Shakepay Review (November 2022) - Get a $30 Welcome Bonus - Comparewise
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Shakepay Review (November 2022) – Get a $30 Welcome Bonus

Shakepay is a platform based in Canada that enables users to purchase and trade cryptocurrencies such as Bitcoin and Ethereum using a computer or a mobile device. Users who use the Shakepay app are unable to retain ownership of their cryptocurrency’s private keys; nonetheless, the company makes it very easy for customers to move funds to the cryptocurrency wallet of their choice. Check out our Shakepay review for more details about the platform.

Since the website for the exchange was first made available to the public in 2015, many people in Canada have used its services to trade various cryptocurrencies. In other words, Shakepay enables users to convert Canadian dollars into a digital asset and vice versa.

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Last Updated: Nov 22, 2022

Shakepay

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Following the completion of the account registration process, customers have the option of contributing to the market by e-transfer, trade, or bank wire. After making a purchase of $100 worth of Bitcoin using Shakepay, a user has the option of shaking their phone to have increasing quantities of Satoshi’s added to their account.

This occurs if the user decides that they prefer this exchange platform over a friend’s. Shakepay is the only platform that offers this particular function, which helps to differentiate it from other platforms. Even if you just take it once a day, the cumulative effect might be significant. In addition, there are no costs associated with either deposits or withdrawals of funds.

How Does the Shakepay System Function

When compared to other services that allow trading in cryptocurrencies, Shakepay is one of the less complicated options available to users. Because the user interface is so easy to use, even Bitcoin traders with little to no expertise shouldn’t have any problem getting started.

The fact that you will get a bonus for joining up with Shakepay is easily the finest perk of the deal. The spread refers to the price differential that exists between the price at which Shakepay sells bitcoin to customers and the price at which it purchases bitcoin.

This difference generates revenue for Shakepay. Users are able to not only successfully execute the transaction but also save digital assets in a secure manner. Signing up for an account or registering oneself on the website is another helpful option.

In order to create an account, customers will have to provide a working phone number as a prerequisite. The verification procedure includes keeping the Know-Your-Customer information up to date. The verification procedure is carried out on every detail in accordance with the guidelines that have been established for the Money Service Business by FINTRAC.

Fees for Using Shakepay

The absence of any transaction costs is one of the selling points of Shakepay, which the company makes a point of highlighting on its website. This is true for both receiving cash and making cash withdrawals. Despite this, the corporation must continue to generate profits.

This indicates that Shakepay does not act as a facilitator for the buying and selling that occurs between individuals. Instead, consumers do their business directly via Shakepay. They are not exaggerating when they claim that there are no Shakepay costs; nonetheless, there is a difference in pricing between the purchasing and selling prices.

The term “spread” refers to the margin of profit earned by the seller after deducting the “asking price” from the “real selling price.” Therefore, if Shakepay gave you $1,000 worth of cryptocurrency and you wanted to sell it back to them immediately, they would purchase it back from you for $970. At the moment, it is believed that the spread is between 1 percent and 3 percent.

Shakepay Crypto Mobile App Exchange - Comparewise

How to Get Your Money Out of ShakePay

You simply need to complete the following three steps in order to transfer fiat currency from your Shakepay account to your bank account: Navigate to the tab labeled “Send”, then choose the “Interac e-Transfer” and enter the monetary amount that you would want to remove from your account.

Keep in mind that the maximum amount that may be withdrawn through Interac e-transfer is ten thousand dollars, and that it may take about two business days for the funds to be deposited into your bank account after a withdrawal.

To be able to remove cryptocurrency from your Shakepay account, you will first need to sell any coins or tokens that are currently stored there. Following the three procedures outlined above will allow you to withdraw your cash after you have converted your cryptocurrency into Canadian dollars.

Security Options Offered by Shakepay

The fact that Shakepay is a registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada places the firm in a somewhat advantageous position in terms of the regulations that pertain to the industry. The Ontario Securities Commission, which is another important Canadian regulatory authority, has not accepted it as a registered member therefore it is not quite as good as it might be.

When everything is taken into account, however, the Shakepay platform is a safe one. The vast majority of the coins belonging to its customers are kept in secure cold storage and covered by an all-encompassing insurance policy.

Users may switch on email confirmations for withdrawals, which is effectively two-factor verification and assures that even if a thief had access to your account, he couldn’t take your cash. This is one of the unique security features that is quite appreciated and useful.

In the year 2020, Shakepay willingly submitted itself to an independent security assessment, which was carried out by CipherBlade, a reputable blockchain security company. CipherBlade conducted extensive research on Shakepay’s operations and finances, in addition to doing criminal background checks on each of the company’s workers, but they did not uncover anything that seemed fishy.

To put it simply, CipherBlade is certain that Shakepay is operating in accordance with all applicable regulations and that there is no reason for worry.

Shakepay Crypto Exchange App - Comparewise

The Pros and Cons of Shakepay

Up next in our Shakepay review we’ll share highlights and areas for improvement we found when trying the paltform. Let’s start with the Shakepay pros:

Shakepay Pros

  • When it comes to purchasing and trading bitcoin in Canada, one of the more user-friendly solutions is Shakepay.
  • The Interac e-Transfer protocol makes it possible to send money to and from Shakepay for free and in a matter of minutes.
  • By rounding up transactions made with a debit card, users are able to earn bitcoin via the use of Shakepay Change.
  • Customers are not charged any fees when transferring their Bitcoin to wallets that do not provide custody services.
  • Those individuals who are interested in purchasing cryptocurrencies worth more than $200,000 CAD might make use of Shakepay OTC.

Shakepay Cons

Here’s the Shakepay cons that we though could be improved:

  • At this time, Canadians are the only ones who can use Shakepay.
  • Despite the assertion that Shakepay does not charge any fees, they do not charge any costs on buy or sell orders, fees are in fact buried in the rates that are offered for Bitcoin and Ethereum.
  • The user’s cryptocurrency that is stored in the Shakepay app is really kept by Shakepay and not by the user themselves.
  • Shakepay does not charge any fees for holding cryptocurrency.

Is Shakepay Legit?

There is no need for you to be concerned about the legitimacy of the firm since Shakepay is above board. They make their tax details and their FINTRAC number available on their website.

Because FINTRAC is concerned with preventing money laundering and other illegal financial activity, having evidence of regulation prominently displayed on the main page of Shakepay’s website goes a long way toward establishing the company’s credibility.

So, the answer is yes, Shakepay is legit and not only because of FINTRAC but because it also employs cold storage to secure customer money, and also it has handled $5 billion worth of digital assets since 2015.

Is Shakepay Safe?

Shakepay provides a number of different measures to secure the security of your financial assets.

HTTPS encryption, two-factor authentication, an additional layer of locking for the app that is separate from your phone’s normal lock, suspicious account notifications and other account activity alerts via SMS, email, or push, email confirmations of all withdrawals, and protection against brute force attacks on logins and other interactions are some of the safeguards that keep Shakepay secure.

Other safeguards include an extra layer of locking for the app that is separate from your phone’s normal lock. The vast majority of cryptocurrencies kept at Shakepay are kept in cold storage wallets and are covered by an insurance policy. This ensures the safety of your funds.

Shakepay Visa Card - Comparewise

How to Register with Shakepay

The signup procedure for Shakepay is relatively similar to that of many other cryptocurrency exchanges throughout the globe. This is due to the fact that Shakepay is one of the most significant cryptocurrency exchanges on the planet.

When registering for an account on the website, the user will be required to provide three pieces of information: their email address, their username, and their password. Additionally, the Know Your Customer (KYC) procedure is essential for the purposes of verification.

  • After the user’s email address has been verified, they will be requested to provide their phone number as a secondary form of identification. During the sign-in process, an individual’s identification will be validated by using their phone number.
  • Following that, it will be necessary for the user to complete the two-step verification procedure by entering the code that was delivered to their phone. The user is required to send in a selfie of themselves carrying either their passport or some other kind of identification along with the current date.
  • Two original papers are required, one of which must be a bank statement and the other must be a utility bill.
  • A comparison will be made between the user’s database and the information that has been given. It is possible that some users may be subjected to further verification processes; however, this will not apply to the vast majority of users, who will be permitted to trade as soon as they have received this information. In some circumstances, in addition to uploading a selfie, the user is required to provide two separate forms of evidence.

ShakePay Desktop Application

You may anticipate the desktop platform for Shakepay to be sleek and quite simple to comprehend on account of the fact that it is designed for novices. In point of fact, you should be able to buy and sell Bitcoin and Ethereum with as little as a few clicks, and you should also be able to fill your account in a way that is just as quick and uncomplicated by using either an Interac e-Transfer or a bank wire transfer.

It won’t take you more than ten minutes to sign up with Shakepay and have your account all set up so you can start buying cryptocurrency. Furthermore, creating an account is almost as easy as pressing a button.

Due to the fact that the website only supports market orders and limit orders, you won’t have access to any other sorts of sophisticated orders. On the other hand, the platform’s straightforward design is a double-edged sword.

To begin, their charting may be improved by going into a little more detail. At this point, it wouldn’t be a surprise if they started looking for another cryptocurrency exchange since this one won’t cut it for intermediate to expert cryptocurrency investors who are eager to invest.

Despite the fact that the platform advertises itself as commission-free, it is important to highlight the fact that it has a high bid-ask spread rate of between 2.5 and 3 percent, which is a significant amount. When you use Shakepay, this indicates that you should not have any expectations of receiving a substantial return on your investments.

Shakepay Crypto Mobile App - Comparewise

Shakepay App

The desktop version of Shakepay may be used on your computer, but the mobile app offers a more streamlined and user-friendly experience, and it also makes it much simpler to buy and sell cryptocurrency.

The Shakepay mobile app, on the other hand, has many of the key consideration limitations of the desktop platform. This means that it is lacking capabilities like as in-depth graphing and other order types when compared to the desktop version of the platform.

There is one function that is exclusive to the mobile app, and that is ShakingSats. In spite of this, the Shakepay app continues to earn favorable comments on both the Google Play Store and the App Store, where it has achieved a rating of 4.5 out of 5 stars on average in both of these stores.

Shakepay Support for Cryptocurrencies

Bitcoin and Ethereum are the only two cryptocurrencies that may be bought, sold, and traded via the Shakepay platform. You will need to look for more cryptocurrency exchanges and crypto brokers in order to trade other currencies, such as Dogecoin, Polkadot, Solana, and others.

What Kind of Profit Does Shakepay Make?

As is the case with many other exchanges, Shakepay makes money off of the gap between buy and sell orders for cryptocurrencies that are made on the site. Because of this, the effective rate of charge for each transaction is 1.75 percent, which is also often referred to as a spread fee.

Users who want to make deposits or withdrawals by wire transfer may be subject to additional costs. Bitcoin and Ethereum are among the digital currencies that may be purchased directly from customers using Shakepay. When a customer uses Shakepay to buy Bitcoin, the platform is the one that really offers them the cryptocurrency.

In a similar fashion, when a user sells Bitcoin or ETH to the site, the site will buy it from the user. Users may earn money by buying and selling digital currencies on Shakepay, and the price at which these transactions take place is determined by Shakepay.

Shakepay Crypto App - Comparewise

What Makes Shakepay Stand Out From Other Options?

One of the things that sets Shakepay apart from other payment processors is the fact that it exclusively buys and sells ether and bitcoin. In addition, there are no costs associated with making deposits or withdrawals. Additionally, the site gets money off of the spread, which refers to the difference in price between different Bitcoins that are sold.

Newton vs Shakepay

After looking at a number of other cryptocurrency exchanges in Canada, Shakepay is most analogous to Newton, an additional emerging cryptocurrency exchange. Newton, much like Shakepay does not charge fees for making deposits or withdrawals, and the company also provides the option to fill accounts through e-Transfer and Wire transfer.

The trading costs are another aspect that is comparable. In a manner similar to that of Shakepay, Newton does not impose any fees for commissions but instead profits from the spread. The most significant distinction between the two businesses is that Newton enables trading in over 25 different currencies, which is either the greatest number or one of the highest numbers for any crypto exchange in Canada.

Is Shakepay Right For You?

According to Shakepay, its platform offers Canadians the simplest and most convenient method to purchase and trade bitcoin. It is designed to appeal to a wide range of people since everyone in Canada, from high school students to pensioners, may use Shakepay.

Tradable assets

Bitcoin and Ethereum, which are now the two most widely used cryptocurrencies, are both available for trade on Shakepay. Shakepay is an option to take into consideration whether you are trying to purchase, sell, or store any of these cryptocurrencies.

If you want to trade or invest for the long-term in other crypto currencies such as Litecoin, Cardano, and Dogecoin, or other digital assets such as NFTs and DeFi tokens, then you will have to seek elsewhere. Specifically, if you want to trade in Litecoin, Cardano, and Dogecoin.

Notable characteristics

The usage of Shakepay is intuitive and simple even for inexperienced users. The primary function of the organization is to facilitate the buying and selling of cryptocurrencies like Bitcoin and Ethereum. These characteristics stand out quite clearly.

Instant buy/sell

Within ten minutes, your Shakepay account may be set up, validated, and financed, and you will be ready to make purchases using the platform. Once you have everything set up, you may use their website or app to make quick purchases or sales of cryptocurrency.

Repeated purchases

You are able to establish rules with the recurring purchase function, which will then automatically acquire cryptocurrency at certain intervals. Before you can set up an option for automatic renewal of a subscription or membership, you will first need to check and see whether you have sufficient Canadian dollars in your account.

Following the market and making an effort to buy low and sell high is regarded as a long-term investment strategy that can perform as well as, if not better than, dollar cost averaging, which is regarded as an investment strategy that can perform as well as, or even better than, following the market and trying to buy low and sell high.

The benefits of ShakingSats

At least in Canada, only Shakepay comes equipped with the unusual and intriguing function known as ShakingSats. You have the opportunity to get free cryptocurrency by joining Shakepay via a referral link. Simply opening the app once every twenty-four hours and shaking your phone will result in free cryptocurrency being put into your account very immediately. The value of the award goes up by a little bit each day.

Shakepay Alternatives

Not convinced Shakepay is right for you? You might consider using another crypto exchange, such as:

Thanks for checking out our Shakepay review!

Shakepay Review Conclusion

The best thing about the Shakepay platform is that it makes buying cryptocurrencies like Bitcoin and Ethereum as easy as possible for Canadians.

If you are just interested in those currencies and do not want more complicated order kinds, then Shakepay is an excellent option for you. It allows for free deposits and withdrawals, including free cryptocurrency withdrawals something that exchanges almost never do, and it also gives you the opportunity to play a game that involves shaking your phone and seeing your assets accumulate.

In addition, Shakepay has only lately launched its very own cryptocurrency Visa card, which allows users to spend bitcoin and receive rewards in the cryptocurrency. They are the only cryptocurrency exchange in Canada that currently provides this service.

One of Shakepay’s shortcomings is that the company does not provide sufficient clarity on its offline storage or insurance policy. If the consumers knew the specifics of these things, they would have greater confidence in the company.

You should move your cryptocurrency assets to your own personal cryptocurrency wallet so that you may maintain control over the private keys. Another one of Shakepay’s drawbacks is that it only supports two different cryptocurrencies. Therefore at some point, you will think about switching to a new cryptocurrency exchange that gives you access to a wider variety of currencies. We hope you’ve found this Shakepay review helpful.

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FAQs about Shakepay

In what ways is Shakepay unique in comparison to other cryptocurrency exchanges that are presently on the market?

It is differentiated from a decent number of the other exchanges that are now accessible on the market by the fact that it is so easy to get started with Shakepay and that it is possible to purchase bitcoin in a matter of minutes. The application's user interface was developed to provide the impression of being as easy to use as the majority of the other prominent financial software programs that are presently accessible. The intricacy that is often connected with some of the more intricate cryptocurrency exchanges that are now available online has been removed as a result of this method.

Is there no danger involved while using Shakepay to make a payment for Canadians?

Shakepay makes a claim on its website that digital assets are covered by an insurance policy, but it does not disclose any more information on the coverage or the policy itself. In addition, it does not disclose what percentage of digital assets are kept offline in facilities designated as cold storage. The fact that bitcoins are not being kept in offline storage, which is the most secure technique for doing so, is something that sends up some warning signals for us. Nevertheless, Shakepay does mention that they have insurance coverage; unfortunately, they do not disclose any more information about this policy. To prevent unauthorized users from accessing your account, you have the option of setting two-factor authentication (2FA), and biometrics on your device(s). When you attempt to take money out of your account, you will first be asked to give an email confirmation so that the transaction can be validated. In this setting, using two-factor authentication on your email account is a prudent decision that might potentially assist in ensuring that no funds are removed from your account without your awareness. Shakepay will send you notifications whenever there is activity on your account and will keep you updated on any changes. When you have your assets stored on the Shakepay platform, just as with the overwhelming majority of other exchanges, you will not have access to the private keys associated with those assets. You do have the ability, however, to withdraw your bitcoin to the wallet of your choosing, regardless of whether it is a software wallet or a hardware wallet. This decision is entirely up to you. Shakepay is subject to all of Canada's relevant rules and has a license to operate as a Money Service Business from Fintrac. This means that Shakepay must comply with all of Canada's financial laws. As a direct result of this, Shakepay is often considered as being among the most trustworthy and reputable cryptocurrency exchanges in Canada.

When one practices paper trading, does one have access to a demo account that they may use?

No. Paper trading in no manner involves a demo account and does not simulate actual trading. Before you start using Shakepay, you are required to first learn as much as possible about the platform by doing research.

Does Shakepay act as a wallet for its users?

A number of different cryptocurrencies may be traded using the Shakepay platform. Users have the choice of keeping their bitcoin on Shakepay or transferring it to a private wallet of their own choosing. Both options are available to them.

When utilizing Shakepay, what should I expect paying for in terms of fees and charges?

In principle, the fees that are assessed by Shakepay are cost-free. At no point in time will you be required to pay a charge in order to make a deposit or withdraw money from your account. Instead, there is a disparity in the prices at which one may buy and sell cryptocurrency. It is likely that the range for this dispersion is between one percent and three percent.

How exactly do I go about taking money out of my Shakepay account?

Using Interac e-Transfer makes it simple to withdraw money; however, the maximum amount that may be transferred using this service in a single transaction is set at $10,000. You have the option of requesting a wire transfer for amounts that are more. You may also send Bitcoin and Ethereum to an external wallet straight from inside Shakepay by clicking "Send" on the main page, then either manually entering the address, or scanning the QR code that corresponds to the wallet, and entering it.

Where are customers able to utilize the Shakepay app?

At present moment, only those who are legally permitted to live in Canada are able to utilize Shakepay. You will need a piece of government-issued identification and a Canadian phone number in order to sign up for Shakepay. Acceptable forms of identification include a driver's license, a passport, a province ID card, or a residence permit card. You are allowed to use Shakepay on both your desktop computer and your mobile device if you are a citizen of Canada or a permanent resident of Canada. However, you cannot use Shakepay if you are not a Canadian resident. The marketplace is available for download via the Google Play Store and the Apple App Store, and users may access it using whichever operating system they want.

If I kept my Bitcoins on Shakepay, would I have to worry about their safety?

Even though Shakepay promises to retain the majority of digital assets in cold storage, you should still consider shifting your Bitcoin to a cold wallet that you control even though the business claims to keep the bulk of digital assets in cold storage.

October 6, 2022
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