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This guide will teach you how to use Shapeshift with Coinbase, a popular cryptocurrency exchange.
Shapeshift is a website that allows users to trade cryptocurrencies. The shapeshift com reviews will help you decide if the service is worth using.
You’ve probably heard of Shapeshift.io. It’s a cryptocurrency exchange that operates in a somewhat different way than other, more conventional cryptocurrency exchanges. You may be asking how to utilize Shapeshift with Coinbase to make trades or purchase altcoins if you use Coinbase to buy cryptocurrencies with fiat money. Hopefully, this shapeshift review and instruction will address all of your questions.
What is Shapeshift and how does it work?
Shapeshift is a cryptocurrency-only trading platform. This implies you won’t be able to purchase bitcoin using US dollars, Euros, or any other government-issued money since it doesn’t function with fiat currencies. It’s only good for exchanging one token for another. Shapeshift isn’t the only cryptocurrency-only exchange on the market. In addition to crypto trading, several exchanges also provide currency trading. Shapeshift, on the other hand, is a non-custodial exchange, unlike most others.
What is a non-custodial exchange, and how does it work?
The majority of exchanges keep users’ tokens in wallets generated by the exchange. Bitcoins purchased on Coinbase or Poloniex are held in exchange wallets until they are withdrawn. This is contentious among crypto traders since exchanges do not provide its customers with the private keys to their wallets, implying that they do not have complete control.
Non-custodial exchanges operate in a unique way. These exchanges do not provide their customers with wallets. To get tokens, individuals must utilize their own wallets. Shapeshift may now be used with wallets from other exchanges, such as Coinbase or Poloniex, in addition to personal wallets. You will discover how to utilize Shapeshift with Coinbase in this review. Continue reading.
What are the benefits of using Shapeshift?
When Shapeshift first began trading, it provided anonymous transactions. There was no requirement for users to establish an account. This isn’t the case anymore. Users must establish an account to utilize the exchange since October 2018. As a result, anonymity is no longer one of the benefits. That isn’t to say it doesn’t have any advantages.
Ownership of the wallet:
Shapeshift is a non-custodial exchange, which means you’ll keep your currencies in your own wallets. This is beneficial not just because your wallet is really yours, but also because it is more secure. Because this kind of exchange does not retain any money, it is not a very appealing target for hackers. Shapeshift was hacked in 2016, however additional security measures have been implemented since then.
Speed and ease of use:
Shapeshift offers a fairly straightforward user interface. There are no unnecessary distractions or complex choices to browse. And transactions are completed fast, with just a few confirmations needed. Even inexperienced traders will find it simple to exchange their tokens.
Fees for Shapeshifting:
Every transaction is often charged a fee by exchanges. Some companies impose flat fees, such as 1% on all transactions. Others have varying costs based on the kind of transaction or the token being exchanged. Shapeshift is a unique experience. Except for a miner’s fee, which is usually considerably cheaper than what other exchanges charge, they have no costs. The miner’s fee is different for each cryptocurrency. The miner’s fee for Bitcoin, for example, is 0.00056 BTC. It’s 0.15 XRP for Ripple. It’s 0.003 ETH for Ethereum. The whole list of miner’s fees may be seen here.
Is there a limit to how much Shapeshifting you can do?
Shapeshift, like all other exchanges, has a transaction limit. The current transaction limit for authenticated user accounts is $10,000 USD.
How about a Shapeshift replacement?
Shapeshift isn’t the only non-custodial quick exchange out today, despite the fact that most crypto exchanges are custodial. Shapeshift has competitors in the form of CoinSwitch and Changelly. There are distinctions between the three in terms of the cryptocurrencies offered, fees, and trading time. Changelly accepts fiat money, whereas CoinSwitch has a wider selection of tokens. All of these alternatives for trading bitcoin are robust, reliable, and safe. Read about them and choose the one that best suits your requirements.
We’ll now go to the instructional portion of this post…
What is the best way to utilize Shapeshift with Coinbase?
If you’ve arrived here looking for information on how to use Shapeshift with Coinbase, you most likely already have a Coinbase account and have used it to purchase bitcoin, and now want to use Shapeshift to complete the transaction.
If you don’t already have a Shapeshift account, you’ll need to establish and authenticate one first.
Create a Shapeshift account and validate it:
- Go to the Shapeshift home page and click the middle-right “Sign Up” button.
- Complete the CAPTCHA and click “Sign Up.” Enter your email address, choose and confirm a strong password for your account, and click “Sign Up.”
- An email will be sent to the address you provided with an activation link. Click the link once you’ve opened it.
- It will be time to begin account verification after activation. Fill in the blanks with your name, date of birth, phone number, and address. Continue by clicking the “Continue” button.
- The next step is to confirm your identity. You may do so using one of three documents: government-issued identification, a driver’s license, or a passport. Choose the document type you wish to use, enter the document number, and click “Submit.” Then you’ll need to snap photos or scans of your documents to submit. Verification should take just a few minutes after upload.
- You’ll be prompted to set up two-factor authentication once your ID has been verified (2FA). This isn’t required, but it’s strongly encouraged. From the left-hand menu, choose “settings,” then “Setup 2FA” from the panel. To accomplish this stage, follow the instructions.
You’ll be ready to trade after you’ve completed the procedures above.
How to make an exchange using Shapeshift and Coinbase
Let’s say you wish to trade some Bitcoin in your Coinbase account for Ethereum, which will be put into your Coinbase account as well (it could also be any other Ether wallet).
- Visit get started, go to Shapeshift.io’s main page. You’ll set up your transaction in the right-hand box. Select Bitcoin from the drop-down menu in the “Deposit” box. Then go to the “Receive” box and choose “Ether.” There are two types of trading that are permissible: Quick and Precise. Click on “Precise” to get greater control over the exchange. The picture should now appear on your screen. Continue by clicking the “Continue” button.
- The screen below contains some helpful information. The minimum and maximum amount of Bitcoin you may trade, as well as the miner fee for the transaction, are all shown. You’ll also enter the amount of Bitcoin you’ll transfer here. You must also provide the address to which you want your Ether delivered, as well as an address to which you want your Bitcoin refunded if the transaction fails for any reason.
- Let’s go to Coinbase, login, and go to your wallets because we’ll be utilizing it to both send and receive.
- Click “Receive” under your Bitcoin wallet. This is where your refund will be sent. Copy it and paste it into Shapeshift’s “Refund address” box.
- Still on Coinbase, choose “Receive” from your Ethereum wallet. Shapeshift will send your Ether to this address. Copy it and paste it into the Shapeshift area where it belongs.
- Shapeshift will calculate the amount of Ether you will get based on the quantity of Bitcoin you wish to exchange.
- After you’ve completed all of the fields, agree to the conditions and click “Start Transaction.”
- Shapeshift will now display the address to which you must transfer your Bitcoin. Return to Coinbase and copy it.
- Click “Send” beneath your BTC wallet on Coinbase. Send your tokens to the address Shapeshift supplied.
- After that, all you have to do is wait for Shapeshift to complete the transaction (which should only take a few minutes) and transfer your Ether to Coinbase. The amount of time it takes to get a token will be determined by the token’s activity and the network’s activity.
Congrats! You’ve just completed a transaction using Coinbase tokens using Shapeshift.
To sum it up…
Non-custodial exchanges, like as Shapeshift, offer a fantastic way to rapidly trade crypto tokens for a reduced cost. You may utilize your current personal wallets or your exchange wallets since you select which wallets you use with these exchanges. You now know how to utilize Shapeshift with Coinbase by following the instructions described here.
Also see: What Is the Best Shapeshift Alternative?
Leave a remark or a question in the box below!
The is shapeshift safe is a question that many people ask. The answer to the question is, yes, it is safe to use Shapeshift with Coinbase.
Frequently Asked Questions
How do I connect Coinbase to ShapeShift?
ShapeShift does not have a direct way to connect the two. You can either use a third party service or create a wallet on Coinbase and use that wallet with ShapeShift.
How do you use ShapeShift Crypto?
ShapeShift is a service that allows you to trade between different cryptocurrencies without having to use an exchange.
How does ShapeShift exchange work?
ShapeShift is a company that allows you to exchange one cryptocurrency for another. For example, if you have Bitcoin and want to trade it for Ethereum, you would use the ShapeShift platform to convert your Bitcoin into Ether and then send the new Ethereum over to someone else.
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