Top 5 alternatives to Shapeshift in 2018
Explore how to choose an instant swap service and find the best alternatives to Shapeshift with Guarda Wallet team.
Blockchain technology provides users with a thing people naturally strive for – anonymity. Banks and governments fully control the use of traditional money, so people who got fed up with being watched switch to a more secure option of using cryptocurrency. However, not everything is ideal in the crypto scene – in 2018 Shapeshift, one of the leading cryptocurrency exchange platforms is making it compulsory for the users to undergo KYC (know your customer) procedure for all the transactions made through the service. Shapeshift used to be one of the first platforms for anonymous transactions – now it has fully transformed into a compulsory KYC-based exchange. This transition made Shapeshift lose the key feature so important to its success.
In the light of these events, we compiled a list of alternative exchange services that usually do not require KYC. A note, however, is, that even these services have a right to ask for the user’s personal data when in doubt.
To make the process of finding a service easier, it is also important to follow a few simple steps we mention below.
How to choose an exchange?
In order to find a suitable exchange service, a user needs to pay attention to several factors:
- Trading pairs.
Some exchanges only specialize in well-known, hyped-up cryptocurrencies. So, after deciding on a trading pair, the user needs to check if the currencies chosen are available on a taken service.
- Registration and KYC.
Before making an exchange, it is important to decide whether it is feasible to undergo the KYC procedure. If the goal is to avoid KYC, it is advisable to turn to decentralised exchanges.
- Daily trade volume.
One of the crucial factors of exchange quality is the trade volume. By checking it, the user can find out if the service is in use and evaluate the movement around the selected pair of crypto.
Where can I exchange cryptocurrency anonymously?
ChangeNOW – a leading non-custodial crypto exchange service
ChangeNOW is a non-custodial exchange service created for simple, user-friendly and seamless exchanges. The platform supports over 150 coins – starting with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero and ending on the rarest tokens on the market. The list of supported currencies is increasing rapidly from week to week. ChangeNOW’s policy implies that cryptocurrency exchanges should be understandable, so the interface is simplified and optimized. Users are not required to register or enter their email address to carry out exchanges.
More information on – changenow.io
Flyp.me – completely private cryptocurrency exchange with a peculiar coin variety
Possibly the most obscure competitor on the list, Flyp.me is completely private – to make sure the user’s anonymity is not violated in any way, the service does not even ask for an email address.
The supported coins end at 26. Majority of them are well-known cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC), but and few questionable altcoins are also there for users to exchange. Flyp.me does not make their users undergo registration or KYC. The confidentiality, however, does not make this service less “mysterious”.
More information on – flyp.me
Changelly – main Shapeshift competitor with email verification
This cryptocurrency exchange had been Shapeshift’s competitor for a while and now finally has a chance to rocket up. Founded in 2013, Changelly provides the users with the ability to instantly and securely exchange popular cryptocurrencies and over 100 altcoins at the best rates. The list of supported coins includes Bitcoin Cash (BCH), Ripple (XRP) and NEO. Cryptocurrency purchases with bank cards in also possible on this exchange. An email address is needed to start using the service, but ones desiring complete anonymity can always turn to encrypted email providers.
More information on – changelly.com
CoinSwitch – exchange with over 300 currencies
A crypto exchange aggregator, CoinSwitch provides an unreachable amount of over 300 listed cryptocurrencies, comparing the rates of various exchange platforms in search of the best deal. The exchange works independently from the user’s personal details and does not need registration. However, there is one major drawback of this service – CoinSwitch operates on existing platforms (including ChangeNOW, Changelly, Shapeshift and Hitbtc), so there is no real clarity on the information it requires from the users.
More information on – coinswitch.co
SimpleSwap – the simplest exchange platform out there
SimpleSwap is an exchange service offering limitless swaps of more than 100 crypto coins. The service provides a simply manageable platform with no registration required. As the website states, it is possible to make an exchange on SimpleSwap in two clicks and that the process of exchanging crypto should be as easy as “a daily shopping trip”. The exchange was created by a group of multinational cryptocurrency enthusiasts with different backgrounds and is only gaining popularity as time passes.
More information on – simpleswap.io