Nonetheless, the trading fees are more expensive compared to Changelly, which charges a trading fee of 0.25. The platform charges a trading fee of 0.5, which accumulates via an exchange rate spread rather than a direct trading fee. Voorhees said prices on ShapeShift should benefit from DeFi liquidity as users gain more price exposure by routing orders through multiple exchanges. Trading Fees: ShapeShift trading fees are quite affordable. For example, Uniswap cites itself as the fifth-largest spot-trading cryptocurrency exchange, after riding $6 billion in monthly trading volume in both August and September that briefly surpassed dominant U.S. True DEXs are completely permissionless and have eaten into centralized exchange volumes over 2020. Read more: How the Incoming Administration Can Fix Crypto Regulation Counterparty no moreĭEXs operate as trading systems on top of blockchains, such as Ethereum. “Because ShapeShift is no longer acting as any form of financial intermediary or counterparty, this new, frictionless frees users from having to provide personal, private information,” a press release from ShapeShift states.
Usually regarded as a vocal libertarian, Voorhees said at the time that ShapeShift added the restrictions as “a proactive step … to de-risk the company amid uncertain and changing global regulations.” The decentralized protocols are now providing a superior service, so we’re embracing this evolution and helping our customers easily connect with them.” From KYC to DeFiįounded in 2014, ShapeShift added a KYC requirement to its exchange in September 2018 following “ duress” from regulators. Many wallets have integrated ShapeShift on. Voorhees's exchange was a prescient concept, as more and more crypto investors would seek out ways to trade cryptocurrencies without leaving behind a digital trail, as with centralized exchanges like Bittrex. ShapeShift is not only a cryptocurrency exchange, but one of the most popular cryptocurrency conversion platforms. “We had to be the counterparty – the market maker – to provide that service at scale. Shapeshift exchange was founded in 2013 by Erik Voorhees, a persistent personality presence in the larger cryptocurrency industry. “ShapeShift’s original model was designed to protect users, providing instant liquidity without requiring them to trust a custodian,” Voorhees said. Related: What Does It Cost to Become an FCA-Approved Exchange? EXMO Execs Explain The firm will gradually phase out its own centralized trading activity (and KYC policy) in favor of a decentralized alternative as it becomes “100% DEX-based for customers,” ShapeShift founder and CEO Erik Voorhees told CoinDesk in an email. The Colorado-based non-custodial exchange is now routing orders through decentralized finance (DeFi) applications in a bid to get rid of know-your-customer (KYC) regulations that gutted the cryptocurrency trading platform back in 2018.
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