Shakepay Review 2024: Is it Safe and Legit? Is it Worth It?

The platform uses industry-leading security measures such as two-factor authentication and encrypted email communication. As you can see, there are plenty of reasons to trust Shakepay as your cryptocurrency exchange. Users first need to deposit CAD into their accounts to buy or sell cryptocurrencies on Shakepay’s website.

Below is a highlight of the Shakepay key features as of the time of writing. At the end of the review, you should be able to make an informed decision about shakepay review whether or not Shakepay the perfect crypto broker for you. Be very careful of new platforms or exchanges that operate from countries outside of Canada.

  1. Now, I tried to transfer a couple hundreds and it is taking over 48hours to process?
  2. You will be required to verify your number and provide your personal information including your email address and username.
  3. If you need access to more digital currencies, I recommend Newton as a suitable alternative.
  4. As a prepaid visa card, it operates much like a debit card and no credit check is required to get the card.
  5. There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell.
  6. Loans Canada may receive compensation from the offers shown on its website.

Their money is made on the spread when you buy and sell Bitcoin or Ethereum. This is harder to know what the real fees are, but just know that if you buy or sell Bitcoin on Shaekpay, you are paying a small markup. I transferred bitcoin from my trading account and the finance blockchain ask me to deposit more o.11BTS to release my 0.82 BTS deposited from my trading account.

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It is important to note that it has a price spread of up to 0.70%, so keep that in mind. Shakepay and NDAX are Canadian cryptocurrency exchanges, but they have some notable differences. If Shakepay’s security is compromised, Shakepay will review the situation and take care of losses that reach up to $100,000. You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X or Trezor. This feature allows you to receive a small amount of free Bitcoin daily if you join Shakepay through a referral link. To use it, all you have to do is open the app every single day and give your phone a real shake.

So, if you are looking for the best PayPal cryptocurrency exchange, or you are keen to find an exchange that accepts Skrill or Neteller, you’ll need to look elsewhere for now. You can withdraw funds in CAD directly to your bank by selecting either Interac or bank wire transfer (subject to minimum amounts) and clicking on ‘Confirm’. By clicking on the ‘Add Funds’ button, you can either transfer crypto from your own wallet, or you can opt to deposit in Canadian dollars (CAD), which is the only accepted fiat currency. Some of the products and services listed on our website are from partners who compensate us.

Yes, Shakepay is one of the few crypto trading platforms in Canada that offers an insurance policy on cold storage wallets. If your only crypto goal is to buy bitcoin in Canada or ethereum for that matter, then I highly recommend that you give Shakepay a close look. You can transfer in fiat currency or crypto without paying any fees. Shakepay will make money on the spread, but they cover mining fees, which is a nice touch. If you need access to more digital currencies, I recommend Newton as a suitable alternative.

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Those facts might leave you wondering if there are any further benefits to be gained by signing up with Shakepay and we are pleased to report that it does have some unique features. In this review, we’ll first assess all of the aspects we feel are important for a cryptocurrency exchange, such as security, fees, and the assets available. We’ll explore some user reviews, ask some crucial questions and finish up by giving you our honest verdict of Shakepay. Shakepay offers trading in the world’s two biggest cryptocurrencies, Bitcoin and Ethereum.

Also, you will not be able to send/receive crypto to/from external wallets. You’ll need to log into the mobile app to access that function. Otherwise, you can transfer in Bitcoin (BTC) and Ethereum (ETH) from an external crypto wallet. Shakepay does not charge any fees for this, but your transaction may be subject to blockchain network fees. At the time of writing, only Bitcoin (BTC) and Ethereum (ETH) are available on Shakepay.

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My personal preference is to pay a commission fee because it feels more transparent. You know exactly what you’re paying, whether the fee is .20% or .60%. I can’t tell you what Shakepay will charge you to buy, say 10,000 CAD worth of bitcoin because the spreads can change at any time. Shakepay is also backed by an insurance policy, which covers all the digital currencies in cold storage.

It is currently regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorite des marches financiers). If you refer your friends to Shakepay and they spend $100, you will get $10. You can use the unique referral link in your account’s settings to invite your friends to Shakepay and get rewarded. I will be available in the comment section for any further clarification you may have.

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While this may not be a problem for traders that are strictly interested in trading only these coins, the broker may be unsuitable for investors looking to trade multiple coins. The material contained on this website is for informational purposes only and RankFi.com, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice. RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only.

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Too bad because they had something good for a while but have lost a lot of customers now with lack of communication and dumb verification video after account was already verified. Facilities on the Shakepay site are only available to Canadian residents. However, the only service Shakepay offers them is either buying or selling Bitcoin and Ethereum, there is no crypto margin trading, spot trading or crypto lending availability. Alternatively, you have the option of withdrawing Bitcoin or Ethereum to either an external cold wallet, or directly to a different crypto exchange.

Looking for a convenient way to buy and sell Bitcoin and other cryptocurrencies? This Shakepay review will take an in-depth look at the features offered by this crypto exchange and compare it to some of its top competitors. When it comes to fees, Shakepay likens itself to a retail store. They own the bitcoin and they sell it to you at their price.

You can find the buy and sell prices on the Buy and Sell page of the Shakepay app. You can open your Shakepay account and buy bitcoin within minutes. Head to the “Get Started” button located at the top right of the Shakepay homepage.

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