USING CRYPTO THROUGH SHAPESHIFT TO FUND ACCOUNT
*** IMPORTANT SHAPESHIFT / COINBASE INFO *****
OK, I understand this is a bit off-topic but, since the CFTC’s attack methods
on U.S. persons’ offshore brokers, include restricting FUNDS TRANSFER
methods, I have advocated using Crypto for transfer of funds to and
from these brokers. These brokers include Evolve.Markets, FinProTrading,
TurnkeyForex and others which will accept Crypto transfers, usually
in BitCoin (BTC).units.
ShapeShift.io is a service which will transform one Crypto currency
to another one, and then forward the result to a destination. In my
case, I had Ethereum coin in Coinbase, which I wanted to “pipe” through
ShapeShift.io into BTC and deposit those BTC at Evolve.Markets in
I MADE THE MISTAKE OF CHOOSING “PRECISE” AS THE
TRANSFER METHOD AT SHAPESHIFT. Here’s the problem.
When choosing “precise” as the method, Coinbase as the sender
was NOT able to send the data to ShapeShift in the FIVE MINUTES
of time allowed. THUS SHAPESHIFT “times out”. You should have
provided a “REFUND ADDRESS” in the transaction and so ShapeShift
refunds the transaction which hits it, BACK to the sender which is
Coinbase, in my example. (Minus the small fee.) Well, at least I got
my money back on the failed transaction (minus the fee).
INSTEAD, HERE’S HOW YOU USE SHAPESHIFT.IO . DO NOT
CHOOSE THE “PRECISE” METHOD; CHOOSE “QUICK” INSTEAD.
This is described at ShapeShift.io here:
小贴士：“快速”交易与“定额”交易之间的区别 – ShapeShift
BOTTOM LINE: Always use “Quick” to initiate the ShapeShift.io transaction,
and always provide a valid “refund address” back to your source wallet in case
of problems. Be very careful with the “destination” which is where you want
to sent the resulting coin, and choosing the input and output crypto types,
I was able to move $100 of Ethereum from Coinbase, through ShapeShift.io
into BTC and on to the MT5 Evolve.Markets account in less than 3 minutes !!!
So, when you want quick funds transfers (with a little practice) using ShapeShift.io
(or there may be other such services) you have the ability to hold your favorite
Crypto (I prefer LiteCoin or Ethereum, rather than BitCoin) but to fund your
Broker in the Crypto form that is accepted… very quickly !!
Practice makes perfect on these things, so do small transactions to make
sure you know how to do it safely. Here’s the ShapeShift.io confirmation screen: