Shakepay Review (2024): Is it Safe and Legit for Canadians?

Shakepay is all about simplifying your finances. Whether you’re new to cryptocurrency or a seasoned investor, this cryptocurrency exchange offers an easy-to-use platform for buying, selling, and earning cryptocurrencies like Bitcoin and Ethereum. But it’s not just about crypto – it also includes features for traditional money management.

But is Shakepay safe and legitimate for Canadians? In this Shakepay review, we will delve into its key features, pros and cons, and user experiences to help you make an informed decision.

Key Takeaways:

• Shakepay is a money app for Canadians who want to buy and sell digital currencies, send money to friends, and pay bills.
• Shakepay allows users to link their bank accounts and fund their crypto purchases with Interac e-Transfer and Wire transfer, which is fast, secure, and free.
• The platform does not charge trading fees for buying, selling, depositing, or withdrawing cryptocurrencies. However, you may need to pay a small spread fee. 

Shakepay Review: Overview

What is Shakepay?

Shakepay is a platform based in Canada that allows users to easily trade Bitcoin and Ethereum, transfer to friends, and pay bills with crypto on both a mobile app and a web interface. Additionally, the web interface also allows users to trade BTC and ETH with zero commissions.

Shakepay can be seen as a safe and trustworthy trading platform that works under the rules and regulations of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This crypto exchange applies various security measures, such as two-factor authentication, encryption, cold storage, and regular audits to protect the users’ funds and privacy.

Shakepay Pros

• It has a clear and easy-to-use interface that helps beginners to get started with crypto trading.
• Shakepay does not have any fees for deposits, withdrawals, or trading.
• The platform provides quick and easy funding methods, such as Interac e-Transfer and wire transfer.
• Shakepay app offers the ShakingSats feature, which gives users free Bitcoin daily when they shake their phones.

Shakepay Cons

• It only supports two cryptocurrencies: Bitcoin and Ethereum. Users who want to trade other coins or currency pairs must use another platform. 
• It does not have advanced trading features, such as limit orders, stop-loss orders, margin trading, or charting tools.

How does Shakepay make money?

Shakepay makes money by using a concept called “spread”. Cryptocurrencies have different prices in different markets, depending on the supply and demand. Shakepay gets the prices from these markets and adds a little bit extra to them. This additional amount is called the “spread”, and it is how Shakepay makes money.

The spread is known as the difference between the buying and selling prices. For example, if you buy one Bitcoin for $50,000 and sell it for $49,500, the spread is $500 (orders placed simultaneously).

The average spread of Shakepay is not a fixed number, but it depends on the market rates and is maintained around a 1.75% spread fee per order.

Step by Step to Register Shakepay Account

Step 1: Register an Account

Get the Shakepay app from the App Store or Google Play, or go to the Shakepay website and click “Get started”. Set up an account by entering your email address and picking a password.

Step 2: Completed Shakepay verification process

Confirm your identity by uploading a photo of your government-issued ID (such as a driver’s license or passport) and a selfie. This is mandated by law to prevent fraud and money laundering.

Step 3: Buy Bitcoin or Ethereum

Deposit funds to your Shakepay account by sending an Interac e-Transfer from your bank account. Purchase Bitcoin and Ethereum with no fees at market-leading prices. You can also send Bitcoin from the external crypto wallet.

Shakepay Fees

Shakepay Deposit Fees

Shakepay allows users to deposit funds in Canadian dollars (CAD) or cryptocurrencies into their accounts. Shakepay does not charge any fees for depositing cryptocurrencies or CAD. However, you may need to pay the provider fees.

Funding Methods

There are different methods and limits for each type of funding method. The table below is the summary of all funding methods available on Shakepay.

Shakepay Withdrawal Fees

Shakepay allows users to withdraw their funds in CAD or cryptocurrencies. Similar to deposits, it does not charge any withdrawal fee, but you may need to pay third-party payment providers’ fees.

Shakepay withdrawal limit

• The “Interac e-Transfer” option allows for a minimum withdrawal limit of $5 and a maximum withdrawal cap of $10,000.
• With “wire transfers”, the minimum withdrawal limit is $10,000, while there’s no upper limit on withdrawals.
• Bitcoin withdrawals on the BTC network have a minimum limit of 0.0001 BTC and no maximum limit.
• Ethereum (ERC20) withdrawals require a minimum of 0.05 ETH without any specified maximum withdrawal limit.
• Through the “Shakepay a Friend” feature, there’s no minimum transfer limit, but the maximum limit is capped at $999 per transaction.

Shakepay Supported Coins 

Shakepay only supports two cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). If you are looking to trade other popular coins such as Solana, Cardano, Chainlink, XRP, or Cosmos, you will need to look elsewhere. Some of the alternative crypto exchanges for Canadians that offer more coins are Bitbuy, Coinberry, and Coinbase. 

Shakepay Features Review

1. Shakepay Earning (ShakingSats)

ShakingSats is an innovative feature offered by Shakepay that allows users to earn free Bitcoin daily by shaking their mobile devices effortlessly. With ShakingSats, users can access the potential of accumulating Bitcoin without any additional effort, providing an exciting opportunity to grow their digital asset portfolio gradually.

There are two levels of ShakingSats rewards: active stacker and inactive stacker. To be an active stacker, you must use the Shakepay Card or trade (buy or sell) Bitcoin or Ethereum at least once a week. Active stackers get more sats than inactive stackers, and their rewards increase with their streak. The minimum reward for an active stacker is 50 sats; the maximum reward of 1000 sats is reached on day 356 of your streak. After day 365, you keep getting 1000 sats as long as you stay active and maintain your streak.

Inactive stackers are those who do not use the Shakepay Card or trade any cryptocurrency within a week. No matter their streak, they still get 21 sats every time they shake. However, they can become active stackers anytime by using the Shakepay Card or trading cryptocurrency.

2. Shakepay Card

This “Visa” card allows you to shop with any Visa merchant worldwide and get 1% in free Bitcoin to your Shakepay account. Moreover, you can get an extra 1% on the first $5,000 spent.

The card is connected to your Shakepay balance, so you can use Canadian dollars or Bitcoin anywhere Visa accepts. This card is free to order and has no monthly or annual fees. To begin, you need to sign up for a Shakepay account and order your card from the app. There are no credit checks.

3. Shakepay Referral Program

Shakepay Referral Program is a lucrative opportunity for users to earn rewards by inviting friends to join the platform. Users can invite friends to sign up and make their first cryptocurrency purchase by sharing a unique referral link or code. Upon completing the specified requirements, both the referrer and the referee receive rewards, typically in monetary incentives or bonus features like the ShakingSats reward program.

This program incentivizes user growth and fosters community engagement and loyalty. With the Shakepay Referral Program, users can harness the power of their network to earn rewards while introducing others to the benefits of cryptocurrency investment. 

Shakepay Mobile App Review

Shakepay offers a user-friendly mobile app for both Android and iOS devices. You can download the app from the Google Play Store and App Store. The mobile app and the web version have similar features and functions, so you can use whichever suits your preference. However, some users may find the mobile app more convenient and user-friendly, especially for the “ShakingSats” feature that lets you earn free BTC by shaking your phone daily. 

Shakepay has received mostly positive reviews on the Play Store and the App Store, with ratings of 4.5/5 and 4.6/5, respectively. Users praise Shakepay for its fast and easy transactions, low fees, friendly customer service, and rewards. Some of the negative reviews mention issues with limited coin selection.

Shakepay Security: Is This Exchange Safe?

Shakepay’s security measures are designed to protect the users’ funds, accounts, and personal data from various risks and threats. However, users should also take precautions to secure their accounts, such as choosing strong passwords, activating 2FA, and keeping their devices and email accounts safe. Here are some of the safety measures provided by Shakepay:

• Cold storage: Shakepay keeps most crypto assets offline in cold storage wallets, immune to hackers and other dangers. It has a partnership with a certified and regulated cold storage provider. Also, it has an insurance policy that covers most losses, thefts, and private critical damages.
• Encryption: It uses SSL encryption to send all personal data to its servers and then encrypts it again with AES-256 before storing it in its database. This means that even if someone hacks Shakepay’s databases, they cannot decrypt the user’s personal data.
• 2-Factor Authentication: Shakepay mandates all users to activate 2FA, which adds an extra layer of security to their accounts. The platform uses SMS-based 2FA by default, but users can also switch to TOTP-based 2FA using an Authenticator app.
• Rate limiting: The number of login attempts and other interactions is limited to prevent credential stuffing and brute force attacks. This makes it harder for hackers to guess the user’s password or access their account.
• Segregated accounts: They hold the users’ Canadian dollars in segregated Canadian bank accounts and their crypto assets in segregated cold storage wallets. This ensures that the users’ money is not used for any other purposes.
• No fractional reserve: The crypto exchange does not lend or invest the users’ money in any way. It only holds the users’ money for a short period of time and then transfers it to their designated wallets or bank accounts. The users’ money is always available to them and fully backed by Shakepay’s reserves.

Conclusion

To summarize the Shakepay review, If you want to get into the world of crypto in Canada, it is a platform that makes it easy and fast for you to buy and sell Bitcoin and Ethereum. You can fund your account and withdraw your money for free using Interac e-Transfer or wire transfer, and you can also send and receive crypto directly from your wallet. The platform does not charge any fees for transactions.

However, it is not a full-fledged cryptocurrency exchange, as it only supports two coins and does not offer advanced trading tools or features. If you want more variety, functionality, or liquidity, you may want to look at other platforms.

FAQs

Is Shakepay Legit Crypto Exchange?

Yes, Shakepay is a trustworthy and regulated company that has been in business since 2015. It has a Money Service Business (MSB) registration with FINTRAC and adheres to strict compliance and security standards. Shakepay has over 1 Million customers and has handled over $9 billion in transactions.

How do I get my money from Shakepay?

You can get your Canadian dollars from Shakepay to your bank account using Interac e-Transfer or wire transfer. You can also cash out your Bitcoin or Ethereum to your own wallet address. Shakepay does not impose any fees for cashing out, but there may be network fees for crypto transactions.

Can I use Shakepay outside of Canada?

No, You cannot use Shakepay outside of Canada. It is only accessible to Canadian residents who have a Canadian phone number, bank account, and identity verification. 

Is Shakepay legal in Canada?

Yes, Shakepay is legal and compliant with Canadian laws and regulations. Shakepay has an MSB registration with FINTRAC and follows the Anti-Money Laundering (AML) and Know Your Customer (KYC) rules. It also respects the Personal Information Protection and Electronic Documents Act (PIPEDA) and the Quebec Act Respecting the Protection of Personal Information in the Private Sector.

Who owns Shakepay?

Shakepay is owned by Shakepay Inc., a private company located in Montreal, Canada. The CEO and CTO of Shakepay are Jean Amiouny and Roy Breidi, who are both seasoned entrepreneurs and crypto enthusiasts.