Shakepay Review

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Author
Craig Leontowicz
Updated: June 7, 2022
Shakepay Review

Shakepay is a good exchange for Canadians to use.

Easily Buy and sell Bitcoin or Ethereum on Shakepay. Quickly fund or withdraw money using Interac e-Transfer.

Shakepay is one of the best exchanges to use if you want to buy $100 of Bitcoin.

Shakepay Review TL;DR:

  • Easiest crypto exchange to use for beginners
  • Free crypto withdraws are awesome
  • The spread fee is higher – good for buying small amounts
  • Features: recurring buys, limit orders
  • Use a referral link to activate ‘Shaking SATS’ rewards
  • Earn Bitcoin cash back with a virtual Visa Prepaid Card
  • Trustworthy and safe Canadian cryptocurrency exchange

Use a referral link to activate the secret ‘Shaking SATS’ rewards easter egg to earn free Bitcoin daily and get a $30 Sign Up Bonus →

Shakepay is Canada’s largest (by total users) crypto exchange and has served over 600,000 customers.

Shakepay makes buying and selling crypto through their Android, and iOS apps a fast and easy experience.

I have been using Shakepay for two years and it is the exchange that I recommend to friends who are just starting out in crypto and simply want to buy some Bitcoin or Ethereum in Canada.

Shakepay Referral

Use this link https://shakepay.me/r/FM8INVL and get $30 sign-up bonus!

Shakepay is a Montreal-based company that has over 50 employees. It was founded in 2015 and is a legal and regulated Canadian crypto exchange.

Exchange Bitcoin or Ethereum only. Set up limit buys / sells or recurring bitcoin purchases.

Learn how to earn free BTC with Shakepay Shaking SATS’.

So far, Shakepay handles peak times very well. It has worked consistently through the market ups and downs in the last bull market. Not all exchanges have handled it as well as Shakepay.

Shakepay chat support is available through the app.

Shakepay usually responds within a few hours. They also maintain and are responsive to support questions through their social media channels.

Features

  • Easy-to-use app
  • Schedule recurring buys
  • Limit orders
  • Earn Bitcoin cashback with a prepaid debit card
Shakepay Features

Fees

Deposits and withdrawals: $0
Spread: ~1 to 2%
Crypto withdrawal: Free

Check Fees and Prices at Shakepay

Funding & Withdraw Options

  • Interac E-Transfer
  • Wire Transfers
  • Pre-authorized Debit

Platforms

  • iOS
  • Android

The Shakepay website is not a fully functional exchange. All transactions on Shakepay need to be done through the app.

Shakepay Crypto List

  • Bitcoin (BTC)
  • Ethereum (ETH)

Pros

  • Free withdraw fees
  • Simple to use app UI/UX
  • Limit orders
  • Setup recurring purchases

Cons

  • Limited coin selection
  • High spread fee
  • No crypto to crypto trading pairs

Pros Explained

Free Withdraw Fees – Shakepay covers the network fees when sending crypto to your wallet.

Simple to use app UI/UX – Simple and easy-to-use app to buy and sell Bitcoin with Interac e-Transfer.

Limit orders – Place a buy or sell order at a price you set when purchasing crypto.

Setup recurring purchases – Automatically buy every day, week, or month by setting up a recurring buy order.

Cons Explained

Limited coin selection – Shakepay only offers Bitcoin and Ethereum to buy and sell. Sorry, no Dogecoin or other altcoins.

High spread fee – Shakepay has a higher spread fee than other exchanges but makes up for it with $0 withdraw fees.

No crypto to crypto trading pairs – You can only trade crypto for Canadian dollars.

App Design

Clean and minimal design.

Shakepay App Design

Exchange Stability

Shakepay is one of the only exchanges that stayed working consistently through the market ups and downs in the last year. Many exchanges had issues handling the influx of new customers and funding accounts at peak times.

Customer Service

Chat support is available through the app. Shakepay usually responds within a few hours. They also maintain and are responsive to support questions through their; Discord, Twitter, Reddit, and Facebook social media channels.

Company Info

Shakepay Scams

Shakepay is NOT a scam.

Shakepay is a legit Canadian crypto exchange.

But someone may be trying to scam you using Shakepay.

Cryptocurrency transactions are not refundable. Any funds you ‘Send‘ off Shakepay are not recoverable in any way.

Elon Musk (or anyone else) is not going to send you back double the Bitcoin you send them.

Your Facebook/Instagram boyfriend or girlfriend that you have never met in real life is also not going to send your Bitcoin back.

It is gone forever once you send it.

If you do not understand Bitcoin and Ethereum and someone you don’t know is asking you to send them some, or send it to some “exchange” to earn more crypto — don’t do it.

Just assume it is a scam.

If you have done your research into crypto, and are a responsible human being who understands the risks and wants custody of your own digital assets — then Shakepay is a good exchange to use.

Reddit

r/shakepay – 8000+ subscribers on the Shakepay subreddit. Shakepay admin answers support questions, new feature updates, and more.

Alternatives

Newton is a great all-around crypto exchange alternative to Shakepay.

It has lower spread fees than Shakepay, and lots of altcoins to buy and sell.

Really easy exchange for beginners to use. The desktop site is also fully functional.

Compare Shakepay to:

· Shakepay vs Newton
· Shakepay vs Wealthsimple
· Shakepay vs Crypto.com
· Shakepay vs Coinbase
· Shakepay vs Binance
· Shakepay vs PayTrie
· Shakepay vs Netcoins
· Shakepay vs Bitbuy
· Shakepay vs Kraken
· Shakepay vs NDAX
· Shakepay vs CoinSmart

Shakepay Card

Earn 1% in free Bitcoin to your Shakepay account when you shop with any Visa Prepaid Card.

Shakepay Prepaid Visa Card

The virtual card allows you to shop online from your phone with Apple and Google Pay, or in-store anywhere Visa is accepted.

Fund your Shakepay account with an Interac e-Transfer or sell your crypto balance for $ CAD to spend from your Shakepay account dollar balance and earn 1% in Bitcoin cashback on every purchase.

Shakepay Card BTC Rewards

There is no physical card option available at this time.

Referral Rewards

Shakepay #ShakingSats

Sign up to Shakepay and deposit $100 and you get:

  • $30 sign-up bonus
  • Earn Bitcoin daily by #ShakingSATS
  • Refer a friend and you both get $30

App Reviews

Shakepay app on Google Play: 4.5 out of 5. Based on 11.3K reviews.

Shakepay App Reviews Google Play

Shakepay app on Apple Store: 4.5. out of 5. Based on 16.9K ratings.

Frequently Asked Questions

What is Shakepay used for?
Shakepay is used to exchange Canadian Dollars $ for Bitcoin and/or Ethereum.

Is Shakepay legitimate?
Yes. Shakepay is a legit legal Candian crypto exchange. It is one of Canada’s most popular and trusted exchanges to buy or sell Bitcoin. They are registered with FINTRAC. I have been using Shakepay for years with no issue. CipherBlade conducted a third-party audit of Shakepay’s Proof of Reserves and Security Report.

Is Shakepay a hot wallet?
No, Shakepay in a cryptocurrency exchange. Shakepay makes it easy to exchange Canadian dollars in your bank account into Bitcoin or Ethereum. You need to send crypto on Shakepay to your wallet.

How does Shakepay make money?
To make money, Shakepay sets the price you can buy or sell cryptocurrencies at (spread). At any point in time, there will be a small difference between the price customers can buy crypto and the price at which they can sell.

Can you withdraw crypto from Shakepay?
Yes, you can withdraw crypto from Shakepay to your wallet using the app. There is a minimum amount of Bitcoin or Ethereum needed to withdraw your crypto for free.

Can I leave my money in Shakepay?
Make sure you do everything Shakepay recommends to secure your account.

Is Shakepay safe/secure?
Shake is safe as can be. It is best practice to not leave your funds on an exchange and to transfer your crypto to your own wallet. Hacks and bugs are always possible.

Can you use Shakepay under 18?
No. You need to be 18+ to create an account at Shakepay. You will need to verify your account by providing ID to prove your age and identity.

Compare Shakepay to Other Exchanges

Exchange

Fees / Spread

Funding Options

Available Coins

Notes

Newton

~0.5% spread
Check Prices

Interac e-Transfer, wire transfers, pre-authorized debit

Bitcoin, Ethereum, Litecoin, Ripple, DOGE, Tether, Bitcoin Cash, Stellar Lumens, USD Coin, and QCAD

Get $25 Sign Up Bonus
👍 Recommended for Beginners

Shakepay Website

~1% – 2% spread

Check Prices

Interac e-Transfer, wire transfers

Bitcoin, Ethereum

Get $30 Sign Up Bonus
👍 Recommended for Beginners

Learn how to earn free BTC with Shakepay

ndax

Interac e-Transfer, wire transfers, bank draft

Bitcoin, Ethereum, Litecoin, XRP, EOS, Stellar, DOGE, Cardano, Tether, Chainlink, DOT

Get $10 Sign Up Bonus
Fast and easy signup.

crytpo.com

Interac e-Transfer, bank Transfers

Bitcoin, Ethereum, 100+ more coins

Get $25 USD
*when staking CRO


Kraken Website

Wire transfer, In-person (Canada Post), Etana Custody

Bitcoin, Ethereum, 50+ more coins50+ more coins

Crypto to crypto trading pairs

crytpo.com

0.6%
Minimum $5 Fee

Interac e-Transfer

Stablecoins -CADC, DAI, USDC, BUSD, USDT

OTC desk with a minimum of $25k per transaction

netcoins

~0.5% spread

Check Fees

Interac e-Transfer, online bill payment, bank wire transfer

Bitcoin, Ethereum, Tether, Litecoin, XRP, Bitcoin Cash, QCAD

Fund with USD

Interac e-Transfer, Wire Transfer

BTC, BCH, ETH, LTC, XRP, XLM, EOS, AAVE, LINK

How to Buy Bitcoin on Shakepay

  1. Sign up to Shakepay
  2. Verify your account
  3. Make a deposit (Interac e-Transfer is easiest)
  4. Click > Trade (blue button) to convert your $ CAD to ฿ BTC
  5. Send‘ Bitcoin from Shakepay to your wallet ‘Recieve‘ address

Who Should Use Shakepay

Shakepay is ideal for people who want to buy and hold their own bitcoin. It is a simple to use, safe and trustworthy exchange. Easily make your fir

  • Limit orders
  • Recurring buys
  • Ideal for purchases less than ~$2800 because of the spread
  • Easy to use app to buy Bitcoin
  • Best exchange or beginners
  • Interac e-Transfer is fast and easy to fund and withdraw funds from a bank account as a Canadian
  • Free to fund and withdraw (crypto and fiat)
  • Earn Bitcoin cash back on purchases with the Visa Prepaid Card

Review Methodology

Community Reputation
We research social media mentions on Reddit, Twitter, and app store ratings over the last year to aggregate a reputation rating.

Buy and Sell Crypto on the App / Exchange
We use every app or service we review. Test how easy it is to use. How fast do funding and deposits happen.

Customer Service
We send in customer questions via multiple channels to measure helpfulness and response time.

Advanced or Uniquely Helpful Features
What makes it special or unique from the competitors.

More:

Errors or corrections? Contact Us.