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How to use the Shakepay app
Everything I share here comes from real use and side-by-side comparisons—not just a superficial look at marketing claims. ➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada. With fast CAD funding/withdrawals and instant internal transfers, Shakepay is convenient for sending or receiving crypto among contacts. Shakepay is fully legal in Canada and operates as a registered Money Services Business (MSB) under FINTRAC and Revenu Québec regulations. As the crypto industry evolves, regulatory compliance remains a key legal development for exchanges operating in Canada.
Trading Experience
However, it lacks some advanced features seen on exchanges like Kraken, Coinbase, and Uphold, which provide more variety in assets, trading options, and even staking rewards. For advanced traders, Kraken offers spot, margin, and futures trading, catering to different strategies. Shakepay, in contrast, is strictly a buy-and-sell platform with no additional trading features. If you’re looking for a straightforward way to purchase Bitcoin and Ethereum in Canada, Shakepay is an option. But if you want a more versatile exchange with better fees, more assets, and advanced trading tools, Kraken stands out as the better choice. Shakepay doesn’t charge direct trading fees, but it applies a spread to transactions, which can lead to higher costs depending on market conditions.
Enabling 2FA at sign-up adds an extra layer of security to your Shakepay account. Additional services play a crucial role in expanding the utility and convenience of crypto platforms, providing users with added value beyond basic trading functions. However, I find the limited choice of assets restrictive compared to the broader industry.
There are no opening, maintenance, or inactivity fees on a Shakepay account, which I consider transparent and favorable for passive users or those just starting in crypto. Fiat withdrawals and deposits are also free, and most common funding methods like Interac e-Transfer do not incur additional costs. What can add up are currency conversion costs if I move funds between CAD and USD—Shakepay applies its own rates, which might include an embedded spread.
After witnessing the Mt. Gox collapse2 firsthand, Kraken’s team prioritized security from the start. Once your bank account is linked, click on Send again, and then choose Wire transfer. To download your void cheque, open the Shakepay app again, tap on Add funds, and select Direct deposit. If the system can’t automatically verify your account, Shakepay will manually review your submission to help finalize your registration. Review and agree to Shakepay’s Terms of Use and Privacy Policy before proceeding. Once this is done, Shakepay will send you an email to verify your address.
- Select the Direct deposit option to set up your payroll deposit.
- Overall, Netcoins is worth checking out if you’re looking for one of the best Shakepay alternative in Canada that is perfect for both beginners and experienced crypto traders alike.
- For Canadians looking to automatically convert CAD into Bitcoin or Ethereum, Shakepay offers a convenient recurring order feature.
- Security is a strong point for both platforms, but Kraken’s track record is particularly notable.
The best service to sell your cryptos
You can “shake” your phone every day to have free bitcoin (around 0.10$ to 1.50$) . Fast transfert, fees are very abordable compare to other wallet. They closed my account because they deemed I was a security risk. They refused to justify this because they are not obligated with the Terms and Service agreement. As our security and risk assessment team have looked over your account, unfortunately the decision was made that we are no longer able to keep your account open.
Wire Transfers can take up to 2 business days and there is no maximum on shakepay review the amount you can send but there is a maximum of $10,000. Shakepay platform uses encryption and 2-factor authorizations so that all your data is secured and no one else has access to your account without your knowledge. Shakepay does have a customer support team that can be contacted to resolve any issues.
My Review of Shakepay crypto platform (September
Both Newton and Shakepay are among the leading crypto brokers in Canada. The two trading platforms don’t charge deposit, withdrawal and trading fees. Unlike other crypto trading platforms, Shakepay takes a step further to provide an insurance policy on its cold storage wallets. This means crypto holdings on its platform are covered in case of theft, damages or private keys loss. Founded in 2015, the exclusively Canadian app has over 1 million users.
- While you can see your transaction history from the desktop platform, details are limited.
- To find the best Canadian crypto exchange, I bought Bitcoin on 18 platforms to compare total fees, prices, and spreads.
- During my review, I found the platform delivers on its promise of making trading easy.
- In a nutshell, Shakepay is a platform for Canadians from all walks of life to buy, sell, and store cryptocurrencies.
The company’s swift response and transparency in handling the breach suggest a commitment to security, even when issues arise. Shakepay also incorporates a fun, casual tone, making crypto feel less intimidating. Features like pop-up updates with clever wordplay add a unique touch. Shakepay has added the feature to add recurring buys, so you can automate your savings and purchase a set amount of ETH or BTC at regular intervals automatically.
Can I use the Shakepay Card for online purchases?
Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. The platform also uses SSL- encryption and 2-Factor Authentication to protect your account. If you want to trade other popular coins such as Litecoin, Dogecoin, Cardano, Ripple, or Stellar, you will need to look elsewhere. It is based in Montreal and has served more than 1,000,000 Canadians who have bought or sold $7 billion worth of crypto using the site. Savvy New Canadians content is vigorously reviewed for accuracy by our team of qualified fact checkers.
Is Coinbase Safe? Read Before You Sign Up
Both Bitcoin and Ethereum withdrawals are also free because Shakepay covers the miner fees and gas fees. Yes, this service is considered a safe exchange platform with several security measures, including cold storage, two-factor authentication, and insurance policies on wallets. This includes using the mobile app, logging into your account online, or visiting the exchange’s website. Shakepay incorporates elements of a hot wallet, as it enables users to store, send, and receive cryptocurrencies like Bitcoin and Ethereum through an online platform. However, they also encourage the use of private wallets for enhanced security. Shakepay stands as an embodiment of digital finance’s innovative, secure and user-centric ethos, where user experience and innovation remain top priorities.