Shakepay is a Canada-based cryptocurrency platform that lets you buy, sell, and store Bitcoin and Ethereum via a smartphone or desktop computer in Canada. If you are looking to learn everything about Shakepay, this Shakepay review is just what you need.
With over one million customers and $7 billion in exchanged crypto, Shakepay has emerged as one of Canada’s best cryptocurrency trading platforms. It operates as a brokerage service, facilitating seamless transactions in digital currencies.
In this comprehensive Shakepay review, we will discuss how Shakepay works, its fees, pros and cons, and, most importantly, its safety and legitimacy. Let’s dive in and explore all that Shakepay has to offer.
How Does Shakepay Work?
Shakepay is a Canada-based mobile app and platform that lets Canadians buy and sell Ethereum and Bitcoin with the speed of light.
To use Shakepay, you must download the mobile app and create an account. You can then link your bank account or credit card to the app to deposit funds. Once funds are deposited, you can use them to buy cryptocurrencies at the current market rate.
You can also send and receive cryptocurrencies to and from other Shakepay users instantly and for free. Additionally, Shakepay has a built-in rewards program that rewards you with Bitcoin for every purchase using the Shakepay Card.
Shakepay does not charge commissions at all, but it has a price spread that can cost you up to 3% on buy or sell transactions.
While the platform does not allow you to hold your cryptocurrency private keys when funds are stored in the Shakepay app, the company makes it easy to move your funds to your own personal crypto wallets.
Overall, Shakepay has a mobile app on the App Store and Google Play. You can download them and get familiar with the service.
Pros and Cons of Shakepay
Features of Shakepay
1. Recurring Purchases
Recurring Buy is one of the most powerful features in Shakepay. It allows you to set up a recurring purchase of Bitcoin or Ethereum daily, weekly, or monthly and watch your investment grow over time, even while you’re asleep.
You set up a purchase to go off at a specific time or regularly, just like setting up an automatic transfer through your bank.
Make sure you have enough money in your account for the purchase before enabling the feature, there’s no need to worry about overdraft fees, though.
2. ShakingSats Reward
This feature allows you to receive a small amount of free Bitcoin daily if you join Shakepay through a referral link. To use it, all you have to do is open the app every single day and give your phone a real shake. Right away, your free Bitcoin will be credited to your account.
3. Website and Mobile App
Shakepay lets users view their trading transactions history through its website or mobile app. This is an amazing feature because it offers simplicity and an easy-to-use interface.
4. Referral Bonus
If you refer your friends to Shakepay and they spend $100, you will get $10. You can use the unique referral link in your account’s settings to invite your friends to Shakepay and get rewarded.
5. Shakepay Visa Card
Shakepay also offers a “Shakepay Card”, which is a prepaid Visa card linked to a user’s Shakepay account. This allows users to spend their cryptocurrencies at any merchant that accepts Visa easily.
Additionally, Shakepay has a built-in rewards program that rewards users with Bitcoin for every purchase using the Shakepay Card. You can sign up for the waitlist through the Shakepay app.
How To Signup on Shakepay
Opening your Shakepay account is very easy. Follow these steps to get started:
Step 1: Register Your Account
Download the Shakepay app from the App Store or Google Play, or visit the Shakepay website and click “Get started”. Create an account by entering your email address and selecting a password.
Step 2: Complete Shakepay Verification
Verify your identity by uploading a photo of your government-issued ID (like a driver’s license or passport) and a selfie. This step is required by law to prevent fraud and money laundering.
Step 3: Purchase Bitcoin or Ethereum
Add funds to your Shakepay account by sending an Interac e-Transfer from your bank account. Buy Bitcoin and Ethereum with zero fees at competitive market rates. You can also transfer Bitcoin from an external cryptocurrency wallet.
Coins Supported on Shakepay
The Shakepay Crypto list is currently not very robust. Shakepay only supports two cryptocurrencies:
- Bitcoin
- Ethereum
You cannot use Shakepay to trade other popular coins, like Dogecoin, Cardano, Ripple, Stellar, and others, on Shakepay.
Related: 10 Best Crypto Exchanges in Canada for 2022
Shakepay Fees
Depositing and withdrawing funds on Shakepay is free. There is no trading fee. Transactions like withdrawals or deposits for purchase orders and sell orders of cryptocurrency are all free.
So How does Shakepay make money?
There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell. This spread serves as a transaction fee.
Is Shakepay Safe & Legit?
Yes. Shakepay is absolutely safe and legit. It is currently regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorite des marches financiers).
Though Shakepay is not a bank and does not claim to be as secure as a bank, it uses all the security measures that banks use. It keeps most of its digital currencies in cold storage and even has an insurance policy to protect those funds.
If Shakepay’s security is compromised, Shakepay will review the situation and take care of losses that reach up to $100,000. You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X or Trezor.
Also, it allows you to enable 2-Factor Authentication to add an extra layer of protection for your account. And if you want extra security on your account, you can turn on email confirmations for withdrawals. That way, even if someone else has access to your account, they won’t be able to steal your funds.
Shakepay vs Other Crypto Exchanges
Shakepay vs NDAX
Shakepay and NDAX are Canadian cryptocurrency exchanges, but they have some notable differences.
Shakepay is a user-friendly platform that enables users to buy and sell Bitcoin and Ethereum easily with Canadian dollars. Shakepay charges a small fee for each transaction and offers competitive exchange rates. They also have a mobile app that makes it easy to manage your cryptocurrency on the go.
On the other hand, NDAX offers a wider range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and they have more advanced trading features. NDAX offers lower fees for high-volume traders and provides advanced trading tools such as margin trading and stop-loss orders.
Shakepay vs Coinsmart
Shakepay is known for its user-friendly interface and easy-to-use mobile app. The platform allows users to buy and sell Bitcoin and Ethereum quickly and easily using Canadian bank accounts. Shakepay also offers competitive pricing and low fees, making it a popular choice for Canadians investing in cryptocurrencies.
CoinSmart, on the other hand, offers a wider selection of cryptocurrencies for trading, including popular altcoins like Litecoin and Ripple. CoinSmart also offers more advanced trading features, such as limit and stop orders and the ability to trade on margin. However, the platform has higher fees compared to Shakepay.
Shakepay vs Newton
While Shakepay only offers Bitcoin and Ethereum, Newton is a cryptocurrency brokerage offering a wide range of 48 coins.
One thing it has in common with Shakepay is that it does not charge a fee for trading. It is important to note that it has a price spread of up to 0.70%, so keep that in mind.
If you’re a beginner, Newton is a platform that will be friendly to you. It is available on whatever device you use. You can also get a $25 bonus right after trading your first $100 cryptocurrency.
Shakepay vs BitBuy
While Shakepay is known for its user-friendly mobile app, simple fee structure, and limited selection of cryptocurrencies, including Bitcoin and Ethereum, Bitbuy offers a larger selection of cryptocurrencies, including popular altcoins such as Ripple, Litecoin, and Bitcoin Cash.
Bitbuy also has a more advanced trading platform that caters to more experienced traders. However, Bitbuy’s fees can be higher than Shakepay’s, especially for smaller trades.
Features Shakepay BitBuy Newton CoinSmart Coins Supported 2 coins 17 coins 71 coins 16 coins Security 2FA Cold storage 2FA Cold storage 2FA Cold storage Cold storage Fees Free 0.1% - 0.2% Trading fees Spread of 0.5-0.7% 0.2% Trading fees Apps Andriod/iOS Andriod/iOS Android/ iOS Andriod/iOS Regulator AMF, FINTRAC FINTRAC FINTRAC FINTRAC CDIC Coverage No No No Cryptocurrencies (Bitcoin and Ethereum); Interac e-Transfer; Wire transfer Interac e-Transfer, Bank Transfer Interac e-Transfer, Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft Promotion $30 bonus when you make a minimum initial deposit of $100 $40 bonus when you make a minimum initial deposit of $250 $25 bonus when you make a minimum initial deposit of $100 $30 bonus when you make a minimum initial deposit of $100
Final Thoughts on Shakepay Review
Shakepay is more than just a cryptocurrency exchange. It is a gateway for Canadians to explore the world of digital assets.
It offers a reputable and reliable cryptocurrency platform that provides users a seamless and user-friendly experience for buying, selling, and trading digital assets. With its intuitive interface, low fees, and excellent customer support, Shakepay is an excellent choice for beginners and experienced traders looking to invest in cryptocurrencies.
Although it doesn’t have the most extensive selection of coins or trading pairs, Shakepay compensates for this by providing a simple and intuitive trading experience supporting users’ research.
This Shakepay review concludes that it is a dependable and trustworthy platform that delivers a seamless and user-friendly experience for investing in cryptocurrencies. So, whether you’re a beginner or a pro, Shakepay is worth considering.
FAQs on Shakepay Review
How to cash out Bitcoin on Shakepay
Moving your BTC to a cold wallet just for you is possible, where you take charge of the private keys. There are many crypto wallets out there, but our article on wallets will help you decide what crypto wallet in Canada you want to use.
Is Shakepay protected by CDIC or CIPF?
No. Your cryptocurrencies on Shakepay are not insurance-covered by CDIC or CIPF.
Is Shakepay regulated?
Yes. Shakepay is a money service business, and it is expected to follow FINTRAC regulations.
Is Shakepay a wallet?
No. Shakepay is a platform for cryptocurrency exchange. You can store cryptocurrencies on Shakepay or transfer them to your private wallet.
Is Shakepay legal in Canada?
Yes. Shakepay is registered with FINTRAC as a transfer service provider and virtual currency dealer. It is registered with AMF in Quebec and licensed to operate in Canada’s provinces and territories, including Ontario.
Is Shakepay a good crypto exchange?
Shakepay is a secure cryptocurrency broker, and it is commission-free, fast, and safe to use. But in the real sense, Shakepay is not a cryptocurrency exchange. It only acts as a broker between itself and its users, facilitating the buying and selling of digital currencies.
Is Shakepay worth it?
Yes. Shakepay is simple, fast, and easy to buy Bitcoin or Ethereum. For beginners, it’s the most simple exchange platform to use. Also, FINTRAC and AMF are in charge of regulating Shakepay. This means it is a legit platform.
Does Shakepay report to the CRA?
Yes. Shakepay must comply with the regulations of FINTRAC and the AMF because it is licensed as a Money Service Provider.
However, it is the responsibility of the users to declare gains and profits made from crypto investments to the CRA in their tax returns.
