- What Is Shakepay?
- How Does Shakepay Work?
- Is Shakepay Regulated?
- Pros and Cons
- Registration Process
- How to Buy & Sell Cryptos on Shakepay?
- Accepted Payment Methods
- Supported Currencies and Countries
- How Does Shakepay Make Money?
- How Is Shakepay Different From Others?
- Shakepay API
- Customer Help
When you look for a platform for exchange or trading Bitcoin or any other currencies, you will come across many options. However, no matter which platform you use, it is vital to consider transaction fees, customer service, Cryptocurrency options to trade, security, withdrawal, deposit, and other aspects of the platform.
This Shakepay review will provide you with a complete insight into how this Canadian-based cryptocurrencies exchange platform works, buys and sells coins, business account setup, and trading fees. Is it safe and legal? By reading this review on Shakepay, traders can learn to use this platform and trade Bitcoin and Ethereum.
|Listed Cryptocurrency||BTC and ETH|
|Supported Fiat Currencies||CAD|
|Customer Support||Email,FAQs & Livechat|
What Is Shakepay?
Shakepay is a Canadian platform that allows buying and selling Bitcoin and Ethereum using a smartphone or computer. While customers using the Shakepay app cannot keep their Cryptocurrency private keys, the business makes it simple for clients to transfer their cash to their crypto wallets.
The exchange website was launched in 2015, and over the years, it has had more than 600,000 Canadians using it for exchanging cryptocurrencies. Shakepay exchange, in other words, is a CDN or Inverse, allowing users to convert Canadian dollars into a digital asset. After registering the account, users can add to the market using bank wire, trade, or e-transfer. One unique thing about Shakepay is if the user prefers this exchange platform to a friend, you can shake your phone (yep, simply wave it back and forth) to have greater and greater sums of Satoshis put into your account after purchasing $100 worth of Bitcoin on Shakepay. Even if you only do it once a day, it adds up!. Moreover, there are no transaction fees for withdrawal or deposit.
Shakepay Platform Interface
How Does Shakepay Work?
If you compare it with other Cryptocurrency exchange websites, Shakepay is relatively hassle-free to trade on. The interface is so user-friendly that even newbie Bitcoin investors can start trading. The best part of signing up on Shakepay is you get a $30 bonus. Shakepay profits from the spread, which is the difference between the price at which they sell you Bitcoin and the price at which they purchase Bitcoin.
If the Bitcoin is selling for $20,000, the user may purchase it for $20,200. Shakepay would let users sell it for $19,800. On March 1, 2021, the spread was 2.54%, and it changes over time. Users can complete the transaction without much hassle and also hold digital assets safely.
Signing up or registering on the site is also handy. While opening the account, users need to provide a phone number. Updating the KYC information is part of the verification process. All details undergo the verification process according to the regulations set for Money Service Business by FINTRAC and AMF.
Features of Shakepay
Shakepay is easy to trade cryptocurrencies, with only a few parts in the app. The primary goal is to make trading as simple as possible to buy and sell cryptos.
Some of the features of Shakepay are:-
Website and Mobile App
Using any of the methods, users can view their complete trading transaction history. This feature is great because of its simplicity.
Shakepay offers the quickest way to buy or sell Cryptocurrency at today’s values. The user needs to register and start trading.
Create a purchase or sell order at a specific price. It was very recently introduced in December of 2020.
If the user wants to be notified when Bitcoin or Ethereum hits a specific price, setting up notifications is the best way.
Create a rule to buy Bitcoin or Ethereum daily, weekly, or monthly. However, users should have CAD money in the bank account before making transactions. It was very recently introduced in February of 2021.
Users may receive free Bitcoin every day if they join Shakepay through a referral link. By opening the app every 24 hours and shaking the phone, the user will get free Satoshis automatically credited to the wallet.
Refer a Friend Bonus
The user may also refer to friends, and if they spend $100, the user will get $10. Users can use the unique referral link that may be found in their account’s settings.
Shakepay Visa Card
Like many reviews and our research, we notice that Shakepay will soon release the visa card that will reward users with cashback in the form of Bitcoin for every transaction made. It appears to be a prepaid Visa card that will not affect the credit score, and you may sign up for the waitlist via the app. If the user does not want to wait for the Shakepay Visa, the MogoCard is a good alternative that will fund your account with 2% cashback in Bitcoin.
Is Shakepay Regulated?
Yes, FINTRAC and the AMF are in charge of regulating Shakepay Inc, which means Shakepay is legit. Although Shakepay’s headquarter is in Montreal, Quebec, the company is permitted to operate in all Canadian provinces and territories.
Shakepay Review: Pros and Cons
|$0 transaction fees for deposits and withdrawals.||Only two cryptocurrencies to trade.|
|Good Support Team.||No watch list, news, research, etc.|
|Free Bitcoin on Referral.||Only CAD fiat accepted.|
|The easiest way for Canadians to trade.|
Registration Process With Shakepay
Like many other exchanges Shakepay’s registration process is quite similar to many other Cryptocurrency exchanges across the world. While registering on the website, the user will need to provide an email, username, and password. Also, for verification purposes, the KYC process is vital. Follow the below steps:-
- When the email gets verified, the user will need to provide the contact number. During signing in, a phone number will be used to verify the identity.
- The user will then need to complete a 2-step verification by entering the code delivered to the phone. As a part of this process, the user has to send a selfie holding their passport or any ID proof and the current date.
- Two original documents- it can be a utility bill and one bank statement.
- The user’s Securefact’s database will be compared to the provided information. While the majority of users will be allowed to trade immediately after receiving this information, certain individuals may be subjected to further verification procedures. In certain cases, in addition to a selfie, the user must supply two kinds of proof.
Shakepay Registration Process
How to Buy and Sell Cryptocurrencies on Shakepay?
Once the user has a Bitcoin wallet set up, buying and selling or completing transactions on the platform becomes easy. Buy and Sell Cryptocurrencies using the following ways:-
- Log in to Shakepay app/ desktop
- Click on the “Buy & sell” button (blue button with arrows) on the navigation bar.
To Buy Crypto
- Once on the page, click the “From button” and pick CAD.
- The user needs to select the type of Cryptocurrency you wish to buy by clicking the “To” button.
- Click “Sell Bitcoin (or Ethereum)” after entering the amount of CAD you wish to sell for Cryptocurrency.
To Sell Crypto
- Once on the page, click the “To button” and pick CAD.
- Input the crypto amount to sell for CAD and click “Buy Bitcoin (or Ethereum).”
As per many reviews and our research, we can say that customers are not charged a fee for transactions like withdrawal/ deposits or for purchase orders and sell orders of Cryptocurrency. As a result, Shakepay transaction fees are almost nothing. Click here to know about its fee details.
Shakepay Accepted Payment Method
Users can use a credit card for payment. The e-transfer method is also the best option. If a user wishes to finance a Shakepay account using wire transfers, go to the “Add Money” tab and select “Bank wire transfer.”
Shakepay Supported currencies and Countries
Shakepay only supports Bitcoin and Ethereum, and Canada is the only country that supports currencies.
How Does Shakepay Make Money?
Shakepay earns profits on the spread orders of crypto buy and sell placed on the platform as per many exchanges do. As a result, the effective charge rate for each trade is 1.75 percent, often known as a spread fee. Banks may also charge users who want to make deposits or withdrawals via wire transfer extra fees.
Shakepay sells digital currencies (Bitcoin and Ethereum) to clients directly. When a consumer purchases Bitcoin using Shakepay, the platform sells the Bitcoin to them. In the same way, when a consumer sells Bitcoin or ETH, the site purchases it from them. Shakepay determines the price at which users may buy or sell digital currencies on Shakepay to make money.
How Is Shakepay Different From Others?
One of the reasons Shakepay is different from others is it only deals in buy and sell Bitcoin and ETH. Moreover, there are no fees for deposits and withdrawals. Also, the platform makes money on the spread, which is the gap between prices Bitcoin sold.
Shakepay does not have any API, so the user will need to download your CSV files from their website and upload them.
Shakepay Customer Help
Shakepay’s customer support is quite good. Whether the user has a query regarding the app, prices, crypto trading, or any other services, the team will help. Users can get real-time live chat with the support team. Also, there is a FAQ section for more information.
Shakepay Customer Support
Shakepay Review: Conclusion
This Crypto exchange reviews, for Canadian residents, as it provides the Shakepay app to trade only Bitcoin and Ethereum. With no transaction fees and other benefits, Shakepay is pretty promising to look forward to for investors to trade.
Achievements by Shakepay Till Date!
Is Shakepay Safe?
Shakepay complies with all Canadian legislation. Furthermore, according to their website, the great majority of digital currencies are held in cold storage wallets. Shakepay has also never been hacked or lost any of its user’s money.
Is Shakepay Legal?
Yes, it is completely legal.
What Is Shakepay Used for?
The Shakepay platform is used for Bitcoin and ETH cryptocurrencies.
Is Shakepay Cheaper Than Coinbase?
For Canadians, Shakepay is quite cheaper than Coinbase. Shakepay’s best buy cost is 1.43 percent, compared to Coinbase’s 4.55 percent.