Shakepay Card Review 2024: Spend Dollars & Earn Bitcoin

This post may contain affiliate links. Please read this disclosure for more info.

This Shakepay card review takes a deep dive into the offerings of the bitcoin card that lets Canadians spend in dollars but earn bitcoin as cash back.  

The Shakepay card is a Canadian prepaid card that lets you spend wherever Visa is accepted while earning cash back in bitcoin. The card is linked with the Shakepay app and Shakepay cryptocurrency exchange accounts.

All you have to do is deposit funds into your account and start using the card to make everyday transactions. In this Shakepay card review, we’ll take an in-depth look at this card, its fees and services, and the pros and cons of using it. 

We will also do a side-by-side comparison between this card and other crypto cards available on the market.

Let’s get started!

Shakepay Card Overview

Cash Back Rate1%
Welcome Offer1% on the first $5,000
Spending CurrencyCAD
Cash Back CurrencyBitcoin
Daily & Transaction Limit$3,000
Monthly Limit$50,000
Monthly/Annual Fee$0
Foreign Currency Transactions3%

Learn more about its offering in this detailed Shakepay review.

What is the Shakepay Card?

The Shakepay card is a cryptocurrency virtual prepaid card that is issued by the Canadian cryptocurrency exchange, Shakepay.

This cryptocurrency card allows you to shop online anywhere Visa is accepted. The card also provides 1% cashback on all purchases made with it. 

The Shakepay Card makes it convenient for customers of the exchange to either spend dollars or convert their crypto holdings to cash to fund their purchases.

You can convert your bitcoin or Ethereum on the Shakepay platform into fiat (Canadian dollars), which you can then load onto your Shakepay Card, and you can do this in a matter of minutes.

Once you add funds to your Shakepay card, you can then use those funds to make purchases online or pay bills at any location where Visa is accepted.

So instead of doing of transfer from your Shakepay account to a bank account to make purchases, the Shakepay card provides a quick and alternative way to withdraw your money from the crypto app.

How Does the Shakepay Card Work?

The Shakepay Card works like any other virtual card. However, it is only available to Shakepay customers who have verified their identity. 

The card is linked directly to your Canadian dollar balance on Shakepay and all spending is deducted from this balance. To use it for online purchases, you will have to add the card to your Apple or Google Pay wallets since it is a virtual card.

How the shakepay card works

To top up your Shakepay Canadian dollar balance, you can easily do so by selling cryptocurrency or funding your Shakepay wallet with another payment method like e-transfer.

The Shakepay Card has no monthly or annual fees and allows you to spend up to $3,000 per day (your daily limit) or $50,000 per month, as long as you have sufficient funds in your CAD balance. 

If there are insufficient funds in your CAD balance and/or if you reach your daily limit, then you will be unable to complete the transaction until you have topped up or decreased your spending amount.

Pros and Cons of the Shakepay Card 

If you’re considering getting the Shakepay Card, there are several pros and cons you should be aware of before making the decision. 

Let’s look at the pros and cons of the Shakepay card below so that you can decide whether it’s right for you:


No Annual Fees

Some cards charge an annual fee for the privilege of carrying them around with you, but Shakepay doesn’t. The card has no annual and monthly fees, so you can get the benefits of a traditional card without the cost.

Shop Anywhere 

The Shakepay card is accepted by almost all merchants. So you can use the card to shop at millions of Visa-accepting merchants. 

All you have to do is add your Shakepay card to Apple Pay and pay for things in stores that accept contactless payments, within apps, and on the web. 

Bitcoin Cash Back

With the Shakepay card, you can get 1% bitcoin cash on every purchase you make using the card. Also, you will get additional cash back of 1% for a total of 2% as a new cardholder on purchases up to $5,000.

No Credit Check

Having a credit check is an important part of qualifying for most credit cards. This isn’t the case with the Shakepay Card since it is a prepaid card.

This means even if you have bad credit, you can qualify for the Shakepay Card. You don’t need to worry about being denied because of your credit history.

Safety and Security 

If you lose your Shakepay card, you can instantly suspend it right from the app with a tap of a button. You can also add an extra layer of security to your account by enabling Two-factor authentication (2FA).


A Shakepay card may be a good option for those who love to shop online or want a convenient way to pay their bills online. It’s also useful for those travelling abroad who don’t want the hassle of carrying cash or a physical debit card with them. 


No Physical Card Option

The Shakepay card is a virtual card. It doesn’t have a physical card version. This might be an excellent thing for you if you don’t like the inconvenience of carrying a card. 

However, some people prefer to physically hold and touch their cards. If you are one of them, you may want to skip the Shakepay card and consider other crypto cards.

Does Not Support a Wide Variety of Cryptocurrencies

Shakepay only supports bitcoin and Ether at the moment. Though ,you’re not spending your crypto holdings directly, it is still something to keep in mind especially if you’re looking to fund your purchases using other crypto coins especially stablecoins.

Shakepay Card Funding

It’s easy to fund your Shakepay card with Canadian dollars. However, Shakepay only allows you to fund your card with Canadian dollars at the moment. 

This means that any bitcoin or Ethereum assets you have must be sold for CAD before you can use them to fund your card.

But you don’t have to worry because the process is quick and easy. In fact, the funds is available in a few seconds after you sell your crypto.

Shakepay Card Fees

The Shakepay card is totally free to use if you spend in CAD. That is, there are no monthly or annual admin fees to deal with.

You get access to your funds whenever and wherever you want with no strings attached. However, when you make purchases in a foreign currency (any non-Canadian dollar transaction), you will be charged a fee of 3%.

Monthly or Annual Fees$0
Transaction Fees$0
Foreign Currency Transaction3%

Shakepay Card Limits

Although the Shakepay card can be used to pay for purchases online, in stores and at ATMs, there are some limits associated with your card. 

There is a limit on the amount of money you can spend per transaction, in a day and per month. 

Below are the transaction limits of the Shakepay card:

Transaction Limits
Per Transaction$3,000
Per Day$3,000
Per Month$50,000

How Do I Get My Shakepay Card?

To get started with the Shakepay card, first sign up for an account on the Shakepay website or download the mobile app from the App Store or Google Play. 

New Shakepay clients get a welcome cash bonus of $30 after they trade at least $100 in cryptocurrencies. Learn more about the promotion in this post about the Shakepay referral code.

To get the card, all you have to do is enter the Shakepay mobile and select the “Shakepay Card” option.

After clicking on the option, you will have to provide the name of the country you reside in and agree to the Shakepay cardholder’s agreement terms.

You will also need to verify your identity if you have not done so already when signing up for your account. 

After the verification, Shakepay will send you your virtual card and you can start using it immediately.

However, you can only request a Shakepay card after you’ve met the following requirements:

  • Have activated your Shakepay Account
  • Be a resident of Canada
  • Have successfully completed your identity verification
  • You must only be a Canadian tax resident to qualify.

Shakepay Card Alternatives

The Shakepay Visa Card is a good option if you’re interested in getting into crypto and want to earn rewards while doing so. 

However, it is not the only option available to Canadians. So how does Shakepay compare to other cryptocurrency cards? Here are some of the top Shakepay card alternatives:

Shakepay Card vs Netcoins Card

The Shakepay card and Netcoins card are both prepaid cards that offer cash back for purchases made with them. While the basic features of these cards are similar, there are a few differences that may be important to you. 

The first difference between these two cards is that the Shakepay card is currently only available as a virtual card, but the Netcoins card is available as virtual and physical card.

Another difference between these two cards is in their cash back rewards program. Shakepay card gives cash back of 1% on all purchases and 1% promotional rate on the first $5,000 in spending.

The Netcoins Card on the other hand gives a 1% on all your purchases. This means no matter the amount of your purchases, you will still earn the 1% cash back.

FeaturesShakepay CardNetcoins Card
Card TypesVirtualVirtual & Physical
Standard Cash Back Rate1%1%
Promotional Cash Back Rate1% on the first $5,000 in spendingNone
Card IssuerPeoples TrustKOHO

Learn more about Netcoins here.

Shakepay Card vs Nexo Card

Both the Nexo and Shakepay cards are prepaid visa cards that allow you to earn cash back on all your purchases.

If you use one of these cards instead of your regular debit card, you could potentially earn some cryptocurrency rewards. However, they both have their pros and cons, so let’s take a look at some of the differences between them.

The first difference between these two cards is that while both cards don’t don’t charge monthly fees, the Shakepay card has an exchange fee of 3%.

Also, the Nexo card offers up to 2% cash back on all purchases while the Shakepay card offers a cash back of 1%.

Learn more: Nexo Referral Code

Shakepay Card vs Visa Card

Both the Shakepay and cards are prepaid and have a lot of similarities in terms of their features. However, there are some key differences between them as well.

Though the Shakepay card is a good option if you’re looking for a convenient way to convert your cryptocurrency to CAD and spend, it’s features are quite basic.

The Visa Card, on the other hand, offers cash backs of up to 5%. It also includes other features like an unlimited airport lounge and LoungeKey access.

If you’re looking for a card that offers higher cashback rates, then the Visa Card is a better option as it has higher rates than most crypto prepaid cards available in Canada at this time. 

Learn more: Best Crypto Credit Cards in Canada

FAQs on Shakepay Card Review

Is Shakepay legitimate?

Yes. Shakepay is a reputable crypto brokerage that is registered by FINTRAC as a Money Service Business. This means your funds are safe with Shakepay. The Shakepay card is also issued by Peoples Trust, a reputable financial institution in Canada.

Does Shakepay card have fees?

The Shakepay card has no monthly or annual fees. The only fee that is associated with the card is a 3% foreign transaction fee.

Is Shakepay card a physical card?

The most significant disadvantage of the Shakepay card is the lack of a physical card option. The card is entirely digital, this means that you will be able to use it solely for online purchases.

Where can I use my Shakepay card?

You can use your Shakepay Card to make online purchases anywhere Visa cards are accepted.

Final Thoughts on Shakepay Card Review

Shakepay card is one of the best crypto cards in Canada with no monthly or annual fees. However, the cash back rewards, the main benefit of this card, are less than what is offered by other options. 

Overall, this Shakepay card review is mixed. The Shakepay card shines with its easy application process, easy of use and no account fees. That being said, it may not be the right option for you if you’re looking for high cash back rates on your spending.

There are some good alternatives to the Shakepay bitcoin cash back card that we’ve discussed above. In the end, it is up to you to decide which crypto card is best for you. But hopefully, we’ve helped you make an informed choice.

If you have any questions or comments, you can drop them in the comments section below.

Shakepay Card Review


The Shakepay card is a virtual prepaid card that is issued by the Canadian cryptocurrency exchange, Shakepay that lets you spend Canadian dollars but earn cash back in bitcoin.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

Leave a Comment