Shakepay is a cryptocurrency brokerage platform that allows Canadians to buy and sell Ethereum and Bitcoin almost instantly.
It was one of the first financial technology companies to support digital currency trading in Canada.
While Shakepay does not charge commissions, it has a variable price spread that can cost you up to 3% on both ‘buy’ and ‘sell’ transactions.
In addition to Shakepay Canada, crypto investors can also use the likes of Bitbuy, Newton, Coinsmart, and Wealthsimple Crypto.
This Shakepay review covers how it works, fees, pros and cons, and whether it is safe.
About Shakepay
Shakepay is a crypto trading platform founded in 2015.
It is based in Montreal and has served more than 800,000 Canadians who have bought or sold $5 billion worth of crypto using the site.
In a strict sense, Shakepay is not a cryptocurrency exchange. Rather, it is more like a broker or retailer that facilitates the buying and selling of digital currencies between itself and customers.
Shakepay has a popular mobile app on the App Store and Google Play with review ratings of 4.5/5 and 4.6/5 respectively.
How Does Shakepay Work?
To get started on Shakepay, sign up here ($30 bonus included).
You need to verify your phone number and your identity. This is a regulatory requirement in Canada for money service businesses.
Oftentimes, accounts are automatically verified by running an identity check.
If this does not work, you must provide some documentation including:
1. Image of your photo ID
2. Quick selfie video
The government-issued ID provided can be your passport or driver’s license.
In some cases, you may also need to verify your address by sending a copy of your utility bill or bank statement.
After account verification is completed, you can add funds using Interac e-Transfer, wire transfer, or deposit crypto (Bitcoin and Ethereum).
The time it takes to deposit or withdraw funds varies as follows.
Coins Supported on Shakepay
Shakepay only supports two currencies:
1. Bitcoin
2. Ethereum
If you are looking to trade other popular coins such as Litecoin, Dogecoin, Cardano, Ripple, or Stellar, you will need to look elsewhere.
If you plan on trading currency pairs, you can buy Bitcoin or Ethereum on Shakepay and transfer them to your wallet on another exchange if it makes sense fees-wise.
Shakepay Fees
Shakepay does not charge any fees when you deposit or withdraw funds. It also does not have a trading fee.
So how does it make money?
When you buy or sell Bitcoin and Ethereum, there is a spread in the prices. This spread is effectively a transaction fee and it can vary from 1-3% at any point in time.
Is Shakepay Safe and Legit
Shakepay is registered as a Money Service Business in Canada and is regulated by FINTRAC (#M17065696) and AMF (#904007).
As per its website, “the majority of all digital currencies are stored offline and are backed by an insurance policy issued for Shakepay”.
The platform also uses SSL- encryption and 2-Factor Authentication to protect your account.
Is it Safe?
Cryptocurrency exchanges are often targeted by hackers and other malign actors and there’s nothing like 100% safety online.
You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X.
Pros of Shakepay
Some of the benefits you enjoy as a Shakepay user are:
1. Instant verification and a user-friendly trading interface
2. No fees to deposit or withdraw funds
3. Supports crypto transfers to your wallet
4. Prompt customer service support
5. Has a sign-up bonus
Cons of Shakepay
1. Supports only Bitcoin and Ethereum
2. Price spread can cost you up to 3% in fees
3. Only available to Canadian residents
4. Does not offer advanced trading tools
Shakepay Referral Program
Shakepay has a referral program that rewards you whenever someone joins your referral link.
Depending on the offer available at the time, you both get $10 or $30 after they verify and make a purchase of $100 or more.
Shakepay Card
The Shakepay Card is now available to Shakepay clients and you can easily apply for it through your account dashboard on the app.
The Visa Card can be used to pay for purchases wherever Visa is accepted and allows you to spend from your Shakepay balance. It also earns bitcoin cashback on all purchases.