I bought Bitcoin on 20 platforms and there are many places with higher fees. We bought Bitcoin on 18 platforms to compare total fees, prices, and spreads. The total BTC selling fee was 1.21% and the spread was2.26% on the day we tested.

If you’re a Canadian citizen or permanent resident, then you’re free to use Shakepay on both desktop and mobile. The exchange is accessible from any operating system and available on the Google Play and iOS app stores. Founded in Montreal, Canada, Shakepay has been trailblazing the crypto sphere since 2015.

The interface is so user-friendly that even newbie Bitcoin investors can start trading. The best part of signing up on Shakepay is you get a $30 bonus. Shakepay profits from the spread, which is the difference between the price at which they sell you Bitcoin and the price at which they purchase Bitcoin. The Shakepay fees are among the lowest in the business. What’s more, there are no withdrawal or deposit fees to worry about – they are absolutely free. Essentially, all you need to start trading on Shakepay is the will to do so.

Shake Pay

CipherBlade conducted a third-party audit of Shakepay’s Proof of Reserves and Security Report. Shakepay is one of the only exchanges that stayed working consistently through the market ups and downs in the last year. Many exchanges had issues shakepay review handling the influx of new customers and funding accounts at peak times. Shakepay is a Montreal-based company that has over 50 employees. Shakepay makes buying and selling crypto through their Android, and iOS apps a fast and easy experience.

The virtual card allows you to shop online from your phone with Apple and Google Pay, or in-store anywhere Visa is accepted. If you do not understand Bitcoin and Ethereum and someone you don’t know is asking you to send them some, or send it to some “exchange” to earn more crypto — don’t do it. Any funds you ‘Send‘ off Shakepay are not recoverable in any way. They also maintain and are responsive to support questions through their; Discord, Twitter, Reddit, and Facebook social media channels. Limited coin selection – Shakepay only offers Bitcoin and Ethereum to buy and sell.

Like many reviews and our research, we notice that Shakepay will soon release the visa card that will reward users with cashback in the form of Bitcoin for every transaction made. It appears to be a prepaid Visa card that will not affect the credit score, and you may sign up for the waitlist via the app. If the user does not want to wait for the Shakepay Visa, the MogoCard is a good alternative that will fund your account with 2% cashback in Bitcoin. Shakepay is a Canadian platform that allows buying and selling Bitcoin and Ethereum using a smartphone or computer.

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Upon joining Shakepay, you will be assigned a unique referral link that you can use to invite your friends to the platform. You will earn $30 per referral that sign-up through your link and meet the eligibility. With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception. 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.

This means that you can also say goodbye to having a plentiful investment return when using Shakepay. Shakepay is a Money Service Business under Canadian legislation and regulated by FINTRAC, anti-money laundering and counter terrorist financing compliance programs. The Shakepay support team is always here for you to help with any questions you might have. You don’t just invest in Bitcoin like you might on other Canadian apps. Shakepay Earn is an optional interest account that pays you4% APR for holding a CAD balance in your Shakepay account. It’s up to a balance of $1,000 and rewards are paid out weekly.

Easy-to-use interface, full integration with popular wallets & exchanges, and quick results. Anyone who needs to prepare crypto taxes can use Crypto.com Tax at no cost. No matter how many transactions have you made in the past year, we will calculate the tax for you at no additional cost. API (read-only) and CSV import are supported for most popular exchanges/wallets.

+800k Canadians buy and sell Bitcoin and Ethereum on Shakepay with $5B+ in transactions. 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. Your Shakepay account can be accessed on the App Store, Google https://forex-reviews.org/ Play store, or their website. Each device has a very simple user interface, basic charts, and the ability to make market orders, limit orders, and recurring orders. Inside the app, it’s very easy to use and there are many ways to earn free BitcointhroughBitcoin cash back, performing microtasks, free giveaways.

CipherBlade dug deep into Shakepay’s financials and operations and performed criminal background checks on all of its employees, and they didn’t find anything suspicious. Essentially, CipherBlade is confident that Shakepay is doing everything by the books and that there’s no cause for concern. Although the platform bids itself as commission-free, it’s worth pointing out that it has a high bid-ask spread rate between 2.5 to 3%, which is huge.

RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment. For Canadians looking to automatically convert CAD into Bitcoin or Ethereum, Shakepay offers a convenient recurring order feature.

Cryptocurrencies On Shakepay

Quickly fund or withdraw money using Interac e-Transfer. It is best practice to not leave your funds on an exchange and to transfer your crypto to your own wallet. It has lower spread fees than Shakepay, and lots of altcoins to buy and sell. Free Withdraw Fees – Shakepay covers the network fees when sending crypto to your wallet. Yes, the Shakepay Prepaid Visa Card is eligible for use at any online store or e-commerce transaction that supports Apple Pay or Google Pay.

• Innovative money service business with crypto-related solutions for both beginners and experienced crypto traders in Canada to trade digital currencies and make seamless payments.
• We assessed 18 platforms across 60 variables and 1080+ data points.
• To start buying, you need to use Interace-Transferto deposit money from your banking account to your Shakepay wallet.
• Bitcoin and Ethereum withdrawals are also free because Shakepay covers the miner fees and gas fees.
• Next, tap on the bot through Shakepay’s web page or the mobile app’s menu and write them a message.

To register for a Shakepay card, download the Shakepay mobile app on Android or iOS, register and tap on the “Get the Shakepay Card” button. Enter the country of residence and agree to the company’s cardholder agreement to complete the process. Only Bitcoin or Ethereum assets, but the Shakepay card can only be used for CAD payments. The card doesn’t support crypto payments, and this is a significant limitation to its utility. Canadians can buy and sell Bitcoin and Ethereum via peer-to-peer trading.

Fees & Spread

The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Yes—as a Money Services Business registered with FINTRAC, Shakepay needs to report transactions over $10,000 to the CRA at the end of each fiscal year. Shakepay is not obligated to report transactions below $10,000 to the Canada Revenue Agency. In 2020, Shakepay voluntarily underwent a third-party security audit performed by CipherBlade, the respected blockchain security firm.

Don’t use Shakepay EVER unless you want to miss out on cryto opportunities and have a big brother regulate your life. On their support page they say, “You are our top priority” – which is a total lie. For starters, they both have modest fees and user-friendly platforms. Shakepay has a somewhat higher spread for acquiring Bitcoin and Ethereum than the Newton exchange. Plus, the latter offers a broader range of cryptocurrencies than Shakepay, which offers only BTC and ETH. Both Newton and Shakepay are among the leading crypto brokers in Canada.

Users can also receive free bitcoins by participating in Shakepay’s novel incentive scheme. On Shakepay, you can open a personal or a business account, or both. If you’re unsure which one would be the best fit for you, here’s how the business account differs from the regular trading account. You can make money on Shakepay just like on any other trading platform in Canada.

However, before the card can be processed, they will be required to provide additional information, identity documents, and a selfie video for verification. As stated earlier, the Shakepay card can be used anywhere Apple Pay and Google are supported and in stores that accept prepaid Visa cards in Canada and beyond. After carefully walking through all of its services for this Shakepay review, we believe Shakepay is an excellent beginner on-ramp to crypto. 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. You can store or cash out your rewards at any time and easily load your Shakepay Canadian dollar balance with the Interac e-Transfer.

However, Shakepay only supports Bitcoin and Ethereum, and has extremely high bid-ask spreads (around2.5% – 3%), making Shakepay one of the most expensive crypto exchanges in Canada. One of the most striking features is the reward program, which allows you to earn bitcoins just by shaking your phone. However, because this exchange only offers BTC and ETH, it may push cryptocurrency traders who prefer broader trading alternatives away and onto other crypto trading platforms.

Shakepay’s New Cold Wallet insurance policy

Shakepay works very similarly to other major crypto exchanges. It is not a peer-to-peer marketplace, so you won’t be buying and selling directly with other customers. Shakepay is a small Montreal-based tech company that believes in empowering Canadians from all walks of life to gain financial independence through cryptocurrency trading. It is considered to be one of thebest crypto exchanges in Canada.

Since the trading platform you use plays a vital role in your gains and losses, I recommend you critically assess your needs before going with Shakepay or any alternative platform. 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. 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. All you need is to visit the application page here and enter your phone number to get the link to download the app.

Shakepay is one of the simplest platforms to use – it’s straightforward and has an intuitive layout. This platform’s trading tools and functionalities are rather basic, and you can even set up regular transactions to make purchasing cryptos even easier. If you need assistance from the Shakepay customer service staff, use the platform’s chat to get in touch with them right away. Before you do this, don’t forget to log in with your Shakepay username (i.e. Shaketag) and enter your password.

The equivalent CAD amount is debited from the account when used for payments. Shakepay’s card handles only fiat CAD payments and cannot be used for crypto payments. Rewards are also limited to Bitcoin only, which requires users to do the extra work of converting the coin to fiat currency before spending it.