through spreads on crypto-to-crypto trades).

All transactions are subject to a miner fee, which is set by the blockchain network.

How fast are processing times?

Although ShapeShift mentions “instant” transactions, it can take several hours for your trade to be fully processed. This appears to be the case because ShapeShift must process the transaction after the order has been received and verified by the blockchain network.

Transfer limits

Each transaction is subject to a deposit limit set by ShapeShift. Your transaction won’t be processed if you send more than the limit. (ShapeShift does not disclose the size of the limit.)

However, there is a way to increase your limit. To learn how, watch this short video on the ShapeShift Blog.

Is ShapeShift secure?

ShapeShift is regarded as one of the most private crypto exchanges on the market. No account setup is required. All you have to do is type in the address of your cryptocurrency wallet to exchange one token for another.

The platform is safe to use and has not reported any cyber breaches. The company’s acquisition of the KeepKey hardware wallet greatly enhances security by giving users the ability to store their tokens offline. (In order to do this, you’ll have to go to the KeepKey website and purchase the hardware wallet.)

Customer support

ShapeShift has a dedicated support team and comprehensive FAQ section to help users troubleshoot issues. To contact customer support, select the “Support” tab and go to “Submit a Request”.

Response times are generally slow due to the constant influx of new users on the site. While the team is committed to responding to inquiries within 48-72 hours, wait times often extend beyond that.

Pros and cons

What’s next?

Getting started with ShapeShift is remarkably easy. Simply head over to its website, choose the tokens you would like to exchange and type in your wallet address. Your transaction will be processed immediately and without needing to register an account.

Frequently asked questions

• I sent my funds to the wrong address. Can I retrieve them?

  Unfortunately, there is no way to retrieve funds if you sent them to the wrong address. This is why it’s extremely important that you double check the recipient’s address before sending.

• My order is “awaiting exchange”. What does this mean?

  Orders that are “awaiting exchange” have been received, confirmed by the blockchain network and are now waiting to be processed by ShapeShift.

• What happens if my transaction fails?

  If your transaction doesn’t go through, contact support by heading over to the contact page and selecting “Submit a Request”. You should be prepared to provide your deposit address and/or transaction ID.

Image source: ShapeShift