Most possibly, ShapeShift provides the fastest platform for exchanging blockchain assets and cryptocurrencies.
It takes only a few seconds to perform the exchange.
The “no fiat currency” policy adopted by ShapeShift has prevented the requirement of debit/credit cards, bank records or any other personal data in order to buy cryptocurrency. Thus, the risk of online robbery is minimized by safety and privacy.
Working Procedure of ShapeShift
In order to exchange value, a ShapeShift user has to mention the desired currency to be exchanged, and it is completed when the payment is verified. Different market sources provide the exchange rate, which remains invariable and independent of the volume of trade.
ShapeShift allows the users to go for anyone option between Precise and Quick orders. ShapeShift provides a deposit address to the user in which, altcoins are deposited every time before sending them to a receiving address. In case of a precise order, the amount to be sent is to be specified whereas, it is not necessary for a Quick order.
There are also a few tools provided by the platform such as Shifty Button or ShapeShift which create simple gateways to receive and exchange altcoins as a merchant and to use altcoins for purchasing items.
The trust issue is very significant when an investor is going to invest on a large scale. ShapeShift allows the investors to build trust before counting on it. That is why the positive and liberal attitude of the community is necessary.
As said earlier, exchange of cryptos using ShapeShift is almost instantaneous. Time is saved during necessity. At the same time, the cost is also very low if the exchange is performed maintaining the right protocol. Five-star reviews left by the users indicate the simplicity as well as the efficiency of the service.
There are also a few negative reports regarding ShapeShift. Many users claim to lose the entire fund or be stung by the hidden exchange rate. Objections about little or no help are also familiar when the coins are disappeared after incomplete transactions.
Not putting any password or undergoing no verifications may seem safe to the users, but there are few points to be concerned about. Questions are raised about what happens to the funds lost by failed transactions when there is security bonus for not having accounts or wallets. ShapeShift takes the control over funds once deposited, and users are left with no other options than trusting on their protocol.
Checking their customer support, we see both good and bad reviews.
During a good time of the company, users are overwhelmed with great support and feel delighted to give good reviews. On the other hand, the customer support team has to face the wrath of a bunch of the customers when they remain very busy with helping the other.
ShapeShift moves forward with a view to providing a flawless platform of cryptocurrency exchange. Bad experiences of some users provide an incentive to make up the security sector as soon as possible.