Users can trade Bitcoin and Ethereum on the platform while earning rewards for using their Crypto Visa card. This Shakepay review covers how it works, fees, and whether it is safe. Shakepay allows users to withdraw Canadian dollars without any set limit, although larger withdrawals may require additional security checks. For cryptocurrencies, the withdrawal limits can vary, so users should check the latest terms on Shakepay’s website or contact their support for up-to-date information. Shakepay fees are structured in order to support its commitment of offering an accessible, low-cost crypto platform that meets both new and experienced enthusiasts’ needs. Shakepay’s trading experience is tailored to fit its user, creating an optimal balance of simplicity and functionality.
Additionally, if the government requests any customer information, Shakepay is legally obliged to provide it. If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found. Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity. I scoured various online reviews across Reddit, Trust Pilot and other sites to see what people are saying about Shakepay. After following the six-step signup process, an automated third-party service will attempt to verify your account.
Can I use the Shakepay Card for online purchases?
Enter your email address and choose a username for your new account. Make sure the email address is one you can access, as Shakepay will send a confirmation email shortly after. What stands out to me is the fun, lighthearted tone Shakepay uses throughout the app. Instead of dry, robotic notifications, they add personality to their updates. When they introduced the dark mode feature, a popup greeted users with “Hello darkness, our new friend” —a clever nod to The Sound of Silence. Overall, Shakepay’s fees are pretty straightforward, with no surprise charges for everyday transactions.
How does Shakepay earn money (trading fees, spreads, commissions)?
However, it is only available to Shakepay customers who have verified their identity. We will also do a side-by-side comparison between this card and other crypto cards available on the market. Any amount of money I could transfer back and forward independently.Pretty secure, fast, transparent, and very intuitive.
Poor customer serviced
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. Although the platform is still developing when considering its features and coins available, Shakepay stands out with its cost-effective fee structure. The Shakepay app can be accessed on the App Store, Google Play store, or their website.
The Shakepay card is a cryptocurrency virtual prepaid card that is issued by the Canadian cryptocurrency exchange, Shakepay. Even though “shaking” for free Bitcoin seems a little too good to be true, the crypto exchange now services over a million people. The reward increases every day so make sure you don’t break the streak! If you’re wondering how they make money as a company, then know that they adjust the prices that you can buy or sell cryptocurrencies.
Is literally instant and no fees
Shakepay supports trading on over 2 cryptocurrencies on their platform. This exchange currently supports 2 of the top 30 market cap cryptocurrencies. The Shakepay crypto exchange stores most of its funds in cold storage, meaning hackers cannot access them remotely. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. I compared Shakepay to other regulated crypto and CFD brokers available to Canadians, focusing not just on features, but on the actual user experience. I paid close attention to whether it’s user-friendly for beginners and also if it has what more experienced traders might expect.
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 crypto money service business where customers can easily buy and sell bitcoin and Ethereum on their desktop or through the Shakepay app. This crypto service also offers a Shakepay Visa card, a great way to earn crypto rewards for everyday purchases. Read our review to learn all you need to know about Shakepay and how this crypto service can affect your purchasing. No, they do not charge users a monthly fee and they are committed to providing a service that is commission-free with no fixed trading fees. The platform earns its revenue from a spread, which refers to a small difference between the buy and sell price of cryptocurrencies.
Conclusion: Shakepay Review
The cold storage provider is regulated under the New York Department of Financial Services (NYDFS) who holds SOC 1 Type II and SOC 2 Type II certifications. With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control shakepay review of their financial life. Despite offering access to free trading, deposit and free withdrawals, Shakepay still offers a welcome bonus of $20. While you can’t make the wrong choice with Shakepay, you still need to know about its offerings and how it compares to the other crypto platforms in Canada. And that’s exactly what this Shakepay review will help you achieve. Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders.
Documents are uploaded directly in the app or website, and the verification is typically processed within a few minutes to several hours. Once the team reviews your application and documents, you will receive a confirmation email, allowing you to start using your account. Shakepay emphasizes security, and activating two-factor authentication (2FA) during setup is recommended for added protection. Shakepay is a legit platform that operates with robust security measures, providing Canadian users with a reliable crypto management solution.
It was one of the first financial technology companies to support digital currency trading in Canada. Shakepay is a cryptocurrency brokerage platform that allows Canadians to buy and sell Ethereum and Bitcoin almost instantly. Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
- Yes, this service is considered a safe exchange platform with several security measures, including cold storage, two-factor authentication, and insurance policies on wallets.
- I had a very disappointing experience with this company and their customer support.
- Kraken also supports multiple fiat currencies, including USD, CAD, EUR, and more, allowing users from various regions to fund their accounts directly.
Close my account for no reason
If you’re ready to start using Shakepay, here’s a simple guide to get you up and running. I’ll walk you through the key steps to make your experience smoother. Because of this, the platform follows Canadian financial laws and isn’t available outside the country.
- Shakepay is a Canadian-based platform that allows users to buy, sell, and hold Bitcoin and Ethereum.
- Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians®, has written about money matters for over 10 years.
- In addition, you’ll see a unique anti-phishing code at the bottom of each account activity email.
- 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.
Since 2015, Shakepay has made it easy to buy and sell Bitcoin (BTC) and Ethereum (ETH) using Canadian dollars. We write product reviews and comparison articles in the field of cryptocurrency. We signed up for every crypto exchange and brokerage so you don’t have to. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017. Yes, since Shakepay is a licensed Money Service Business, transactions over $10,000 are reported to the CRA.
