ShapeShift Versus Faast: Which Non-Custodial Exchange is Right for You?
Centralized cryptocurrency exchanges routinely lose customer funds. That’s what inspired the launch of ShapeShift, a non-custodial exchange where customers could trade tokens instantly. While ShapeShift has been a leader in the space since 2014, new exchanges like Faast are challenging the throne.
What’s the difference between ShapeShift and Faast? How do the two stack up? Today, we’re highlighting the differences and similarities between ShapeShift and Faast.
ShapeShift was founded in 2014 with the goal of creating a safer, more private way to trade cryptocurrencies. At launch, ShapeShift achieved that goal by allowing users to trade cryptocurrencies instantly without worrying about their funds being stolen by an exchange or a hacker. Thanks to ShapeShift, there was no need to send tokens to an exchange before trading them. This is an ordinary concept today, but it was innovative at the time.
With ShapeShift, you could swap any supported cryptocurrency for any other. You simply chose which asset to trade, entered your deposit address and receiving address, clicked a button, and made the transfer.
One of the things that made ShapeShift even more useful was that it supported cross-chain trading. You could trade BTC for ERC20 tokens, for example, and vice versa.
Today, ShapeShift supports 54 different cryptocurrencies, although as of September 2018, 20 of those coins are listed as “temporarily unavailable”, which lowers the number of supported cryptocurrencies to 20. ShapeShift has no stablecoins – like the controversial USD Tether – listed on the platform.
ShapeShift makes it easy to swap tokens for those 34 supported cryptocurrencies. However, beyond that, you might find ShapeShift’s features to be limited. ShapeShift doesn’t permit simultaneous trades, for example, nor does it allow for portfolio management. You can’t visualize your holdings or do other tasks you can do on a traditional exchange.
ShapeShfit does, however, emphasize user privacy. Since launch, ShapeShift has never required users to create an account to use the platform.
Nevertheless, that feature is changing: earlier this month, ShapeShift announced it was moving away from its no-account model to a membership model, much to the dismay of privacy advocates.
ShapeShift offers all of the following features to crypto traders:
Supported Cryptocurrencies: BTC, BCH, DCR, QTUM, DASH, XMR, XRP, LTC, ETH, DOGE, and various ERC20 tokens
Total Supported Cryptocurrencies: 34 (20 tokens are listed as temporarily unavailable, which means the exchange really supports 54)
Token to Token Swap Support: Yes
Cross-Chain Trading Support: Yes
Support for Multiple Simultaneous Trades: No
Portfolio Management and Visualization Tools: No
Stablecoin Use: No
Membership Options: No membership required today, but membership will soon be mandatory
Faast is the newcomer to the scene. Faast was launched under the slogan, “It’s never been this easy to build a diversified cryptocurrency portfolio.” The platform promises to allow anyone to instantly build a diverse portfolio of crypto assets.
Like ShapeShift, Faast differentiates itself from centralized competitors as a non-custodial exchange. You can make trades over Faast without depositing funds into the platform. Just enter your deposit and receiving address, then make the swap.
Right away, you’ll notice that Faast has more cryptocurrency support than ShapeShift. The company supports over 100 cryptocurrencies at launch, with plans to expand to up to 240 cryptocurrencies in the near future. That’s why Faast emphasizes diversification: you can diversify your portfolio on Faast using assets you won’t find on other non-custodial platforms.
Yes, Faast supports more cryptocurrencies than ShapeShift, but those cryptocurrencies aren’t necessarily better. Faast doesn’t currently support BCH, ZEC, EOS, NEO, LTC, and other major cryptocurrencies, for example, and many of the 100 supported cryptocurrencies are ERC20 tokens.
Faast also has a more user-friendly interface than ShapeShift, including colorful graphs, portfolio visualization tools, and more. If you like your cryptocurrency exchanges neatly bundled up into a tidy interface, then Faast might be the better option for you.
With ShapeShift, portfolio management feels like an afterthought. With Faast, it’s a core part of the exchange’s service.
Faast lets you connect multiple wallets to the protocol simultaneously. Once your wallets are connected, Faast can generate a visual graph depicting your holdings. You can view your whole portfolio at once or look at once wallet at a time. Each cryptoasset is broken down by weight, percentage of your portfolio, number of units, and USD value.
Faast, unlike ShapeShift, also lets you make multiple trades simultaneously. You can rebalance your portfolio and purchase 10 different cryptocurrencies at once, for example, just with the click of a button.
Faast also supports a single stablecoin: TrueUSD (TUSD). This stablecoin aims to track the US Dollar 1:1, making it easier for Faast users to “cash out” of their portfolios and realize gains when the markets are high, then buy back in when prices drop.
Faast advertises all of the following features:
Supported Cryptocurrencies: BTC, ETH, and ERC20 tokens (support for BCH, ZEC, EOS, NEO, and LTC is listed as “coming soon”
Total Supported Cryptocurrencies: 104 (mostly ERC20 tokens)
Token to Token Trade Support: Yes
Cross-Chain Trading Support: Yes
Multiple Simultaneous Trades: Yes
Hardware Wallet Support: Yes
Stablecoin Support: Yes (TrueUSD)
Membership Options: Membership not required
The team at Faast recently compared its platform to ShapeShift in a blog post. You can view the full blog post here for more similarities and differences between the two non-custodial cryptocurrency exchange platforms.
ShapeShift came first and continues to be the leader in the non-custodial space. However, its reign may be challenged by up and comer Faast, which offers more cryptocurrencies through a more user-friendly interface.
ShapeShift, however, continues to lead the way in terms of blockchains supported. Yes, Faast supports hundreds of cryptocurrencies, but they’re only from two different blockchains: BTC and ETH and Ethereum’s ERC20 tokens.
Nevertheless, Faast has ambitious plans to add more cryptocurrencies in the near future. We’ll stay tuned to see where the ShapeShift versus Faast debate goes next.