Shapeshift is one of the most popular cryptocurrency exchanges, but it isn’t the only one. Here are some other alternatives that you might want to consider using instead.
The uphold is a cryptocurrency exchange that allows users to trade cryptocurrencies. It’s known for its easy-to-use interface and low fees.
Shapeshift is used by a large number of individuals on a daily basis. It provides a simple, quick, and secure method to exchange cryptocurrencies. Maybe you’ve utilized this trade before, but you’d want to keep your choices open and wonder, “Is there a Shapeshift alternative?” The good news is that yes, there is.
In reality, there are a number of them…
What is Shapeshift and how does it work?
Shapeshift is a digital asset exchange. It is crypto-only, like many others, which means you may use it to exchange one cryptocurrency for another but not to purchase cryptocurrency using fiat currencies like US Dollars or Euros. Shapeshift, on the other hand, is a non-custodial exchange, unlike most others.
Custodial exchanges, like as Coinbase, Kraken, and Poloniex, offer its customers with crypto wallet addresses, which are used to hold traded tokens until the users withdraw them. So, if you want to utilize Coinbase to exchange Bitcoin for Ether, you’ll need to have your bitcoins in your Coinbase BTC wallet and your Ether in your Coinbase ETH wallet.
Non-custodial exchanges operate in a somewhat different manner. They don’t provide their customers wallet addresses. Users instead utilize personal wallets or wallets supplied by custodial exchanges (you can check my article on how to use Shapeshift with Coinbase here). This implies that the exchange does not hold any bitcoin, making it a far less attractive target for hackers.
Is there a Shapeshift substitute?
While most exchanges are custodial in nature, Shapeshift is not the only one of this type. There are a number of shapeshifting rivals. Changelly, CoinSwitch, SimpleSwap, Godex, Bisq, Switchain, and Flyp.me are other prominent non-custodial crypto-exchanges.
Let’s take a look at a few of them.
Changelly is a ShapeShift alternative.
Changelly offers approximately 60 different cryptocurrencies for trading, with seven of them (Bitcoin, Ether, Bitcoin Cash, Ripple, Litecoin, Binance coin, and Stellar) being available for purchase using US Dollars or Euro. A flat 0.25 percent exchange fee is charged. To make transactions, users must first establish an account, although they just need to give an email address. There is no need to provide any personal information. There is also a smartphone app.
Godex is a second ShapeShift alternative.
Godex supports the purchase of cryptocurrencies with fiat money but does not list 210 different coins. When you make a transaction, the exchange costs are predetermined. Users may trade anonymously since there is no need to establish an account.
SimpleSwap is a third ShapeShift alternative.
SimpleSwap, like the last item on this list, enables anonymous trading and does not handle fiat currencies. There are more than 250 cryptocurrencies available, with customers having the option of trading at a fixed or variable rate.
CoinSwitch is a fourth ShapeShift alternative.
CoinSwitch is unique among the other items on this list in that it is an exchange aggregator rather than an exchange. This means CoinSwitch links customers to a variety of different exchanges, including as Binance, HitBTC, and Changelly, to help them discover the best price. Users are not required to establish accounts, allowing for anonymous trade. The exchange charge structure is a little complex since it depends on which exchange the transaction is conducted on, but it is believed to be about 0.5 percent. With well over 300 tokens, CoinSwitch has the most cryptocurrency among the exchanges on this list.
Alternative #5 to ShapeShift: Bisq
Bisq isn’t an online exchange like the others on the list; it’s a complete desktop program that runs on Windows, Mac, and Linux. It allows users to trade a little over 100 cryptocurrencies quickly and anonymously, with some of them being bought using fiat money. AliPay, MoneyGram, WeChat Pay, Western Union, Uphold, and Zelle are all fiat payment alternatives.
Switchain is a ShapeShift alternative #6.
Switchain, like CoinSwitch, is an exchange aggregator that allows users to trade cryptocurrencies quickly and anonymously. The coin list, on the other hand, isn’t as extensive. Switchain mostly trades Binance-listed Bitcoin, Ether, Litecoin, Tether 0x, and ERC-20 tokens.
Flyp.me is a Shapeshift alternative #7.
Flyp.me, like ShapeShift and Changelly, is a non-custodial, immediate crypto exchange. Users do not need to establish an account to utilize the service, thus anonymous trading is possible, just as with SimpleSwap. A 0.5% exchange fee is charged. There are 30 different cryptocurrencies listed, including Bitcoin, Ether, Litecoin, DASH, BAT, Peercoin, and Augur. There is no support for fiat currencies.
An illustration of a transaction
Because they all have clear, straightforward interfaces and Changelly even has a mobile app, using these exchangers is extremely simple, even for novices. Let’s look at an example…
Let’s utilize Changelly as a Shapeshift.io alternative and exchange 3.6 EOS for DASH using their mobile app.
- Open your Changelly app, enter 3.6 in the “You send” box, and choose DASH as the token you’d want to receive. The app will display the amount of DASH you will get, as well as the conversion rate, fee, and expected transaction time. Select “Swap now” from the drop-down menu.
- You must input the wallet address where you want your DASH to be sent here. You may either copy/paste the URL or scan a QR code by tapping the green button in the upper right corner. “Next” should be tapped.
- The full transaction information, including the network transaction charge, will now be shown in the app. If everything seems OK, press “Confirm & Make Payment” to begin the payment process. Once you’ve done so, the app will provide the address to which you should transfer your tokens. This implies an address plus a memo in the case of EOS (you won’t need a memo for other tokens).
- Open your wallet and transfer 3.6 EOS to the address and memo given by Changelly.
- When you return to the Changelly app, you’ll see that the transaction has begun.
- The app will notify you when the transaction is complete within a few minutes, and your DASH tokens will be accessible in your wallet.
That concludes our discussion. As you can see, the procedure is extremely simple. The other exchanges on this list operate similarly, but only via a web interface since no mobile applications are currently available.
To sum up…
So, to answer the question, “Is there a Shapeshift alternative?” the answer is a resounding “yes.” There are many Shapeshift alternatives, some of which have been discussed in this page. Choosing between them may be influenced by the particular token you want to trade, the price you must pay, or your desire or need for anonymity. Please feel free to investigate them. All of them are quick, safe, and well worth your time.
Also see our guide on how to utilize Shapeshift with Coinbase.
The changenow is a cryptocurrency exchange that allows users to swap between different cryptocurrencies. It has been around since 2014 and offers a lot of features, including the ability to trade with margin trading.
Frequently Asked Questions
Is ShapeShift exchange legit?
Yes, ShapeShift is a legitimate exchange.
What is the easiest Cryptocurrency Exchange to use?
The best cryptocurrency exchange to use is Coinbase.
What is the most accurate crypto exchange?
The most accurate crypto exchange is Binance, which offers a wide range of cryptocurrencies and allows users to trade them for other currencies.
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