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Cryptocurrency is all the rage these days. It seems everyone is looking to add Bitcoin or other digital coins to their portfolios, and an increasing number of businesses are accepting crypto as a form of payment. 

But where can you access crypto? 

Shakepay is one such platform that facilitates the purchase and sale of cryptocurrency. Let’s take a closer look at this exchange. 

What Is Shakepay?

Shakepay is a type of cryptocurrency exchange platform (some may not consider it an exchange in the strictest of terms) where Canadians can sell and buy both Bitcoin and Ethereum. It’s one of the easier platforms to use, making it ideal for beginner crypto investors. That said, the limited crypto coins on Shakepay might not make this the best platform for more advanced crypto buyers and sellers.

How To Open A Shakepay Account

Opening an account with Shakepay is easy, but you’ll need to verify your identity before you can start buying and selling crypto. Most customers are verified right away, but in some cases, it may take a few days. 

To open an account, you’ll need to meet a few eligibility requirements:

  • Be a Canadian citizen or permanent resident
  • Be over the age of 18
  • Have an active Canadian telephone number and address

Shakepay performs a soft credit check to verify your identity, this will not affect your credit score.

If Shakepay is unable to verify your identity this way, you will be required to provide additional documentation in the app, this includes:

  • I photo of a government-issued I.D
  • A selfie video where you speak and move your head

Does Shakepay Have An App?

The Shakepay app is available on iOS and Android. The app is streamlined and straightforward, meaning account holders can buy and sell Bitcoin and Ethereum quickly and easily from anywhere. Users will need to download the Shakepay app to take advantage of the ShakingSats rewards. 

How Much Does Using Shakepay Cost?

Shakepay allows users to trade cryptocurrencies without any commission fees or funding fees. Shakepay is able to offer all this for free as they are not a marketplace, they act more as a retailer where they sell and buy cryptocurrencies themselves. So when they buy and sell, there’s usually a difference in price between how much users pay and how much Shakepay buys for it. 

All that said, there are certain minimums requirements you should be aware of when making transfers.  

Incoming Shakepay Costs

CostFunding TimeMin / Max
Interac e-TransfersFreeWithin minutesMinimum: $5
Maximum: $10,000
Wire TransfersFree1-2 working days Minimum: $5,000
Maximum: None
BitcoinFreeWithin 20 minutesMinimum: None
Maximum: None
EthereumFreeWithin 20 minutesMinimum: None
Maximum: None
Shakepay a FriendFreeInstantMinimum: None
Maximum: $999

Outgoing Shakepay Costs

CostFunding TimeMin / Max
Interac e-TransfersFreeWithin minutesMinimum: $5
Maximum: $5,000
Wire TransfersFree1-2 working days Minimum: $5,000
Maximum: None
BitcoinFreeInstantMinimum: 0.0001
Maximum: None
EthereumFreeInstantMinimum: 0.1
Maximum: None
Shakepay a FriendFreeInstantMinimum: None
Maximum: $999

Noteworthy Shakepay Features

Shakepay offers plenty of great features that make it a convenient platform to buy and sell cryptocurrency:

  • $0 Commissions. Shakepay does not charge any commissions when you buy or sell crypto. 
  • Instant e-Transfers. Buy crypto within minutes with an Interac e-Transfer and instantly cash out to your bank account.
  • Set recurring buys. Set a rule on the Shakepay platform to automatically buy crypto on a set schedule, like daily, weekly, or monthly. 
  • Set limit orders. Place a buy or sell order at a set price.
  • Free Bitcoin. ShakepaySats allows you to earn free Bitcoin when you join Shakepay through a referral link or invite a friend. Just shake your phone every 24 hours and your free Bitcoin will be instantly deposited in your account. 
  • Wire transfers. Send wire transfers for amounts over $5,000.
  • Bug Bounty program. If you’re a programmer or are skilled in cyber security, you’ll be paid anywhere from $5 to $4,000 if you find bugs or any security risks on the Shakepay platform.

Shakepay Advantages

There are several reasons why Shakepay is a great crypto exchange to buy and sell digital currency:

  • Easy to use. There can be a bit of a learning curve when it comes to investing with crypto and using exchange platforms. But Shakepay is simple to use and perfect for the newbie crypto investor. 
  • Quick to get started. Within minutes, you can open a Shakepay account and add funds through Interac e-Transfer (depending on identity verification). 
  • Earn free Bitcoin with referrals. When you sign up to Shakepay through a referral link (you can get a referral code from a friend who uses Shakpay), you and the person who referred you can earn free Bitcoin through the ShakingSats feature.
  • No fees on crypto withdrawals. Shakepay covers blockchain network fees, so you won’t be stuck with any costs associated with crypto withdrawals.
  • Shakepay card. Use your Shakepay Visa card to receive 1% back in Bitcoin on all purchases.
  • Customer support. Shakepay’s support staff are available to answer your questions and troubleshoot. Get answers or resolutions in less than 24 hours. 
  • No account minimums. You don’t have to fund your account with hundreds of dollars to start trading. Instead, as little as $5 will do.  

Shakepay Disadvantages

Along with the perks of Shakepay come some drawbacks to consider:

  • Minimum cryptos supported. Only Bitcoin and Ethereum are supported on the Shakepay platform. If you’re looking to trade other cryptocurrencies, you’ll have to look elsewhere.
  • Minimal features. Shakepay may be easy to use, but it also lacks more advanced features that experienced crypto investors may come to expect, like technical charts, research tools, and news, to name a few.  
  • Not the most affordable platform. There are several other crypto trading platforms available to crypto investors that are more affordable to use than Shakepay.

The Shakepay Visa* Prepaid Card

For Shakepay account holders who are looking to earn additional Bitcoins, the Shakepay Visa* Prepaid Card is a great tool. Users will earn 1% back in Bitcoin for every purchase they make using their Shakepay Visa card. Plus, you’ll earn an additional 1% back in Bitcoin on your first $5000 worth of purchases.

  • No annual fees
  • No credit check needed
  • The Bitcoin you earn using your Visa card is automatically added to your Bitcoin balance
  • You need to fund your Shakepay account with CAD to use your Visa card

Is Shakepay Safe to Use?

Shakepay is very safe and secure. For starters, most digital currencies are kept in cold storage wallets offline, with only a small amount held in hot wallets to ensure quick availability and liquidity for everyday transactions. 

Further, all personal information is SSL-encrypted and stored with AES-256 encryption. In the event of a database breach, all profile data would be unreadable. Shakepay is also compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA) and Quebec’s Act Respecting the Protection Of Personal Information in the Private Sector (R.S.Q. c. P-39.1). 

Shakepay FAQs

Is Shakepay regulated in Canada?

Yes, the platform is regulated by FINTRAC and Revenu Québec in all provinces and territories.

Is my money in Shakepay insured? 

Cryptocurrency held with Shakepay is backed by an insurance policy.

Does Shakepay have an app?

Yes, you can use the Shakepay app to buy and sell crypto on the fly from your mobile device.

Which coins are supported with Shakepay?

Shakepay supports Bitcoin and Ethereum.

Final Thoughts

If you’re new to the world of crypto, Shakepay may be a great place to start investing. It’s easy to use and makes buying coins easy thanks to e-Transfers or wire transfers. But if you’re looking for more than just Bitcoin or Ethereum, you may want to look at one of the many other exchanges out there. 

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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