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The 7 best ShapeShift alternatives to use in 2020

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ShapeShift Alternatives – a look into the popular choices

With the popularity of cryptocurrency gaining momentum, one might have come across ShapeShift, an exchange service used for the swift buying and selling of cryptocurrencies.

Since it’s always a good idea to never rely only on a single solution to solve our problems, one must keep their options open and their knowledge up to date about what different alternatives of that solution are available.

In this article, we will be doing exactly that and will be discussing the different alternatives to ShapeShift available.

What is ShapeShift

ShapeShift is a cryptocurrency-to-cryptocurrency trading service that began in 2014. ShapeShift service allows people to exchange one cryptocurrency with the other, making it a good option for someone who wants to get altcoins.

Since it is crypto only, it cannot be used to buy fiat currencies like USD or Euro.

But in 2020 there is no longer just the easy trade crypto A for crypto B service from ShapeShift. No, they have also started a regular cryptocurrency exchange also.

The new cryptocurrency exchange is called ShapeShift, here you can buy, trade and hold cryptos like at any other crypto exchange.

And the previous ShapeShift is now called ShapeShift Classic. Here you can easily swap your cryptos for others in an easy fashion.

ShapeShift Classic website
ShapeShift website

Benefits of using ShapeShift

ShapeShift brings a lot of benefits in with its service.

Pros

  • Non-custodial – Instead of wallet addresses, users use their own personal wallets or those that are provided by other custodial exchanges like Coinbase.
  • An unappealing target for hackers – Since none of the cryptocurrency is stored by the exchange, it is an unappealing target for theft by hackers.
  • Obtain altcoins quickly – Altcoins (coins other than Bitcoin) can be obtained quickly without having to use fiat currency.
Cons

  • They take a 0.5 fee for the trade
  • The conversion rate can at times be less than ideal compared to when using a cryptocurrency exchange

Trading fees

Shapeshift does not have any exchange or service fees. The conversion charges that ShapeShift does impose is only the mining fees.

The transactions are not subject to slippage (the difference between the anticipated price of the sale and the price at which the trade is actually carried out).

Users have to use the exchange rates provided by them which are the same as coincap.io. If an external wallet is used like Coinbase, then the amount that should be transferred would be the Coinbase fee plus the amount of ShapeShift transaction.

Available Cryptocurrencies

Shapeshift is known for the variety of cryptocurrencies available on its platform. Bitcoin, Ethereum, Bitcoin Cash, BAT, Ethereum Classic, Monero, Dash, Ripple, ZCash, etc.

It has a repository with ICOs and tokens that are also available for trading. Hard-forks are also supported by it, thus it includes Bitcoin Cash, Bitcoin Gold and Ethereum Classic.

The quick availability of more than 50 cryptocurrencies and ICOs, some of which are also shown below, makes Shapeshift an enticing platform.

Available Cryptocurrencies at ShapeShift Classic

Best ShapeShift Alternatives

Although many cryptocurrency exchanges are custodial in nature, many good alternatives for ShapeShift exist. Let’s throw light upon 7 alternatives which are topmost contenders in my eyes.

Best ShapeShift Alternatives

CONTENDER # 1 – Changelly

Changelly, which is ShapeShift’s closest competitor, is also a cryptocurrency exchange service.

It has the chance to build itself as the industry leader for cryptocurrency exchanges. It is currently offering around 130 different cryptocurrencies including bitcoin gold, ripple, doge, and neo.

Out of these, seven cryptocurrencies, Ether, Bitcoin, Litecoin, Bitcoin Cash, Binance coin, Ripple, and Stellar can be bought using Euro or USD.

Changelly Crypto Exchange contender to ShapeShift

 

PROS

  • An easy to use and understand user interface.
  • Users are required to register using their email address only. However, this requirement can easily be bypassed using an alias email ID.  No other personal information is required. Those who are more concerned about their privacy can opt for encrypted email providers like Tutanota.
  • Only flat 0.25% exchange fee is charged.
  • Ease of access is provided using a mobile app which is available on the playstore. You can sign in on Changelly here.
  • Non-custodial like ShapeShift.

CONS

Some controversies are however also associated with Changelly. Many users have accused the exchanged service of withholding suspicious transactions, holding Monero, and enforcing KYC before releasing funds.

Changelly, however, denied these allegations and claimed to have no prejudice against Monero.

According to them, these changes were just a part of company policy to know their customers better, in lieu of the increasing number of money laundering incidences using Changelly.

Swap cryptos easily at Changelly

CONTENDER # 2 – Godex

Godex is another cryptocurrency exchange service. There are about 210 cryptocurrencies listed on GODEX website.

Godex cryptocurrency exchange platform

PROS

  • Users do not need to register or create an account. Thus, users can trade anonymously.
  • Unlimited amount of currencies can be swapped with each other.
  • Once the transaction is created, the exchange fees are fixed to protect the users from price fluctuations. The fixation will remain in case of funds arriving within 30 minutes of transaction creation.

CONS

  • Cryptocurrencies cannot be bought using fiat currencies.
  • The service is unable to return lost deposits e.g. If a user forgets or doesn’t add destinations tags or payment ID which is mandatory, the deposits are simply lost rendering a lot of users disgruntled. 

CONTENDER # 3 – SimpleSwap

SimpleSwap ShapeShift alternative

The third alternative to ShapeShift is SimpleSwap which, like its competitors, is a swap service for cryptocurrency exchanges of more than 300 cryptocurrencies.

How SimpleSwap works for swapping cryptos for another video screenshot

PROS

  • It offers two types of exchanges; floating and fixed rates. Floating, of course, moves with current market rates and could potentially get you a cheaper rate.
  • An exact estimated amount is received under a fixed rate as it is independent of the market’s variance.

CONS

  • When utilizing fixed exchange rate, the user has to send the deposit within 20 minutes, as the exchange service is exposed to risks due to market volatility.
  • It seems to be a lot slower than ShapeShift. Customers often have to wait overnight or later in the day to get their coins.
  • Unlike Changelly and ShapeShift, SimpleSwap users do not know the exact amount they would be receiving after the deduction of network fee.
  • Some collaborating partners of SimpleSwap may request a picture of a valid ID card along with the origin information of coins by virtue of their risk assessments and Europe’s AML instructions.

CONTENDER # 4 – CoinSwitch

CoinSwitch start page a ShapeShift alternative

CoinSwitch is a different type of ShapeShift alternative to the rest.

In that it is not a cryptocurrency exchange service, but an exchange aggregator.

An exchange aggregator connects users to other exchange services like Changelly, Binance etc. It offers the trading of more than 300 cryptocurrencies.

Sign up with CoinSwitch and get $5 for free using this link when buying for a minimum of $100

CoinSwithc list of exchange alternatives to use

PROS

  • The CoinSwitch marketplace removes the need for users keeping multiple or even account across multiple cryptocurrency exchanges.
  • One can compare rates of multiple exchanges and find the best one in a single place thus saving time and hassle.
  • Currencies can be bought using fiat currencies. Currently USD, JPY, RUB and EUR can be used to purchase 100+ cryptocurrencies.
  • The fee charged by CoinSwitch does not include the network fee, neither does the exchange charge any amount itself. A conversion fee of only 0% – 0.49% is charged depending upon the exchange service selected by the user.

CONS

  • The service does not communicate what kind of information it collects from its users.

CONTENDER # 5 – Bisq

Bisq decentralized p2p exchange

In contrast to other contenders on this list, Bisq (Bitsquare) is not a web exchange service but rather a desktop application available for Windows, Linux and Mac operating systems.

Offer makers are charged 0.1% trading fee whereas offer takers are charged 0.3%.

The minimum fee in either of these cases is 0.00005 BTC.  Also, it is one of the few “decentralized” exchanges. This means that Bisq is not limited to one country and this paves the way for many advantages and well as disadvantages.

You can download Bisq for your OS here.

Main features of Bisq

PROS

  • Since Bisq is decentralized in nature, it does not have direct control over its platform making it a very secure option for peer to peer trading.
  • Allows anonymous trading.
  • No personal information is required to be submitted before doing the trade.
  •  The exchange itself does not have access to the user’s funds.
  • Trading of fiat currencies is allowed, which can be deposited to a user’s bank account by bank transfers.
  • Most Bisq trades complete successfully because of its security deposit policy.

CONS

  • By virtue of its decentralized nature, the exchange service is slow and has a low trading volume.
  • Credit cards are not acceptable as a form of payment, so this can deter users who prefer credit cards for making payments.
  • Many users have complained its user interface of lacking efficiency, smoothness of functions and being too simple overall. 
  • Limits on trading amounts are imposed to demotivate fraud in fiat trade.
  • A critical security vulnerability in Bisq software resulted in a hacker stealing $250,000 worth of cryptocurrency, which means that the decentralized exchanged isn’t 100% exploit proof.

CONTENDER # 6 – Switchain

Just like CoinSwitch Switchain is also an exchange aggregator that offers anonymous trading. It mainly trades between Ether, Litecoin, Bitcoin, Tether 0x and ERC20 tokens listed under Binance.

Switchain a simple to use crypto exchange service and alternative to ShapeShift

PROS

  • Only fixed exchange rate is provided, which means users will get the exact amount they confirmed regardless of how much time it takes.
  • No extra fees. Switchain receives 0.5% commission fee on every trade from its partners.
  • No account is needed to exchange cryptocurrencies.

CONS

  • A large variety of cryptocurrencies is not offered for trading.
Main features of Switchain

CONTENDER # 7 – Flypme

Flypme anonymous crypto swapping service

Flypme is the last contender on our list of ShapeShift alternatives.

It is an instant crypto exchange service that is non-custodial in nature like ShapeShift and Changelly.

Here you can trade cryptocurrencies anonymously. No need to sign up with KYC and AML checks.

Main features of swapping exchange Flypme

PROS

  • Supports anonymous trading.
  • No need of creating accounts.
  • Does not collect personal information.
  • Exchange fee is only 0.5%.
  • The user is always in control of his/her funds.
  • Users have an option to become FYP token holder and then earn 50% of profit sharing.
  • The exchange rate is fixed.
  • In case of wrong amount of cryptocurrency sent, the amount can be refunded.

CONS

  • No fiat currency support.
  • Less variety of cryptocurrencies, around 30+.
  • Gathering enough liquidity is still a challenge.
  • There is a limit on the maximum amount for each exchange.

Conclusion

So, concluding our discussion we see that there are many alternatives to ShapeShift that you could use.

Many may be better than ShapeShift depending upon one’s requirement; the tokens that we want to exchange, trading fees, privacy concerns, or the need for anonymity.

For example, if I want an exchange service that is non-custodial, available easily on the go in the form of an app, has a vast variety of cryptocurrencies, and has a fixed fee, probably I would opt for Changelly.

Similarly, if decentralization is my topmost priority, I should give Bisq a try.

It’s always a good idea to keep oneself with the latest updates or services that these exchanges bring with themselves so that we can shift to and opt for the one that best suits our needs.

If you liked this article then please share it with others!

Find other guides:

  1. Best way to invest in crypto
  2. Bitcoin investing guide
  3. Best Ethereum wallets
  4. Where to buy Ripple with a credit card
  5. The best crypto tax tools

Source: https://gocryptowise.com/blog/best-shapeshift-alternatives/

Blockchain

Chainlink Price Prediction: LINK Soars 30%, Bulls Aim Higher Towards $14

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  • Chainlink decouples from Bitcoin and other major currencies, rallying to highs above $10.
  • LINK/USD has the potential to keep the uptrend going, a descending wedge pattern breakout is in the offing.

Chainlink rallied massively in the last 24 hours, reminding investors in the cryptocurrency market that we are still in a bullish market. The last three weeks have not been particularly rewarding for not only LINK but also other digital assets. For instance, Chainlink continued with the downtrend started in August after trading all-time highs of $20.

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Initially, support was established at $14, and for some time, it kept bears in check while allowing buyers to focus on higher levels. A minor recovery just before September revisited the resistance at $18. However, declines ushered in the new month, leading to losses under $10. Chainlink explored the rabbit hole towards $7.

Over the last 24 hours, the smart decentralized oracle live price feed token resumed the uptrend. LINK climbed above key levels including $10. Unfortunately, it has been an uphill task breaking the resistance at the 100 Exponential Moving Average (EMA) in the daily range. LINK/USD has retreated to $9.8 amid attempts from the bullish camp to pull above the $10 key level.

Read also: Bitcoin Technical Analysis: BTC Retreat Imminent After Hitting Barrier At $10,800

LINK/USD daily chart

LINK/USD price chart
LINK/USD price chart by Tradingview

Intriguingly, Chainlink still has the potential to continue with the uptrend. The losses incurred in the past few weeks have narrowed into a descending wedge. LINK/USD is very close to breaking the upper trendline resistance. The much-anticipated move depends on the ability of the bulls to disperse the seller congestion at the 100-day EMA. Following the breakout, more resistance should be expected at the 50-day EMA ($11.45) as well as $14.

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LINK Intraday Levels

Spot rate: $9.80

Relative change: -0.07

Percentage change: -0.53

Trend: Short term bearish bias

Volatility: Low


To get the daily price analysis, Follow us on TradingView

Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/chainlink-price-prediction-link-soars-30-bulls-aim-higher-towards-14/

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Blockchain

Bitcoin Technical Analysis: BTC Retreat Imminent After Hitting Barrier At $10,800

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  • Bitcoins bullish momentum loses steam on encountering the 50-day EMA resistance.
  • Declines linger as long as BTC cannot climb above the 50% Fibonacci level.

Bitcoin explored levels in the key support range between $10,000 and $10,200 earlier this week. The last few days have been used by the bulls to correct the retracement from the resistance at $11,200. Initially a hurdle at $10,600 sent buyers back to the drawing board. However, Bitcoin sprung upwards once again on Thursday. This time the hurdle at $10,600 was easily pushed into the rearview. Unfortunately, bulls seem to be struggling with the resistance at the 50% Fibonacci taken between the last swing high of $12,484 and a swing low of $9,050.

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The Relative Strength Index (RSI) has recovered from levels closer to the oversold but is holding ground at the midline. A sideways movement suggests that bulls are getting exhausted. It is essential that the resistance at $10,788, a confluence formed by the 50-day Exponential Moving Average (EMA) and the 50% Fibonacci level is overcome.

Read also: Bitcoin Price Prediction: BTC Upward Momentum Stalls Under $10,600 But Bulls Eye $11,000

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The movement to the north will give the flagship cryptocurrency energy to bring down the resistance at $10,800. Buyers will also get an opportunity to shift their focus to $11,000 and $11,200, respectively.

It is worth mentioning that the failure to rise above the immediate resistance at the confluence could culminate in Bitcoin settling for a retreat in order to create demand at lower levels. On the downside, support is envisaged at the 100-day EMA. If declines overshoot this zone, the support range at the beginning of the week will come in handy. Note that, September’s primary support at $9,800 remains intact and the last resort that could be used to halt declines eyeing $9,500 and $9,000.

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Bitcoin Intraday Levels

Spot rate: $10,706

Percentage change: -0.32%

Relative change: -0.34

Trend: Short term bearish bias

Volatility: Low

Read more: Four Things to Know About Purchasing Bitcoin Safely


To get the daily price analysis, Follow us on TradingView

Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/bitcoin-technical-analysis-btc-retreat-imminent-after-hitting-barrier-at-10800/

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Coronavirus vaccination in Brazil to be monitored using blockchain

Brazil planning to issue coronavirus vaccines starting January 2021 Blockchain technology will be used to trace the vaccination Brazil eyeing China’s CoronaVac Brazil is dispensing coronavirus vaccination nationwide, and the plan is to leverage blockchain to monitor the progress. A new YouTube webinar shared by Brazil’s Ministry of Justice and Public Security engaged in talks […]

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  • Brazil planning to issue coronavirus vaccines starting January 2021
  • Blockchain technology will be used to trace the vaccination
  • Brazil eyeing China’s CoronaVac

Brazil is dispensing coronavirus vaccination nationwide, and the plan is to leverage blockchain to monitor the progress. A new YouTube webinar shared by Brazil’s Ministry of Justice and Public Security engaged in talks regarding the value of blockchain technology in various areas.

During the discussions, talks on the influence blockchain technology have had in tracking the novel coronavirus pandemic emerged. On September 9, Brazil’s health minister reportedly announced that COVID-19 vaccinations would commence January next year. The South American country is now planning to utilize the National Health Data Network (RNDS), which is based on the blockchain during the exercise. 

Coronavirus vaccination to start in January

The blockchain system, created using Hyperledger’s Fabric blockchain structure, will keep an eye on anybody who has been vaccinated. According to Raposo Oliveira, the coordinator of system developments in Brazil’s Ministry of Health, the coronavirus vaccine is within the blockchain system. It will assist in tracking whoever takes a vaccine.

After each coronavirus vaccination, the blockchain system will get information regarding who got the vaccine. Afterward, the system will record the data on the blockchain. According to Oliviera, the blockchain system’s goal is to boost information exchange within the Health Care Network, enabling progressive care in both the public and private health sectors.

Furthermore, the RNDS system allegedly enables more significant cases and vaccination tracing, efficient data management, and clarity. Moreover, apart from monitoring coronavirus vaccinations, the system also contains other patients’medical history patients, including the diagnosis and medications.

The fight against coronavirus

Brazil is adapting to a coronavirus vaccine created as a partnership between the British Pharmaceutical firm, AstraZeneca, and Oxford University. The vaccine is called the Oxford Vaccine. Furthermore, Brazil is watching a vaccine from China dubbed CoronaVac. Notably, the vaccination was developed as a vaccination partnership between two nations. 

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