Shift exchange software full#
To see the full breakdown of their trading fees, check this out. Here is a break of how some of the fees look: BCH Be sure to check out the rate you will be paying on chosen currencies as they can differ depending on miner fees for each blockchain. The company is completely upfront about their charging fees which vary depending on what currency you are buying. The losses were fairly substantial although ShapeShift maintains that no customer funds were ever touched. The attack was put down to an unnamed employee who betrayed the company and set about emptying a Bitcoin wallet.
Shift exchange software Offline#
As you would expect the website was taken offline and security rebuilt, while I hope this means they have learned from their mistakes and made security their top priority, it’s still hard to ignore the facts.ĬEO Erik Voorhees appears to try and offer an honest explanation to what happened. There was also a notorious hack of ShapeShift in 2016 where funds totaling around $200K were whipped away over a two week period. As a ‘quick’ exchange this will mean no offline storage, just hot wallets. Once deposited ShapeShift controls your funds through the exchange and you must trust their security protocol. While there is the security bonus of not holding accounts and hot wallets on the exchange for hackers to raid, there seems to be plenty of confusion about where funds go once deposited with ShapeShift, especially during a failed transaction. On the user’s side, there is no security to be bothered with, no passwords or verification. Is ShapeShift Safe?Īlthough many people have used ShapeShift, the lack of security might raise a few concerns. Unfortunately, users report having coins disappear after failed transactions with little or no response from ShapeShift.įor all of ShapeShift’s simple offerings, it is quite unnerving to read so many bad experiences. Many claim to have lost funds completely or be stung by hidden exchange rates. A simple Google search will leave you a little horrified at some users experiences. The Negative: The web is littered with condemnation of the ShapeShift exchange. There are many 5 star reviews stating how the service is simple and effective. If you are exchanging the right way, then fees can be quite low. The Positive: As mentioned above, you can almost instantaneously wave a magic wand and turn your Bitcoin to Litecoin, handy for whatever reason you should have to do this. This makes relying on another positive public opinion very important.
It can also feel like you have little interaction to build trust with ShapeShift before depositing money. You don’t need an account or log in which makes it quick and easy. Like any company holding your funds, trust is important especially with large amounts. There seem to be varying thoughts from the actual users of ShapeShift.
Shift exchange software software#
ShapeShift also offers its API to allow users to create custom software to access and use their exchange. The service is one of the more anonymous options, with no need to create accounts, get verified or even leave an email address. If you’re trading in cryptocurrency then you’re good to go. They don’t use any fiat currencies meaning they don’t need banks or deposits in particular countries, this allows users to conduct their exchanges regardless of borders or location. ShapeShift is a Swiss-based company that provides exchange services for users across the globe. Or maybe you want to break up your Bitcoin into a different currency like Litecoin?
If you’re looking to take part in an upcoming ICO but you need Ether rather than Bitcoin, you can use ShapeShift to change up your funds. If you are an investor looking to widen your portfolio of altcoins, then it is a quick hassle-free way to buy virtually any altcoin from Litecoin to Zcash. ShapeShift wants to exist as an integral part of the blockchain ecosystem allowing people and applications to move seamlessly between various cryptocurrencies.
There are still some problems facing the company with reports of unhappy customers who have either lost money or been unexpectedly charged high fees. This is really useful if you want to quickly and anonymously exchange your crypto. ShapeShift offers a highly convenient service without the need to create an account or even provide an email. Bitcoin, Litecoin, Ethereum, and 50+ altcoins