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Simple step-by-step guide for beginners on how to buy Bitcoin on Shakepay and send it to your wallet.
I want this post to show beginners a simple click-by-click, screen-by-screen what to expect, and some best practices to follow when buying Bitcoin on Shakepay and sending it to your wallet.
You can use any wallet you like, I just chose Exodus wallet randomly for this example.
Sending and receiving crypto transactions all work in a similar way on all exchanges and wallets: send to a receive address.
After you have sent and received a few cryptocurrency transactions it becomes as easy as sending and receiving text messages.
The steps in this guide are similar on all crypto exchanges and wallets. Get a $5 sign-up bonus when you sign up to Shakepay.
✅ TL;DR Steps to Buy Bitcoin on Shakepay and withdraw to wallet:
- Visit Shakepay.com – Setup and verify your account (ID, phone number, address). Download the app for your phone.
- ‘Add Funds‘ to your Shakepay account. Interac e-Transfer is the fastest and easiest way.
- Get a wallet and save the secret seed phrase (12 or 24 words) securely offline.
- Send crypto from Shakepay exchange to your wallet Recieve address.
Read our Shakepay Review
Sign Up and Fund Shakepay Account with Interac e-Transfer
Verify your account. You need to do this because Shakepay is a legal exchange and complies with Canadian KYC (Know Your Customer) laws.
Click Add Funds, select Interac e-Transfer > send e-transfer to send money from your bank account to Shakepay.
The Interac e-Transfer security question and answer can also be viewed on the Settings page (Gear icon, lower-left corner of the app).
From my experience when sending and receiving e-transfers with Shakepay — they have been near instant to 20/30 minutes wait time.
Exchange Canadian Dollars for Bitcoin
Click the blue exchange button > Buy & Sell > Max or enter dollar amount > Confirm order and you are done.
Now you have Bitcoin on Shakepay. You can click on ‘Bitcoin’ to trade, Send/Receive, view the Bitcoin price chart, and the history of all your transactions.
Get a Wallet
In this example, I will be using the Exodus wallet. Exodus is a ‘hot wallet’. It is free to download and use and supports multiple cryptocurrencies. All wallets and exchanges work similarly in that you can SEND or RECEIVE funds.
Also, try Blue Wallet and Trust Wallet if you are looking for alternative wallets. Download a few wallets, try them out, and see the feature differences.
You can change the currency in the wallet settings to be in $ CAD or whatever currency you would like to peg your crypto asset to.
Using a ‘cold wallet’ like Ledger or Trezor is recommended for the best security. You can start with a software wallet and upgrade to a hardware wallet at a later time.
A free software wallet that you have the seed phrase for is better than leaving your crypto on an exchange like Shakepay.
Backup Secret Seed Phrase in Wallet (Exodus)
Click Dashboard > Security > Backup > Press and hold to see your 12-word secret phrase.
Write the 12-words down on paper and save them in a secure place.
You need the wallet 12 or 24-word secret phrase to back up and save your funds.
Whoever has access to the words will have the keys to your funds. It is your responsibility to secure your funds.
Seed Phrase Security Tips
- Write on paper and store your 12-word secret phrase offline in a secured location.
- Never share or input your secret phrase online, in your notes app, direct/private messages, or any website.
Read more about seed phrases in the Exodus wallet. Seed phrases are built using open protocols. This means you can download a different wallet and use the same secret seed phrase to access and restore your crypto funds.
Get Bitcoin ‘Receive’ Address in Wallet
In Exodus wallet, if you click the Bitcoin icon, you will get different options/screens than if you click in the middle. Both will show you the same receive address.
Copy Address to Clipboard
Make a mental note of the first and last 4 digits of the address to confirm you paste the correct address.
Scan the QR code and send me some Bitcoin. 😉
‘Send’ Bitcoin from Shakepay to Wallet
Open the Shakepay app. Click Send > Select from the clipboard or paste your wallet ‘receive’ address in the send to address field.
Confirm that you copied the correct wallet address to ‘send’ your Bitcoin by checking the last and first 4 digits of the ‘receive’ address you copied from your wallet.
Select MAX or enter a custom amount Bitcoin amount you would like to send.
If you send Bitcoin or crypto to the wrong address it will be gone forever. There will be NO way to recover the lost funds.
Click continue and confirm to send Bitcoin from Shakepay to your wallet.
Now you wait for the nodes in the Bitcoin network to confirm your transaction. Your funds should be available in your wallet shortly.
To sell your Bitcoin and deposit $CAD into your is the same process but in reverse.
How long does it take to transfer from Shakepay to a wallet?
It will take a few minutes (5-30) for your transaction to be sent from and show up in your wallet. It may take longer at peak network use times.
- Buy/sell Bitcoin and Ethereum in Canada.
- Limit orders – Place a buy or sell order at the price you set.
- Recurring buys – Automatically buy every day, week, or month.
- Visa Prepaid Debit Card – Earn Bitcoin rewards.
Frequently Asked Questions
Is Shakepay a Wallet or Cold Storage?
No. Shakepay is an exchange. They specialize in transferring money from bank accounts and exchanging Canadian dollars for Bitcoin or Ethereum.
Can I keep Bitcoin in Shakepay?
Technically you can but it is not recommended. It is always best practice to send crypto off exchanges to your own wallet. You are putting your digital assets at extreme risk by letting someone else custody and secure your cryptocurrency.
Shakepay Referral Code?
Use the link https://shakepay.me/r/FM8INVL and get $5 sign-up bonus when you buy more than $100 of cryptocurrency on Shakepay.
These Canadian crypto exchanges are popular alternatives to Shakepay.
- Newton – Easy to use, low spread fees, and lots of altcoins.
Read: Shakepay VS Newton
- NDAX – NDAX is good for trading larger amounts with low spread fees.
Read: Shakepay VS NDAX
View and compare the best cryptocurrency exchanges in Canada.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
Errors or corrections? Contact Us.
HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. Personal investment disclosure: I am long BTC & ETH. I take profits when I feel like it. I trade altcoins in hot markets. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
Seen in: Finbold, CoinMarketCap, and TheBitTimes.com