Created in 2013 by Erik Voorhees, Shapeshift is a conventionally decentralised crypto exchange platform, one that operates on more or less the same base principles that we see in other exchanges on the Internet.
Unsurprisingly, the platform saw some fame in the early years, but of late, they have been seeing some slumps in their visits and trade rates, something that directly lead to the establishment of Shapeshift competitors. In recognition of this, we bring you this comprehensive look at the topmost Shapeshift competitors available today.
Shapeshift Disadvantages
- Long history with failed transactions and coin withdrawals
- Rather shrouded operation
- Unresponsive ‘support’ panel
- Lack 2FA and KYC procedures
What to look for in an alternative
An appropriate alternative to Shapeshift would be one that satisfies needs from all the areas where the platform lacks. Of course, there are prerequisites, these being issues that have to do with site security, support availability and the like. You should always look for the best of these. Public reputation through history is another eye opener to what sites are all about.
Top Alternatives to Shapeshift
CEX.io
In more ways than one, CEX is far better than Shapeshift. The platform came online a while back, in 2013. Since then, it has seen nothing but continuous rise in fame and recognition. Ironically, the larger majority of its visitor base is seen to be in the United States, even though the exchange itself was developed in Europe, where it is operated from the United Kingdom, in London to be precise.
Still, its coverage is on a global scale, allowing service access to residents of most, if not all, of the world’s major cities. What is most admirable of the operator is their sheer resilience, where they effectively managed to establish a formidable force in the world of crypto trade. As for the actual operational aspect, CEX is quite outstanding, supporting dozens upon dozens of different crypto coins and sub-chain tokens alike.
This is inclusive of all the known mainstream coins, the likes of Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP) and Litecoin (LTC). For the benefit of those newcomers to the industry, the platform operators include a short step by step description of each and every trade operation.
This adds on top of the already fluid under interface, where all pages load in time and user operations are executed promptly. These are some of the reasons why users prefer using this platform.
Features
- CEX features quite a number of payment models, the likes of MasterCard, Visa, Credit/Debit cards and SEPA, just to mention a few. They also support the usage of external crypto wallets to make payments.
- A supportive customer care panel is readily available for all player inquiries
Pros
- Regulated in most countries across Europe
- Solid operational background
- Makes use of a secure account wallet
Cons
- Transacting can be a bit pricey, where they deduct no less than 7% as part of the fee charges
Binance
Traders and investors from all parts of the world make use of the services provided by Binance. It is, in fact, one of the largest and most prevalent cryptocurrency exchanges found on the Internet. Their range of supported coins is simply amazing, where they feature hundreds upon hundreds of coins and tokens, the likes of mainstream cryptos such as BTC, ETH and LTC, along with smaller digital assets such as SAT and BNB. All these, and more, can be purchased, sold or stored on the platform with just a few simple steps. One particular aspect that puts Binance on top of many other exchanges it that of pricing, where it may as well be the most affordable platform of all. Transaction fees are very low, and only apply to those operations that are dine in relation to fiat carriers and currencies. The same applies for the deductions made in the Binacne account wallet for storage space. The platform UI is quite impressive, seemingly designed to be user friendly to newcomers and professionals alike.
Features
- Binance features its own native token, the Binance Coin (BNB). Using it comes with advantages in terms transaction rewards and ongoing cashbacks
- A range of payment models are accepted by the exchange, the likes of Credit/Debit cards, SEPA, Bank Transfers, PayPal and Western Union, just to mention a few.
- The loyalty reward program is facilitated by Binance Earn, which runs all the necessary calculations and fund allocation
Pros
- Ranging crypto variety
- Fast and affordable transactions
- Navigable user interface
- Gives out loans
Cons
- Regulations
- Somewhat limited customer service panel
Coinmama
This platform is quite notable in the world of crypto trade, highly regarded for its vast support of different blockchain cryptocurrencies and lesser sub-chain tokens. Theses cryptos can be purchase with more than one method, where the platform also allows direct trades amount individual users, besides the default market purchase. A couple other trade types are supported by the exchange, a good example being the crypto transaction that allows you to fund your account with crypto using an external wallet as your financial source. You can then use these funds to make direct trades for whatever crypto you want, provided that it is available in the exchange. To date, global projections suggests the platform is more famous in the United States and surrounding areas. Still, most cities in the world are given access to their services.
Features
- The banking system facilitates in trades between payment methods likes MasterCard, Visa, PayPal, ApplePay, Western Union and Bank Transfers, among others
- An automated assistant broker is provided, available to all users
Pros
- Reasonable withdrawal limits
- Allows both fiat and crypto modes of payment
Cons
- Trading may be a bit pricey with above average charges
BitPanda
Wind of this exchange first came by around 2013, where the official online platform was finally released in 2014. Having been active for such a long time, the operators are sure to be adequately equipped with the strategic knowhow for user satisfaction. They are said to be an Austrian platform, supposedly regulated by the local authority there. Initiating a trade operation is fairly simple, where you only need to make sure that you place the purchase order over a pre-funded account wallet. Still, their user interface could do with some shavings to make it more welcoming to new users, and easier to understand for the rest of the visitors alike.
Features
- Live Market rates are provided for all users to enjoy
- A starter guide is given for those looking to understand the platform a bit more
Pros
- Multiple trade types
- Global coverage
- Facilitates in fast trade
Cons
- Unclear fees
KuCoin
The operators of this exchange come through with a simplistically designed user interface, one that offers you several options of trade types. Admittedly, their coin support so quite low when put into comparison with that of other platforms. Still, they do quite well to make up for their lack thereof in the rest of their services.
Features
- A handful of fiat payment models are supported, the likes of MasterCard, Visa, Credit/Debit Cards, Bank Transfers, Skrill and so on.
- Make use of their own token, KuCoin Shares (KCS)
Pros
- Fairly paced transactions
- Navigable interface
Cons
- Questionable banking services
Local Bitcoins
Of course peer to peer crypto trade is nothing new to the industry and investors at large, but it is a rather difficult task to find a single platform that does it as good as LocalBitcoins. This may be the most straightforward way of trading in crypto, where users simply need to create and account with the platform, then log onto the platform.
You, the buyer, need to place a purchase order, clarifying the currency you want as well as the amount and any other required trade parameters. On the other side, the seller does the same log on procedure, then puts up a trade advert, providing data pertaining to the amount they are willing to sell, and of what coin or token.
Now, the LocalBitcoins algorithm comes into play, where it acts a go between for the buyer and the seller. It connects the two, requirement to offered availability. So on your end, you receive a notification of the matched advert, and the buyer gets one too. With your confirmation of the transaction order, the funds are transferred from the buyer and held by the platform while it runs final validation checks.
If both parties pass, the order is executed and you will receive your coin. Granted, this all occurs with lightning speed in the blockchain, so you should only wait for about a couple of seconds while your order is parsed.
Features
- Allows quite a number of fiat carriers, the likes of Wire Transfers, MasterCard, Visa and so on.
- You are aided at every point during your transaction by the dedicated Escrow program
Pros
- Instant trades
- Vast coin support
- Ease of use
Cons
- Bank cards are not supported
EXMO
EXMO is highly reputed by crypto brokers across the globe, where it is regarded as the best trade facilitator on the Internet. Now, we are not in full acceptance of such a remark, but we do know that their trading services are on point, where they show a truly impressive level of consistency with all the dozens of featured coins and tokens. The user interface is especially designed to be fluid and efficient from the moment you place your order, till you confirm it and receive your crypto as required. A couple of fiat payment options are supported, but you should expect a standard transaction fee of around 0.4% of the total amount in transit.
Pros
- Well crafted UI
- Numerous trade options
- Reliable customer support panel
Cons
- Some serious traders may find the coin collection to be a bit insufficient
How we picked and tested
Well, there was no way to do it other than taking the hard route. This typically involved a comprehensive listing of crypto exchanges, as many as could be found. Then we listed out a number of key factors, pertaining to aspects like speed, efficiency, reliability, ease of use, coin range, payment options and trade types, among others. From there, we did strict screening, further increasing our expectations at each stage, till we came to the featured ranking above.
How to choose the best Shapeshift alternative
It is key to understand what you do not admire about Shapeshift. This is the exact data that you then use to make your choice, where they will pivotal to your expectations from the so called alternatives.
Conclusion
As seen in this review, there are quite a number of sites like Shapeshift, and with more and more adventurous developers emerging each day, the current figures are sure to keep increasing. That said, Shapeshift is not all bad, where the operator simply needs to be more attentive to what users require.
