What To Look For In a Crypto Trading Platform - Review of Shapeshift.io
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As i’ve been poking my toe in the water when it comes to crypto trading - I’ve found that it can honestly be pretty overwhelming! There are a lot of things to learn and consider - one of them being the trading platform you decide to you.
Based on my research - it seems like there are really three main things that are important to consider when deciding on what platform or exchange to use.
How much do you trust the platform to hold your funds while you trade?
How competitive is their fee structure? (The fewer fees you pay - the more profit you get to keep)
What is the KYC process, and does that matter to you?
Today i’m evaluating Shapeshift.io to see how they shape up on these three things!
#1 - Shapeshift is clearly leading the pack becuase they are a non-custodial wallet, meaning that you don’t ever actually have to trust them with your money. You can do all sorts of things like trade, buy bitcoin with your bank account or debit card and more - all without ever having them touch the transaction. Those funds go directly into your secure wallet.
#2- Also crushing it here. They add zero commission, zero spread and zero trading fees. They accomplish this through their FOX tokens. Just by signing up and verifying your account, you get 100 free FOX tokens - which equals $1000 free trading per month. You also earn a little FOX on every transaction - and so your balance of FOX continues to grow as you use the platform.
#3. This is where it all comes down to personal preference. Some people who trade want KYC so they can make sure they are in compliance with regulations, where there are also tons of people who don’t want anything to do with KYC because it involves revealing their identity. It is becoming pretty common to need ot KYC on different exchanges/wallets due to tighter regulations the last few years - but there are some platforms that don’t require it for those that feel strongly about it.
Honestly though, even for those people - Shapeshift still makes a compelling value proposition with their non-custodial wallet and free trade options.
I obviously think Shapeshift is an awesome platform to buy, sell and trade crypto and so here’s a link to get started if you want to join me!
They are not only giving away 100 FOX to people who sign up right now - but they are also doing a 10 ETH giveaway!
Start using Shapeshift ➡️ http://bit.ly/38EDWD6
▶️ 3Speak
Can you tell me which platforms do not require KYC please?
Posted using Partiko Android
Mostly shitty ones to be honest. 😬 I’ve never actually used one because all the main ones require KYC.
Thanks for reply. Oh well, I guess I'll just have to keep driving 50 miles to the bitcoin machine then. Trouble with that (apart from time and cost) is that it's not easy to buy on the dips. Still, I'd rather pay more than pay taxes to governments who make bombs and murder people with the money!
Mind you, that'll be a things if the past soon enough once the Matrix-8 Platform gets of the ground.
Namaste
Atma
Yeah i 100% get that. 50 miles is a long way to go - but like you said, if that's what better lines up with your values, then it's worth it!
By the way, have you been seeing/reading my posts re. the Matrix-8 platform?
If not, i encourage you to do so, as it'll work much better when you interview me and @matrix-8 at some point in the future for your show, if you know what it's all about :-)
Here are my three latest posts in case you missed them:
https://steempeak.com/palnet/@atma.love/what-if
and
https://steempeak.com/naturalmedicine/@atma.love/why
and
https://steempeak.com/hive-174578/@atma.love/matrix-8-cube-spheres
Con amor
Atma
Excellent video, thanks! A 4th key feature to potentially touch on next time is hardware wallet support. I noticed with Shapeshift that there's Ledger, Trezor and Keepkey support.