Shakepay is one of the best crypto brokerage platforms in Canada.
Though it’s not a fully-fledged crypto exchange, it offers a simple, easy and secure way for Canadians to buy and sell Bitcoin and Ethereum without worrying about trading fees or deposit and withdrawal fees.
Instead, you’ll incur an in-built Shakepay spread of 1%-3% per transaction applied on bid-ask prices when you buy and sell cryptocurrency on the platform.
Other crypto platforms that offer commission-free cryptocurrency trading include Wealthsimple Crypto and Newton. You can also look into flat fee crypto exchanges like NDAX, CoinSmart, and Bitbuy.
If you create and fund your Shakepay account, you get a $30 signup bonus.
This Shakepay review dives into Shakepay features, how it works, supported cryptocurrencies, fees, and pros and cons so that you can make an informed decision.
What is Shakepay?
Shakepay is a crypto brokerage based in Montreal that was founded in 2015. It’s not a fully-fledged crypto exchange but more of an online broker that facilitates buying and selling of cryptocurrencies.
The platform is easy to use, offers instant verification, and is a very easy way to buy Bitcoin and Ethereum with Interac e-Transfer in under 10 minutes.
Since its launch in 2015, Shakepay boasts of having served over 1,000,000 Canadians who have traded $7B+ in digital currency.
The platform is accessible via its Web interface or the Shakepay app, one of the top-rated crypto trading apps on both the App Store and Google Play.
How To Open a Shakepay Account
If you open a Shakepay account and trade $100 worth of Bitcoin or Ethereum, you get a $30 sign-up bonus.
That’s free money, and there is no reason why you shouldn’t take it because Shakepay offers a simple signup process.
Follow these steps:
- Visit the Shakepay website and hit the Sign-up button
- Fill in account details, including email and your username
- Verify your email address via the email link sent to you
- Then confirm your phone number via the SMS code sent to you
- Fill out all the other account details and ensure that all the information is correct.
- Shakepay will perform a quick identity check with the credit bureaus to get your account verified automatically.
- If your account isn’t verified automatically, you’ll be required to provide your identity documents to get verified manually.
- Once your account is ready, fund it with fiat or crypto and trade $100+ to get your $30 welcome bonus.
How Does Shakepay Work
Shakepay follows KYC rules, and you’ll need to get verified to join and trade crypto on the platform.
To make the verification process hassle-free, Shakepay partners with the credit bureaus to offer new users an automatic, instant verification without the need to upload documents.
But if the automatic verification system fails, you’ll be required to upload a photo ID and a short selfie video.
You may also be asked for a current bill receipt or bank statement bearing your name and address to verify your physical address.
This process is slow and can take up to 4 days to get your documents reviewed.
Once the verification process is over, you can fund your account via Interac e-Transfer, wire transfer, electronic fund transfer, and crypto to start buying Bitcoin and Ethereum.
Crypto Assets You Can Buy on Shakepay
Shakepay offers only two cryptocurrencies: Bitcoin and Ethereum. So if you want to buy crypto on Shakepay, you should have your eyes on the two.
Otherwise, you may want to look into other platforms like Bitbuy, CoinSmart, and NDAX that offer more altcoins and stablecoins to trade.
You’ll be pleased to learn that Shakepay doesn’t assess any extra trading fees or deposit and withdrawal fees.
Like Wealthsimple Crypto and Newton, you can fund your Shakepay wallet, trade Bitcoin and Ethereum, and withdraw your profits without paying an extra dime.
So how does Shakepay make money?
Of course, there’s never a free lunch on the crypto market. To make money, Shakepay charges in-built spread fees between the bid-ask price on all crypto transactions.
Shakepay spread fees range from 1% to 3% at any given time, which can get quite expensive compared to the trading fees charged by exchanges like Bitbuy and NDAX.
To make it even clearer, Shakepay makes money by selling and buying Bitcoin and Ethereum directly. When a trader wants to buy a coin, Shakepay sells it to the trader itself. Same as when a trader sells its coins, Shakepay buys the coins at prices it determined.
For example, Bitcoin’s current buy price is $23,300, while the sell price is set at $23,000. The difference, which is $300, will be Shakepay’s revenue.
But if you consider that Shakepay doesn’t levy deposit/withdrawal fees charged by most other exchanges, the Shakepay spread may be worth it.
Is Shakepay Safe?
Shakepay is a safe and legit crypto brokerage that is registered and regulated by FINTRAC as a Money Services Business (MSB) and is licensed by Revenue Quebec to operate in all Canadian provinces and territories.
To keep your crypto coins secure, Shakepay employs the following security features:
- Cold storage: A majority of digital assets are held securely in cold storage and backed by an insurance policy issued by Shakepay.
- Bank custody: Fiat currencies are held with top Canadian banks
- Coins are transferable: You can transfer your coins to an external wallet and your fiat to your bank in seconds.
- 2FA: You must set up two-factor authentication, which helps prevent unauthorized access to your custodial Shakepay wallet.
That said, it’s important to remember that there are no crypto exchanges or brokers that are hacker-proof.
To further protect your assets, it’s advisable that you move them from your Shakepay wallet and lock them safely in an external hardware wallet where you have total control over your keys.
Pros and Cons of Shakepay
- A user-friendly platform to buy Bitcoin and Ethereum in under 10 minutes
- Offers instant account verification with an automatic identity-check
- You don’t have to worry about extra trading fees or deposit and withdrawal fee
- Offers a $30 sign-up bonus and a referral program to earn more money
- Allows you to transfer assets to an external wallet where you have total control of your private keys.
- Shakepay crypto card to spend your crypto balance hassle-free
- Can use Interac E-transfer for instant fund transfer
- Shakepay OTC allows users to transfer over $200,000 worth of crypto coins.
- Offers only Bitcoin and Ethereum; hence not great for users looking to trade altcoins and stablecoins
- Shakepay spread fee can get quite expensive compared to flat fee crypto exchanges
- Supports only CAD as fiat, and only Canadians can use the platform
- It is not a fully-fledged crypto exchange and doesn’t offer advanced trading tools
Shakepay Sign-Up Bonus
Shakepay offers a $5 sign-up bonus if you create an account via our referral link or code (Q5USOTB) and trade $100 worth of Bitcoin and Ethereum.
After you become a customer, you can also take advantage of the Shakepay referral program to amass more Shakepay rewards.
You only need to copy your referral link or code from your dashboard and share it with others on social media or on your website.
If someone signs up via your referral code or link, you both get $5 when your invites buy $100 of BTC or ETH within 30 days.
Shakepay vs BitBuy
Bitbuy offers 20+ cryptocurrencies, while Shakepay offers only two. Bitbuy trading fees are up to 1.5%, while deposit/withdrawal fees vary.
Shakepay doesn’t charge any extra trading fees or deposit/withdrawal fees. You only pay an in-build Shakepay spread of 1%-3% on buy/sell transactions.
Learn more in this Bitbuy review.
Shakepay vs Newton
Both Shakepay and Newton offer commission-free crypto trading and charge no extra deposit or withdrawal fees. Instead, you pay a spread fee that is applied to the bid-ask price on buy and sell transactions.
Newton has more competitive spreads of 0.75% to 1.5% compared to Shakepay’s spread of 1%-3%.
Again, Newton offers a wider selection of 100+ cryptocurrencies, while Shakepay offers only Bitcoin and Ethereum.
When you sign up and trade $100 worth of crypto, you get a $25 bonus.
Learn more in this Newton review.
Shakepay vs Wealthsimple Crypto vs NDAX
The table below shows how Shakepay compares with Wealthsimple Crypto and NDAX to help you choose wisely among them.
|Funding options||Interac e-Transfer, wire transfer, electronic fund transfer, and crypto||E-Transfer and crypto deposits||Interac e-Transfer, bank wire, bank draft, and crypto|
|Trading fee||1%-3% Shakepay spread||1.5%-2% spread fees||0.20% flat fee|
|Deposit/withdrawal fees||Free||Free||Free deposits; $25 flat fee on withdrawals|
|Security||2FA and cold storage||2FA and cold storage||2FA and cold storage|
|Promotions||Get a $5 cash bonus if you trade $100+ worth of BTC or ETH||Get a $25 bonus if you deposit $150 or more||–|
How to transfer crypto from Shakepay to Binance?
From your Shakepay dashboard, click the “Send” button on the navigation bar.
Then copy your Binance address and paste it on the destination field.
From there, just enter the amount of ETH or BTC you want to move and hit continue.
How do I get free bitcoin on Shakepay?
You can get free Bitcoin on Shakepay in two ways: Sign up via our referral link or code above to get a $30 signup bonus, then invite friends to create Shakepay accounts through your referral link to earn more Shakepay rewards.
Is Shakepay legal in Canada?
Yes, Shakepay is a legal Money Service Business registered and regulated by FINTRAC and Quebec to operate across all Canadian provinces and territories.
What can I use as an alternative to Shakepay in Canada?
You can use Newton, CoinSmart, or Coinbase.
What is the limit transfer when using Interac e-Transfer?
Interac e-Transfer is limited to $5,000, so if you target to send a larger amount than that, it is best to use a bank wire transfer.
Is there a referral program available in Shakepay?
Yes, you can invite your friends, and you’ll get $5 each when your friend successfully buys at least $100 worth of BTC or ETH.
Is Shakepay recommended for beginners?
Yes, it is easy and convenient to get started with Shakepay and buy your own BTC or ETH. However, it is important to note that Shakepay makes money by capturing the difference between the buy price and the sell price of the coin.