If you’re a Canadian resident and looking to start investing in crypto at Shakepay, this post will show you how to get $5 through the Shakepay Referral bonus.
With the Shakepay referral code (5WM1AV6) or referral link, you get a $5 sign-up welcome bonus after creating your account and trading a minimum of $100 in cryptocurrency.
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.
Shakepay Referral Code & Bonus ($5)
The requirements to qualify to get your $5 Shakepay sign up referral bonus are:
- Sign up on Shakepay with this referral code (5WM1AV6) or referral link.
- Verify your email address, phone and identity
- Buy at least $100 in digital currency.
- Receive your $5 Shakepay welcome bonus
Shakepay will also pay you a bonus of $5 tor 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 a referral link or use a Shakepay referral code (5WM1AV6), 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.
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 now has more than 600,000 Canadians on its app.
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.
Learn more about its offerings in this detailed Shakepay review.
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
- Other products like peer-to-peer transfer and bitcoin cashback Shakepay Card
- 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 Shakepay alternatives that you can consider when choosing a company that suits your needs.
The alternatives include Newton, NDAX, Binance, Kraken, Bitbuy, Coinbase, Coinberry, Wealthsimple Crypto, and many more.
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. Also, they have the largest collection of supported digital coins (60+ and they keep adding more).
However, Newton’s features are limited for now. For example, there are no limit orders like you have with Shakepay.
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.
Shakepay vs Wealthsimple Crypto
Like Shakepay, Wealthsimple Crypto also supports Bitcoin and Ethereum trading. In addition, you can also trade about 20 other crypto coins including Dogecoin.
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.
You get a $25 bonus when you sign up with this promo code.
Check here for my full Wealthsimple Crypto Review.
Related: Shakepay Vs Wealthsimple Crypto
Shakepay Vs NDAX
NDAX is another crypto trading platform with one of the lowest spreads and fees available to Canadians. Even better, it supports 30+ cryptocurrencies including Bitcoin, Ethereum and Dogecoin.
It has a trading fee of 0.20%, but even with that, your total fees to buy bitcoin will be lower than that of Shakepay.
NDAX also does not charge to deposit fiat currency (CAD) but withdrawals cost $4.99. So if you’re hoping to trade smaller amounts and withdraw often, this is a big con.
Unlike Shakepay though, NDAX takes a flat fee for withdrawing crypto from its platform.
The bottom line is that both crypto trading platforms have great offerings. If you’re only looking to trade bitcoin and ether with small amounts (say less than $1,000), Shakepay is a better choice. For larger amounts, you’ll save more by using NDAX.
Related: NDAX Referral Code & Review
Shakepay Vs Bitbuy
Bitbuy supports 20+ coins and is suitable for both beginners and seasoned crypto investors alike. It is a Toronto-based company that has been operating in Canada since 2016.
The biggest con with Bitbuy is the withdrawal charge of 1.50%. This is on the high side compared to the other crypto platforms in Canada.
Shakepay, on the other hand, does not charge for deposits or withdrawals. Their only fees is charged through the spread when you buy or sell.
Overall, Shakepay is a better offering even though it currently only supports 2 digital currencies. If you’re looking to trade more cryptocurrencies, opening an account with Newton or NDAX is a better option.
Learn more about Bitbuy by checking this Bitbuy 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
Overall, my Shakepay review is positive. 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.
The ability to earn 2% bitcoin cash back through the Shakepay Card is another plus.
Get started by getting the $5 Shakepay referral bonus by using this referral code 5WM1AV6 or clicking 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.
If you’ll rather invest in cryptocurrencies through ETFs, check this post on the best cryptocurrency ETFs in Canada. The best part is you can hold them in your TFSA, RRSP, RESP and other registered accounts.
- Best Apps To Buy Bitcoin In Canada
- How to Start Investing in Canada
- Best Bitcoin ETFs in Canada
- Best Bitcoin ETFs in Canada
- The Best Shakepay Alternatives
Shakepay Referral and Review
Shakepay is a Montreal-based technology company that lets Canadians buy and sell Bitcoins and Ethereum through its crypto exchange.