ShapeShift Cryptocurrency Exchange
The ShapeShift cryptocurrency exchange offers an elegantly simple platform for altcoin conversion. Users will need to have a wallet address and coins to swap, and that’s all. Acting as a brokerage where cryptocurrency users can exchange coins, a Bitcoin holder, for example, can exchange a portion of his coins for Ether. As an added bonus, transactions are immediate and super simple.
While it might appear to those dedicated to a single coin to be a superfluous offering, ShapeShift also enables more dynamic traders who can take advantage of swapping digital currencies to profit from individual coins’ highs and lows. The platform is arguably one of the leading instant digital coin exchanges, supporting dozens of coin alternatives – an arrangement that suits most users.
There are many who find the company first-class, and in reading comments on Reddit and other online forums, one can glimpse a startup ironing out issues as best they can with the customer uppermost in mind. With other users, however, there emerges some bitter commentary about fees, losses to phishing, delayed rates of exchange and other unhappy user experiences.
If you are going to utilize this exchange – and it’s reputable, its security is tight and its speed and simplicity great too – then ensure that you know what the swap transaction should cost and what you expect to receive at the end. In other words, do your own maths beforehand so that you are confident that what lands for you by way of replacement coin tallies with the going price on the virtual currencies concerned.
The process of exchange couldn’t be simpler. Go to https://shapeshift.io/ and, on the landing page right hand side, you’ll see the option to pair currencies:
Click the currency depicted on the left and the following option screen will open:
This first selection represents the currency you have in hand, the altcoin you wish to trade for another. Therefore do the same for the icon on the right and select the currency you wish to earn in the trade. Once you have correctly selected both currencies involved, click the large blue “Continue” option at the bottom of this box, to see this:
Simply fill in the relevant address and continue with the transaction. You won’t need an account to utilize the exchange as it trades on KYC and AML requirements being met by users prior to being able to employ the exchange.
Moreover, there are no fees on ShapeShift. The company derives income from trading with fluctuating rates of exchange – a very sore point for some users- and through other means. Hence the need to know what you expect to receive in compensation from a trade.
Using the exchange is very easy and for many in the cryptocurrency sphere looking for the exact facility, it couldn’t get better than ShapeShift. The persistent complaints about “fees” and how exactly that term is explained niggles, and users will have to generate a body of experience in order to form their own opinions if they would like to use the site. On the plus side for many, the fact that it’s a wallet-in-and-out process appeals, as there is no “custodial risk” of floating your digital currencies on an exchange – they’re safe in your own wallet.
Any investment is risky and altcoin digital assets are extremely volatile. Traders are advised to do their own homework and never to engage in a transaction they are not completely sure about. Triple check correct addresses and never under any circumstances divulge any secret personal information to anyone ever, as phishers hover around exchanges at times looking to catch the unwary. Follow strict protocols and manually input absolutely correct information to avoid losses.