They also have free interac e-transfers and wire transfers, making it easy to buy and sell with Canadian dollars. You now know the nuts and bolts of Shakepay, so let us talk about features and fees. Among the service’s most attractive features is its licensing. In other words, Shakepay is licensed by FINTRAC and the AMF to operate as a money service business (MSB).
- 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.
- Learn more about the 2 top crypto platforms in this Newton vs Shakepay comparison or read my detailed Newton review here.
- The company’s first seed round came from NEXT Canada, a startup accelerator program, which normally retain a single-digit percentage of the newly formed company.
- 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.
- For almost 8 years, Shakepay has kept things simple, enabling over 800,000 Canadians to trade their Canadian dollars (CAD) for some BTC or ETH – or vice versa.
Since its 2015 launch, the company has served over a million Canadians who’ve used the platform to trade over $7 billion worth of crypto. 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.
When it came time to buy something, the card would be used just like any standard prepaid or debit card. The Shakepay system would automatically convert bitcoins into fiat to complete the transaction. Users can add funds or deposit cryptocurrency after completing the application and verification processes. Because this is a cryptocurrency shakepay review exchange platform, the primary focus is on trading digital currencies with effective rates of 1.75 percent and converting them into money. As I mentioned previously, there are several funding options at Shakepay that are completely commission-free. This means they don’t charge a commission when you buy or sell cryptocurrency.
Offline Cold Storage
VISA previously dropped its card issuer Wavecrest, which made processing payments impossible. Shakepay is a FinTech company that enables customers to purchase and sell cryptocurrencies such as Bitcoin and Ethereum. Shakepay is a great option for anyone looking for a convenient way to buy and sell crypto, as it has one of the most user-friendly exchanges and offers reasonable fees. If you’re new to the world of cryptocurrency, Shakepay is an excellent place to start. It offers free e-transfers, Bitcoin rewards, and a hassle-free way to buy and sell Bitcoin and Ethereum.
Crypto Withdrawal Fees
Once users have funds in their Shakepay account, they can use the platform to buy cryptocurrencies. These cryptocurrencies can also fund the purchase of other cryptos. Essentially, users can either use their Canadian dollars or existing crypto balance to purchase cryptocurrencies. Depending on the type of transfer, the users may have to wait some time to start buying currencies.
What Is Shakepay?
In addition, Newton has more coins than Shakepay as it supports 71 different cryptocurrencies. Despite offering access to free trading, deposit and free withdrawals, Shakepay still offers a welcome bonus of $5. Shakepay is a legit and safe cryptocurrency app for Canadians. The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF. 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.
A small amount is kept in hot wallets to provide liquidity for daily transactions. All personal data is encrypted, and all accounts are secured with two-factor authentication (2FA). Shakepay adheres to privacy laws and holds FINTRAC and Revenu Québec in all provinces and territories in Canada. The vast majority of digital currencies are kept in cold storage wallets that are covered by insurance. Shakepay provides secure withdrawals to Canadian bank accounts and Interac e-Transfer.
Shakepay Card
Jean, on the other hand, started working in the consultancy sector. At the time, it focused on accepting online payments from anyone. One of their best known features is the ability to earn free tokens with Shakepay’s ShakingSats. All you have to do is open the Shakepay app once during the day and shake your phone to get free crypto tokens in your account. You have to open an account on Shakepay to start trading crypto directly. Simon is a CPA by day and a Personal Finance Blogger by night.
Nevertheless, the collection of coins is not the only factor to determine whether or not a crypto trading platform is the best. Shakepay will capture this difference as revenue to cover our costs as a business, maintain our platform, and offer great service to customers. Shakepay also covers transaction fees for moving your money off platform (say, to a bitcoin address).
How Does Shakepay Compare to Other Crypto Exchanges
The coverage includes damages, theft, and the loss of private keys. They also appear to be registered with FINTRAC, Canada’s money laundering and terrorist activities watchdog. Here are some other ways Shakepay keeps your information and your crypto safe. 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer. Calculations in comparison tables will vary based on personal data input.
In my test, Shakepay’s spread was 2.26% which ranked 12th place out of 18 platforms. Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms. Despite these allegations, Shakepay’s fees are generally reasonable. In fact, I conducted a comparison of fees across 20 different platforms and found that many other exchanges have higher fees than Shakepay.
Shakepay has been one of the rising platforms on the internet for trading cryptos such as Bitcoin and Ethereum. On top of that, it also offers other services that support those activities. The new Shakepay launched in early 2018 throughout Canada, except Quebec for which it became available a few months later. Shakepay is a combination of cryptocurrency exchange and digital wallet service. It is powered by a mobile app through which users can buy, sell, and trade cryptocurrencies. Shakepay currently supports only bitcoin (BTC) and ether (ETH).
Ratings methodology – how we scored Shakepay
We signed up for every crypto exchange and brokerage so you don’t have to. You can earn free Bitcoin on Shakepay through shaking your phone, cashback, referrals, and giveaways. Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). While Shakepay is considered safe, it still doesn’t replace a crypto wallet. A hardware wallet like the Blockstream Jade or Keystone Pro are the safest ways to store your crypto.
If you want a true “set and forget” Bitcoin strategy, check out Beaver Bitcoin or the best DCA crypto exchanges. Shakepay doesn’t charge any fees on trading fees, deposits, or withdrawals. Their money is made on the spread when you buy and sell Bitcoin or Ethereum.
The price will be refreshed based on new pricing obtained from a liquidity provider every 30 seconds. We offer digital currencies (bitcoin or ethereum) for sale directly to our customers. When a customer buys bitcoin on Shakepay, we’re selling them the bitcoin ourselves. Similarly, when a customer sells their bitcoin, we buy them from the customer.