"Shakepay is a fast-growing Canadian-based platform and one of the best Canadian crypto exchanges that makes it easy for Canadians to purchase Bitcoin and Ethereum only. It is perfect for those, who are just about to start their crypto journey. The most unique thing about Shakepay is their crypto Visa card, which Canadians can use to receive cashback in Bitcoin!"
However, the exchange has many downsides too. For example, BitBuy has more coin selection, better security, and way lower fees.
We signed up to use the platform to see just how easy it is to use and to find out whether Shakepay is legit in 2023. Here’s our Shakepay review.
Shakepay was launched in 2015 in Montreal and has served more than 600,000 Canadians. It states on its home page that you can own your first Bitcoin in just 10 minutes, which is quick if true. Of course, you will need your account verified to do so. The most innovative part about Shakepay is its referral program. Shakepay allows you to earn Bitcoin every day by shaking your phone. What’s not to like about that? Currently, Shakepay only offers Bitcoin and Ethereum.
One unique thing about Shakepay is its “ShakingSats” referral program. You can refer a friend to Shakepay using your unique referral code. As long as both you and your friend have verified accounts, all you need to do is open the Shakepay app every day and literally shake your phone. Doing this will earn you Satoshis every day. The more people you refer, the more sats you can stack.
Other Shakepay features include basic charting, simple purchasing, and a slick mobile app.
REGISTRATION & VERIFICATION PROCESS
What You Need to Open an Account:
- Must be 18+
- A government-issued ID
- A selfie
To sign up for Shakepay, you will first need to enter an email, password and your desired Shaketag, which will be your username.
Once you are in your account, you will see your wallets and under Transaction History, there will be a notice to verify your account.
Next, you will need to upload a government-issued ID such as your passport or driver’s licence. The next step is to record a video of yourself saying the digits that appear on the screen and submit this. You must keep your head within the oval shape that appears on the screen. You can do this on desktop or mobile.
Recording a video as part of the verification process is something we haven’t seen before, and while it induced a bit of stage fright in us, it was a lot easier than trying to take a selfie holding an ID and a piece of paper.
If your verification is auto approved, you can begin depositing right away. If not, manual verification can take seven days.
Click the “Add Funds” button and you will find a few ways to add funds to your Shakepay account.
The best and cheapest way to add the money from your Canadian bank account to Shakepay would be Interac e-Transfer.
Shakepay’s fees are pretty good in comparison to other exchanges. It is “commission-free” and offers free Canadian dollar deposits and withdrawals and free crypto withdrawals. Mining fees are covered by Shakepay, which is a rare benefit that most exchanges do not provide.
- Free crypto withdrawals
- Free CAD deposit/withdrawal (Interac and wire)
- Trading fee spread: 1.2% – 2.5%
Shakepay is a “no fee” exchange, but it is a broker. With a traditional crypto exchange, users buy and sell from each other, and the exchange facilitates that. A broker buys from its users and sells to its users at prices they set themselves. Usually, there is a difference in the buy and sell price and this difference (the spread) is pocketed by brokers such as Shakepay.
Shakepay’s spread is between 1.2% to 2.5% which is high. In comparison, Newton’s spread is 0.9%, which is a cheaper alternative.
Shakepay Currencies & Deposit Methods
Shakepay allows you to deposit Canadian dollars into your account via Interac e-Transfer or wire transfer. There is no option to use your credit or debit card. There is only a $5 minimum with Interac and a $5,000 minimum with wire transfers. The $5 Interac minimum is a huge plus because a lot of other crypto exchanges will require at least a $50 minimum, sometimes $100.
Shakepay Security and Safety
To prevent unwanted access to your account, you can set up two-factor authentication (2FA), FaceID and biometrics. When withdrawing funds from your account, you will need to confirm the transaction via email. It is a good idea, in this case, to also set up 2FA for your email account to ensure no unauthorized funds are withdrawn. Shakepay will send you notifications to alert you of your account activity.
Shakepay is licenced as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada. As a result, Shakepay is one of the most secure and safe crypto exchanges in Canada.
Mobile and Desktop app
Shakepay’s app offers a beginner-friendly interface. The iOS app has a 4.5-star rating from 12,000 ratings and the Android app has a 4.6-star rating from 7,000 ratings. These ratings are very high compared to their competitors.
There are several Canadian crypto exchanges such as Bitbuy, which was Canada’s first regulated exchange. It has free deposits and some of the most popular cryptocurrencies to trade.
CoinSmart is also a good alternative.
Common Shakepay Scams
Make sure you always use the official website URL of your crypto exchange before depositing any money since there are many fake exchange websites and social media accounts out there. These fake exchanges will often look just like something from the real exchange with the same branding, but they are designed to fool you into depositing funds, handing over passwords, or downloading viruses.
Some people have been scammed by third parties claiming to be Shakepay, helping them set up an account and deposit money. Shakepay does not do this. If anybody reaches out to you claiming to be Shakepay, it is a scam.
Does Shakepay Offer Staking or Other Services?
Shakepay has a bitcoin cashback Visa card where you can earn 1% back on all your purchases paid to you in bitcoin. Use your card anywhere Visa is accepted online or in stores. You are free to hold, trade, withdraw, or sell your bitcoin rewards. There are no sign-up fees or credit checks required. As a bonus, you will earn an additional 1% cashback on the first $5,000 spent. You and up to four friends can also form a ShakeSquad and earn rewards on each other’s purchases. You can also send crypto to another Shakepay user for free using just their ShakeTag, which is a unique username you must choose when first signing up. This makes sending crypto easy. Shakepay is suitable for Canadian residents only.
Shakepay is the simplest platform Canadians can use to purchase Bitcoin and Ethereum. If those coins are all you want, and you do not need advanced order types, then Shakepay is a great choice. It offers free deposits and withdrawals including free crypto withdrawals, plus, you get to have fun shaking your phone and seeing your sats stack up. In addition, Shakepay has recently released its own crypto Visa card where you can spend and earn cashback in bitcoin. They are the only Canadian crypto exchange that offers it so far. Overall, Shakepay is easy and simple to use and perfect for beginners to start a crypto adventure
Michel Ouellette JMD, ll.l., ll.m.
J. Michael Dennis, ll.l., ll.m.
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Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.
When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.