Shakepay stands out in digital finance by its commitment to safety. Aside from 2-step verification and regular checks, it has established comprehensive security measures which give users peace of mind about the security of their cryptocurrency holdings. Shakepay’s growth mirrors that of the larger cryptocurrency exchange market, where user access and trust are fundamental. While Shakepay says it keeps most digital assets in cold storage, you should consider moving your BTC to a cold wallet you have control over.
Key Features & Benefits
Shakepay does shakepay review not charge direct trading commissions or deposit/withdrawal fees. Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users. Shakepay provides an efficient fiat on-ramp, allowing me to fund my account using Canadian dollars via Interac e-Transfer or bank transfer. This feature is a major advantage for Canadian residents as it offers near-instant settlements and generally zero fees for deposits. Shakepay is an up-and-coming Montreal-based Canadian crypto exchange that lets you trade bitcoin and ethereum. You can fund your account with Canadian dollars or transfer crypto from your own crypto wallets.
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Shakepay makes money on the buy and sell price, by charging a slight premium to the buyer and seller. You can find the buy and sell prices on the Buy and Sell page of the Shakepay app. Shakepay will send you an email to confirm your account before proceeding to the identification stage. You’ll have an opportunity to set this up at the time of account opening. Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange.
For some reason when you change devise it’s not inter connected. So I called customer service and Jean-Pierre -a bot is very limited with understanding problems. Finally after loosing many days with their bot (it takes 12 hours to answer 1 question), I decided to move on and find another app to help me with transactions.
The wallet enables secure storage, sending, and receiving of supported assets, with full control via the mobile or web interface. While Shakepay’s wallet is user-friendly and suitable for quick access, it is not non-custodial—meaning users do not control their private keys. Selecting a platform with free fiat withdrawals and no maintenance charges can make a noticeable difference for cost-conscious investors. Shakepay is a money app that is trying to be the Cash App or Venmo of Canada. You can easily send fiat and cryptocurrencies to friends and family who use the app.
- Before diving deeper into the specifics of the Shakepay review, I’ve created a simple table for you to get a quick overview of what the platform offers.
- Because of that, Shakepay is one of the cheapest places to buy/sell BTC and ETH.
- Shakepay does not offer phone support, but you can get help via live chat in the app.
- The two trading platforms don’t charge deposit, withdrawal and trading fees.
- This isn’t the case with the Shakepay Card since it is a prepaid card.
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Below is a snapshot of its key features and benefits to help you understand its core offerings. In addition to earning bitcoin cash back using the Shakepay Card, you can also earn Shakepay rewards, popular known as #Shaking Sats. The Shakepay Card has no annual fees, and you can use it for unlimited transactions. This platform is absolutely archaic, no one to talk to, it takes 24 hours for a response through email. They take your money then you need to jump through weeks worth of hoops (two weeks already) to try and get your money. As of this review I’m still waiting for my money, and now they have put another hold for 24 hours.
Segregated Accounts
When outside of the country, account functionality may be limited. While the company hasn’t detailed exactly what restrictions apply, it’s something to keep in mind if you rely on the platform for crypto transactions. What stands out to me is the fun, lighthearted tone Shakepay uses throughout the app. Instead of dry, robotic notifications, they add personality to their updates. When they introduced the dark mode feature, a popup greeted users with “Hello darkness, our new friend” —a clever nod to The Sound of Silence.
- There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell.
- When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use.
- In addition, Newton has more coins than Shakepay as it supports 70+ different cryptocurrencies.
- When you open your Shakepay account, you are required to set up 2-factor authentication (2FA), also used by Canada’s big banks to secure their online banking.
Coins Supported on Shakepay
Multiple signatures are required to move crypto coins, and encryption is used to protect your information. A physical Shakepay Card will also be available in the future and will be mailed to cardholders. While this card is issued by Visa and works like any Visa credit card at millions of locations worldwide, it is really a prepaid card as you can only spend your balance. You can top-up the Shakepay Visa by loading your Shakepay account by using Interac. There are a number of different potential dealbreakers to worry about when it comes to the Shakepay Visa card.
The platform earns revenue by applying a spread to transaction prices. Shakepay’s asset selection is designed for simplicity and accessibility. I immediately notice the platform focuses on Bitcoin (BTC) and Ethereum (ETH), two of the most established and liquid cryptocurrencies in the market. For newcomers or those prioritizing security and ease of use, this targeted approach can be reassuring. Users can easily buy, sell, and transfer these assets with rapid CAD settlements, which makes Shakepay exceptionally user-friendly for Canadians seeking direct crypto exposure. There are no opening, maintenance, or inactivity fees on a Shakepay account, which I consider transparent and favorable for passive users or those just starting in crypto.
Before you can even get started trading on Shakepay, you have to go through the rigorous verification process (which usually involves providing proof of identification). The reason for this is Shakepay’s commitment to certifications and compliance with regulations and insurers. While we strive for accuracy, the content on our Website, including articles, reviews, and opinions, is for informational purposes and may not always be up-to-date or error-free. James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
That’s because Shakepay is specifically designed to be an easy, beginner-friendly on-ramp to the crypto market rather than a fully loaded trading platform. 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. You can also send and receive cryptocurrencies to and from other Shakepay users instantly and for free.
Free deposits and withdrawals, including free crypto withdrawals (a rare perk among exchanges), make it even more appealing. Plus, the “ShakingSats” feature is a fun way to stack sats daily just by shaking your phone. Shakepay positions itself as a “no fee” exchange, but in reality, it operates as a broker. Shakepay’s fee structure has been carefully tailored to stay competitive and transparent, in line with its mission of providing equitable access to digital currencies. Users cannot earn interest or rewards on their balances within the platform, as its services are focused on purchasing, selling, and transferring supported cryptocurrencies. Hi Ilya, I’m sorry to hear about your negative experience with Shakepay.
Worst Customer Service I met
This means that any bitcoin or Ethereum assets you have must be sold for CAD before you can use them to fund your card. All you have to do is add your Shakepay card to Apple Pay and pay for things in stores that accept contactless payments, within apps, and on the web. If you’re considering getting the Shakepay Card, there are several pros and cons you should be aware of before making the decision. However, it is only available to Shakepay customers who have verified their identity. Any amount of money I could transfer back and forward independently.Pretty secure, fast, transparent, and very intuitive.
Shakepay is designed specifically for Canadian users, operating as a regulated Money Services Business (MSB). It is registered with FINTRAC and Revenu Québec to ensure compliance with Canadian financial regulations. While the design and functionality are solid, one limitation is language support. This won’t be an issue for many users, but those who prefer other languages might find it less accessible. Compliance with Canadian privacy laws, such as PIPEDA, further strengthens Shakepay’s commitment to safeguarding user information.