Shakepay is a Montreal-based technological platform that allows Canadian users to buy, sell, or invest in Bitcoin and Ethereum. Shakepay’s prime motive is to create a financial revolution by making smart investments and building on wealth. So, read on this Shakepay review to know everything about the platform.
Summary
| Features | Details |
|---|---|
| Headquarters | Canada |
| Found in | 2015 |
| Native Token | None |
| Listed Cryptocurrency | BTC and ETH |
| Trading Pairs | N/A |
| Minimum Deposit | Free |
| Deposit Fees | Free |
| Transaction Fees | Free |
| Withdrawal Fees | Free |
| Application | Yes |
| Supported Fiat Currencies | CAD |
| Supported Countries | Canada |
Table of Contents
What is Shakepay?
CEO Jean Amiouny and CTO Roy Breidi founded Shakepay in Montreal in 2015. According to Crunchbase records, the company has received $786,500 in investments from Bogaroo, Boost, Box1, and Creative Destruction Lab since its inception.
On Shakepay, users can partake in the trade of two cryptocurrencies: Bitcoin and Ethereum. Thus far, the platform has successfully served over 600,000 Canadians, helping them build a revolutionary financial future.
Shakepay isn’t a bitcoin exchange platform in the traditional sense. In fact, it functions as a broker or store, facilitating the purchase and sale of digital currencies between itself and customers.
Shakepay Review: Core Features
1. Trading Interface
Shakepay allows users to trade Bitcoin and Ethereum in a variety of ways:
- Instant Buy/Sell: The quickest way to buy or sell cryptocurrency at current pricing.
- Limit Orders: Create a buy or sell order at a specific price.
- Recurring Buys – Create a rule to buy Bitcoin or Ethereum daily, weekly, or monthly. Ensure you have CAD currency in your account before making transactions.
2. Shakepay Card
All purchases made with the Shakepay Card earn users a 1% Bitcoin cashback. It appears to be a prepaid visa card that will not impact your credit score. In the Shakepay app, you can join the waitlist.
Shakepay Review: Shaking Sats and Incentives
ShakingSats is an intriguing function exclusively available for Shakepay users. Every 24 hours, launch the app and shake your phone (no joke, simply shake it), and free cryptocurrency is instantly credited into your account! Every day, the reward grows a little more.
Shakepay Review: Additional Features
- Set price alerts if you want to be notified when Bitcoin or Ethereum reaches a specified price.
- Export Transaction Summary: Create an Excel sheet of your account’s transactions for tax purposes or personal records.
- Shakeypay’s Bug Bounty Program pays $5 to $4000 to programmers and cyber security experts who uncover flaws and security hazards on their platforms.
- Blog: Shakepay provides regular updates on its products, instructive papers, and more. On their website and in the app, Shakepay has a support section that claims to have a 24-hour response time. They also have a comprehensive FAQ area and a website status page where you can see real-time incidents.
- App: The Shakepay app is available for both iOS and Android users. The popular app has a positive rating of 4.5/5 and 4.6/5 stars on the App Store and Play Store, respectively.
Is Shakepay Safe?
Shakepay is a newcomer to the cryptocurrency exchange world, but it has proven to be intensely safe so far. One exclusivity of Shakepay, compared to other exchanges, is that the company is regulated.
FINTRAC and AMF, both financial regulatory organizations in Canada, have granted it a Money Service Business license.
Shakepay Review: Fees
Shakepay’s platform allows for commission-free trading. It does not levy any fees directly on its users. Deposits and withdrawals in CAD and cryptocurrency are both free.
When buy and sell orders are placed on the platform, Shakepay makes money from the bid-ask spread. Aside from that, consumers may be charged additional costs by their banks if they use wire transfers to make deposits or withdrawals.
Shakepay Review: Buying and Selling Crypto
Buying, selling, and completing transactions on the Shakepay platform becomes simple after users set up a Bitcoin wallet. Cryptocurrencies can be purchased and sold in the following ways:
Log in to the Shakepay app or website on your mobile device or computer.
To Purchase Cryptocurrency:
- Once on the page, select CAD from the “From” button.
- By clicking the “To” button, the user must select the sort of Cryptocurrency they wish to purchase.
- Click “Buy Bitcoin (or Ethereum)” after entering the amount of CAD for which you want to buy cryptocurrency.
To Sell Cryptocurrency:
- Once on the page, select CAD from the “To” drop-down menu.
- After inputting the amount of CAD at which you want to sell the cryptocurrency, click “Sell Bitcoin (or Ethereum).”
Shakepay Review: Comparison
Newton vs. Shakepay
| Newton | Shakepay |
|---|---|
| Trades 26 different coins | Trades Bitcoin and Ethereum |
| Does not impose a trading fee | Imposes a trading fee |
| Pricing differential of upto 0.70 % | Pricing differential of upto 3% + free withdrawals |
NDAX vs. Shakepay
| NDAX | Shakepay |
|---|---|
| $100 CAD minimum deposit | $5 CAD minimum deposit |
| $25 CAD withdrawal fee | No withdrawal fee |
Bitbuy vs. Shakepay
| Bitbuy | Shakepay |
|---|---|
| Trades 15 different coins | Trades Bitcoin and Ethereum |
| 1.5% CAD deposit and withdrawal fees | Free deposit and withdrawal |
Shakepay Review: Customer Support
Shakepay does offer a customer support team that resolves user issues swiftly and efficiently. You can contact Shakepay’s customer service department by sending an email to the following address: [email protected].
Shakepay Review: Pros and Cons
| Pros | Cons |
|---|---|
| Incredibly minimal and straightforward to use. | Advanced features like charts and research tools are unavailable. |
| Open an account in under 10 minutes. | 1.43% total purchase fee. |
| Earn cryptocurrency by rounding up debit card purchases. | Supports only two cryptocurrencies: Bitcoin and Ethereum. |
| No transaction fees. | |
| No withdrawal fees. | |
| ShakingSats feature to win free crypto. | |
| Free migration of Bitcoin to a non-custodial wallet. |
Conclusion
Although the platform is still developing when considering its features and coins available, Shakepay stands out with its cost-effective fee structure.
The ShakingSats feature and the platform’s quick and easy responses have received positive evaluations from Canadian traders. The bottom line is that Shakepay has the potential to offer much more for investors, and we can only see its trajectory going upward.
Frequently Asked Questions (FAQs)
1. Is it safe to store crypto on Shakepay?
More broadly, funds (CAD, BTC, & ETH) placed on Shakepay are not CDIC insured, which means they are not covered the same way your money would be if kept in a bank account. As a result, it’s critical to take all precautions to keep your account secure.
2. Is Shakepay legit in Canada?
Shakepay is a Money Service Business registered with FINTRAC (#M17065696) and regulated by AMF (#904007) in Canada. “The majority of all digital currencies are stored offline and are guaranteed by an insurance policy issued for Shakepay,” according to the company’s website.
3. Can I use the Shakepay Card for online purchases?
Yes, the Shakepay Prepaid Visa Card is eligible for use at any online store or e-commerce transaction that supports Apple Pay or Google Pay.
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