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ShapeShift cryptocurrency exchange review

Last updated:  

Convert between cryptocurrency coins without needing to make a deposit first.

  • Great for simple crypto-to-crypto trades
  • Not so great for its changing fees

Check out our full list of pros and cons or read on.

No supported

Fiat currencies

51

Cryptocurrencies

Details

Product Name ShapeShift Cryptocurrency Exchange
Fiat Currencies -
Cryptocurrencies BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, GAME & 29+ more
Deposit Methods Cryptocurrency
Trading Fee Fees vary
Deposit Fees None
Withdrawal Fees None

Pros

  • High privacy standards
  • Large selection of altcoins
  • Quick and easy transactions

Cons

  • Lack of clarity around deposit limits and transaction speeds
  • Users cannot trade fiat currency for cryptocurrency
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about ShapeShift

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: None
  • Supported cryptocurrencies: Approximately 51 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency

How to use ShapeShift

Fees and limits

Platform trading fees

Platform fee type Fee
Spreads Approximately 0.5%
Miner fee Varies (usually less than US$1 equivalent)

Other fees

There are no fees other than the platform trading fees.

Deposits, withdrawals and transactions only take place as you make a trade. The cost for this is built into the platform trading fees.

How fast will my funds be available?

Wallet transfers

Clock icon for transfer speed

Varies

The average time to complete a trade will vary depending on the cryptocurrency, your chosen miner fees and the state of the network at the time.

Processing time

Clock icon for transfer speed

~10 minutes

The average processing time is shown on the ShapeShift site. It’s often about 10 to 20 minutes. This is how long it will take to complete a trade end-to-end.

Is ShapeShift safe to use?

  • Regulation. ShapeShift works to comply with all applicable regulatory requirements and to meet its legal obligations. It is a registered business with a transparent and well-known team behind it and a wide product range that crosses the crypto ecosystem. The KeepKey hardware wallet, for example, is a ShapeShift product.
  • Verification. ShapeShift has traditionally been known as a destination for anonymous trading that doesn’t require account creation, but at the end of 2018 it ended this practice to more proactively meet its legal obligations. Users are now required to create an account and to provide some personal information in order to trade on ShapeShift.
  • Security features. ShapeShift regularly undergoes penetration testing and follows cryptocurrency security best practices. Most significantly, it does not hold customer funds except as needed to facilitate transactions. This means you don’t have to make a deposit and then leave your crypto sitting around on the exchange where it might be at risk of theft. If ShapeShift gets hacked, your funds are likely to be safe.

The ShapeShift hack and its reputation

ShapeShift was hacked several times in 2016, losing the equivalent of a few hundred thousand US dollars at the time. It was alleged to have been an inside job.

No customer funds were lost, rather, all the stolen cryptocurrency was ShapeShift’s own. ShapeShift CEO Erik Voorhees later pointed at this as evidence that the non-custodial exchange design worked as it should.

It was an unconventional situation, and although there are criticisms of how CEO Erik Voorhees handled the situation, user funds were never at risk, which demonstrates the extra security offered by ShapeShift’s non-custodial system, where users don’t have to deposit funds to make a trade.

ShapeShift has not been hacked since then.

How do I create an account at ShapeShift?

Back to top

What else do I need to know about ShapeShift?

ShapeShift is a veteran cryptocurrency exchange. It was founded by Erik Voorhees in 2013 and is headquartered in Switzerland but based largely in Denver.

It was one of many crypto companies to withdraw from New York when the BitLicense was introduced and has a reputation for pushing back against what it perceives as regulatory overreach.


In a nutshell

Pros

  • Non-custodial exchange. ShapeShift does not hold customer funds, which delivers tangible security benefits.
  • Good rates. ShapeShift charges about 0.5% in spreads and a negligible flat miner fee. This is a competitive price relative to other exchanges that offer similar broker-style non-custodial crypto trading.
  • Upcoming membership rewards. ShapeShift is gradually rolling out a membership reward scheme based on the FOX token.

Cons

  • Slow trades. At the time of writing (February 2019), it takes an average of 25 minutes to process a trade, which is much slower than other exchanges.
  • Varying fees and coins. The fees, liquidity and cryptocurrencies available on ShapeShift can vary considerably day to day.

Compare ShapeShift against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cash
Credit card
Debit card
Bank transfer (SEPA)
USD, EUR
BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP
Buy coins like Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with credit card.
Credit card
Debit card
PayPal
Wire transfer
Local Online Banking
EUR, GBP, NZD, USD, AUD, CAD, CHF, NOK, ZAR, JPY, SEK, TRY, HUF, PLN
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, XTZ
Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Bank transfer (ACH)
Bank transfer
Cryptocurrency
Debit card
Wire transfer
USD
BTC, ETH, XRP, BCH, LTC, USDT, BNB, ADA, ZRX, LINK & 10+ more
Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.

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Frequently asked questions

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