The 4 Alternatives To Shapeshift
Following the announcement that Shapeshift will transform into an entirely custodial model that requires KYC for every crypto investors, members of the crypto community have protested against this development. Majority of this disgruntled users have pledged to ditch Shapeshift for its competitors. Fortunately, the market has numerous non-custodial exchange platforms that offer privacy to their clients.
Converting digital assets is fundamentally similar to swapping larger fiat bills into smaller denominations. For this reason, the imposition of KYC regulations on the latter is entirely unnecessary, although some people perceive it differently. By changing into a custodial exchange, Shapeshift has given up its iconic features that contributed enormously to its success. Most of Shapeshift users joined the platform because of its convenience, not for ulterior motives. Shapeshift had remarkably fast turnaround times, and there were no entry barriers.
Apparently, there is speculation data the decision taken by Shapeshift was influenced by US legislature, who might have threatened with subpoenas and subsequent prosecution if the exchange failed to comply. Therefore, it expected that all US-based cryptocurrency exchanges will undergo the same fate, especially if they become hugely popular. Still, the following services are a suitable alternative to Shapeshift for the swapping of digital assets.
Changelly
For a considerable period, Changelly was the platform that offered the greatest rivalry to Shapeshift. Changelly support several digital currencies, including Bitcoin Cash, Doge, NEO, and Ripple. Although this services requires the user’s email address, clients who desire privacy can provide encrypted addresses. However, it is advisable to excise caution when transacting in either large amounts of crypto or privacy coins since Changelly might enforce KYC in such situations.
Flyp.me
Erik Voorhees is capitalizing on the decline of Shapeshift by revamping its existing services as well as introducing new ones. As of now, Flyp.me supports 26 digital currencies, including both established and lesser-known altcoins. After the Shapeshift news broke, the daily trading volume on this exchange rose rapidly, surpassing its normal value of 4 BTC. Flyp.me is the haven of privacy, as it does not require an email address, and it does not use web tracking tools as well.
Changenow
Changenow is similar to Changelly, with the difference being that it operates smoothly and has fewer demands than Changelly. The platform’s coin listing is vastly assorted, featuring both leading cryptocurrencies are obscure altcoins. Generally, Changenow does not require user regulation or email address. However, in some cases, the exchange might leverage the automated risk management system to evaluate transactions. In such instances, a client might be obligated to provide a scanned copy of their official identification documents, as well as the source of the involved funds.
CoinSwitch
Regarding the variety of listed digital assets, no platform rivals the 300 different options featured on CoinSwitch. However, this platform’s design is based on the infrastructure used to build Shapeshift and HitBTC, and borrows its trades from Changelly. Furthermore, the platform does not clearly outline what it requires of its customers.
As a result of the transformation of Shapeshift, there is need for the introduction of a privacy-oriented digital exchange in the crypto market, preferably outside the unfavorable US. Out of the options mentioned above, Flyp.me is the standout choice, although its limited support for cryptocurrencies is an obvious letdown. Hopefully, the platform will up the ante or a new entrant will come in and improve on this particular shortcoming.