Shakepay is a money service business and is required to follow FINTRAC regulations. It supports 40 coins and has a trading fee ranging from 0% to 2%. It offers multiple coins and low trading fees. CoinSmart (now Bitbuy) is one of the best crypto exchanges in Canada. The Shakepay Card is now available to Shakepay clients, and you can easily apply for it through your account dashboard on the app. The platform also uses SSL- encryption and 2-Factor Authentication to protect your account.
My account had limited functionality when my withdraw. Excellent site in regards to security and navigation.After several BTC purchases I've found the process extremely easy and trouble-free (so far). Hasn’t replied to negative reviews Moved from coinsquare here, Jeez, I'm sooo happy with Interac withdrawals and their execution \ speed. The transactions are super fast, low fees, and the ShakingSats feature is so cool! Shakepay was involved in an international scam which defrauded money.
I hope this will get someone from Shakepay to contact me so that I can get my money returned. To anyone I know who is interested in venturing into crypto, I will be sharing this negative experience with them. Jan 10 – sent a second email to shakepay hoping that someone would contact me.5.
Shakepay Reviews 22
Shakepay features a user-friendly web platform that is great for beginners. It also offers a great mobile app that makes buying and selling cryptocurrencies on the go very easy, but we’ll get to that later. Users first need to deposit CAD into their accounts to buy or sell cryptocurrencies on Shakepay’s website. Cold storage, encryption, and insurance remain core reasons many Canadian users trust the platform. The Shakepay Visa Card enables spending of your CAD balance wherever Visa works, which many users highlight because it links crypto activity to everyday purchases. Shakepay has grown in popularity among Canadian crypto users thanks to simplicity and a couple of playful, community-focused extras.
Shakepay vs. CoinSmart
Shakepay is a crypto trading platform founded in 2015. This may impact which products or services we write about and where and how they appear on the site. Shakepay launched its current cryptocurrency brokerage and wallet service in 2015. Users can fund their account with as little as a dollar via Interac e-Transfer, wire transfer, or crypto transfer, making it accessible for new and casual investors. All Shakepay accounts include an integrated wallet for easy crypto storage and conversion between CAD and supported cryptocurrencies. Once the team reviews your application and documents, you will receive a confirmation email, allowing you to start using your account.
Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. All centralized exchanges, including Shakepay, are vulnerable to counterparty risks like hacking, theft and insolvency. Before you can even get started trading on Shakepay, you have to go through the rigorous verification process (which usually involves providing proof of identification). In total, 2 of the top 20 cryptos are available on Shakepay.
- This allows users to earn a small amount of Bitcoin when they open the app and physically shake their phone.
- What can add up are currency conversion costs if I move funds between CAD and USD—Shakepay applies its own rates, which might include an embedded spread.
- If I get money back, I will never use it again.
- The card is also available to use anywhere Apple Pay and Google Pay are supported.
Comparison to Other Popular Exchanges
While both platforms take security seriously, Kraken’s longer history and spotless record give it an edge. Kraken, by contrast, has transparent trading fees ranging from 0% to 0.40%. In addition, Kraken supports over 300 cryptocurrencies, while the Shakepay crypto-list is limited to just Bitcoin and Ethereum. Shakepay has its strengths, but how does it compare to other popular crypto exchanges? Select the bank account to transfer funds to, enter the CAD amount you wish to withdraw, and select Continue. Once your bank account is linked, click on Send again, and then choose Wire transfer.
Does Shakepay offer welcome bonuses or rewards?
Despite these strong security measures, Shakepay did experience a data breach that affected a small portion of users. The platform takes multiple steps to protect user funds and personal data, implementing industry-standard security measures. In addition to ShakingSats, Shakepay offers a Referral Program that allows users to earn rewards by referring friends to the platform. It’s an easy way to accumulate Bitcoin over time, and the streak-based rewards system encourages users to return to the app regularly. Shakepay doesn't offer traditional staking features, but it does provide users with an innovative way to earn rewards through its "ShakingSats" feature and a Referral Program.
Does Shakepay provide insurance or proof-of-reserve for customer funds?
If keeping costs low is a priority, it’s worth comparing Shakepay's spreads to other platforms before trading. However, spreads may be higher than exchanges like Kraken, which offers lower fees but charges a small percentage per trade. Shakepay meets these standards, allowing Canadians to buy and sell crypto within a legal and regulated framework. When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use.
Their customer support is great, helpful and fast.Highly recommend for anyone looking to dive into crypto in Canada! Once this was brought to their attention they immediately and unilaterally cancelled my shakepay account with no explanations. Here is another crypto platform that has failed me in many ways after dealing with over $400k Cdn. Once this was brought to their attention they immediately and unilaterally cancelled my shakepay account with no explanations…. Such links don't imply our endorsement, and we aren't liable for the content, products, or services of these third-party entities.
My Review of Shakepay crypto platform (December
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Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. Ben Knight was a contributing cryptocurrency writer for Finder. Shakepay does not offer phone support, but you can get help via live chat in the app. Shakepay supports over 2 cryptocurrencies, but some notable assets are missing.
The lack of phone support could be a drawback for customers who prefer speaking to a representative directly. The company’s swift response and transparency in handling the breach suggest a commitment to security, even when issues arise. Customers were advised to enhance their security with two-factor authentication and remain cautious of potential scams. Shakepay’s security team quickly responded by de-authenticating the device and containing the breach.
When Jean Amiouny and https://forex-review.net/shakepay-review/ Roy Breidi started Shakepay in 2015, it was just a Visa card that could be loaded with bitcoin. The value of the reward depends on when you and your friend sign up on the exchange. Once your friend’s account is verified, you’ll receive a reward in the form of cash. Crypto can also be easily transferred to private wallets.
Shakepay Between shakepay accounts, wire transfer and interac e-transfer deposits are free for folks in Canada. Shakepay is based in Montreal, and the app has over 1 million users. Sign up in as little as 10 minutes, and start buying crypto immediately with no commissions and no deposit or withdrawal fees (crypto network fees and spreads apply). Founded in 2015, the exclusively Canadian app has over 1 million users.
- The platform provides an excellent entry point for those focused on BTC and ETH, but anyone looking for stablecoins, staking, or a broader asset menu will need to consider supplementary solutions.
- Their humble beginnings reflect the industry’s innovative spirit while streamlining the process for purchasing popular cryptocurrencies.
- The card comes with no annual fees or credit checks and is available to customers in all 13 Canadian provinces.
When it comes to crypto exchanges, understanding fees is crucial. Shakepay is exclusively available to Canadian residents, meaning users outside Canada won’t be able to access the platform. While it’s a solid choice for Canadian crypto users, some drawbacks could be dealbreakers for certain traders.