Shakepay Review 2022: Beginner-Friendly Crypto App in Canada

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The growing popularity and adoption of cryptocurrencies over the past few years has led to the emergence of several crypto trading platforms in Canada.

This is a blessing for Canadian crypto investors but it also poses a challenge when it comes to choosing the best crypto trading platform among the available options.

For some obvious reasons that you’ll learn below, Shakepay is recognized by many as one of the best crypto trading platforms in Canada especially for beginners to cryptocurrency investing.

While you can’t make the wrong choice with Shakepay, you still need to know about its offerings and how it compares to the other crypto platforms in Canada. And that’s exactly what this Shakepay review will help you achieve.

At the end of the review, you should be able to make an informed decision about whether or not Shakepay the perfect crypto broker for you.


Overview of Shakepay 

Below is a highlight of the Shakepay key features as of the time of writing.

Launched in2015
Located inMontreal, Québec
Number of cryptocurrencies 2
Minimum investment$5
Deposit and withdrawal fees None
Trading feesNone
SpreadVariable
Trading platformWeb portal and mobile app
Sign-up bonus$30
RegulatorsFINTRAC and AMF
CustodianCustodian

What is Shakepay?

Shakepay is a crypto broker founded by Jean Amiouny and Roy Breidi as far back as 2015. The broker is based in Montreal and is regulated by FINTRAC and AMF.

With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception.

Unlike other Canadian crypto brokers, Shakepay allows you to execute free trades, and make free deposits and withdrawals. Even more interesting is the fact that Shakepay offers a prepaid card that lets you make purchases in dollars and earn cash back in bitcoin. 

The major downside of the broker lies in its limited number of coins (Bitcoin and Ethereum) which means it may not be suitable for intermediate to advanced investors or those looking to trade multiple coins.


How Does Shakepay Work? 

Shakepay allows you to buy and sell Bitcoin and Ethereum directly on the platform. Unlike a crypto exchange, you can only buy from Shakepay and sell the coins to it, not with other

While Shakepay doesn’t charge trading, deposit and withdrawal fees, its quoted prices include a variable spreads that’s usually between 1%-1.2%.

However, Shakepay users have several ways of earning free cash and crypto through the app. This includes the $30 sign-up bonus, free Satoshis through the ShakingSats feature and Bitcoin cash back when you make purchases with the Shakepay prepaid Visa card.  More on this later.


Is Shakepay Legitimate and Safe?

Shakepay is a legit and safe cryptocurrency app for Canadians. The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF.

Unlike other crypto trading platforms, Shakepay takes a step further to provide an insurance policy on its cold storage wallets. This means crypto holdings on its platform are covered in case of theft, damages or private keys loss.

And for your personal information, they are stored using 256-bit AES encryption and in compliance with the following bodies: 

  • Personal Information Protection and Electronic Documents Act (“PIPEDA)
  • Act Respecting the Protection Of Personal Information in the Private Sector (in Quebec)

Learn more: Is Shakepay Safe and Legal?


Shakepay Coins

Shakepay has some of the lowest collections in Canada as it offers access to only Bitcoin and Ethereum.

While this may not be a problem for traders that are strictly interested in trading only these coins, the broker may be unsuitable for investors looking to trade multiple coins.

Nevertheless, the collection of coins is not the only factor to determine whether or not a crypto trading platform is the best. Continue reading to learn more about other critical factors.


Shakepay Funding Options

Shakepay has multiple funding options that vary by their limits and processing periods. These are:

  • Interac e-Transfer
  • Bank wire transfer
  • Crypto
  • Shakepay a friend 

The interesting part is that you can use any of the above funding methods without worrying about fees since they’re all free.


Shakepay Limits

The following are the incoming and outgoing transaction limits of Shakepay across different funding methods:

Incoming limits:

Funding Method Minimum LimitMaximum LimitCompletion Period
Interac e-Transfer$5$5,000 maximumIn minutes
Wire transfer$10,000N/AWithin 1 to 2 business days
CryptoN/AN/AWithin 2 minutes
Shakepay a friendN/A$999Instantly

Outgoing limits:

Funding MethodMinimum LimitMaximum LimitCompletion Period
Interac e-Transfer$5$10,000Within minutes
Wire transfer$5,000N/AWithin 1 to 2 business days
Bitcoin0.0001N/AN/A
Ethereum0.1N/AN/A
Shakepay a friendN/A$999Instantly

Shakepay Fees

With Shakepay, there are no trading fees, deposit fees, and withdrawal fees regardless of the funding method used.

The only fees that Shakepay charges are spreads which depend on the transaction amount. The spreads are charged in order to cover operational costs incurred to run the platform smoothly.

While the Shakepay spreads are higher than the ones at other crypto exchanges like Bitbuy or NDAX, and crypto brokers like Newton, the fact that there are no deposit + withdrawal fees means it can be cost-effective to trade on it.


Shakepay Promotions

Despite offering access to free trading, deposit and free withdrawals, Shakepay still offers a generous welcome bonus of $30.

To earn this bonus, all you need is to sign-up on this platform through this link and trade at least $100 in cryptocurrencies. The $30 bonus will be automatically deposited into your Shakepay account afterwards.

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 $30 per referral that sign-up through your link and meet the eligibility.

Learn more about the Shakepay promotion and other ways to earn through this post about Shakepay Referral Code.


Shakepay Card

This is currently one of the best crypto credit cards in Canada. The card operates on the Visa network and it’s acceptable anywhere Visa is accepted.

The Shakepay Card has no monthly or annual fee and it can be used to make online and in-store purchases.

Every purchase you make with the card will earn you 1% back in Bitcoin. However, you will earn 2% cash back in Bitcoin on your first $5,000 purchases with the card.

With the Shakepay card, you have the option of making your everyday purchases using your crypto coins by converting them to cash quickly, or funding your Shakepay account with CAD to make purchases.

Learn more here: Shakepay Card Review


Shakepay Pros and Cons

Below are the top pros and cons of Shakepay that you need to consider when determining if it’s perfect for you.

Pros

  • Insurance policy on cold storage wallets 
  • Relatively low minimum investment
  • No trading, deposit and withdrawal fees
  • Cashback prepaid card
  • Recurring tcrypto purchases
  • Competitive sign-up bonus 
  • Peer-to-peer transaction (Shakepay a friend)

Cons

  • Limited coins (supports only Bitcoin and Ethereum)
  • Higher spreads

How to Open a Shakepay Account

You can open a Shakepay account through a web browser or a mobile app in minutes and get instant approval.

All you need is to visit the application page here and enter your phone number to get the link to download the app. You will be required to verify your number and provide your personal information including your email address and username.

If Shakepay couldn’t verify your identity automatically, it may require you to submit supporting documents such as a valid passport, Canadian provincial ID card or a valid Canadian residence permit card, etc.

Once you provide the required information and documents, Shakepay will approve your request instantly or within 1-4 business days in the case of manual verification.


Shakepay vs Newton

Both Newton and Shakepay are among the leading crypto brokers in Canada. The two trading platforms don’t charge deposit, withdrawal and trading fees.

While Newton has no minimum balance requirement, Shakepay requires a minimum of $5. In addition, Newton has more coins than Shakepay as it supports 71 different cryptocurrencies.

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.

Nevertheless, Newton is one of the best Shakepay alternatives due to its multiple collections of coins and low fees.

Learn more about the 2 top crypto platforms in this Newton vs Shakepay comparison or read my detailed Newton review here.


Shakepay vs Netcoins 

Like Shakepay, Netcoins is also registered and regulated as a Money Service Business (MSB) by FINTRAC. However, Netcoins supports 22 coins and allows you to hold both CAD and USD in your account. 

While Netcoins allows you to make free CAD deposits and withdrawals, it charges fees for crypto withdrawals and trading, unlike Shakepay.

When you join Netcoins with this link and deposit at least $100, you will get a $10 welcome bonus. This is no doubt lower than the Shakepay’s $30 welcome bonus.

Netcoins also offers a prepaid card known as Netcoins Pay. You can convert your coins to cash and use the card anywhere Visa card is accepted like the Shakepay Card.

Overall, Netcoins is worth checking out if you’re looking for one of the best Shakepay alternative in Canada that is perfect for both beginners and experienced crypto traders alike.

Learn moreNetcoins Referral Code


Some FAQs on Shakepay Review

Is Shakepay the best in Canada?

Shakepay is one of the best crypto trading platforms in Canada. The overall best crypto trading platform depends on your needs. 
However, you may find Shakepay as your overall best option if you’re looking for a platform with an insurance policy, cashback prepaid card, recurring transactions and access to free trading, deposit and withdrawals.

Does Shakepay have insurance?

Yes, Shakepay is one of the few crypto trading platforms in Canada that offers an insurance policy on cold storage wallets. 

Can you make money on Shakepay?

You can make money on Shakepay just like on any other trading platform in Canada. However, how much you make on Shakepay depends on your trading knowledge and trade volumes.

How does Shakepay make money?

Shakepay makes money through spreads on the quoted prices for buying and selling Bitcoin and Ethereum on its platform. In addition, Shakepay makes money through its prepaid Visa card partner merchants.


Final Thoughts on Shakepay Review

Now you know why Shakepay has attracted over a million Canadians since its inception. Hopefully, you can now make an informed decision on where to go from here.

Considering the nature of the crypto market, you shouldn’t rush any decision that will affect your over returns. Since the trading platform you use plays a vital role in your gains and losses, I recommend you critically assess your needs before going with Shakepay or any alternative platform.

That brings to an end my Shakepay review. I will be available in the comment section for any further clarification you may have.

Related Post:

Shakepay Review
4.5

Summary

Shakepay, a crypto broker based in Montreal and regulated by FINTRAC and AMF, offers free trades, deposits and withdrawals, unlike other Canadian crypto brokers.

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.

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