Advertising itself as an easy way to buy Bitcoin (BTC) and Ethereum (ETH) and sell them, the Shakepay platform allows users to engage in rapid exchanges at no extra charge or commissions. This comprehensive review will take an in-depth look at Shakepay to help crypto traders find the easiest way to trade.
- Operating Since 2015
- Cryptocurrencies Supported Only Bitcoin and Ethereum
- Fees No transaction fees
- Deposit Methods Debit cards or credit cards
- Fiat Currencies CAD
- Verification Methods KYC
- Margin Trading No
- Futures Trading No
Cryptocurrencies first began circulating in 2009. Despite being less than two decades old, the trend of digital currency has yet to slow down. In fact, with the rapid releases of new crypto coins every day, the trend will only continue to accelerate. However, it’s not just new cryptocurrencies hitting the markets – new crypto trading platforms are also popping up each week.
Finding a beneficial and easy-to-use trading platform for crypto traders can be difficult. While a platform doesn’t have to be cutting-edge to gain a broad customer base, providing an extra degree of convenience for users can help set the platform apart from countless lookalikes. This is where Shakepay comes in.
What is Shakepay?
Shakepay was first launched in 2015. Since its start, the platform has grown to become one of the most trusted and well-known cryptocurrency platforms established in Canada. Its headquarters are located in Montreal, Quebec, but Shakepay continues to operate in all territories and has thousands of customers. Combined, its customers have traded more than $4 billion in Bitcoin and Ethereum.
Although traders can play with thousands of cryptocurrencies, Shakepay restricts its trade offerings to Bitcoin and Ethereum. Despite these trade limitations, Shakepay has a clean and beautifully designed website, has an app available for Android and iOS, and makes trading Bitcoin and Ethereum more user-friendly than many other platforms.
The Signing Up Process
To register to have an account on Shakepay, users need to go through a KYC (Know Your Customer) process to verify their accounts. This process takes longer than other crypto trading platforms. The main reason for this delay is that Shakepay account verification requires documents to prove that you’re a Canadian resident, 18 years or older, and have a clean criminal record.
Information you’ll have to provide to start using the platform includes:
- A valid email address
- Your phone number
- A form of identification such as a passport, driver’s license, or national ID card
- And a selfie video that demonstrates you are who you claim to be
Despite having a more rigorous vetting process than other crypto trading platforms, the rest of the process is easy to complete after this initial stage. Once you’ve been approved, the actual process for signing up and activating your business or personal account often takes less than 10 minutes to complete.
Shakepay has a few features for buying and trading crypto.
- The Change Tab: One feature that sets Shakepay apart from many crypto trading platforms is that Shakepay has a Change tab. This unique addition allows users to obtain small portions of Bitcoin with every purchase they execute.
- Instant Buy/Sell: This option is for users who want to start buying and selling immediately and aren’t worried that their digital assets will shift after a transaction’s completion. Limit Orders: By utilizing this feature, traders can set a specific threshold to limit buying or selling under certain parameters.
- Price Alerts: This tab can alert crypto traders when there are any fluctuations on Bitcoin Ethereum when set to certain parameters. This feature works by sending the user notifications.
- Recurring Buys: Traders can use this feature to schedule automated purchases. The feature offers daily, weekly, and monthly times.
Deposits and Withdrawals
Shakepay is a preferred choice for many traders as it doesn’t require any fees on either withdrawals or deposits. This also includes crypto withdrawals. The platform also allows for Interac e-transfers. This allows a user to send funds to their desired destination almost instantaneously. Lastly, there are wire transfers.
Both Interac e-transfers and wire transfer withdrawals are completely free, provided the amount is less than $5,000. However, users may still need to pay wire transfer fees associated with their bank upon withdrawal.
Shakepay’s Trading Fees and Bonuses
Shakepay is pretty transparent about its trading fees and bonuses. The trading platform itself is very simple to navigate, and its clean UI makes every process streamlined. With only a couple of tabs, crypto traders who want a convenient experience will appreciate Shakepay.
Additionally, the platform has no hidden mounting or transaction fees. With the platform having a Bitcoin spread of 2.5%, users can reap the benefits of free Canadian Dollars (CAD) deposits and withdrawals and free Bitcoin (BTC) deposits and withdrawals.
However, one thing users should worry about is the amount of CAD they have deposited. When funds are available, Shakepay will continue running automated purchases for them. It can be easy to set the Recurring Buys feature then forget it.
The Referral Bonuses
The platform also comes with a referral program to help you obtain free crypto coins. This program is excellent for traders wanting to invest more and gain some additional rewards. By utilizing referral links, you can invite new members to join the platform and earn some extra Bitcoin.
When you join via a referral link, you’ll have to open your app every 24 hours. Once you do, you’ll be prompted to shake your phone. After shaking, free crypto will be deposited into your account. Every day, the total amount will start to increase a little. Referral bonuses are available for $10 for any order that exceeds $100. This allows you and anyone you referred to Shakepay to receive $10.
You can also opt for a Shakepay Visa Card. Using your Shakepay Visa card, you can receive Bitcoin cashback on any purchase. Or users can choose a MogoCard instead. Choosing a MogoCard allows for an unlimited 2% cashback on any purchase.
Bug Bounty Program
Although many businesses might try to deny or hide the chance of bugs, Shakepay takes a different approach. They acknowledge that bugs can happen. They also encourage their user base to find any potential bugs.
If you’re very tech-savvy or even happen to spot a bug, you can take advantage of the Bug Bounty Program. Depending upon the size and severity of the bug, users can gain between a small $5 for minor bugs up to $4,000 for reporting a massive bug.
Shakepay’s interesting ShakingSats feature is only available in Canada. Refer a friend to Shakepay and you’ll get crypto for free. Open the app once per day and shake your phone. Free crypto will instantly be added to your account. Each day, the reward is slightly higher. This will give you Satoshis (sats), every day. You can stack more sats if you refer more people.
Shakepay has an additional feature called Shakepay Change. This allows users to purchase small amounts of Bitcoin whenever they make a purchase using their debit cards or credit cards.
Is Shakepay Safe?
As far as security goes, Shakepay has many features allowing for tighter security. For starters, Shakepay stores most of its digital funds in offline cold storage wallets. If there’s a breach or malicious attack, these crypto wallets won’t be compromised. Moreover, Shakepay’s cold storage provider is regulated by the New York State Department of Financial Services.
The platform is also regulated as an AMF and FINTRAC. This boils down to Shakepay being a legal Money Service Business allowed to operate in finance across Canada. Shakepay Inc. (MSB M17065696) is licensed as a Money Service Business by Canada’s financial regulatory bodies, AMF and FINTRAC.
Shakepay is also compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). Storing personal data utilizes 256-bit AES encryption–an industry standard.
While not a requirement, Shakepay strongly encourages all its users to use two-factor authentication (2FA) for extra security. With this feature in place, users are alerted by either their authenticator app or SMS upon every withdrawal attempt or log in. They can then act quickly to freeze their account if it’s not them. There’s also a lock option to enhance your privacy and security further.
However, Shakepay does have one potential security flaw. The platform isn’t CDIC (Canada Deposit Insurance Corporation) insured. While many financial institutions are CDIC allowing users to protect their savings if their financial institution fails, cryptocurrencies aren’t.
To combat this issue, however, users can store their assets using hardware wallets. Hardware wallets allow users to store their private keys in a safe offline place.
How is its Support?
Unlike other trading platforms, Shakepay does offer a support team. However, it’s not always the fastest, and users will need to become accustomed to waiting up to 48 hours before connecting with someone that can assist.
Luckily, the platform also comes with an expansive library. Its knowledge library comes in the form of a FAQ section. In this section, users can find many of their solutions to common problems. They will also find general information about Shakepay.
- Ability to gain BTC from referrals
- Buy and sell Bitcoin and Ethereum commission-free at market-leading prices.
- Easy to use interface and can be an excellent option for new traders
- Allows for rapid and efficient purchases and transfers
- A streamlined platform with a clean UI
- A high level of security
- No transaction fees on both deposits and withdrawals
- An expansive FAQ section
- You can withdraw Bitcoin to a bank account in Canada without any fee instantly.
- Only Bitcoin and Ethereum are available
- Only accepts CAD
- Can take up to 48 hours to receive a response from customer support
- Compared to other platforms, it has some limited features such as no research, news, or watchlists tabs
Frequently Asked Questions
Is Shakepay CDIC Insured?
Shakepay isn’t CDIC insured, which means that if the Shakepay platform fails, there’s no way to retrieve your funds on the platform. One way to combat this issue is by placing your funds inside hardware wallets.
However, while Shakepay isn’t CDIC insured, it does have an insurance policy for its cryptocurrencies in cold storage. Its insurance protects them from theft, damages, and private key losses. The identity of their insurer remains unknown.
Does Shakepay Need to Report to the CRA?
Since Shakepay is licensed with the AMF and the FINTRAC as a Money Service Business, they comply with the CRA’s regulations. You are also required to report any gains you make from crypto investments.
Is Shakepay a Wallet or a Crypto Exchange?
In many ways, Shakepay functions like your traditional exchange wallet. However, it also offers many innovative features like separating Ethereum and Bitcoin wallets and allowing trades, withdrawals, and deposits.
Has the Cryptocurrency Exchange Ever Been Hacked?
The Shakepay platform has never been hacked, breached, or fallen to malicious attacks.
Does Shakepay Have an App?
Yes, Shakepay has an app available for both Apple and Android users. However, users can get the Shakepay app on their Web App store. Both the website and mobile apps offer a clean and easy-to-use interface.
What’s Our Verdict?
Shakepay is an easy-to-use crypto trading platform and is an excellent choice for new users. Their UI is very clean, and both their website and app are easy to navigate. Although it doesn’t have as many features as other trading platforms, the features they do offer are very useful.
With outstanding security and no transaction fees, Shakepay is an excellent choice. However, some users might be turned off because it only offers Bitcoin and Ethereum.
If you’ve already been tipping your toes into crypto for a while and want to explore other altcoins, then Shakepay isn’t for you. If you’re comfortable trading with only Bitcoin and Ethereum and want an easy-to-use platform with tight security and no transaction fees, then Shakepay is a safe bet.
Now, if you don’t find Shakepay that interesting, don’t worry, because there are other Canadian crypto exchanges out there where you can buy or sell crypto in Canada such as BitBuy, Coinbase, Newton, Coinberry, Ndax, and Wealthsimple. Binance is also available on where you can buy crypto, but not for Ontario residents.
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