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Shakepay Review 2022: Pros & Cons | Scam Or Legit?

Shakepay review- all you need to know about
Table of Contents

In this Shakepay review, we will walk you down through all the necessary factors that are crucial to consider. Is it safe? Let’s find out.

There are many options when it comes to trading Bitcoin or other cryptocurrencies. Before using any platform, you must consider the security of your funds, trading fees, and customer service. 

What is Shakepay?

Shakepay is a Canadian-based crypto trading platform that lets users purchase and trade Bitcoin and Ethereum using a computer or mobile. Although users of the Shakepay app are unable to preserve their cryptocurrency private keys, the company makes it simple for customers to transfer money to their preferred cryptocurrency wallets.

Since its launch, the exchange website has been used to swap cryptocurrencies by more than 600k Canadians.

To put it another way, Shakepay exchange is a CDN or Inverse that enables users to convert Canadian dollars into a digital asset. Users can add to the market through bank wire, trade, or e-transfer after creating an account.

When buying $100 worth of Bitcoin on Shakepay, one special feature is that if the user decides that this exchange site is better than a buddy, they can shake their phone to receive increasing amounts of Satoshis. 

It adds up, even if you only do it once every day. Additionally, there are no transaction fees for deposits or withdrawals.

Is Shakepay Regulated? 

Shakepay Inc. is legitimate because FINTRAC and the AMF are in charge of policing it. Despite having its headquarters in Montreal, Quebec, Shakepay is authorized to conduct business across the entire country of Canada.

Shakepay should be regarded as one of the safest exchanges now in use because so few exchanges are subject to any form of governmental monitoring. Shakepay is also famous for providing top-notch customer assistance if you experience software-related problems. Additionally, we could not find any complaints regarding Shakepay scams on the internet. In conclusion, Shakepay is incredibly secure. 

How Does Shakepay Work?

Shakepay is comparatively hassle-free to use as a cryptocurrency exchange website compared to other exchange services. Even inexperienced Bitcoin traders can get started because of the interface’s ease of use. You receive a $30 incentive when you sign up for Shakepay, which is the nicest part.

The spread, or the difference between the price at which Shakepay sells you Bitcoin and the price at which they buy it, is how the company makes money.

The customer can buy a bitcoin at more price if it sells for less. Users might sell it using Shakepay for less price than they have bought. Users can safely hold digital assets while completing the transaction without any problem.

It’s also useful to register or sign up on the website. Users must enter a phone number when opening an account. A step in the verification process is updating the KYC data. All information is verified in accordance with the rules that FINTRAC and AMF have established for money service businesses.

How to register with Shakepay?

The registration process for Shakepay is very similar to that of many other exchanges because it deals with cryptocurrencies. The user must enter their email address, username, and password while registering on the website. The KYC procedure is essential for Shakepay verification purposes as well. Take the following actions:

The user must supply a phone number when the email is validated. A phone number will be required at sign-in to confirm the user’s identity.

After that, the user must finish a two-step verification process by inputting the code sent to their phone. 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.

The supplied data will be compared to the user’s Securefact database. Most users will be able to trade immediately after receiving this information. However, certain users might need to go through additional verification processes. In some circumstances, the user is required to provide two types of Shakepay verification in addition to a selfie. 

Is Shakepay Safe?

Let’s explore the safety measures implemented by the platform in this detailed Shakepay review. Here’s how Shakepay is safe for traders: 

  • The exchange has joined hands with top security services providers to independently review internal procedures for storing funds and processing transactions.
  • Stores the majority of funds in offline storage. 
  • Insurance policy on the digital currencies held in cold storage
  • Strict whitelisting

Features of Shakepay?

Shakepay just has a few components, making it simple to exchange cryptocurrency. The main objective is to make buying and selling cryptos as straightforward as possible.

The following are a few Shakepay features:

Website and Mobile App

Any of the techniques allow users to view their whole history of trading transactions. The simplicity of this feature makes it excellent.

Limit Orders

Make a buy or sell order at the desired price. It was just introduced in December 2020, which is extremely recent.

Price Alerts

Setting up notifications is the best way to receive notifications when Bitcoin or Ethereum reaches a specified price.

Instant Execution

The fastest way to buy or sell cryptocurrency at the current exchange rates is through Shakepay. To begin trading, the user must register.

Shakepay Fees

Based on numerous reviews and our research, we can state that consumers are not charged a fee for transactions such as withdrawing deposits for cryptocurrency buy and sell orders. Shakepay transaction fees are hence extremely low.

Shakepay earns money on the difference between the buy and sell orders placed via the platform. This results in an effective fee rate per trade of 1.75%, sometimes known as a spread fee. Additionally, users’ banks may impose additional costs on them if they choose to conduct wire transfers for deposits or withdrawals. Overall, Shakepay fees are relatively low. 

Shakepay vs Newton: Quick Comparison 

Let’s compare Shakepay to its rival crypto exchange – Newton, to find out how it stands out different. 

Features Newton  Shakepay
Supported crypto coins 70+ Bitcoin & Ethereum
Withdrawal fees Free Free
Spreads 0.50-0.70% 1-3%
Trading fees N/A N/A
Funding options Interac e-Transfer, Bank Wire, and crypto Interac e-Transfer, wire transfer, electronic fund transfer, and crypto
Bonuses $25 bonus after trading $100+ $30 bonus when you deposit and trade $100+

 

Shakepay vs Coinbase: Which Is Better?

Here’s a quick comparison between Shakepay vs Coinbase to help you determine which ought to be the best platform for you. 

Features Shakepay Coinbase
Coins Offered BTC and ETH 100+
Funding options Interac e-Transfer, wire transfer, electronic fund transfer, and crypto Wire transfer, ACH transfer, crypt deposits, debit/credit cards, Google Pay, Apple Pay.
Deposit/withdrawal fee Free Free ACH transfers. $10 for incoming wire transfers and $25 for outgoing.
Verification process Instant 3-5 Hours
Bonuses $30 bonus when you deposit and trade $100+ N/A

Shakepay vs Bitbuy: Which Is Best For Crypto Investments?

Shakepay is probably the best platform for Crypto investments and the reasons are listed below. Here’s a quick comparison between Shakepay vs Bitbuy: 

Features Shakepay Bitbuy
Supported crypto coins Bitcoin & Ethereum BTC, ETH, BCH, LTC, XRP, XLM, AAVE, LINK, and more
Trading fees Free 0.10% to 0.20%
Withdrawals fees Free 0.50% bank wire; 1.50% Interac e-Transfer, crypto varies
Security 2FA Security 2FA Security
Referral bonus $30 bonus after trading $100 $20 bonus with an initial deposit of $250 or more

Shakepay Credit Card (VISA)

According to numerous reviews and our own research, Shakepay will soon introduce a Shakepay card that will provide users rewards for each transaction they make in the form of Bitcoin.

You may join the waitlist via the app, and it appears to be a prepaid Visa card that won’t harm your credit score. The MogoCard is a good substitute if the user doesn’t want to wait for the Shakepay Visa and wants to fund their account with 2% cashback in Bitcoin instead.

Shakepay Referral Program

Shakepay has introduced a unique referral program which gives $30 to you and your referred contact. However, your referral must buy a BTC or ETH worth $100 to claim Shakepay rewards. 

To claim the rewards, you must download the app by following the referral link. After signing up, enter the Shakepay referral code to claim the Shakepay rewards. 

Shakepay Customer Service

The customer service provided by Shakepay is decent. The crew will assist users with any questions they may have about the app, prices, cryptocurrency trading, or other services. Customers can engage the Shakepay support staff in live, real-time chat. For further information, there is also a FAQ section.

Shakepay Verdict

After going through this detailed Shakepay review, here’s a quick summary – For Canadian citizens, this cryptocurrency exchange offers the Shakepay app, which allows trading in only Bitcoin and Ethereum. Shakepay is a relatively intriguing trading platform for investors to look forward to, offering features like no transaction costs.

FAQs

Is Shakepay A Legit Company?

Yes, Shakepay is a legit company known for providing the best trading conditions to its users. The brokerage firm is highly regulated and offers top-notch security measures for the safety of clients’ funds. Because FINTRAC and the AMF are in charge of supervising it, Shakepay Inc. is genuine. 

Due to government oversight, Shakepay should be considered one of the most secure exchanges in use.

Is Shakepay Secured?

Though relatively new to the world of cryptocurrency exchanges, Shakepay has proven incredibly secure. The fact that the company is subject to real governmental control distinguishes Shakepay from other exchanges. It holds a license from FINTRAC and AMF, two Canadian financial regulatory authorities, to operate as a money service business.

Which Is Better, Coinbase vs Shakepay?

It all depends on your preferences for a cryptocurrency trading platform. Shakepay is a good choice if you reside in Canada and are only interested in trading Bitcoin. It boasts a commission-free policy and is simple to use.

But Coinbase is a good option to take into account if you’re searching for a complete trading experience. It has additional functionality and supports a wider variety of coins. Most exchanges keep their fees under wraps, but this is generally the case.

How Much Money Does Shakepay Take?

For acts like withdrawing money for bitcoin purchase and sell orders, consumers are not charged a fee. Therefore, Shakepay transaction fees are incredibly minimal.

However, the difference between the buy and sell orders placed through the platform is where Shakepay makes its money. As a result, the effective fee rate per trade also referred to as a spread fee, is 1.75%.

Can I Use Shakepay Outside Of Canada?

The Services may not be used by those who reside in the United States, Europe, Asia, or any other country outside Canada.

The Shakepay Card is available for use outside of Canada in nations where it is legal to do so, where it is not prohibited by Canadian legislation or sanction lists, and where it is not prohibited at the sole discretion of the broker or the Issuer.

What Network Does Shakepay Use?

Shakepay only supports ethereum (ETH) on the Ethereum network and bitcoin (BTC) on the Bitcoin network.

Transferring ETH or any other token to your Shakepay receive account via an unapproved network will permanently lose cash because Shakepay does not offer support for any tokens on any other blockchain networks.

How Do I Convert Bitcoins To ShakePay Dollars?

By selecting the Buy or Sell button, you can sell Bitcoin or Ethereum once you have them in your Shakepay account.

You can use the Conduct Funds option, which is also available online, to send a rapid e-transfer to your personal bank account after converting your money to Canadian Dollars (CAD). Within an hour, the electronic transfer ought to be in your email.

Can You Transfer Bitcoin From ShakePay To Binance?

You only need to click on Max to send all of your Bitcoin or Ether. Once you click Continue, a confirmation screen will appear from Shakepay, asking you to confirm that you really do wish to send money to the Binance account. This applies to all cryptographic transactions.

Does Shakepay Offer An API?

Since Shakepay doesn’t have an API, users must download and upload CSV files from their websites.

It is a kind of software interface that provides a service to other software programs. An API specification is a document or industry standard that outlines how to create or use a connection or interface of this type.

Is ShakePay Wallet Legit?

Yes, as a genuine authority well regulates the platform, it is a legit crypto wallet to buy Bitcoin in 2022. 

Although its selection of cryptocurrencies may be small, the two biggest coins, Bitcoin and Ether, can still be more than enough for some investors. Shakepay is also a fantastic option for seasoned traders looking for a quick and simple trading platform.

What Are Shakepay Crypto Exchange Reviews?

Shakepay boasts one of the most user-friendly exchanges and offers affordable fees, making it a perfect choice for anyone seeking a convenient way to purchase and sell cryptocurrency.

Users can quickly get their feet wet because of their straightforward user interface and quick transactions. Shakepay offers newbies a perfect opportunity to test the waters even if only two cryptocurrencies are available. 

What Is Shakepay?

Shakepay is a popular platform where users can purchase, sell, and store Bitcoin and Ethereum on a desktop or mobile device. It has a license from FINTRAC and AMF, two Canadian financial regulatory bodies, to operate as a money service business.

How To Use Shakepay?

Shakepay is comparatively hassle-free to use as a cryptocurrency exchange website compared to other exchange services. Even inexperienced Bitcoin traders can get started because of the interface’s ease of use. You receive a $30 incentive when you sign up for Shakepay, which is the nicest part.

How Does Shakepay Make Money?

Shakepay offers digital currencies (bitcoin or ethereum) for sale directly to its customers. When customers buy bitcoin on Shakepay, they buy directly from the platform. Similarly, when a customer sells their bitcoin, it sells them to the platform. The exchange has set the price you can buy or sell digital currencies to make money. 

How To Transfer From Shakepay To Binance?

To transfer Crypto from Shakepay to binance, follow these steps below:

  • Copy the BTC or ETH  external address and ensure you have access to its QR code.
  • On the main screen, hit the “Send” button.
  • Now, scan the QR code or choose the copied address to which you want to send your crypto. 
  • Enter the amount and click on the “Continue” button.

How To Withdraw From Shakepay?

  • Open the Shakepay app and log in.
  • Tap the “Send” button on the main screen.
  • Select “Cash out to my bank” from the menu.
  • Shakepay, e-Transfer, buy crypto, Canada, cryptocurrency, sell crypto, buy bitcoin, sell ethereum
  • Enter the sum you want to get through an Interac e-transfer. 
  • You will receive an e-transfer email.

How To Buy Dogecoin With Shakepay?

The process is quite straightforward. Firstly, fund your Shakepay wallet, buy Ethereum on the platform, and send it to Binance to buy Dogecoin. 

How To Send Money From Shakepay To Binance?

Follow these steps to send money from Shakepay To Binance:

  • Copy the BTC or ETH  external address and ensure you have access to its QR code.
  • On the main screen, hit the “Send” button.
  • Now, scan the QR code or choose the copied address to which you want to send your crypto. 
  • Enter the amount and click on the “Continue” button.

How To Withdraw Money From Shakepay?

Here’s a Shakepay withdrawal process: 

  • Open the Shakepay app and log in.
  • Tap the “Send” button on the main screen.
  • Select “Cash out to my bank” from the menu.
  • Shakepay, e-Transfer, buy crypto, Canada, cryptocurrency, sell crypto, buy bitcoin, sell ethereum
  • Enter the sum you want to get through an Interac e-transfer. 
  • You will receive an e-transfer email.

How To Buy Dogecoin On Shakepay?

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 To Transfer Money From Shakepay To Bank Account?

  • Open the Shakepay app and log in.
  • Tap the “Send” button on the main screen.
  • Select “Cash out to my bank” from the menu.
  • Shakepay, e-Transfer, buy crypto, Canada, cryptocurrency, sell crypto, buy bitcoin, sell ethereum
  • Enter the sum you want to get through an Interac e-transfer. 
  • You will receive an e-transfer email.

How Long Does Shakepay Take To Verify?

Typically, the Shakepay verification team reviews clients’ documents within the same business day; however, in some cases, the process may take up to 4 days. Once the verification process completes, you will receive an email.

What Is Shakepay Used For?

Shakepay is a crypto trading platform that investors use to buy, sell or trade cryptocurrencies like Bitcoin and Ethereum. 

How To Buy Dogecoin Using Shakepay?

Yes, you can buy Dogecoin using the Shakepay app. Firstly, fund your Shakepay wallet, buy Ethereum on the platform, and send it to Binance to buy Dogecoin. 

What Can You Buy On Shakepay?

The platform allows its users to buy Bitcoin and Ethereum only. You can use this platform to buy, sell or trade these crypto coins.

How Safe Is Shakepay?

The exchange has joined hands with top security services providers to independently review internal procedures for storing funds and processing transactions.

How Long Does Shakepay Take To Withdraw?

The Shakepay withdrawal process is instant; however, the process may take up to 4 days in some cases. 

Is Shakepay Legit?

Yes, Shakepay is a legit company known for providing the best trading conditions to its users. The brokerage firm is highly regulated and offers top-notch security measures for the safety of clients’ funds. Because FINTRAC and the AMF are in charge of supervising it, Shakepay Inc. is genuine. 

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