ShapeShift is this a scam? Review and Customers Reviews

ShapeShift cryptocurrency exchange is one of the popular resources on the digital market offering many useful options for coin owners. The platform makes it easy to buy cryptocurrency both through a computer and using a mobile application (Android and IOS). Traders interested in the rapid exchange of currencies in any convenient place and at any time of the day will especially like the work of the platform from the phone. The exchange has other advantages, which we will discuss below.

How should we consider ShapeShift: as a scam or trustworthy exchange? Is it possible to conduct a safe trading with digital assets and withdraw funds without complications? All answers you can find in the detailed review of the ShapeShift exchange.

The developers of ShapeShift set a goal to provide the option of fastest exchange of cryptocoins for customers. You do not need to register on the site or go through the verification procedure. You do not need to provide personal information, even email is not required when working on the site. You can simply go to the crypto stock exchange and immediately make a cryptocurrency exchange. Additional income is available – there is an affiliate program with large commission. Any participant will be able to earn 25% of each transaction of the attracted client. To get access to the program you should contact the support service with the application, after which you will need to enter data into the thematic section of the site.

Many well-known services are now partners of the site, including the marketplace OpenBazaar, the Indian bitcoin exchange Unocoin and the company Wirex. In addition to working in convenient mobile versions, the developers offer to the client extensions for two popular browsers: Google Chrome and Firefox. Due to this, during the purchase of goods in online stores the client will see the plug-in on the payment tabs with which he can pay for purchases in Altcoins, automatically exchanged into Bitcoins (read tips on how to make money on the Bitcoin course here).

On the ShapeShift website there is no so-called slippage. In case of failures for any reason, the funds will return to the sender’s address. You can choose the most convenient exchange option. If you need to carry out the fastest option possible in the system, then you only need to specify the addresses of the sending and receiving wallets. If you need an accurate currency exchange, you must specify the number of coins and addresses for one-time use. To improve the exchange process, the site contains data on the price of cryptocurrencies, indicates the change in the exchange rate as a percentage, provides statistical information on exchange operations. For materials on cryptocurrency rates exchange refer to the site coincap.io.

There are three options of currency exchange: bitcoins for altcoins or vice versa, as well as any altcoins among themselves. All transactions are conducted online. Since recently, a Bitfract beta service has been functioning on the platform, with which you can exchange one altcoin for several others without processing each transaction separately. Cryptocurrency exchange takes place without commissions. The exchange would not remain without revenue at all, since it receives income from the difference in the rates of tokens (find out the real truth about cryptocurrency in our material). Although difficulties in the exchange of coins are extremely rare, users can contact the support service using the feedback form on the site. Clients of the resource are invited to share their impressions in a special blog. Communication is performed online. It is possible to follow company events through groups on Google+, Reddit, Share, or on popular social networks Facebook and Twitter.

Depositing and withdrawal

Buying electronic coins on ShapeShift also has its own features. You do not need to deposit to the balance of the service, and it is enough to simply indicate the currency of sale and purchase to start the exchange operation. Unfortunately, the exchange does not allow using fiat money here, but it is working with more than 50 of the most popular cryptocurrencies, including Ethereum, Monero, Dash, Zcash.

If you wish, you can easily switch from one token to another. For example, to exchange Bitcoin for Ethereum, you need to make notes with the name of the currencies in the appropriate boxes, specify the address of the current wallet and the address of the Bitcoin location (please read here how to make decent money on cryptocurrency). Confirmation of the transaction in the system is fixed by clicking two buttons: I agree with the Terms, then – Start transaction. The exchange will create the necessary address link through which the bitcoins will be forwarded. You need to arrange sending on it. After that, the broadcast will be quickly delivered to the generated box. There are several moments to be known for more comfortable work with exchange. When placing an order, you need to click the icon Necessary sum to specify the amount of coin expected.

It is more appropriate to pay for Bitcoin with Litecoin. There is data on currency exchange rate on the main page. Bit as it is corrected at the moment of the transaction being conducted based on new offers the final sum of exchange can differ from expected one. Amount of deposit is limited, and if the limit is gone over, then the excess of digital assets will be returned to the address given at transaction conduction. Tiny deposits do not take part in the exchange and are also automatically returned to the sender. There is no need to confirm small deposits, while large deposits, on the contrary, must be confirmed by at least one participant in the transaction. The created wallet addresses are reusable, you can specify them when conducting new transactions, funds will be sent to the same place without delay.

Complaints about ShapeShift

Users note that, with all the advantages of the ShapeShift exchange, the work of the support service remains wanting. There is no quick feedback to the questions, despite the fact that there is a convenient form of feedback. Sometimes the answer is not sent by 72 hours. Another disadvantage is the absence of the option to trade tokens. In addition, customers do not like the impossibility of using fiat currencies.

At the same time, one should mention the availability of fast exchange of altcoins for bitcoins, security of anonymity and safety of work, convenient exchange of tokens through mobile applications, payment for purchases in online stores with altcoins (please see the current cryptocurrency forecast for 2018 here). Users are satisfied with the lack of mandatory registration and verification processes. In general, we can conclude that the platform currently has more positive comments than negative ones, which characterizes it in a good way.

Regulation of the crypto exchange ShapeShift

ShapeShift cryptocurrency exchange began its work in 2014 after registering in Switzerland, the legislation of which it strictly obeys to. Eric Vorges created it in partnership with Roger Verr, Trevor Covercot, etc. The resource operates in all corners of the world, the menu has been translated into fourteen languages (and this number is constantly growing), including international one English.

In 2016, the creators, with the support of the Digital Currency Group, invested more than a half million dollars in the development of the site. A few months later, leading market companies (Digital Currency Group, Blockchain Capital, Access Venture Partners and several other organizations) invested 10 million dollars in the work of the resource.

The exchange works with cryptocurrency wallets. Jaxx was connected firstly, since 2017, Keepkey wallet belongs to resource, which was purchased by the authors and integrated into the platform. Since then, the list of electronic wallets has been increased to several dozen. Since 2017, the site has switched to the protocol Segregated Witness. Regarding the security, then, according to the developers, the site does not arouse interest among fraudsters who hunt for personal data and currency stored in the platform accounts. Since there is no registration procedure, there is no possibility to store currency on exchange accounts, then the site should not be hacked. At the same time, information about the theft of funds from the resource appeared in the media. The press discussed the hacking that occurred in April 2016. Then the exchange suffered, but this did not affect the customers’ funds. After that history, security problems were resolved.

The platform operates in all countries, but in 2017, the state of Washington in the United States unexpectedly banned its activities on its territory. New requirements were imposed on the companies working with electronic currencies, it was necessary to obtain a special license from the Department of State Financial Institutions and to require the personal data of customers during transaction. The company did not want to change its policy, so they had to make a radical solution. Thus, the administration of the exchange had to move the office of the Keepkey cryptocurrency wallet to the other state, where it was re-registered.

As for the rest, the platform is operated in accordance with the laws of the country in which it operates. The customer must comply with the legal regulations of their state and exchange. Since the site customers can communicate with each other in a special blog, it is forbidden to insult your opponent, hinting at his national identity, gender, social status and other aspects that assault human dignity. Violation of the rules will be punished, the decision on punishment is taken by the administration.

• Read the «ShapeShift use terms and provisions» on the exchange website

Is ShapeShift a scam?

ShapeShift cryptocurrency exchange is one of the most convenient services for quick exchange of cryptocurrencies. The user can conduct a transaction in minutes and leave the resource without specifying his personal data. The only information that the trader needs for this is the address of the wallets for the two-way exchange. The lack of verification, on the one hand, decrease the interest of fraudsters to the exchange, on the other hand, it raises doubts about its reliability. It is worth mentioning here about the hacking that occurred in April 2016. Then the exchange itself suffered, this was not affected the customers’ funds. After this situation, the developers have resolved security problems, and similar problems have notarisen.

In connection with this and other aspects (great number of positive comments on the platform, organization of really fast and reliable transactions, no registration and full anonymity of work, etc.) the question arises: is it just to call ShapeShift a scam? The exchange has not given a serious reason for it just yet. On the one hand, it reduces the risk of hacking, refusing of customers’ funds storage and sending them to given addresses of wallets. On the other hand, attempt of hacking in 2016 resulted in serious improvement in security issue. So let us not be too quick to attach label unreliable to the cryptocurrency exchange.

Conclusion

ShapeShift cryptocurrency exchange can be called a comfortable service for quick exchange of digital coins. You do not need an email address and password to work here, registration is not carried out and orders are not issued. A centralized exchange is not needed for to send money. All this allowed the platform to guarantee one of the fastest cryptocoin exchange transactions on the market, and its privacy policy is approved by customers. The exchange rate is constantly changing depending on the occurrence of the best offers. At the same time, there is no option to use fiat money, and customers are not yet allowed to trade tokens.

Taking into account the large number of advantages of the resource, the editors of FraudBroker.com project will not call ShapeShift a scam. After the appearance of real feedback from traders, the rating of the platform will change, and reports of possible difficulties in working with the platform will become a warning to its customers.