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Shakepay Review 2023: Features & Deposit Fees
Luis Clark
- URL: https://shakepay.com/
- Headquarter: Montreal, CA
- Year Founded: 2015
- Platform App: Desktop/Mobile
- No. of Cryptos: 2
- Fiats Available: CAD
- Withdraw Method: Interac e-Transfer/Wire Transfer/Crypto
- Payment Method: Interac E-transfer/Wire Transfer/Crypto
Shakepay Review: Our Opinion
Shakepay is a small, up-and-coming tech company based out of Montreal that was designed to empower people from all Canadian provinces and walks of life to invest in digital currencies and gain financial independence through crypto trading. With a ton of positive feedback, it’s considered one of the top crypto exchanges in Canada to buy or sell Bitcoin or Ethereum – and we tend to agree.
For this Shakepay review, we performed in-depth research and put the exchange to the test to see if it lives up to its overwhelmingly positive reputation. Unlike some of the other cryptocurrency exchanges we’ve reviewed, Shakepay met our expectations and didn’t disappoint. If you’re a Canadian who wants to buy and sell two of the largest cryptocurrencies available today, Shakepay is an ideal place to begin your crypto adventures.
Shakepay is a popular Montreal-based crypto broker that lets Canadians buy and sell Bitcoin and Ethereum quicker and easier than traditional crypto exchanges. Accounts can be funded with Canadian dollars or from crypto transferred from personal crypto wallets.
In operation since 2015, the Canadian platform has helped nearly a million Canucks purchase Bitcoin or Ethereum. In this Shakepay review, we’ll take a close look at Shakepay to see if it really is “the easiest way for Canadians to buy and sell Bitcoin.”
Why Listen to Us?
At Skrumble, we have one goal: to provide Canadians with the information they need to make safe, informed decisions when choosing an exchange and investing in crypto assets. We are committed to providing Canadian crypto investors of all skill levels with accurate, unbiased reviews of crypto exchanges geared toward the Canadian market.
As a testament to this commitment, our comprehensive crypto exchange review process includes everything from account verification and setup to trading fees, security features, and Shakepay’s spread.
An Overview of Shakepay
Shakepay was founded in Montreal, Canada in 2015 as a trailblazer in the crypto space. Helping Canadians trade and invest in Bitcoin and Ethereum only, it’s an ideal starting point for everyday Canadians looking to purchase crypto and digital assets. With Shakepay, users can earn free Bitcoin and easily withdraw funds to a Canadian bank account anytime they like.
As one of the few options for crypto investing in Canada, the Shakepay app is used by 900,000+ Canadians and regularly sits atop Google Play and the Apple App Store. Let’s dive deeper into Shakepay features and services to see why it has become so popular and where improvements can be made.
Shakepay makes Bitcoin and Ether crypto trading easy, but it’s not for everyone. We’ll get into more detail further down in this Shakepay review, but let’s first look at some of the benefits and drawbacks of using this unique crypto exchange.
Pros
- User-friendly trading platform.
- No deposit, withdrawal, or direct trading fees.
- No minimum deposit.
- Cold storage, insurance policy, and other safeguards.
- Official Canadian Money Service Business.
- Fast processing times on financial transactions.
- Helpful support team.
Cons
- Only available to Canadians.
- Only supports Bitcoin and Ethereum.
- Crypto held in Shakepay app – no private keys.
- Lacks instant verification.
- Built-in fees for buy and sell orders.
- Shakepay app not ideal for advanced users.
Shakepay Features and Services
Shakepay is a beginner-friendly crypto exchange built specifically for Canadians who want to buy and sell only Bitcoin and Ethereum. While Shakepay can’t be used to trade altcoins and other crypto, as we’re about to cover in this Shakepay review, it offers plenty of perks for Canadians interested in personal finance and making more money, such as free Bitcoin.
Here are just some of the features you’ll enjoy when you open a Shakepay account:
Instant Buy and Sell Orders
With Shakepay, you can set up an account, link your bank account, and buy Bitcoin in a matter of minutes. Thanks to Shakepay’s easy-to-use app, you can see the purchase price and sell price of Bitcoin and Ethereum, and then you can instantly buy or sell the crypto whenever you like.
Recurring Buys
Shakepay’s recurring buy feature is designed to let you regularly purchase Bitcoin daily, weekly, or monthly. Your Shakepay account just needs to have enough Canadian dollars in it to process the financial transactions. It’s basically dollar cost averaging, which many long-term investors use to profit from the upward trajectory of crypto.
Shakepay Change
Just like the recurring buy function, Shakepay offers an exclusive feature that enables you to automatically purchase small amounts of crypto at regular intervals. By linking your credit or debit card to your Shakepay card account, each purchase will be rounded up to the nearest whole dollar amount.
ShakingSats
Free crypto withdrawals and deposits are great, but free Bitcoin is even better. ShakingSats is a unique feature designed to provide you with exactly that whenever you join through a referral link. Just open the app once a day and give your phone a shake.
Seriously, just shake it. When you do, Bitcoin or Ethereum will be instantly deposited into your account. Best of all, the reward amount increases little by little each day. You can keep it in your account or make crypto withdrawals whenever you want.
Cryptocurrencies Available on Shakepay
Unlike many other crypto exchanges, Shakepay limits its users to Bitcoin and Ether tokens only. If you’re interested in trading Solana, Tether, and any of the thousands of other crypto and alt coins out there, Shakepay won’t cut it. Time will tell if they expand their crypto line-up in the future, but in the meantime, this limited offering is great for beginners just getting their feet wet in the crypto world.
Shakepay Fees
Shakepay doesn’t charge a commission fee on trades placed. Instead, they make their money on the spreads built into the buy or sell price.
Unfortunately, unlike commission-based trading fees, the spread often varies and isn’t a fixed amount. So, you may pay a .20 percent trading fee one day, and the next day it could be the same, more, or less. In this regard, it’s less like a stock brokerage and more like a Forex exchange.
That said, the buy/sell prices are clearly listed on the ‘Buy and Sell’ page, so you’ll always know the spread you’ll be paying prior to executing a trade. For most, it’s a small price to pay for crypto cold storage and all of the other features Shakepay offers.
Of course, as mentioned earlier in this Shakepay review, traders also benefit from free deposits and free crypto withdrawals. Plus, there are no mining fees.
Payment Methods
Similar to funding your account, you can make withdrawals from your account in several ways. If you sell crypto and want to withdraw funds in CAD dollars, you can opt for a wire or and Interac e transfer. E transfers are typically completed within a day, while wire transfers can take an additional day to reach your bank account. Both options are free, but your bank may charge a wire transfer fee, so you will need to check with them first.
You can also withdraw crypto to an external wallet. This option is also free, and the process typically only takes a few minutes.
Shakepay Security
Shakepay has proven itself to be exceptionally safe thus far. In addition to being a licensed Money Service Business in Canada, Shakepay is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This alone makes Shakepay safe compared to many other exchanges operating without any government oversight.
Shakepay also utilizes cold storage. If you’re new to crypto, cold storage means Bitcoin and Ethereum bought and sold on the exchange is stored offline with a secure cold storage provider. When you store crypto with cold storage, there’s no need to worry about the safety and security of your crypto investments. Given the prevalence of hacking and compromised security in today’s day and age, cold storage is a must for any modern crypto broker.
If this weren’t enough, private keys and two factor authentication are also used to secure your digital assets. Plus, all assets with Shakepay are insured under the exchange’s insurance policy. With great customer service and an equally great reputation, Shakepay excels from a security standpoint.
Opening a Shakepay Account
Opening a Shakepay account is simple and takes no time at all. First, download the Shakepay app from Google Play or the app store, both of which have high ratings and usually sit at the top of the Canadian crypto app leaderboards.
Once you have downloaded the app, simply tap on the ‘Get Started’ button. You will then be prompted to create a username in the format of an @shaketag. Additionally, you’ll need to choose a password and provide your email address.
Verifying Your Shakepay Account
When you have provided your email address and created your username and password, the next step is verifying your email address along with other identifying information you’ll be asked to provide next.
After confirming your email, you’ll be asked to provide your mobile phone number as part of Shakepay’s optional two factor authentication protocols. You will receive a code via text and be required to enter the code.
With this initial information provided, you’ll next be asked for some personal information, including your name, physical address, and date of birth. This information will be checked via the Securefact database to ensure you are a legal Canadian citizen.
Unlike many crypto exchanges, Shakepay utilizes instant verification. This means most users are able to begin trading right away after funding their account.
Nonetheless, some users may be asked to complete additional verification checks. If this is the case, you will need to provide a selfie along with one of the following:
• Driver’s license
• Passport
• Identity card
• Residency card
In our testing, the verification process wasn’t instant, but we were able to begin trading in under 24 hours.
Making Your First Deposit
After completing the account verification process, you can now fund your account to begin trading. Shakepay offers three funding methods:
• Interac e transfer – $5 CAD minimum, available in minutes
• Wire transfer – $5,000 CAD minimum, available in 1-2 business days
• Bitcoin or Ethereum – No minimum, available after several confirmations
Trading Experience on Shakepay
When using Shakepay to buy or sell Bitcoin and Ethereum, you’ll notice it works similarly to other Canadian crypto exchanges. However, it’s really quite different.
Unlike the major exchanges, Shakepay isn’t a peer-to-peer crypto marketplace, so you’re not buying and selling directly with others. Instead, Shakepay is a market maker, which means you’re buying crypto directly from Shakepay and selling it back to them. Rather than charging specific trading fees, Shakepay’s fees are built into each trade similar to “the rake” in poker.
Starting your Bitcoin and Ethereum trading adventure with Shakepay is a breeze. Simply fund your account using Interac e-transfer or wire transfer to deposit funds into your Shakepay wallet. Alternatively, you can transfer crypto from another exchange. Enjoy fee-free crypto transfers for deposits and withdrawals. Once your account is funded, you’re all set to dive into trading with Shakepay.
Using Shakepay’s app, you can view your account transaction history as well as various charts to help identify buying opportunities and when to sell Bitcoin to lock in profits. You also have the flexibility to buy or sell at current prices or set future trades at specific price levels. To streamline the process, trades can also be automatically placed according to the rules you set.
Shakepay Customer Support
Shakepay customers rave about the platform’s customer support and service. Like most exchanges, they offer email, live chat, and phone support. However, unlike some exchanges, response times seem to be much quicker. You can also visit the Shakepay FAQs page for comprehensive answers to a variety of common questions.
Is Shakepay Right For You?
Shakepay is the fastest way for Canadians to begin trading digital currency but it’s not your traditional crypto exchange. However, it’s extremely safe, fun, and the only exchange that actually provides its users with free Bitcoin. If you’re new to crypto and want a quick and easy way to invest in Bitcoin or Ethereum, Shakepay might be the right solution for you.
Final Thoughts
All in all, Shakepay is an excellent way for beginners to begin buying and selling crypto. While it only supports Bitcoin and Ethereum trading, it provides a simple, user-friendly platform with several unique features. In fact, it’s the only exchange that actually offers free crypto for its users. Any way you slice it, that’s pretty cool.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our best crypto exchange Canada 2023 Guide to find an alternative to Shakepay.
See how Shakepay Compares with Other Canadian Crypto Exchanges:
FAQ
Most frequent questions and answers
Shakepay acts as a digital currency broker, not an exchange. When purchasing crypto from Shakepay, you’re buying from them directly. Conversely, when selling crypto, you’re selling it back to them.
Yes, it is a licensed Money Service Business regulated by FINTRAC and the AMF. It also has a strong track record of safety and uses cold wallets to secure users’ crypto investments.
Yes, Shakepay uses segregated accounts to secure user funds and cold storage for safekeeping the Bitcoin and Ethereum bought and sold on the exchange.
No, crypto assets are not insured by the CDIC or CIPF.
Yes, Shakepay is a registered Canadian Money Service Business and compliant with all regulating bodies.
As a licensed Money Service Business, crypto transactions are reported to the CRA.
Yes, crypto on Shakepay is insured under an insurance policy in order to provide users with added safety and peace of mind.
No, Shakepay is a cryptocurrency broker or retailer. However, all crypto is stored on a cold wallet managed by a third-party company.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
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