This is less transparent than a flat trading fee, so I pay close attention to the difference between the quoted buy and sell prices for each transaction. There are no overnight, custody, or management fees, making it a simple choice, but for active traders, the wider spread might outweigh the savings from zero commissions. The platform offers essential risk management tools such as two-factor authentication and allows users to set withdrawal whitelists, adding meaningful layers of defense. User feedback is overwhelmingly favorable, especially among Canadian crypto newcomers, though seasoned traders may wish for more granular security transparency. Shakepay stands out in the Canadian crypto space for its regulatory transparency and user peace of mind.
Does Shakepay offer welcome bonuses or rewards?
- When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use.
- Personal data is also encrypted using 256-bit AES encryption, so it’s unreadable in case of unauthorized access.
- Some Shakepay reviews also mention slow response times, though experiences seem to vary.
- You can also send your BTC and ETH holdings to an external crypto wallet.
I immediately notice the platform focuses on Bitcoin (BTC) and Ethereum (ETH), two of the most established and liquid cryptocurrencies in the market. For newcomers or those prioritizing security and ease of use, this targeted approach can be reassuring. Users can easily buy, sell, and transfer these assets with rapid CAD settlements, which makes Shakepay exceptionally user-friendly for Canadians seeking direct crypto exposure. Selecting a platform with free fiat withdrawals and no maintenance charges can make a noticeable difference for cost-conscious investors. 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.
Features like pop-up updates with clever wordplay add a unique touch. Shakepay is a registered Money Services Business (MSB) with FINTRAC, Canada’s financial intelligence unit. It complies with federal anti-money laundering regulations, but is not regulated as a securities dealer or registered in the same category as traditional Forex or CFD brokers.
On the downside, Shakepay charges one of the highest markups on the price of crypto in Canada. Before you sign up, here’s what to know about the Shakepay platform. Shakepay offers a crypto card that allows me to spend my digital assets for everyday purchases directly from my account.
Nerdaxe Ultra 500Gh/s 12W Bitcoin Solo Miner
After a brief stint at Booz & Company, he co-founded an online payments company called White Payments, which was later acquired. Shortly after, he co-founded Shakepay, where he has worked for nine years. Unfortunately, Shakepay only allows you to buy and sell Bitcoin and Ether. Users are encouraged to pay their utilities and other bills through the app.
Very good exchange
In addition, you can lock access to Shakepay using your Face ID, PIN, or pattern. This virtual card can be used to pay for stuff online and in stores. Copy your institution shakepay review number, transit number, and account number.
- Here is another crypto platform that has failed me in many ways after dealing with over $400k Cdn.
- Shakepay is a money app that is trying to be the Cash App or Venmo of Canada.
- In this review, I will walk you through all there is to know about Shakepay.
- This virtual card can be used to pay for stuff online and in stores.
- Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users.
- Shakepay is only available to Canadian residents and does not support users in the United States.
Instead of charging a direct fee, the exchange generates revenue by including a bid-ask spread in its pricing. While this keeps trading simple, it’s important to understand how Shakepay fees work behind the scenes. Always double-check external wallet addresses when withdrawing crypto.
Shakepay is an ideal platform if you’re new to the world of cryptocurrency and need a simple, user-friendly entry point. However, advanced traders looking for a diverse range of coins and sophisticated trading tools will be disappointed by Shakepay’s limited features. Shakepay is a Canadian cryptocurrency exchange that offers a user-friendly platform for buying and selling Bitcoin and Ethereum. It features a unique “ShakingSats” program, allowing users to earn small amounts of free Bitcoin daily.
Worst Customer Service – Freezing Funds
Blockchain transactions are irreversible, and sending assets to a wrong address can result in a permanent loss. For fiat transactions, check if your bank may apply incoming wire fees. Thanks to their simple user interface and fast transactions, users are able to get their feet wet, fast. Unlike other crypto platforms, Shakepay doesn’t charge a commission when you buy or sell crypto. Shakepay is only available to Canadian residents and does not support users in the United States.
Get the most out of your money
That’s still more expensive than the same trade on NDAX, but it’s significantly cheaper than Coinbase and Kraken, which cost me 9.22% and 2.56% respectively. Recurring buys and limit orders are also only available in the mobile app. Recurring buys will automatically buy currency at a frequency pre-selected by you. You can set limit orders to both buy or sell Bitcoin or Ethereum. You can set it up to buy on dips and sell when it reaches your chosen limit. You can set how much CAD worth of BTC or ETH you’d like to buy or sell.
Insurance on funds
When someone signs up using your referral code and purchases $100 CAD or more in digital currency, both you and the referee receive a one-time reward. Crypto withdrawals are free when using the standard speed option. Users who need faster transactions can choose to pay network fees, but having a free withdrawal option is a rare perk in the crypto space. The app’s interface is clean and easy to navigate, even for beginners. After months of hearing buzz about it, I decided to dive deeply into one of Canada’s most talked-about crypto platforms. With a reputation for simplicity and strong security, Shakepay claims to make cryptocurrency accessible to all Canadians.
You will need to download the app to access the full range of Shakepay features. When you want to cash out and withdraw from the platform, you can do so by eTransfer or Wire Transfer for free. Interac eTransfers are near-instant and you can send a maximum of $10,000. Wire Transfers can take up to 2 business days and there is no maximum on the amount you can send but there is a maximum of $10,000.
Yes, Shakepay is a legitimate cryptocurrency platform registered as a Money Services Business (MSB) in Canada. Naturally, Shakepay reviews Canadian regulations and follows them, ensuring compliance and security for its users. When finding the best crypto exchange, legitimacy and regulatory status should always be key factors.
Shakepay applies a spread on each transaction, which may result in higher costs depending on market fluctuations. When outside of the country, account functionality may be limited. While the company hasn’t detailed exactly what restrictions apply, it’s something to keep in mind if you rely on the platform for crypto transactions. Shakepay doesn’t offer traditional staking features, but it does provide users with an innovative way to earn rewards through its “ShakingSats” feature and a Referral Program. While you can’t earn rewards through staking, these two features offer fun and engaging ways to boost your crypto balance. Customer support is only available through live chat, with no phone support option.
