Shakepay Review : Fees + Features

I have been with them with for awhile, and I shared my private information with them to get verified. While we are independent, we may receive compensation from our partners for featured placement shakepay review of their products or services. Shakepay supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Solana, which are in the top 20 cryptos by market cap.

  1. The total BTC selling fee was 1.21% (5th place) and the spread was 2.26% (12th place) on the day we tested.
  2. The spreads are charged in order to cover operational costs incurred to run the platform smoothly.
  3. Learn more about the 2 top crypto platforms in this Newton vs Shakepay comparison or read my detailed Newton review here.
  4. Bitbuy also has a more advanced trading platform that caters to more experienced traders.

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. Additionally, if the government requests any customer information, Shakepay is legally obliged to provide it. You can earn free Bitcoin on Shakepay through shaking your phone, cashback, referrals, and giveaways.

Users can add funds or deposit cryptocurrency after completing the application and verification processes. Because this is a cryptocurrency exchange platform, the primary focus is on trading digital currencies with effective rates of 1.75 percent and converting them into money. Unlike other crypto trading platforms, Shakepay takes a step further to provide an insurance policy on its cold storage wallets.

User Reviews for Shakepay

Shakepay is a crypto broker founded by Jean Amiouny and Roy Breidi as far back as 2015. The broker is based in Montreal and is regulated by FINTRAC and AMF. At the end of the review, you should be able to make an informed decision about whether or not Shakepay the perfect crypto broker for you.

Crypto Withdrawal Fees

With 1.5% back on every purchase (no dollar limit), 2% back after a $30k annual spend, and up to 10% back on thousands of select brands, it blows the Shakepay rewards out of the water. Cardholders can shop worldwide (with a 3% foreign transaction fee) and pay via Apple Pay or Google Pay with no annual fees or credit checks. It’s also important to remember the Shakepay card is a reloadable Visa prepaid card, which means you can only spend funds that are loaded to your Shakepay Canadian dollar balance. Claim your profile to access Trustpilot’s free business tools and connect with customers. You set up a purchase to go off at a specific time or regularly, just like setting up an automatic transfer through your bank.

It has included SmartTrade – the option to trade from one altcoin to another without trading to Ethereum or Bitcoin first. The vast majority of digital currencies are kept in cold storage wallets that are covered by insurance. It should be no surprise that the Shakepay app and platform are jam-packed with useful features to improve your trading experience. The platform’s commission-free and lightning-fast transactions are a major selling point, allowing you to own your first bitcoin in as little as 10 minutes. Furthermore, the site is secure and trustworthy, as the bitcoins are kept safely offline, giving you control over your money and peace of mind. Once you provide the required information and documents, Shakepay will approve your request instantly or within 1-4 business days in the case of manual verification.

Simply select the currency for which you want to place a limit order and enter the highest price at which you would buy or the lowest price at which you would sell. Overall, Netcoins is worth checking out if you’re looking for one of the best Shakepay alternative in Canada that is perfect for both beginners and experienced crypto traders alike. Like Shakepay, Netcoins is also registered and regulated as a Money Service Business (MSB) by FINTRAC. However, Netcoins supports 30+ coins and allows you to hold both CAD and USD in your account.

Great signup bonus, but it’s a SCAM

And if you want extra security on your account, you can turn on email confirmations for withdrawals. That way, even if someone else has access to your account, they won’t be able to steal your funds. There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell.

In total, 2 of the top 20 cryptos are available on Shakepay. Shakepay may have limited features, but it remains one of the simplest and safest platforms for Canadians to use if they are looking to gain exposure to crypto’s two most notable coins. The site has also recently eliminated its wait times for deposits, withdrawals, and verifications.

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So, whether you’re a beginner or a pro, Shakepay is worth considering. Bitbuy also has a more advanced trading platform that caters to more experienced traders. However, Bitbuy’s fees can be higher than Shakepay’s, especially for smaller trades. Though Shakepay is not a bank and does not claim to be as secure as a bank, it uses all the security measures that banks use. It keeps most of its digital currencies in cold storage and even has an insurance policy to protect those funds.

Canadian man out $81,000 in cryptocurrency scheme

This means they don’t charge a commission when you buy or sell cryptocurrency. Shakepay also covers transaction fees for transferring money off the platform. The growing popularity and adoption of cryptocurrencies over the past few years has led to the emergence of several crypto trading platforms in Canada. If you’re new to the world of cryptocurrency, Shakepay is an excellent place to start.

Overall, Shakepay has a mobile app on the App Store and Google Play. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Before you can even get started trading on Shakepay, you have to go through the rigorous verification process (which usually involves proof of identification). The reason for this is Shakepay’s commitment to certifications, and compliance with regulations and insurers. So if someone calls you claiming to be a Shakepay employee, it’s most likely a scam. Here’s a detailed breakdown of the deposit and withdrawal payment options.

Shakepay is one of the best crypto trading platforms in Canada. The overall best crypto trading platform depends on your needs. Shakepay is known for its user-friendly interface and easy-to-use mobile app. The platform allows users to buy and sell Bitcoin and Ethereum quickly and easily using Canadian bank accounts.

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