The vast majority of cryptocurrency enthusiasts who are looking for ShapeShift exchange reviews online are likely trying to find out is ShapeShift safe and even worth using, in the first place. That’s exactly what we should figure out straight from the get-go, and move on to the more quality of life-enhancing features afterwards.
It is true that, whenever you’re talking about cryptocurrency exchange platforms, you should always focus on security first. It’s the literal core element of a successful platform - it’s also the most important aspect from the user’s perspective, in the sense that you probably don’t want to lose all of your assets due to a leak or a hack.
User ShapeShift exchange reviews, however, will tell you that things are a bit… Different with the platform in question.
You see, one of the main aspects that make ShapeShift stand out from other crypto exchanges out there is the fact that the platform used to allow you to remain anonymous while purchasing cryptocurrencies.
What this basically means is that there were no thorough account creation processes in place - you did not need to provide your personal details to the company in order to purchase your desired crypto coins. This did have both pros and cons, however, any ShapeShift exchange review written by a cryptocurrency enthusiast will tell you that it’s often the preferred option, given the decentralized nature of cryptos.
As you can probably imagine, though, this did also raise some questions regarding the security of the site - people want to know is ShapeShift legit before they commit to a purchase.
Thankfully, for the most part, things do appear to be in order! While ShapeShift did discontinue the anonymity feature, their security did not falter because of it.
While you wouldn’t have really found any identity- or account-preserving features (such as two-factor authentication, IP logs, etc. - there was no account, so there was also no need for such tools), you could have been sure that, each time you perform a transaction, a new public wallet key will be generated for you. Now, things such as 2FA do exist on the site, though.
Also, ShapeShift will never ask you for your private key - that’s also an essential thing to keep in mind! You see, in the crypto world, there’s a saying - not your keys, not your cryptos. To an extent, that is true - if you don’t own your private wallet key, you don’t really own your assets, in the sense that they can be gone in a blink of an eye.
Due to the previously-anonymous nature of the exchange, many user ShapeShift exchange reviews point out that, at the end of the day, the security of your crypto coins depends solemnly on you.
Superb Usability Features
Whether it be ShapeShift reviews or any other ones, the usability aspect of a cryptocurrency exchange platform might not be a crucial feature that would sway your decision about the exchange (whether it’s worth using or not), but it’s definitely still important!
Nowadays, the vast majority of exchanges out there try to cater to complete crypto trading beginners. There’s a notable influx of new people who want to start trading crypto - it makes sense!
ShapeShift has surely managed to optimize their website, app, and the entire platform as far as usability goes. While this might not help answer the question “is ShapeShift safe?”, it’s definitely worth keeping in mind!
In fact, I would go as far as to say that ShapeShift might be one of the most fun-to-use crypto exchanges I’ve tried out, in a very long time! It’s very visually appealing, does not concern you with difficult industry jargon or needless technicalities, and is simply fun to use, in general.
Surely a great feature to have!
Cryptocurrency support is very important for a successful crypto platform. As mentioned earlier, the crypto markets have become very popular in the past few years. With this increase in popularity, there have naturally been many more people coming to the industry, too.
One thing that also increased, however, is the peoples’ proclivity towards researching and then purchasing altcoins. While Bitcoin still remains one of the most popular cryptocurrencies, more and more crypto enthusiasts want to hold a wider assortment of crypto coins.
As you can imagine, exchanges must follow the market demand in order to retain their clients, and thus offer bigger numbers of assets to purchase and trade with.
As of writing this ShapeShift exchange review, the company currently allows you to trade more than 50 different cryptocurrencies. While this number isn’t exponential, it’s still pretty good!
Another thing that makes ShapeShift a decent crypto exchange alternative is the fact of how much attention they pay to providing the user with some different features. It’s something that’s echoed by many online ShapeShift exchange reviews, too!
Take their latest update - Rainfall - as an example. What Rainfall does is it allows you to receive USDT rewards every single time someone makes a trade on the ShapeShift platform.
The chances of you getting the reward each time depend on just how many Fox tokens it is that you’re holding. Currently, these tokens can only be earned by completing some specific tasks related to your account - the company does mention that, if there’s a demand, they might start selling the Fox tokens, too.
In any case, ShapeShift does offer their users both intricate and interesting features, and also - from time to time - some cool giveaways, too. Definitely an added bonus!
Admittedly, fees are among the most important features when picking out the best crypto exchange for yourself.
It makes perfect sense, too - I mean, if you want to maximize your profits, you’re going to want to find an exchange that offers the lowest possible fees, right? Well, THAT, and a platform that would be safe, too!
Concerning the “is ShapeShift legit, fee-wise?” question, I can tell you right now - yes, the platform actually offers its users some super-low fees, especially when you compare them to some other exchanges out there.
You see, with ShapeShift, the fees actually depend on the cryptocurrency that you’re trading. In the vast majority of cases (depending on how much it is that you trade, though), the currency-specific fees are going to be smaller than those that are fixed, and that you’d find on other exchanges.
Some user ShapeShift exchange reviews also point out that there are no deposit or withdrawal fees, either. That’s awesome!
While this isn’t exactly something that’s part of the ShapeShift platform itself, it’s still a product that the company offers, so it’s worth mentioning, nonetheless.
The KeepKey wallet is a hardware cryptocurrency wallet made and sold by ShapeShift. By popular opinion, it’s considered to be among the most popular crypto wallets on the market.
This is actually a great example for anyone who’s asking is ShapeShift safe, too - most user ShapeShift reviews that talk about the wallet tend to agree that the device is a great alternative to storing your crypto coins in some hot wallets, security-wise.
Naturally, a brand dealing in some of the safest cryptocurrency wallets would probably make sure that their exchange is secure, too!