Note: this review reflects details as they were in 2021. ShapeShift’s products and features have changed since then, so check the current information before using it.
A cryptocurrency wallet is a service or physical medium that connects individuals with the crypto market. Many wallets also allow frequent conversion and trading of crypto assets, as well as transactions and storage. The ShapeShift wallet offers many features to crypto users.
However, newcomers may be confused when choosing a crypto wallet, as the choice depends on the user’s needs, functionality and features. This article is a review of the ShapeShift wallet from several angles, such as pricing, safety, support and commissions, along with its top pros and cons and competing crypto wallets.
What is the ShapeShift wallet?
ShapeShift is a Switzerland-based cryptocurrency exchange company founded in 2013. Many considered it one of the most popular crypto platforms, and for years users could trade cryptocurrencies without storing personal information on the company’s servers.
That changed on October 1, 2018: ShapeShift began requiring users’ data to execute trades on its platform. The company also suffered a hacking attack between March and April 2016 that cost it about $200,000 in Bitcoin, Litecoin and Ethereum, for which one of its employees was responsible. The CEO addressed the issue promptly and the company continued to operate. Over 900 currency pairs and 750 cryptocurrencies were available on the platform at the time of writing.
The top pros and cons of the ShapeShift wallet
The top three pros:
- It offers users an option to trade without compromising privacy.
- It allows real-time trading with no custodial fund holding.
- It provides fast and easy transactions.
The top three cons:
- ShapeShift doesn’t support fiat currency trading.
- Users didn’t have a clear idea of where ShapeShift keeps tokens after a deposit.
- Trading fees vary, and customer support is not excellent according to users.
ShapeShift wallet convenience
ShapeShift is an unusual type of crypto wallet, as it offers a hardware wallet and the simplicity of a web wallet, and it can also be configured as a software or hot wallet. Many platforms support it, and it allows frequent trading and faster transactions. The company allowed users from around the globe with no restrictions.
ShapeShift wallet pricing
The platform is free to use: you pay only spreads and miners’ fees. It accepts several payment methods, such as cryptocurrencies, credit or debit cards and Banxa. ShapeShift is also a popular cryptocurrency conversion platform and hardware wallet provider, with the hardware wallet costing around $25.
ShapeShift has its own native token, FOX. At the time of writing, FOX was trading near $0.316 with a 24-hour trading volume of $107,419 and a market cap of $19,045,369.
ShapeShift wallet support
The ShapeShift platform allows trading and investing in a large number of crypto assets. ShapeShift joined with JAXX in 2016, and at the time of writing the wallet had 40 cryptocurrency pairs available. If you don’t find the coin you want to swap, you can request that ShapeShift add it.
It supports many cryptocurrencies, including Ethereum Classic (ETC), Bitcoin (BTC), Monero (XMR), Ether (ETH), Dogecoin (DOGE), Aragon (ANT), Blackcoin (BLK) and many more.
ShapeShift wallet safety
The ShapeShift wallet followed regulatory requirements, with KYC and AML verification for level 2-5 account holders. The company offers the KeepKey cold storage wallet, which provides passphrase and PIN protection, and ShapeShift has a 2FA feature. The system works to identify fraudulent activity and bad wallet addresses. It is better to use 2FA with Google Authenticator, SMS, YubiKey or Authy, and to create an alias email to reduce the risk of phishing attacks. Use unique passwords, store them safely and make a habit of storing crypto assets in cold storage.
ShapeShift wallet commissions
ShapeShift wallet fees depend on the crypto asset traded, with different fees for different assets. At the time of writing, ShapeShift did not charge deposit or withdrawal fees.
How to use the ShapeShift wallet?
The platform offered account levels from one to five. For level 2-5 accounts you need to provide personal information, ID proof and FOX tokens. The usage steps were:
Step one
Register on the official ShapeShift website and confirm your registration through the link sent to your email. You get a starting limit of $10,000. Then provide personal information and upload proof of ID.
Step two
Choose which asset you want to receive or send, for example swapping ETH and BTC. Make a deposit using one of the payment methods and specify the amount you want to receive. You will get a deposit address; fill it in within five minutes, otherwise the order will expire. Click "Next."
Step three
Fill in the form, where "destination" is where you want to send the funds and "refund" is where you want your funds returned if sending fails. Click the reusable address toggle if you want to reuse the deposit address. Click to start the transaction.
Step four
A status page appears where you provide deposit details. Once the transaction is complete, you will see a block explorer page showing the transaction status. Check the FAQ for help if the transaction fails.
How to register?
Registration was simple:
- Go to the ShapeShift platform page.
- Choose the Portis wallet option.
- Click "Continue," then enter your email address.
- Note down your password carefully, as you won’t get a recovery option if you lose it.
- Click "Register," and your wallet is ready.
ShapeShift wallet alternatives
If you are looking for alternatives to ShapeShift, you may consider Trust Wallet, Ledger, Trezor or Binance wallet.
Should traders and investors choose a ShapeShift wallet?
The ShapeShift wallet was a potential choice for frequent trading of crypto assets. It also supported cold storage wallets for storing crypto assets, which can benefit investors.
Final thought
This article provides the essential information about the ShapeShift wallet as of 2021. We hope it helps you choose your crypto wallet. As with any crypto platform, it may face challenges in the crypto space, so check current details and do your own research before using it.
