Top 3 ShapeShift Alternatives for 2020
Now that ShapeShift appears to be moving away from its model of “anonymous” cryptocurrency exchanging, users are starting to look for alternatives. There are still a fair few solutions out there which provide exactly that functionality. The following options are ranked in terms of perceived overall market traction.
SimpleSwap is an anonymous exchange service offering limitless swaps of more than 200 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”.
We rank them #1 as they provide the best rates while maintaining a high standard of security and anonymity alike. The exchange was created by a group of multinational cryptocurrency enthusiasts with different backgrounds and is only gaining popularity as time passes.
Godex lists about 180 different cryptocurrencies and they seem to get a fair share of the market. Exchange fees are fixed the moment you create a transaction. There is no need to create an account, so users can trade anonymously. Since it is a developing project, some rates may go out of order, but otherwise a good exchange.
Although it would appear a lot of people have no idea this solution even exists, Flypme generates a small amount of volume every single day. Its support of over 2 dozen cryptocurrencies allows for some intriguing exchange pairs. Both top cryptocurrencies as well as smaller altcoins and ERC20 tokens are supported at this stage. The platform does not require users to register an account, and the exchange will take place on the fly.
It will be a bit difficult for Flypme to gain any real traction overnight. While the solution has a lot of merit on paper, it is evident ShapeShift dominated this market for far too long. It remains unclear if that particular firm will lose any real market traction in the coming months, depending on further changes to their business model as a whole.
Why not Changelly?
Some people may have noticed Changelly is not on this list, and for a good reason. The platform requires users to create an account, whereas the other three solutions on this list do not. As this list is all about platforms supporting “Anonymous” exchanging of cryptocurrencies, it is not just to include Changelly in these ranks.
What Happened to ShapeShift?
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.