Shakepay Review 2023
When you look for a platform to exchange or trade Bitcoin or any other currency, 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 a complete insight into how this Canadian-based cryptocurrency exchange platform works, buys and sells coins, business account setup, and trading fees, and answers the question – is Shakepay 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 Service||Email, FAQs & Livechat|
What Is Shakepay?
Shakepay is a Canadian platform that enables 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 best crypto wallets.
The crypto exchange website was launched in 2015, and over the years, it has amassed 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 digital assets. After registering the Shakepay account, users can add to the market using bank wire, trade, or Interac e-transfer.
One unique thing about Shakepay is if the user prefers this crypto 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 Shakepay 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 to withdraw or deposit crypto.
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.
Signing up or registering on the site is also handy. A few details have to be provided while opening the account. Users need to provide a phone number for two-factor authentication. Updating the KYC information is part of the verification process. All details undergo the verification process according to the regulations set for registered Money Service Business by FINTRAC and AMF.
Shakepay Review: Pros and Cons
|Shakepay Pros||Shakepay 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 is accepted.|
|The easiest way for Canadians to trade.||High Bid-Ask Spread.|
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 as follows:
Website and Mobile App: Users can view their complete trading transaction history using any of the methods. This feature is great because of its simplicity. One can download the mobile application through Google Play Store and the App Store.
Instant Buy/Sell: Shakepay offers the quickest way to buy or sell cryptocurrency at today’s values. The user needs to register and start trading.
Limit Orders: Create a purchase or sell order at a specific price. It was very recently introduced in December of 2020.
Price Alerts: If the user wants to be notified when Bitcoin or Ethereum hits a specific price, setting up notifications is the best way.
Recurring Buys: Create a rule to buy Bitcoin or Ethereum daily, weekly, or monthly. However, users should have CAD money in their bank account before making transactions. It was very recently introduced in February of 2021.
ShakingSats Rewards: 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.
Shakepay A Friend: Entering the desired amount and, if wanted, a friendly note will allow you to send money to a friend.
Referral Program: 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: The Shakepay Card only offers a virtual card with no physical card option, and its cashback rewards are inferior to those of other cryptocurrency credit and debit cards. 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.
Register 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 these extremely easy steps:-
- After the email confirmation, 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 two-step authentication 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 account statement.
- The user’s Securefact database will be compared to the provided information.
- Users will be allowed to trade immediately after receiving this information. However, 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.
As per many reviews and our research, customers are not charged a trading fee or fees like withdrawals/ deposits for purchase orders and sell orders of cryptocurrency.
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 changed over time. Users can complete the transaction without the hassle and safely hold digital assets.
As a result, Shakepay transaction fees are almost nothing. Click here to learn about its fee details.
How to Buy and Sell Cryptocurrencies on Shakepay?
Once the Shakepay 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).”
How Does Shakepay Make Money?
Shakepay earns profits on the spread orders of crypto buy and sell placed on the platform as many cryptocurrency exchanges do. It does not charge any trading fee, and 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 makes money as it determines the price at which users may buy or sell digital currencies.
Shakepay Customer Service
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 assistance team. The section below with Shakepay FAQs has more information.
Shakepay Review: Conclusion
This crypto exchange review for Canadian residents indicates that they can primarily trade with Bitcoin and Ethereum on the Shakepay App. It is one of the best crypto exchanges for new traders in Canada as several features such as instant buy/sell, user interface, referral programs, and more cater to the essentials of trading.
Their website confirms that most crypto assets are secure in cold storage wallets. Shakepay OTC is another feature available to new and experienced traders who want to buy cryptocurrencies worth more than 200,000 Canadian Dollars. With zero trading fees, Shakepay enables users to take their first step into the cryptocurrency market.
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. In the event of any legal issues, the Shakepay Support Team will resolve them efficiently and through the right channels. Shakepay is also certified under the New York State Department of Financial Services (NYDFS) governing body and holds the SOC 1 Type II and SOC 2 Type II certifications.
What Is Shakepay Used for?
The crypto exchange 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.
Is Shakepay Legit?
Yes, Shakepay is a legit crypto exchange. The regulations are set for Money Service Business by FINTRAC and AM. Although Shakepay’s headquarter is in Montreal, Quebec, the company is permitted to operate in all Canadian provinces and territories.
Which Payment Method is Accepted by Shakepay?
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.”
Which Popular Currencies Are Supported by Shakepay?
Shakepay supports Bitcoin and Ethereum.
How Is Shakepay Different From Others?
Shakepay claims to be different from others because it only buys and sells Bitcoin and ETH. It is free to deposit or withdraw crypto. Also, the platform makes money on the spread, the gap between prices Bitcoin sold.
Does Shakepay have API?
Shakepay does not have any API, so the user will need to download your CSV files from their website and upload them.