Shakepay Review: Features, Pros, Cons, Requirements & Fees in 2022

However, certain users might need to go through additional verification processes. In some circumstances, the user is required to undergo two types of Shakepay verification in addition to a selfie. The Shakepay Card is for anyone that wants to earn 1% cash back in Bitcoin on every purchase they make and 2% back on your first $5,000 spent.

shakepay review

In case you are wondering how Shakepay makes money, the platform is making money in the difference between “ask” and “buy” price. After successful verification, you should be able to fund your account with Canadian Dollars. After you do either of those, you will be prompted to make an account by choosing your username, giving your email address, and setting up a password for your Shakepay account.

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You know exactly what you’re paying, whether the fee is .20% or .60%. I can’t tell you what Shakepay will charge you to buy, say 10,000 CAD worth of bitcoin because the spreads can change at any time. Not only that, but Shakepay does not charge any fees. They make a small market-maker exchange fee as the difference between the buy and sell price – much like the banks do when converting from USD to CAD or vice versa. Sent an EMT from my bank account and it arrived within I think less than a minute.

Shakepay also holds an insurance policy that covers the cryptocurrencies held in cold storage. Check their security page to learn more about what they’re doing to safeguard your money and data. NDAX is another crypto trading platform with one of the lowest spreads and fees available to Canadians. Even better, it supports 30+ cryptocurrencies including Bitcoin, Ethereum and Dogecoin. These guys are shysters, they must be part of the Canadian government because you literally can’t do anything on their app. I answered all of their nosy questions quickly and it took them OVER 1 WEEK to reply to my questions.

Exchanging either of the 2 supported cryptocurrencies costs between 1.25 to 2.5%, and the spread will change from time to time. Enter your phone number and click on Next to reveal the instructions to download the Shakepay mobile app and sign up for an account. Sign up on Shakepay with this referral code or referral link. You can invest in 10 coins without any commissions. Vivid allows you to access your profits immediately.

The user must send a selfie with their passport or other forms of identification in hand as well as the current date as part of this process. When buying $100 worth of Bitcoin on Shakepay, you can shake your phone to receive increasing amounts of Satoshis for free. Our detailed Shakepay review 2023, along with platform’s users reviews and customer complaints will help you determine if this is the right platform for you. Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.

shakepay review

It also sends email notifications when there is withdrawal. Shakepay does have a customer support team that can be contacted to resolve any issues. In this post, we are going to look at Shakepay review which includes features, pros, cons, fees, requirements and Shakepay alternatives in 2022. Shakepay only supports ethereum on the Ethereum network and bitcoin on the Bitcoin network.

Shakepay provides a fantastic means for beginners to start buying and selling cryptocurrencies. 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. Other than buying and selling crypto, you can complete other tasks on the Shakepay app. For starters, the app provides various charts for you to see your transaction history.

Click on “Refer a friend” to reveal your unique Shakepay referral link. You can share your link directly from the app via email, sms or any other social media. Once completed, you can fund your account using Interac, place your first trade and purchase at least $100 in BTC or ETH.

Shakepay Card

Just use this Shakepay link on this page to open your account. Signing up or registering on the site is also handy. While opening the account, users need to provide a phone number. Updating the KYC information is part of the verification process. All details undergo the verification process according to the regulations set for Money Service Business by FINTRAC and AMF.

shakepay review

It does not affect the objectivity of our evaluations or reviews. More than $3 billion worth of cryptocurrency has been transacted on the platform and overall, Shakepay has 4 star rating out of 5 on all major review websites. The platform allows its users to buy Bitcoin and Ethereum only. You can use this platform to buy, sell or trade these crypto coins. The Dogecoin buying process on Shakepay is quite simple. Firstly, fund your Shakepay wallet, buy Ethereum on the platform, and send it to Binance to buy Dogecoin.

How Safe Is Shakepay?

Our in-depth and unbiased reviews help investors in choosing the best broker according to their investing needs. Copy the BTC or ETH external address and ensure you have access to its QR code. Here’s a quick comparison between Shakepay vs Coinbase to help you determine which ought to be the best platform for you. Setting up notifications is the best way to receive notifications when Bitcoin or Ethereum reaches a specified price. It was just introduced in December 2020, which is extremely recent. The user must provide a phone number when the email is validated.

  • That being said, crypto platforms have been hacked in the past.
  • There are no commissions for buying or selling, but a spread of 1.5-2% is added to each trade.
  • The exchange website was launched in 2015, and over the years, it has had more than 600,000 Canadians using it for exchanging cryptocurrencies.
  • Shakepay Earn is an optional interest account that pays you4% APR for holding a CAD balance in your Shakepay account.

Shakepay makes money on the spread which is the difference between the price you can buy and sell at. There are no fees on Shakepay other than the spread. In our test, Shakepay’s spread was 2.26% which ranked 12th place out of 18 platforms. Get started by getting the $30 Shakepay referral bonus by using this referral code 5WM1AV6 or clicking the link below. Wealthsimple Crypto does not allow crypto withdrawal so you can argue that it is less safe.

Responsive support

When choosing a crypto exchange, it’s important to look at the spreads which is where those hidden fees take place. I bought Bitcoin on 20 platforms and there are many places with higher fees. There are no annual fees, no monthly account fees, and you receive your cash back within ~48 hours, a feature that sets it apart from other crypto reward cards.

Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. To get started on Shakepay, sign up here ($30 bonus included). In this section, we are also going to show you one positive and one negative review of Shakepay so that you get an idea about the platform. While Shakepay has many pros, the platform also has some cons which you should be aware of.

Shakepay vs. Newton

You can start with even a few dollars of Bitcoin or Ethereum and fund it from your checking account with a simple e-transfer if you live in Canada. Shakepay is only available for Canadians at the current time. Shakepay has enough digital currencies and fiat to cover the balances of our customers.

Wish I had known this before I went and used an ATM and was forced to scan a QR code for my wallet on my phone. Somehow the code that was generated gave a completely different address than my own. Now half my paycheck is being sent to some random QR code.

But they use a custodian with $200 million cold storage insurance. Like Shakepay, Wealthsimple Crypto also supports Bitcoin and Ethereum trading. In addition, you can also trade about 20 other crypto coins including Dogecoin.

They market themselves as “the easiest way for Canadians to buy shakepay review and earn Bitcoin” and are very focused on Bitcoin, not crypto.

As a part of this process, the user has to send a selfie holding their passport or any ID proof and the current date. Shakepay offers the quickest way to buy or sell Cryptocurrency at today’s values. While Shakepay says it keeps most digital assets in cold storage, you should consider moving your BTC to a cold wallet you have control over. When you buy or sell Bitcoin and Ethereum, there is a spread in the prices.

As per our Shakepay review 2023, Shakepay is legit and not a scam. Since its launch, the exchange website has been used to swap cryptocurrencies by more than 600k Canadians. Your Shakepay account can be accessed on the App Store, Google Play store, or their website.

The app also provides users with the ability to stack a daily amount of satoshi by simply shaking their phone. His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank. Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. Crypto trading platform for beginners and advanced traders.

Shakepay has a referral program that rewards you whenever someone joins your referral link. Shakepay has a popular mobile app on the App Store and Google Play with review ratings of 4.5/5 and 4.6/5, respectively. Shakepay is a cryptocurrency brokerage platform that allows Canadians to buy and sell Ethereum and Bitcoin almost instantly.

WalletBliss’ mission is to give Canadians the resources they need to take control of their finances, and guide them on their financial journey. You get a $25 bonus when you sign up with this promo code. For example, there are no limit orders like you have with Shakepay. The community submitted 42 reviews to tell us what they like about Shake Pay, what Shake Pay can do better, and more. WealthRocket is the best place to learn about the world of finance.