ShapeShift.com is operated by ShapeShift Global Limited which also runs ShapeShift.io, KeepKey.com, Portis.io, CoinCap.io. ShapeShift’s software platform makes it possible for users to hold, transfer, buy, sell, or interact with certain smart contracts and their mobile application provides access to their platforms from a mobile device. The ShapeShift app is available on Android and iOS. ShapeShift offers two ways to trade on the platform via mobile or web. All trades are done using decentralized exchanges.
ShapeShift was founded in 2014 by Erik Voorhees. ShapeShift claims to be the only cryptocurrency trading platform that offers zero-commission crypto trading and self-custody. Through ShapeShift, users can have access to more than 1,000+ Ethereum and ERC-20 token trading pairs via their integration with some of the best decentralized exchanges. Users may be charged a miner or network fee for using ShapeShift to process the transactions on their behalf. The miner fee is calculated for different digital assets at ShapeShift’s discretion.
ShapeShift is popular due to the fact that unlike centralized custodians that hold user funds, ShapeShift is never in control of users’ crypto assets. In addition, users can trade using the platform without necessarily needing to KYC since no ID is required. Furthermore, users can connect their wallet of choice to ShapeShift and simply access the platform without signing up.
The mobile up has a good user interface. It’s simple to download and create a wallet for your crypto transactions.
Before creating a wallet a user needs to create a password.
In addition, a user will need to ensure they store their backup phrase somewhere secure so that if ever they lose their mobile phone or uninstall the app, they’d still be able to recover their wallet upon reinstalling the app.
Once that’s all set up, a user can then proceed to make purchases. ShapeShift uses a fiat-to-crypto payment called Banxa which offers solutions to exchanges, wallets and other cryptocurrency businesses including KuCoin, Binance, Changelly, and Edge Wallet. Banxa also claims to offer global and local payment methods with no chargebacks on top of providing easy integrations to customers’ platforms. Some of the payment methods enabled through Banxa include:
ShapeShift offers an easy-to-use web interface for users to manage their crypto conveniently, while their private keys remain offline on their hardware wallet.
ShapeShift offers cross-chain swaps that are powered by 0x and THORChain and there are thousands of trading pairs available. Users are also rewarded in FOX tokens for every trade. ShapeShift offers FOX token awards to liquidity providers that stake their liquidity pool tokens. Through liquidity mining and yield farming, users can farm FOX Tokens and some have been reported to earn up to 750% APR.
For users to earn FOX liquidity tokens they can also deposit FOX and ETH into the FOX-ETH liquidity pool on Uniswap v2. Following that they’d need to approve and stake their liquidity tokens in order to be able to earn bonus FOX rewards.
FOX is seen as ShapeShift’s loyalty token which provides users the opportunity to be eligible to win USDC from their rewards program called Rainfall. In addition, FOX also gives users the chance to trade for free on the platform and mobile app. Typically each account holder receives 10 FOX tokens and each token held in a platform wallet gives that user $10 of free trade volume, every 30 days. As another reminder, even though trading is commission free, standard network mining fees may still apply to each trade.
ShapeShift has decent reviews on sites such as Trustpilot.