However, Shakepay has an insurance policy, and prepaid card, and supports peer-to-peer transactions, unlike Newton. You can also earn free Satoshis daily through its ShakingSats feature and setup recurring crypto purchases. Both Newton and Shakepay are among the leading crypto brokers in Canada. The two trading platforms don’t charge deposit, withdrawal and trading fees.
In addition, all user funds are stored in cold storage wallets, which are not accessible by hackers. Although it has some of the most competitive rates in the industry, Shakepay is not the only crypto exchange out there. A few others have low fees and offer a great user experience. Let’s see how well Shakepay stacks up against its competitors.
Shakepay’s most recent security audit was conducted by third-party company CipherBlade in August 2020. This independent audit confirmed that Shakepay had enough funds in reserve to cover the assets of its customers if they were lost.Regulation. The exchange is regulated by Canadian regulatory bodies.Asset storage.
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. 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. 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 $5 per referral that sign-up through your link and meet the eligibility.
- Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.
- 2 Products with instant approval have a provisional decision within 60 seconds.
- However, Shakepay users have several ways of earning free cash and crypto through the app.
- But in the real sense, Shakepay is not a cryptocurrency exchange.
So I’ve seen a lot of praise for shakepay, mostly people posting their referral codes. What do we know about the owners, where did they get the funding, whats their liquidity? If we have a huge market swing, do we know if they have the cash to backup what they are selling? There website is pretty bare-bone without creditable information.
Is Shakepay a wallet?
Shakepay is transparent regarding the privacy and security of its customers. Once you’ve submitted your identification and your video, you will need to wait up to 7 days for Shakepay to verify your account before you can start trading. That said, I received my complete verification within 24 hours. It seems that many other users have experienced a similar turnaround time. This Shakepay review concludes that it is a dependable and trustworthy platform that delivers a seamless and user-friendly experience for investing in cryptocurrencies.
You will need to enter your name, birthday and occupation, plus confirm that you are only using the account for yourself. You can then choose how you plan to use your account, such as buying or selling digital currencies, sending money to friends, paying rent, receiving payments, purchasing goods, and more. Shakepay is one of Canada’s most popular cryptocurrency exchanges, with over 800,000 customers purchasing Bitcoin and Ethereum on the platform since its inception in 2015.
The general sentiment is that Shakepay is easy to use, has fast transactions, and cool Bitcoin rewards. The main complaints seem to be around slow customer service, occasional app bugs, and hidden fees. To find the best Canadian crypto exchange, I bought Bitcoin on 18 platforms to compare total fees, prices, and spreads. The total BTC selling fee was 1.21% (5th place) and the spread was 2.26% (12th place) on the day we tested. Shakepay is a Canadian crypto broker based in Montréal, Quebec.
Best Investments in Canada for 2024
This is currently one of the best crypto credit cards in Canada. The card operates on the Visa network and it’s acceptable anywhere shakepay review Visa is accepted. Shakepay has some of the lowest collections in Canada as it offers access to only Bitcoin and Ethereum.
Final Thoughts on Shakepay Review
In my case, Shakepay offered me a markdown of 1.14% below BTC’s live market price. Again that’s one of the highest markdowns of all the exchanges I’ve tested so far. But remember, there are no additional trading or transaction fees added on. In my case, I noticed that Shakepay charged one of the highest markups above BTC’s live market price. However, there were no additional trading or transaction fees.
Shakepay Customer Support
On their website, Shakepay commits to responding to customer service issues within hours any day of the week. If you have a question of a general nature, you may be able to get your answer via their FAQs, which have plenty of information. Shakepay makes money on the buy and sell price, by charging a slight premium to the buyer and seller.
What Coins are Available on Shakepay?
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Recurring buys and limit orders are also only available in the mobile app. Recurring buys will automatically buy currency at a frequency pre-selected by you. You can set limit orders to both buy or sell Bitcoin or Ethereum. You can set it up to buy on dips and sell when it reaches your chosen limit. You can set how much CAD worth of BTC or ETH you’d like to buy or sell. You can also send your BTC and ETH holdings to an external crypto wallet.
If you’re in a hurry and need your funds instantly, you can always go for Interac e-Transfers. Shakepay will review your request and have the funds processed within minutes. 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. Tom Drake is the owner and head writer of the award-winning MapleMoney. With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you. They also appear to be registered with FINTRAC, Canada’s money laundering and terrorist activities watchdog.
