Once funds are deposited, you can use them to buy cryptocurrencies at the current market rate. Shakepay focuses on simplicity, cutting out many of the features and tools offered on other popular crypto trading platforms. If you’re a crypto beginner or want an easy way to invest in bitcoin and Ethereum, Shakepay might be exactly what you need. While you pay slightly more when buying and receive slightly less when selling (due to the spread), this is standard for user-friendly exchanges. Shakepay has recently emphasized that they store digital currencies in secure offline storage (cold storage) backed by insurance, ensuring enhanced security for users’ assets. This adds an extra layer of protection to their platform, which is particularly important for risk-conscious investors.
This allows users to earn a small amount of Bitcoin when they open the app and physically shake their phone. The exchange also emphasizes the use of two-factor authentication (2FA) and recommends using authenticator applications. Email confirmation is required for cryptocurrency withdrawals, and independent security audits are conducted to stress-test security measures. Shakepay Exchange’s clean interface makes it easy to navigate for beginners and individuals who want to quickly trade cryptocurrency. Their streamlined system makes it easy to exchange Bitcoin and Ethereum with no unnecessary steps. ➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada.
You can use the unique referral link in your account’s settings to invite your friends to Shakepay and get rewarded. The last comparison worth diving into is the Shakepay card, but NDAX has no competing card, so the best alternative to keep in mind is the BlockFi card. Use referral code 8K3RGZD to get $20 when you buy your first $100 of Bitcoin or Ethereum. Remember, there’s no obligation to keep your crypto – you can sell it after receiving your bonus if you prefer. To test their responsiveness, I reached out to the support team via email.
Do you own your crypto on Shakepay?
In general, accounts are automatically verified by running an identity check. Shakepay is a money service business, and it is expected to follow FINTRAC regulations. 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. If you’re a https://forex-review.net/shakepay-review/ beginner, Newton is a platform that will be friendly to you. You can also get a $25 bonus right after trading your first $100 cryptocurrency.
- However, spreads may be higher than exchanges like Kraken, which offers lower fees but charges a small percentage per trade.
- Overall, Shakepay’s fees are pretty straightforward, with no surprise charges for everyday transactions.
- Security is a strong point for both platforms, but Kraken’s track record is particularly notable.
Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. The platform also uses SSL- encryption and 2-Factor Authentication to protect your account. It is based in Montreal and has served more than 1,000,000 Canadians who have bought or sold $7 billion worth of crypto using the site.
Businesses
Trading on Shakepay is commission-free, but the effective cost is in the spread. This is less transparent than a flat trading fee, so I pay close attention to the difference between the quoted buy and sell prices for each transaction. There are no overnight, custody, or management fees, making it a simple choice, but for active traders, the wider spread might outweigh the savings from zero commissions.
Shakepay markets itself as a “no fee” exchange, but it’s technically a broker. Unlike traditional exchanges where users buy and sell directly from each other, Shakepay acts as the middleman—buying and selling crypto at prices it sets. The difference between the buy and sell prices, known as the spread, is how brokers like Shakepay generate revenue. In this review, I will walk you through all there is to know about Shakepay.
Shakepay Supported Cryptocurrencies
Shakepay is a money service business and is required to follow FINTRAC regulations. The Visa Card can be used to pay for purchases wherever Visa is accepted and allows you to spend from your Shakepay balance. You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X.
Shakepay allows you to deposit Canadian dollars instantly and for free and buy BTC and ETH at the press of a button. Shakepay currently does not offer staking, lending, or yield-generating products. This means users cannot earn passive income on their held coins nor participate in protocol-based DeFi opportunities. Similarly, no CFDs, NFT marketplace, or derivatives trading is available, so advanced traders seeking exposure beyond spot markets will not find those features here.
Withdrawing fiat from Shakepay to your bank account is instant via Interac e-Transfer. Shakepay was hit with a $10-million lawsuit over alleged hidden fees. The suit claims that Shakepay attracts users by using terms like “commission-free” but intentionally keeps trading spreads high, resulting in significant hidden fees. No, Shakepay makes money on the spread which means you are paying a small markup whenever you buy or sell. Other than these spreads on BTC and ETH, there are no fees on Shakepay. In my test, Shakepay’s spread was 2.26% which ranked 12th place out of 18 platforms.
- A Shakepay review seemed like the perfect way to uncover whether it truly delivers on its promises or if it falls short.
- Shakepay also offers competitive pricing and low fees, making it a popular choice for Canadians investing in cryptocurrencies.
- In my test, Shakepay’s spread was 2.26% which ranked 12th place out of 18 platforms.
- This was because everyone thought Bitcoin’s use case was to be a medium of exchange rather than a store of value.
Is Shakepay Legit? Addressing Concerns
NDAX also supports considerably more crypto assets and even supports crypto staking. Shakepay Between shakepay accounts, wire transfer and interac e-transfer deposits are free for folks in Canada. For added security, Shakepay offers two-factor authentication (2FA), FaceID, and biometric options to protect your account. When withdrawing funds, you’ll need to confirm the transaction via email. I recommend setting up 2FA for your email as well to prevent unauthorized withdrawals.
Enter your bank account details and confirm the information is correct. Once you’ve completed these steps and shared the required information with your employer, your paycheque will be deposited directly into your Shakepay account. Select the Direct deposit option to set up your payroll deposit.
#1. There are no fees for transfers
They responded the next day, within 24 hours, even though it was the weekend. While I wouldn’t call it lightning-fast, it was good to see that they honored their commitment to providing timely support. You will be shown a conversion and all you need to do is click the buy button.
Company details
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape. At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
However, NDAX isn’t going to be as beginner-friendly as Shakepay, meaning it probably won’t be the best option for crypto investors interested in the simplest way to buy digital assets. The Shakepay Visa card is a great way to earn crypto rewards for everyday purchases. Shakepay supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, XRP and BNB, which are in the top 20 cryptos by market cap. Founded in 2015, Shakepay is a Canadian cryptocurrency app that lets you buy and sell Bitcoin and Ethereum using Canadian dollars. Shakepay is based in Montreal, and the app has over 1 million users.
In addition, Kraken supports over 300 cryptocurrencies, while the Shakepay crypto-list is limited to just Bitcoin and Ethereum. That’s a huge difference, especially for traders who want access to altcoins. Kraken also supports multiple fiat currencies, including USD, CAD, EUR, and more, allowing users from various regions to fund their accounts directly. Shakepay, on the other hand, is exclusive to Canadian residents and only operates in CAD.
