Have you ever wanted a comprehensive Shakepay review? Then this is the article that is going to get all your questions answered.
In this article, you are going to learn about the pros, cons, features, and user experience when dealing with Shakepay, among other things. You are also going to know how Shakepay is different from other trading platforms.
A thorough product review is important, so one can know what one is getting oneself into by buying a product or service. All you need to know and more are right here in this comprehensive Shakepay review.
What is Shakepay
Shakepay is a cryptocurrency platform that lets Canadians buy and sell Ethereum and Bitcoin with the speed of light.
When it comes to organizations that supported digital currency trading in Canada during its earlier stages, Shakepay was at the forefront.
Shakepay does not charge commissions at all, but it does have a price spread that can cost you up to 3% on either buy and sell transactions.
Apart from Shakepay, crypto investors in Canada can also use platforms like Bitbuy, Newton, Coinsmart, and Wealthsimple Crypto.
The company Shakepay was founded in 2015. Based in Montreal, it has been used by more than 800,000 Canadians who have acquired or sold $5 billion worth of crypto using the site.
Technically, Shakepay is not what you could call a cryptocurrency exchange. It is more like a retailer that makes the buying and selling of digital currencies between itself and customers doable.
Shakepay has a mobile app on the App Store and Google Play. You can download them and get familiar with the service.
How Does Shakepay Work?
You can get started by using this link to get on Shakepay with a welcome bonus of $30.
After you signup, it is necessary to verify your phone number and your ID. This is an important requirement for money service businesses in the provinces of Canada. Quite regularly, accounts are automatically verified via identity checks.
If this does not work, you have to give them some documents. These include:
- Image of your photo ID
- Quick selfie video
The ID can be your passport or driver’s license, but it has to be a government-approved document. You may also need to verify your address by giving them a copy of your utility bill or bank statement.
After the account verification process is done, you can add money using Interac e-Transfer, wire transfer, or deposit Bitcoin and Ethereum.
Features of Shakepay
1. Recurring Purchases
Recurring Buy is one of the most powerful features in Shakepay. With Recurring Buy, you can set up a recurring purchase of crypto and watch your investment grow over time, even while you’re asleep.
How does it work? You can set up a purchase to go off at a specific time or on a regular basis, just like setting up an automatic transfer through your bank.
Just make sure that you have enough money in your account for the purchase before enabling the feature—there’s no need to worry about overdraft fees, though.
It’s like dollar-cost averaging for cryptocurrency, but you don’t have to break a single sweat to get it done.
The Shakepay mobile app has a really cool feature called ShakingSats that allows you to receive a small amount of free Bitcoin every day that you use it.
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.
There is more to know, by the way. If you just keep opening the app every 24 hours and shaking your phone, you’ll get slightly more Bitcoin for every consecutive day that you add to your streak.
3. High Security
While 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 the majority of its digital currencies in cold storage, and it even has an insurance policy to protect those funds.
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 had an independently done audit carried out by CipherBlade, a security firm held in high regard. The security audit was comprehensive.
CipherBlade examined Shakepay’s finances and operations, including criminal background checks on all employees.
Based on this thorough analysis, CipherBlade concluded that there is no cause for concern about the company’s legitimacy or how it handles its customers’ money.
Pros and Cons of Shakepay
- Quick verification and a user interface that is easy to navigate
- Deposits or withdrawals cost nothing
- Crypto transfers to your personal wallet can be made
- Their customer service support is very responsive
- You will get a sign-up bonus
- Only Bitcoin and Ethereum can be traded
- Price spread goes up to 3% in fees
- It is only available to people resident in Canada
- You won’t get advanced trading tools
Coins Supported on Shakepay
The Shakepay Crypto list is currently not very robust. Shakepay only supports two cryptocurrencies:
If you want to trade other popular coins, like Dogecoin, Cardano, Ripple, Stellar, and others on Shakepay, that won’t be doable. Shakepay doesn’t currently support those coins.
Depositing and withdrawing funds is always free.
There is no trading fee, and Shakepay makes money by selling you Bitcoin and Ethereum at a slightly higher price than what we pay to buy them from you. This is called the spread, and it can range from 1-3% at any point in time.
It is possible to get a Shakepay Card if you want to acquire one. Read our comprehensive review of the best crypto credit cards in Canada.
Their Visa Card can be used to pay for things wherever Visa is accepted and lets you spend from what you have available on your Shakepay balance.
What’s more? It earns cashback on whatever purchase you make if it is Bitcoin. Hang around, this review will get even more interesting.
Shakepay Referral Program
If you sign up with Shakepay via a referral, you can get a $30 bonus after buying your first $100 worth of bitcoin or Ethereum. It is easy to carry out. As long as you do it via a referral link, you’re good to go.
This is how Shakepay rewards those that utilize the referral links of their referral program.
Is Shakepay Safe
Shakepay is currently regulated by two organizations: FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorite des marches financiers).
In the event of Shakepay’s security being 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.
You can enable 2-Factor Authentication on Shakepay to add an extra layer of protection for your account.
How Does Shakepay Make Money?
In reality, Shakepay is a broker. When you buy or sell, they facilitate the transaction. They set their own prices and keep the difference (the spread) for themselves. Their spread is between 1.2% to 2.5%.
Their users benefit from this model because they can offer them faster service and better security than a standard crypto exchange for a considerably low cost.
Shakepay vs. Other Crypto Exchanges
Shakepay vs. NDAX
As for NDAX, it has one of the lowest fees for cryptocurrency trading. It comfortably supports 24 coins. You can also get advanced trading tools if you are a veteran trader.
Shakepay vs. Coinsmart
While Shakepay offers two cryptocurrencies, BTC and ETH, Coinsmart provides a better choice of cryptocurrencies.
Just like Shakepay, Coinsmart is FINTRAC-registered and employs cold storage.
Shakepay vs. Newton
Newton is a cryptocurrency brokerage that offers a wide range of 48 coins for trading.
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 of cryptocurrency.
Shakepay vs. BitBuy
BitBuy is a cryptocurrency exchange that popped up in 2016. It supports 9 coins, including Bitcoin and Ethereum. As for the trading fee, it ranges from 0.1 to 0.2%.
0.1% - 0.2% Trading fees
Spread of 0.5-0.7%
0.2% Trading fees
Cryptocurrencies (Bitcoin and Ethereum);
Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets
Credit & Debit card,
$40 bonus when you make a minimum initial deposit of $250
$25 bonus when you make a minimum initial deposit of $100
Shakepay Review Conclusion
At the end of the day, Shakepay makes it easier for Canadians to buy and sell Bitcoin and Ethereum. The crypto exchange offers clean, simple trading flows that don’t get in the way of users conducting their own research.
Plus, Shakepay is providing a new dimension to Canadians who need a robust platform to conduct crypto purchases and withdrawals. Overall, Shakepay is dependable and we are thrilled they are here.
Although Shakepay doesn’t offer a huge selection of coins or trading pairs, you can rest in the knowledge that it works smoothly and you will get your money fast.
Overall, Shakepay should set you on your way to having an enjoyable crypto trading experience. But if you’re looking for more customer choice and amazing extras, you can try BitBuy.
Shakepay Review FAQs
Cashing Out Bitcoin on Shakepay. How?
It is possible to move your BTC to a cold wallet just for you where you take charge of the private keys. There are lots of crypto wallets out there, but our article on wallets will help you decide what crypto wallet in Canada you want to use.
Safety When Keeping Bitcoin on Shakepay. Can I Trust It?
Yes. Shakepay has reiterated in the past that it keeps most of its digital assets in cold storage. However, you may also consider moving your Bitcoin to a cold wallet you can control.
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 for buying 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.