The Only Shakepay Review You Need in 2022

Overview

So what is Shakepay?

It is a Montreal-based digital currency exchange platform that was founded in 2015.

Users can buy and sell digital cryptocurrencies like Bitcoin and Ethereum on Shakepay. The platform’s goal is to usher in the “Bitcoin Golden Age” by making it easier to buy and sell bitcoin.

Shakepay reports it has purchased and sold over $7 billion in digital currency. Also, over a million Canadians have been served.

The platform’s commission-free and lightning-fast transactions are a major selling point, allowing you to own your first bitcoin in as little as 10 minutes. Furthermore, the site is secure and trustworthy, as the bitcoins are kept safely offline, giving you control over your money and peace of mind.

Features

It should be no surprise that the Shakepay app and platform are jam-packed with useful features to improve your trading experience.

Now, let’s go over everything you need to know to make the most of its features and benefits.

Charting

Shakepay’s platform includes a built-in charting feature that allows investors to track the price and performance of cryptocurrencies. Furthermore, the chart can be customized to show different timeframes and data points, allowing users to stay updated on market changes. The app also allows you to track the real-time prices of the currencies.

Recurring Buys

Shakepay allows its users to set up recurring cryptocurrency buys so they can dollar-cost average their investment, which is helpful for those who want to build up their position over time without worrying about timing the market. This feature is accessible via the Shakepay app, which can be downloaded from the App Store or Google Play.

Limit Orders

Limit orders is a Shakepay app feature that enables you to buy or sell BTC and ETH at a predetermined price. Simply select the currency for which you want to place a limit order and enter the highest price at which you would buy or the lowest price at which you would sell.

ShakingSats

ShakingSats Rewards is a Shakepay app reward program that grants rewards once per calendar day. It tracks the use of your Referral Code and attributes any new customer who signs up for Shakepay using that Referral Code.

And as an investor, you may be able to earn specific benefits not just through this program but also from other reward programs.

• Shakepay Card – receive 1% in free bitcoin in your Shakepay account and a chance for a #shakepaid transaction to get the full purchase amount back in bitcoin.
• Refer a Friend –  a Shakepay referral to earn you $30 once your friend purchases $100 of BTC or ETH
• #ShakeSquads – customers can stack sats with their friends by forming squads (groups). When a member uses their Shakepay Card, everyone in the squad receives 42 bonus sats.
• SecretSats – complete a challenge and earn a reward

Accepted Cryptocurrencies

Shakepay currently supports only two cryptocurrencies: Bitcoin and Ethereum. Unfortunately, those looking for a broader range of crypto may be disappointed because Shakepay does not accept Dogecoin, Litecoin, Cardano, Stellar, or Ripple.

Fees and Deposit & Withdrawal Methods

As I mentioned previously, there are several funding options at Shakepay that are completely commission-free. This means they don’t charge a commission when you buy or sell cryptocurrency. Shakepay also covers transaction fees for transferring money off the platform.

Here’s a detailed breakdown of the deposit and withdrawal payment options.

Deposit	Processing time	Limits
Interac e-Transfer	Available in minutes	Min: $5, Max: $10,000
Wire transfer	1-2 working days	Min: $10,000
Bitcoin	2 confirmations, approximately 20 minutes	None
Ethereum	60 confirmations, approximately 20 minutes	None
Shakepay a friend	Instant	Max: $999

 

Withdrawal	Processing Time	Limits
Interac e-Transfer	Available in minutes	Min: $5, Max: $10,000
Wire transfer	1-2 working days	Min: $5,000
Bitcoin	No delay	Min: ₿0.0001
Ethereum	No delay	Min: Ξ0.1
Shakepay a friend	Instant	Max: $999

Safe Withdrawals

Shakepay provides secure withdrawals to Canadian bank accounts and Interac e-Transfer. Withdrawals are also processed quickly, and all user data is stored on secure servers, so you won’t have to worry about not receiving your funds.

Although Shakepay wire transfers are free because the site discloses how it makes money, some banks may charge a fee that the platform does not cover.

When people talk about the Shakepay fees, they usually refer to the platform’s 1 percent to 3 percent spread on trading. Essentially, Shakepay earns revenue by capturing the difference between buying and selling cryptocurrency.

Eligibility and Application Process

To legally use the Shakepay app or platform as an individual, you must meet the following requirements:

• You are a Canadian resident and physically located in Canada
• You are at least 18 years of age
• You are not on any sanction list in any country
• You are not a “Politically Exposed Person” in anti-money laundering/ anti-terrorist-financing legislation
• You won’t use the platform for your own or another person’s use
• You’ll meet Shakepay’s anti-money laundering standards

You can create an account on the platform and the Shakepay app as an individual or as a business. To begin the Sign-up and Shakepay verification process, you should:

1. Click the “Sign Up” button on the site / “Create an account” button on the app
2. Provide a shaketag (username), email address, and password
3. Verify your e-mail address
4. Verify your phone number
5. Follow the automated identity check (Full Name, Date of Birth, Address and Occupation). If the check fails, you need to submit documentation to verify your identity by submitting a picture of a photo ID e.g. passport, and a short selfie video.
6. Submit your verification and expect an answer within four days

If a Canadian organization wants to open a Shakepay business account, they should click the “Sign up as a business” button, enter company information, and upload the organization’s documents.

Is Shakepay Safe?

The vast majority of digital currencies are kept in cold storage wallets that are covered by insurance.

A small amount is kept in hot wallets to provide liquidity for daily transactions. All personal data is encrypted, and all accounts are secured with two-factor authentication (2FA). Shakepay adheres to privacy laws and holds FINTRAC and Revenu Québec in all provinces and territories in Canada.

Support

A prominent feature is the Shakepay customer service. You can first check out the detailed Help page inundated with questions, answers, and articles concerning all Shakepay topics.

Following that, you can contact Shakepay support via the app or the website. Both methods are carried out via support chat, where a representative will be available to resolve your issue. In addition, the company is on Discord, Twitter, Reddit, Facebook, YouTube, and Instagram and you can also email them at [email protected].

The company does not provide phone support. So if someone calls you claiming to be a Shakepay employee, it’s most likely a scam.

Want to Consider Other Options?

If you think Shakepay might not be the crypto exchange site for you, I’ve provided you with alternatives to compare. Here’s what you should consider:

Shakepay vs. Netcoins

Netcoins offers similar advantages to Shakepay, but it includes some unique benefits. Namely, Netcoins also offer commission-free funding, where you can easily fund with Interac e-Transfers, wire transfers, or crypto deposits, while transactions are swift and straightforward.

Netcoins is a registered MSB with FINTRAC and registered with the British Columbia Securities Commission (BCSC) and the Canadian Securities Administrators (CSA).

If Shakepay’s list of crypto is too limiting for you, Netcoins offers over a dozen cryptocurrencies, including Bitcoin, Ether, Dogecoin, Litecoin, Bitcoin Cash, Stellar, Enjin Coin, Tezos, etc.

Finally, Netcoins’ support team is revered for their helpful input, friendly personality, and professional behaviour, which is especially beneficial for beginner investors.

Shakepay vs. CoinSmart

CoinSmart prides itself on catering to beginners while being designed by experts aiming to make cryptocurrency accessible to everyone. Unlike Shakepay, CoinSmart also trades Litecoin, Bitcoin Cash, Cardano, Stellar, and more, and they’re constantly adding new currencies to the platform.

The site has also recently eliminated its wait times for deposits, withdrawals, and verifications. It has included SmartTrade – the option to trade from one altcoin to another without trading to Ethereum or Bitcoin first. Currently, the user satisfaction rate for the site is 97%.

Coinsmart is also listed as an MSB with FINTRAC and FINCEN in the USA and owns a Digital Assets & Wallet Provider License in Estonia.

Final Verdict

After reading this exhaustive Shakepay review, you can understand that Shakepay is a safe and easy-to-use platform for buying and selling cryptocurrencies. Shakepay is an excellent option for digital currency exchange in Canada, thanks to its appealing feature set and commission-free funding.

So, what are you waiting for? Go get some (bit) coins!