Whether you’re wondering “what is Shakepay” or “is Shakepay safe”, this guide covers everything you need to know. Another limitation is that Shakepay only supports two cryptocurrencies. As your crypto journey progresses, you’ll likely want access to more coins.

Simply put, this means that if the market price of Bitcoin is $10,000, the platform will sell it to you at $10,100. If you want to sell crypto with a market value of $10,000, you may only receive $9,900. They are also a member of the CRIO, FINTRAC, AMF, and other Canadian regulators. Impressively, they provide CIPF protection of cash assets up to $1 million per customer, making them a more secure option for nervous users.

Bitcoin Holdings Among Canadian Public Companies Rise, Reflecting Global Trend

Except in the case of Shakepay, Shakepay covers the cost of this fee on your behalf. Shakepay was launched in Montreal in 2015 and serves more than 1 million Canadian customers. The company holds a Money Service Business by FINTRAC and is registered as a Restricted Dealer in all Canadian provinces and territories. This means Shakepay can legally solicit business from Canadian customers. Shakepay stands out as an attractive platform for purchasing digital currencies in Canada due to its secure verification process and price advantage. No matter your experience level or expertise in cryptocurrency trading, Shakepay provides an enjoyable experience.

Shakepay Review: Additional Features

Notwithstanding that concern, the Shakepay crypto exchange is a beginner-friendly and affordable way to purchase BTC or ETH. The Shakepay crypto exchange is beautifully designed and easy to use, but, as previously mentioned, it only supports BTC and ETH. Finder CA is an information service that allows you to compare different products and providers.

Shakepay does not charge direct trading commissions or deposit/withdrawal fees. Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users. Shakepay is a legit platform that operates with robust security measures, providing Canadian users with a reliable crypto management solution.

It is a gateway for Canadians to explore the world of digital assets. 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. Shakepay does not charge commissions at all, but it has a price spread that can cost you up to 3% on buy or sell transactions.

Stay away from this App if you want any kind of just treatment to conduct business, invest crypto or transfer coins between wallets. On the other hand, NDAX offers a wider range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and they have more advanced trading features. NDAX offers lower fees for high-volume traders and provides advanced trading tools such as margin trading and stop-loss orders.

Is Shakepay regulated or certified in CA?

Every 24 hours, launch the app and shake your phone (no joke, simply shake it), and free cryptocurrency is instantly credited into your account! Shakepay allows users to withdraw Canadian dollars without any set limit, although larger withdrawals may require additional security checks. For cryptocurrencies, the withdrawal limits can vary, so users should check the latest terms on Shakepay’s website or contact their support for up-to-date information.

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➡️ Long-term holders interested in dollar-cost averaging and holding Bitcoin or Ethereum safely off-exchange. The platform’s automated purchase options and cold storage practices appeal to these users, even though token choices are limited. Shakepay is designed specifically for Canadian users, so its features will be limited if you are outside Canada.

• Shakepay is a money service business and is required to follow FINTRAC regulations.
• Using Shakepay is extremely easy due to their great usability and interface.
• The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you.
• Fiat withdrawals and deposits are also free, and most common funding methods like Interac e-Transfer do not incur additional costs.
• Once you qualify and load up your balance, every purchase with the Shakepay card will automatically settle to the bitcoin balance in your Shakepay account.

In addition, you can lock access to Shakepay using your Face ID, PIN, or pattern. They publish a Proof of Reserves & Security Report on their site and have taken out an insurance policy against funds being stolen. We will look at how many people are using Shakepay, what coins you can invest in, and where they stand out. Finally, I will look at the team behind Shakepay and why they decided to call it Shakepay in the first place. Our Content on the Website is Our own opinion and does not constitute financial or investment advice in any way whatsoever. Nothing published on the Website constitutes an investment recommendation, and You should not rely on any data or Content published by Us for any financial or investment activities.

#4. Commission-free trading

While the mention of an insurance policy is reassuring, more transparency would be ideal. They do provide an independent report on their procedures, which you can view here. The general sentiment is that Shakepay is easy to use, has fast transactions, and cool Bitcoin rewards. The main complaints seem to be around slow customer service, occasional app bugs, and hidden fees.

Master Crypto Basics

I tried out its platform, checked the trading tools, measured the fees, and interacted with customer support to really understand how Shakepay works in practice. My main goal was to see if Shakepay is reliable, what makes it stand out, and where its limitations lie. Coinbase has a fee structure that includes both flat rates for transactions under $200 and percentage-based fees for larger transactions. While Coinbase offers more variety in payment options, the fees on smaller transactions can be steep, with a base rate of 4% for transactions under $200 in the US. The platform has never been hacked, keeps most funds in cold storage, and offers two-factor authentication. Shakepay also uses cold storage and encryption, but a past data breach raised concerns about user information safety.

• CoinSmart (now Bitbuy) is one of the best crypto exchanges in Canada.
• Shakepay’s security team quickly responded by de-authenticating the device and containing the breach.
• Shakepay’s app and desktop platforms are perfect for beginners, featuring a clean, intuitive interface that’s easy to navigate.
• Their money is made on the spread when you buy and sell Bitcoin or Ethereum.
• For comparison, Newton offers a spread of 0.9%, making it a more cost-effective alternative for those looking to save on trading fees.

We do not recommend specific products or providers, however may receive a commission from the providers we promote and feature. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. Make sure you always use the official website URL of your crypto exchange before depositing any money https://forex-review.net/shakepay-review/ since there are many fake exchange websites and social media accounts out there. Shakepay, launched in 2015 in Montreal, has quickly gained traction, serving over 600,000 Canadians. The platform claims that you can own your first Bitcoin in just 10 minutes—a bold promise, but if accurate, it’s a great option for those eager to get started.

Additionally, users can earn bitcoin by referring a friend to the platform. Once your friend’s account is verified, you’ll receive a reward in the form of cash. The value of the reward depends on when you and your friend sign up on the exchange. Shakepay maintains a combination of hot and cold storage methods, with the majority of assets held in cold wallets. The company states that it carries insurance coverage on its crypto holdings but does not publish formal proof-of-reserve attestations. As we wrap up this Shakepay review, I’ve covered everything from account creation to withdrawing funds.

CoinSmart (now Bitbuy) is one of the best crypto exchanges in Canada. You can store cryptocurrencies on Shakepay or transfer them to your private wallet. Though Shakepay is not a bank and does not claim to be as secure as a bank, it uses all the security measures that banks use. It keeps most of its digital currencies in cold storage and even has an insurance policy to protect those funds. Add funds to your Shakepay account by sending an Interac e-Transfer from your bank account. Buy Bitcoin and Ethereum with zero fees at competitive market rates.