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Guide: Shapeshift, the exchange with zero fees
Guide: Shapeshift, the exchange with zero fees
Exchange

Guide: Shapeshift, the exchange with zero fees

By Gianni Morselli - 22 Feb 2020

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Shapeshift is a Swiss exchange which allows the trading of the main cryptocurrencies and which has focused on security and user experience from the outset. 

It became very popular from the very beginning as it didn’t require user registration, now unfortunately it does but it hasn’t lost its main feature, which is almost unique in the trading world: the ability to exchange the major cryptocurrencies in a non-custodial and therefore extremely secure way. With KYC/AML it had the chance to add the possibility to buy cryptocurrencies with fiat money.

Guide: how does Shapeshift work?

Shapeshift allows exchanging different cryptocurrencies with each other and also supports fiat currencies. Thanks to Wyre, the trading platform allows the purchase of cryptocurrencies through credit card (3.5% rate) and bank transfer. Designed to offer maximum security, it works best when used in conjunction with hardware wallets such as Trezor, Ledger, KeepKey and Portis.

It is a web-based exchange, which means there is no need to download clients or software to use it from PC. Supported browsers include Chrome and Brave since they can manage the connection with hardware wallets.

There is also a mobile app for Android that works like the web version but without hardware wallet support: an address is required to receive the desired cryptocurrency on the exchange and an address to return the asset in case the trade does not take place. When using a hardware wallet, trades are much easier.

Hardware wallets are the most secure way to hold cryptocurrency and a must-have solution for security reasons. 

KeepKey

We tried the web version of Shapeshift with KeepKey, the hardware wallet that offers maximum integration. 

KeepKey is a very modern and minimalist wallet with a micro USB connection and a button to confirm transactions.

shapeshift keepkey

The Shapeshift exchange works as a native interface for KeepKey, allowing access to all its features. 

The users have at their disposal a dashboard where they can see the balance of their cryptocurrencies, the wallet addresses and the management of the different supported cryptocurrencies: Bitcoin, Ethereum and several ERC20 tokens, Bitcoin Cash, Bitcoin Gold, DASH, Dogecoin, Ethereum Classic, Litecoin, DigiByte and Atom.

Keepkey automatically manages the addresses for each blockchain used for the transaction, the user only has to focus on the trade. It is only possible to place orders on the market, i.e. with the exchange price determined by the market at that moment. The fact that there are no limit or stop orders, or other advanced features, makes it ideal for the average user and offers an experience of the highest level.

The interface is very simple and intuitive, after setting the trade a confirmation screen opens.

The following confirmations depend exclusively on the blockchain being used.

Your KeepKey will immediately update with the new balance.

The exchange rate used by ShapeShift comes from different market sources and remains always the same, regardless of the trading volume. The liquidity is integrated with several partners and is of the highest level. The interesting part is that ShapeShift is the counterparty of all trades and the user does not have to worry about order books being too small.

Shapeshift offers 100 FOX tokens per month to subscribers, which allow trading without fees for a value equivalent to $1000.

The only fees to be paid are the network fees necessary to receive the digital assets on one’s wallet, so the usual transaction costs are always shown before confirming the transaction.

When used with KeepKey, Shapeshift offers the user experience of a centralized exchange with the safety of always having the funds on a hardware wallet

 

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