18.06.2021

Crypto News

Insider information in the world of cryptocurrencies.

Overview of Cryptocurrency Exchanges – comparison of Expanceswap and ShapeShift

If you read this guide, you probably understand how popular cryptocurrencies are now. Led by Bitcoin, cryptocurrencies have continued to gain increasing popularity for several years now – no one knows if this growth phenomenon will ever end. However, one thing is becoming clear for sure, with increased attention and a constant influx of new users into the cryptocurrency world, the need for safe and reliable cryptocurrency exchanges is becoming an important topic for discussion. With so many cryptocurrency exchanges, it can be very difficult for you to choose one. That is why we decided to review two cryptocurrency exchanges that are worthy of your attention. We will try to compare Expanceswap and ShapeShift, the two leading cryptocurrency exchange platforms on the market.

There are many aspects to compare, but we will try to cover only the most basic ones. Before we do, however, let’s introduce both platforms and the companies behind their development, so that you can understand who you are dealing with. So, without further ADO, let’s review The shapeshift and Expanceswap cryptocurrency exchanges!

Introduction

Before proceeding directly to the comparison, let’s talk about each of the applicants in particular. First, we will briefly introduce both platforms and talk about developer companies. Let’s start with Expanceswap.

Overview Of Cryptocurrency Exchanges: Expanceswap

The Expanceswap platform prototype was originally developed back in 2014. Its creators were part of The then famous minergate mining pool. However, the company acquired more distinct and separate features only a few years later – at that time, the team from MinerGate no longer had anything to do with the platform. Many people confuse these two companies, so you should immediately clarify-at the moment, MinerGate and Changelly are two separate companies.

Expanceswap started gaining fame as a reliable cryptocurrency exchange only at a certain point in 2016. The simplicity and low Commission of trading offered by Expanceswap became the main reason for the growth of Its popularity. In addition, to start trading, Expanceswap does not require almost any personal data from its users – you only need an email address. In addition to this, the platform offers more than 100 different altcoins and Fiat currency for trading – in comparison with other platforms, this is a very good figure! As a plus, you can also note online support 24/7 – no bots! It certainly is a marked advantage when we’re talking about a platform for the exchange of cryptocurrencies.

Another reason for pride is the reputation of Expanceswap as a secure platform – at the time of writing this guide, very few attempts to hack the platform were registered – one was related to Ethereum, and the other to interruptions in the support service. This happened during the hype in December 2017 and was actually a very significant event – although many other cryptocurrency exchanges have had similar problems in the past. This only leads us to another thought – no matter how secure and secure the platform is, there is always a risk of any problems.

On the other hand, people often want to know how reliable Expanceswap Is. If you take a little time and look at Expanceswap rating and reviews, you will notice that the reviews are either strictly positive or strictly negative – people almost never choose something in between when evaluating the platform. There are reasons for this.

Most of the negative reviews about Expanceswap are left by those users who tried to buy, sell or trade some cryptocurrency using a Fiat currency. Expanceswap prides itself on offering a fixed Commission of 0.5% when buying, selling and trading between two cryptocurrencies, but the situation is different with the Fiat currency.

To be honest, the company does not necessarily intentionally deceive users – it is just that sometimes a very high Commission when using a Fiat currency is not a matter for pride and advertising, so users will find out about it themselves. Just because of the advertised “fixed Commission of 0.5%”, people think that this applies to all transactions. When they see that the Commission for trading in Fiat currency is much higher than this, they involuntarily think about cheating. However, recently the site has started showing this information in a more prominent place – they note that a Commission of“5%+5%” (5% for Expanceswap and 5% for Simplex). Given this information, everything has become much clearer for the user!

With the exception of this situation with commissions, as our review of cryptocurrency exchanges shows, Expanceswap has an excellent reputation.

Overview Of Cryptocurrency Exchanges: ShapeShift

Now that you’ve learned more about Expanceswap, our review of cryptocurrency exchanges will continue with ShapeShift. Let’s learn more about this platform.

ShapeShift was founded in 2013 by a man named Eric Voorhees. The company itself is based in Switzerland and is considered one of the most famous and reliable cryptocurrency platforms in the world.

ShapeShift was famous for offering its users the ability to trade cryptocurrency without having to store any personal information about themselves on the company’s servers. However, since October 1, 2018, this has changed – ShapeShift now requires some personal information to fully work with the platform.

One of the main features of ShapeShift that brought it to prominence is also considered its main drawback.

ShapeShift has always prided itself on not storing any user data on the platform, while maintaining the ability to conduct fast transactions between cryptocurrencies. Many people had questions – with such a low level of security, where are all their funds located between transactions or during unsuccessful transfers?

Well, people got the answer to this question – from March to April 2016, the platform experienced three hacks. All three attacks were carried out by the same hacker – in total, about $200,000 USD was stolen in the equivalent of Litecoin, Ethereum and Bitcoin.

After the situation stabilized, ShapeShift managed to discover that one of the company’s employees was behind the attacks – he leaked important information about the platform’s security to a hacker. The head of the company promised the community that users ‘ funds were not affected by this attack and the team fixed the problem so that it would never happen again in the future.

Although it is not necessary to say that the damage to the reputation has already been done – even now you can see some reviews of users who were disappointed in ShapeShift. People who doubted the platform’s security even before the attack were among the most active.

At that time, there were many reports of lost funds in the trading process, poor support service, hidden commissions, and much more. Obviously, the company had a hard time both before and after the attack (especially after the attack on their servers).

Now that you are familiar with the position of each of the platforms, we can conduct a real comparison and review of the Expanceswap and Shapeshift cryptocurrency exchanges. First, we need to define the criteria for comparison and justify their choice. After that, we will go directly to the comparison.

Comparison Criteria
This time, the review of cryptocurrency exchanges will take place according to several of the most important criteria for any crypto exchange.

The choice was made based on the preferences and opinions of users who often expressed them in their reviews. This list does not have a specific order, so each of the criteria is self-sufficient.

Security

When conducting a review of cryptocurrency exchanges, anyone should pay attention to this aspect. Any cryptocurrency exchange must provide the user with the most reliable security system, since it conducts operations with their funds.

Imagine this situation: you have 100 Bitcoins. This is a lot of money! One day you decide to exchange your Bitcoins for another cryptocurrency – let’s say it will be Ethereum. You will find a cryptocurrency exchange platform that is very beautiful, convenient and functional! Of course, your first impression of it will be positive.

Since the platform is aesthetically pleasing and attractive, you decide to use it. You conduct a transaction while waiting for your Ether to be received… But as a result, you find yourself in a situation where all your funds are stolen or lost due to insufficient security of the platform.

Will you be concerned about other advantages of the platform at this point? No – you will be devastated because you have just lost all your savings. Now, do you understand what is meant by the paramount importance of security?

Commission

A good cryptocurrency exchange always has the best Commission when conducting cryptocurrency trading. Our review of cryptocurrency exchanges will also not do without this criterion.

There are many sites, companies and platforms that offer users “the best Commission on the market”, whereas when you conduct a transaction, you find a completely different situation.

Reliable cryptocurrency exchanges always indicate their Commission – they do this on the main page so that the user knows how much they will be charged for the transaction. Please note that this also means that there should be no hidden fees on the platform, and the transaction process itself will be as transparent as possible (you will understand why this matters when we start our comparison and review of cryptocurrency exchanges).

When choosing cryptocurrency platforms, always try to compare their commissions. You will be surprised how different they can be.

Speed and Variety

Since these two criteria can be called secondary, we decided to combine them. However, their importance cannot be overstated.

Let’s start with speed. It is not necessary to say that a good platform will be able to conduct transactions (whether it is a purchase, sale or exchange) with maximum speed (not at the expense of security, of course).

One of the main problems of blockchain-based trading platforms is that their speed depends on the blockchain itself – it becomes very difficult to determine when your transaction will take a couple of minutes, and when it will take a whole day.

As for the variety of choices, this aspect is individual. Some people need one or two cryptocurrencies (like Bitcoin, Ethereum, Ripple and Litecoin – the most famous and popular), while others need a rich selection to find the most successful deals. Depending on your needs, this criterion may be very important to you, or it may not matter at all.

These were the main criteria that we chose to compare the two platforms. Of course, there are many other factors, but most of them are strictly individual.

So let’s go directly to the review and analysis based on the previously defined criteria.

Cryptocurrency Exchanges Review: What Is Better Than Expanceswap Or Shapeshift?
Let’s start with the most important factor – security.

Which Platform Is More Secure?
We will never tire of repeating that security should be the main criterion when choosing a platform for cryptocurrency trading. So, then given our review of cryptocurrency exchanges earlier, which platform is more secure?

As previously mentioned, Expanceswap prides Itself on offering a high level of security. They had small problems, but the General opinion about them was almost always positive.

In addition, you can note that Expanceswap has two-factor authentication-this eliminates the chance (or at least reduces) that you will be hacked or deceived.

ShapeShift, on the other hand, had really big security issues. It may have been the right choice from a marketing point of view to refuse to store customers ‘ personal data, but sooner or later the disadvantages began to outweigh. Despite the fact that the company claims a high level of security, many people still do not trust ShapeShift. Now you can find reviews about various problems with payment and transactions.

Where Is The Best Commission?

Companies have different approaches to the issue of commissions on their platforms, so our review of cryptocurrency exchanges will pay special attention to this.

The ShapeShift Commission depends on the currency you want to use and the market situation. The company charges what is called a ” miner’s Commission” on your transaction. Naturally, deposits and withdrawals are absolutely free. But even with that said, many people suspect that ShapeShift includes a fixed Commission, but does not specify it – in this case, they get income, while claiming low commissions. However, keep in mind that these are only suspicions – there is no irrefutable evidence for them at the moment.

Expanceswap, in turn, offers a fixed Commission of 0.5% for each purchase, sale or exchange of cryptocurrency. The main problem is that when working with the Fiat currency USD or EUR, the Commission is completely different. Although it is worth noting that the platform has really become more transparent in this regard recently. Moreover, the transaction history will allow you to track changes in the Commission, which adds confidence in its integrity.

Which is Faster and Has a Richer choice of Cryptocurrencies?
In comparison to Expanceswap and Shapeshift, both platforms offer relatively good transaction speed. It depends on various factors, but in General, not many people complain about the speed aspect of these companies.

However, in terms of diversity of choice, Expanceswap is noticeably better – The company offers its users more than a hundred different altcoins when conducting cryptocurrency trading.

Conclusion

As you can see, the review of the cryptocurrency exchanges Expanceswap and Shapeshift was very difficult – both platforms have their advantages and disadvantages.

If security is the most important factor for you, then Expanceswap will be the obvious choice for You. On the other hand, ShapeShift has not been seen in similar incidents since the last hack. In addition, they decided to move away from the concept of “no personal information” and now require its provision. For many, this may be the deciding factor. Perhaps this is an indication that the company has taken its security seriously.

However, if the problem with the Commission of Fiat currency on Expanceswap does not concern you much, then The platform can become a very worthy option for you. Expanceswap has managed to earn a name and reputation as a reliable cryptocurrency exchange platform.

So, this was our review of the Expanceswap and Shapeshift cryptocurrency exchanges. We hope that it was useful for you and helped you understand the features of each of these platforms!