Recently peoples interest on cryptos have grown tremendously, and many traders find it difficult to trade from one cryptocurrency for another. People are desperately searching for ways to trade one crypto for another. This challenge gave birth to Shapeshift.
What is Shapeshift?
This is a platform that enables instant cryptocurrency exchange, basically, they deal with altcoins. These exchanges give you the opportunity to change your fund from one cryptocurrency to another. Erik Voorhees founded Shapeshift in the year 2013; it got its first round of funding in 2015. Exchanges are carried out on this platform for quite a low fee; also they can be carried out anonymously.
How do I download Shapeshift?
For Android users, you can simply download it from google play store. First
- Open play store
- Type shapeshift, it will display the image below
- Hit the install button
- Fill in your details
Your application is ready
How do I swap cryptos on Shapeshift?
It is quite easy to swap cryptos here. First
- You select the crypto you want to swap
- Then you chose the crypto you intend to receive
- Inset the relevant crypto address
Then you send. It’s as simple as this.
In Shapeshift money is not held in a centralized exchange. No lengthy signup process. Little deposits are processed with no confirmation. Bigger deposits wait for at least one confirmation. There is a little fee being deducted during exchanges, it’s called the miners’ fee. There are no exchange fees or service fees.
I discovered that shapeshift surprisingly charge lesser than the required mining fee. Users could actually pass a transaction through the network with a much lower transaction fee.
Some users were complaining about the time it takes for a transaction to go through and some also complained about high charges to swap cryptos. See the image below
Shapeshift also have the tendency of making its users remain anonymous while they carry out their exchange business. Sign up are not necessary.
My Advice and Conclusion on Shapeshift
I will say it is quite interesting though there are some complaints about it. If in the process of using this application you encounter any problem, please do not hesitate to fill a support ticket immediately. This application has one major benefit which is privacy; it is one of the most private exchange platforms. If you are a new user of this application, I will suggest you start by exchanging little funds and observe how the system works before going into it fully. All the best.