Shakepay Review: A Simple Way to Trade Bitcoin and Ethereum

The credit provider’s final decision is made at their discretion, subject to decisioning criteria. For more information, please read our editorial policy and find out how we make money. Shakepay is licensed as Money Service Business by FINTRAC and the AMF, meaning they must comply with their regulations.

  1. Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals.
  2. Other users love Shakepay’s simplicity and features such as Shaking Sats.
  3. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange.
  4. Shakepay began as a prepaid debit card service fuelled by cryptocurrency.
  5. That means you’ll pay more for BTC and ETH when you buy, and you get less for them when you sell.

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.

Because of the way Shakepay operates and the fact that it’s not a traditional crypto exchange, I was concerned about the possibility of fractional reserves. Fractional reserves are when you’re purchasing assets that the company doesn’t actually hold. Luckily, Shakepay does not have a fractional reserve, so when you buy a digital currency from them, you can rest assured that it actually exists. If you want to learn more about their security features, you can check it out on their site.

Is this your company?

Shakepay’s insurance policy was created by Aon and underwritten by Lloyd’s of London. 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. The platform also uses SSL- encryption and 2-Factor Authentication to protect your account on both the desktop and the mobile app. On the app, you can customize how you lock access, such as with Face ID, biometric unlock or PIN. Plus, Shakepay allows the transfer of your digital currencies into your personal cold storage wallet so you can secure your digital assets yourself.

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How to Buy Crypto on Shakepay

It’s a virtual card, all you need to do is sign up with Shakepay (use this link to get $10), verify your account, and apply for a card within the app. Once the account is confirmed, you can top it up and start using it for payments and getting 2% bitcoin cashback. Promoted as “the easiest way for Canadians to buy and sell bitcoin”, is Shakepay the best way for Canadians to get in on the crypto revolution? Read a detailed breakdown of their service in this Shakepay review.

Every time you shop with any Visa merchant worldwide, you’ll earn 1% in bitcoin, which will be deposited into your account on the website. The vast majority of digital currencies are kept in cold storage wallets that are covered by insurance. Shakepay’s platform includes a built-in charting feature that allows investors to track the price and performance of cryptocurrencies. Furthermore, the chart can be customized to show different timeframes and data points, allowing users to stay updated on market changes.

How Shakepay Works

But they didn’t understand my question ended up flagging my account and closing it without a reason. This is why Canadian company’s never work, their customer service is unhelpful. Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage. Shakepay is licenced as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada. As a result, Shakepay is one of the most secure and safe crypto exchanges in Canada. To prevent unwanted access to your account, you can set up two-factor authentication (2FA), FaceID and biometrics.

How to Sell Crypto on Shakepay

The new Shakepay launched in early 2018 throughout Canada, except Quebec for which it became available a few months later. Shakepay is a combination of cryptocurrency exchange and digital wallet service. It is powered by a mobile app through which users can buy, sell, and trade cryptocurrencies. Shakepay currently supports only bitcoin (BTC) and ether (ETH). Shakepay allows you to deposit Canadian dollars into your account via Interac e-Transfer or wire transfer.

That means you’ll pay more for BTC and ETH when you buy, and you get less for them when you sell. Opening an account with Shakepay is easy, but you’ll need to verify your identity before you can start buying and selling crypto. Most customers are verified right away, but in some cases, it may take a few days. You now know the nuts and bolts of Shakepay, so let us talk about features and fees. Among the service’s most attractive features is its licensing. In other words, Shakepay is licensed by FINTRAC and the AMF to operate as a money service business (MSB).

With Shakepay, you can only buy or sell Bitcoin and Ethereum. You cannot access any other coins nor can you swap between them. Having said that, there are no actual trading or transaction fees. Instead, Shakepay only charges a markup above the live market price when you buy, and a markdown on the live market price when you sell.

Shakepay has a poor 1.9-star rating on Trustpilot with 76% poor reviews. Some users claim there is a lack of support, and others claim they were scammed by companies pretending to be Shakepay. Of course, these scams have nothing to do with Shakepay itself.

When you want to start a transaction, multiple authorizations are required. To give you more confidence, know that Shakepay has never been hacked or lost any of their users’ funds. For example, if you sold $100 worth of crypto to Shakepay, they may resell it at $110, with the $10 difference being their revenue to cover operating costs. To help you streamline purchases, you can set rules on Shakepay to have the app automatically buy Bitcoin or Ethereum at the frequency you want. Shakepay is one of the few options available for crypto trading in Canada and is loved by many, constantly throned at the top of the App Store and Google Play.

Shakepay Consumer Ratings, Reports & Reviews on Other Platforms

Several other crypto exchanges charge deposit and withdrawal fees. Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details. Also, it does not mention what percentage of digital assets are held offline in cold storage. We see this as a bit of a red flag as offline storage is the most secure way to store cryptocurrency. Shakepay does, however, mention that they have an insurance policy, but again, no details. There is an independent report on Shakepay’s procedures which can be found here.

However, Shakepay makes money from the bid-ask spread when buy and sell orders are made on the platform. Apart from that, users may be charged additional fees by their respective banks if they wish to make deposits or withdrawals via wire transfers. After reading this exhaustive Shakepay review, you can understand that Shakepay is a safe and easy-to-use platform for buying and selling cryptocurrencies. Shakepay is an excellent option for digital currency exchange in Canada, thanks to its appealing feature set and commission-free funding.