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If you’re a Canadian resident and looking to start investing in crypto at Shakepay, this post will show you how to get $30 through the Shakepay Referral bonus.
In this Shakepay review, you’ll learn about the Shakepay referral program, the available bonuses and incentives for inviting your friends to signup to the exchange using your personalized Shakepay referral code and more.
Read on to learn more about the crypto exchange and its referral program.
For a limited time, you can get $30 when you sign up and trade a minimum of $100. The offer lasts till May 18th, 2021. The commission goes back to $10 afterwards.
Shakepay Referral Bonus ($30)
Get $30 when you sign up using the referral link below. To qualify for the referral bonus, you must verify your email address, phone and identity and buy at least $100 in digital currency.
Shakepay will also pay you a bonus of $30 for every friend you refer to their crypto exchange. Each of your referral must also satisfy the verification criteria.
And there is more! If you refer 5 to 10 friends, they will send you a special package with some Shakepay goodies. Simply reach out to the support team to claim the extra gift.
How the Shakepay Referral Works
The Shakepay referral program is simple and straightforward.
When you click on the a referral link, you’ll be prompted to provide your mobile number. Enter your phone number and click on Next to reveal the instructions to download the Shakepay mobile app and sign up for an account.
Note: The screenshot above shows $30 but the referral bonus will drop to $10 by May 18, 2021.
As part of the sign-up process, you’ll be required to verify your identity. You can take a picture of any of your ID and submit a video verification all through the app.
Once completed, you can fund your account using Interac, place your first trade and purchase at least $100 in BTC or ETH. The bonus will be automatically deposited into your account within 1 day.
If you want to join the referral program, go to the settings page (gear icon) on the mobile app. Click on “Refer a friend” to reveal your unique Shakepay referral link. You can share your link directly from the app via email, sms or any other social media.
Alternatively, you can just copy the link and share with friends.
You’ll receive the bonus within 1 day of your referred friends meeting all the criteria.
Shakepay is a Montreal-based technology company that lets Canadians buy and sell digital currencies through its crypto exchange. It was launched in 2015 and has served over 380,000 Canadians.
In addition to allowing users buy bitcoin in Canada, Shakepay also serves as a peer-to-peer wallet that lets you send cash, BTC or ETH to your friends on Shakepay.
Some of the features of Shakepay include:
- Easy sign-up process. Get started in as little as 10 minutes
- Intuitive and simple mobile app and website to trade and manage your crypto holdings
- Set limit orders and price alerts
- Setup Recurring Buys to purchase the BTC or ETH at regular intervals such as daily, weekly, or monthly depending on your preference.
- Regulated by FINTRAC and AMF
Also, if you join Shakepay through a referral link, you get the ShakingSats rewards which offer free Bitcoins daily. You open the app every 24 hours, shake the phone and get free Bitcoins in your account.
Shakepay Pros and Cons
Here are some of the pros and cons of Shakepay:
- Shakepay offers fast transactions as it uses instant e-transfers
- Zero transaction fees for both withdrawal and deposits; though there’s a spread between the quoted buy and sell prices.
- Their customer support generally responds in less than 24 hours – though they are not available over the weekend
- Shakepay allows a minimum deposit of $5
- Earn extra rewards by shaking your phone through the ShakingSats Rewards program
- You will be charged 1.2% – 2.5% when buying and selling crypto, which is a little higher than some of the alternatives.
- Limited cryptocurrencies supported at the moment – Bitcoin and Ethereum
Crypto deposits and withdrawal are free on Shakepay, as the company makes money only on the spread. Exchanging either of the 2 supported cryptocurrencies costs between 1.25 to 2.5%, and the spread will change from time to time.
You may also have to bear some cost from your bank when funding your Shakepay account using e-transfers. But from Shakepay’s end, there are no fees to make deposits.
ShakePay vs Newton
Shakepay is among the leading cryptocurrencies websites in Canada, but there are a few other alternatives that you can consider when choosing a company that suits your needs.
Newton is a relatively new entrant, but they let you trade more currencies than Shakepay. They also don’t charge commissions to trade so they make their money through the spread between the price quoted for buying and selling. But they have one of the lowest spreads among Canadian crypto exchanges.
However, Newton’s features are limited for now. For example, there are no limit orders like you have with Shakepay.
Get $25 Bonus From Newton
Which one should you choose? The bottom line: If you want the opportunity to trade more digital currencies with lower spreads, Newton is a better choice. But it’s always a great idea to have a backup, and Shakepay is a great choice for that.
Related Post: Newton Review and Referral Code
Shakepay vs Wealthsimple Crypto
Like Shakepay, Wealthsimple Crypto also supports Bitcoin and Ethereum trading for now.
There are no commissions for buying or selling, but a spread of 1.5-2% is added to each trade. The spread is higher than Shakepay’s.
Wealthsimple Crypto does not allow crypto withdrawal so you can argue that it is less safe. But they use a custodian with $200 million cold storage insurance.
Check here for my full Wealthsimple Crypto Review.
Is Shakepay Safe
Shakepay is legit and regulated by both FINTRAC as a money service business and AMF (a Quebec government’s body that regulates the distribution of financial products and services).
Your personal information is also transmitted and stored using bank-level encryption. In the event of a breach, your data will appear gibberish and unreadable.
But what about the safety of your funds? According to Shakepay, the bulk of the digital currencies on their platform are “held offline on air-gapped, cold storage wallets”, leaving only small amounts in hot wallets to service everyday transactions.
Shakepay also holds an insurance policy that covers the cryptocurrencies held in cold storage. Check their security page to learn more about what they’re doing to safeguard your money and data.
That being said, crypto platforms have been hacked in the past. To ensure the safety of your digital currencies, it’s best to store them offline using hardware wallets and not on crypto exchanges.
Two of the best crypto hardware wallets below $100 available to Canadians are:
The Bottom Line: Shakepay Review
Shakepay is one of the easiest ways available for Canadians to start buying and selling Bitcoin and Ethereum. With their easy-to-use and intuitive mobile app, you can buy your first cryptocurrency in as little as 10 minutes.
Get started by getting the $30 Shakepay referral bonus in the link below.
And if you like their service, you can earn even more cash by referring your friends and loved ones to Shakepay. Simply login to the app to get your unique Shakepay referral code to start earning.
Related Post: How to Start Investing in Canada
Shakepay Referral and Review
Shakepay is a Montreal-based technology company that lets Canadians buy and sell Bitcoins and Ethereum through its crypto exchange.