Many people use Shapeshift every day. It offers a fast, reliable way to trade cryptocurrencies very easily. Maybe you have used this exchange yourself but like to keep your mind open to other options and are wondering “Is there any Shapeshift alternative?”. The good news is that there certainly is!
In fact, there are several…
What is Shapeshift?
Shapeshift is a cryptocurrency exchange. Like many others, it is crypto-only, meaning that you can use it to swap one kind of cryptocurrency for another but not to buy crypto with fiat currencies such as US Dollars or Euro. But unlike most other exchanges, Shapeshift is a non-custodial exchange.
Custodial exchanges, such as Coinbase, Kraken or Poloniex provide their users with crypto wallet addresses and exchanged tokens are stored in those wallets until the users withdraw them. So, if you want to use Coinbase to swap Bitcoin for Ether, then your bitcoins must be in your Coinbase BTC wallet and you will receive your Ether in your Coinbase ETH wallet.
Non-custodial exchanges work a bit differently. They don't provide wallet addresses for their users. Instead, users use their own personal wallets or those provided by custodial exchanges (you can check my article on how to use Shapeshift with Coinbase here). This means the exchange itself doesn't store any cryptocurrency, which makes it a much less appealing target for potential hackers.
Are there any Shapeshift alternatives?
While it is true that most exchanges out there are of the custodial variety, Shapeshift is not the only one of its kind. There are several shapeshift competitors. Other popular, instant non-custodial crypto-exchanges are Changelly, CoinSwitch, SimpleSwap, Godex, Bisq, Switchain and Flyp.me.
Let's have a look at them.
ShapeShift Alternative #1: Changelly
Changelly lists around 60 different cryptocurrencies for trading and you can buy seven of them (Bitcoin, Ether, Bitcoin Cash, Ripple, Litecoin, Binance coin and Stellar) with US Dollars or Euro. The exchange fee is a flat 0.25%. Users need to create an account to make trades but need only provide an email address. No personal data is required. A mobile app is also available.
ShapeShift Alternative #2: Godex
Godex lists about 210 different cryptocurrencies but doesn't support buying crypto with fiat currency. Exchange fees are fixed the moment you create a transaction. There is no need to create an account, so users can trade anonymously.
ShapeShift Alternative #3: SimpleSwap
Like the previous entry on this list, SimpleSwap allows anonymous trading and no fiat currency support. There are over 250 cryptocurrencies listed and users can choose to trade with a fixed or floating rate.
ShapeShift Alternative #4: CoinSwitch
CoinSwitch is different from most other entries on this list in that it's not an exchange, but rather an exchange aggregator. This means that CoinSwitch connects users with several other exchanges, including Binance, HitBTC and Changelly, so they can find the best deal. Users don't need to create accounts so anonymous trading is possible. The exchange fee system is a bit complicated since it also depends on the exchange where the trade is actually taking place but is estimated to be around 0.5%. CoinSwitch has the most cryptocurrencies of the exchanges on this list, with well over 300 tokens.
ShapeShift Alternative #5: Bisq
Unlike other entries on the list, Bisq isn’t a web exchange but rather a full desktop application, available for Windows, Mac, and Linux. It offers fast, anonymous trading between a little over 100 cryptocurrencies and some of them can be purchased with fiat currency. Fiat payment options include AliPay, MoneyGram, WeChat pay, Western Union, Uphold, and Zelle.
ShapeShift Alternative #6: Switchain
Like CoinSwitch, Switchain is an exchange aggregator that offers fast, anonymous trading between cryptocurrencies. However, the coin list isn’t as big. Switchain mainly trades between Bitcoin, Ether, Litecoin, Tether 0x and ERC-20 tokens listed on Binance.
Shapeshift Alternative #7: Flyp.me
Like ShapeShift or Changelly, Flyp.me is an instant, non-custodial crypto exchange. And like SimpleSwap, users don’t need to create an account to use the service, so anonymous trading is supported. The exchange fee is 0,5%. There is no fiat currency support and lists 30 different cryptocurrencies, including Bitcoin, Ether, Litecoin, DASH, BAT, Peercoin and Augur.
Using these exchanges is very easy, even for beginners because they all have simple, intuitive interfaces and Changelly even have a mobile app. Let's see an example…
Let's select Changelly as a shapeshift.io alternative and use their mobile app to trade 3.6 EOS for DASH.
- Open your Changelly app, type 3.6 and select EOS in the “You send” field and select DASH as the token you want to receive. The app will show you how much DASH you will be getting, as well as the exchange rate, fee and estimated time to complete the transaction. Tap “Swap now”.
- Here you must enter the wallet address where you want to receive your DASH. You can copy/paste the address or tap the green button in the top right to scan a QR code. Tap “Next”.
- Now the app will show you the final transaction details, including the network transaction fee. If everything is satisfactory, tap “Confirm & Make Payment” to start the process. Once you do so, the app will show the address you need to send your tokens to. In the case of EOS, this means an address and a memo (for other tokens you won't need a memo).
- Open your wallet and use it to send 3.6 EOS to the address and memo Changelly provided.
- Back on the Changelly app, it will show you the transaction has started.
- After a few minutes, the app will let you know the transaction is complete and your DASH tokens will be available in your wallet.
That's it! As you can see, the process is very straightforward. The other exchanges on this list work similarly, but through a web interface as no mobile apps are available for them just yet.
So the answer to the question “Is there any Shapeshift alternative?” is a solid “yes”. There are many alternatives to Shapeshift and some of them have been outlined in this article. Choosing among them may depend on the specific token you want to exchange, the fee you will have to pay or your desire or need for anonymity. Feel free to explore them. They are all fast, safe and well worth your time.
Read Also: How to use Shapeshift with Coinbase