Shakepay review
- Fiat currencies
- 1
- Supported assets
- 2
Our verdict
Buy and sell Bitcoin and Ethereum on Shakepay, one of Canada's most popular crypto exchanges.
Since 2015, Shakepay has made it easy to buy and sell Bitcoin (BTC) and Ethereum (ETH) using Canadian dollars.
Founded in 2015, the exclusively Canadian app has over 1 million users. Sign up in as little as 10 minutes, and start buying crypto immediately with no commissions and no deposit or withdrawal fees (crypto network fees and spreads apply).
Shakepay focuses on simplicity, cutting out many of the features and tools offered on other popular crypto trading platforms. If you're a crypto beginner or want an easy way to invest in bitcoin and Ethereum, Shakepay might be exactly what you need.
Pros
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Simple, user-friendly app
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$0 trading commissions
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Free deposits and withdrawals
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Earn free bitcoin when you spend fiat currency with the Shakepay prepaid Visa card
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Earn free fractional bitcoin with the ShakingSats feature
Cons
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Only supported fiat currency is CAD
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Only supported cryptos are Bitcoin and Ethereum
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Limited features and trading tools
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High spreads not suitable for frequent traders
Details
Product details
| Product Name | Shakepay |
| Fiat Currencies |
CAD |
| Cryptocurrencies | BTC and ETH & 1 more |
| Deposit Methods |
Cryptocurrency Interac e-Transfer Wire transfer |
| Trading Fee | $0 |
| Deposit Fees |
Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply) |
| Withdrawal Fees |
Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply) |
Ratings methodology - how we scored Shakepay
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Shakepay — company background
Founded in 2015, Shakepay is a Canadian cryptocurrency app that lets you buy and sell Bitcoin and Ethereum using Canadian dollars. Shakepay is based in Montreal, and the app has over 1 million users.
Listed Shakepay crypto exchange assets
Shakepay supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, XRP and BNB, which are in the top 20 cryptos by market cap. In total, 2 of the top 20 cryptos are available on Shakepay.
Popular assets on ShakepayShakepay fees
Shakepay Between shakepay accounts, wire transfer and interac e-transfer deposits are free for folks in Canada.
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply) |
| Withdraw funds | Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply) |
Shakepay deposit methods
- Cryptocurrency
- Interac e-Transfer
- Wire transfer
How to sign up on Shakepay exchange
Before you can even get started trading on Shakepay, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Shakepay's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Shakepay account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Shakepay.
Is Shakepay safe?
Shakepay is an MSB (money services business) regulated by FINTRAC. The company is registered as a restricted dealer with securities regulatory authorities in all Canadian provinces and territories, including the Autorite des marches financiers (AMF) in Quebec.
Shakepay uses encryption to protect personal data. The majority of assets are kept offline in cold storage. Rest easy knowing that these assets are insured by a policy that covers most damages, theft, and loss of private keys.
An independent audit conducted by CipherBlade in 2020 confirmed that Shakepay has enough digital assets and fiat currency to cover its customers' balances. Additionally, all employees must pass a background check. The report concluded that "digital currencies held in hot and cold wallets are unlikely to be compromised."
Keeping your crypto secure
All centralized exchanges, including Shakepay, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Shakepay customer support
Shakepay does not offer phone support, but you can get help via live chat in the app. There's also an extensive collection of articles online in the Shakepay Help Centre.
How to reach Shakepay customer support
- Help center articles
- Live chat
Alternatives to Shakepay
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