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Shakepay Review

Last Updated: Jun 20, 2022  |  Published: Mar 28, 2022


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Our Review 

After an extensive review, we found that Shakepay is the best crypto exchange for beginners in Canada. They offer an easy app, 2 coins (BTC and ETH), a 1.03% total purchase fee (4th place), free e-transfer deposits and free crypto withdrawals. They also have a Bitcoin visa card offering up to 2% Bitcoin cash back.

Shakepay is the best option for beginners but If you want to trade lots of altcoins for the lowest fees in Canada skip to the alternatives section.

Where It Shines:

  • Best for Beginners: Out of 18 platforms reviewed, Shakepay was the easiest and most simple to use
  • Bitcoin Visa Card (1%-2% Cash Back): One of two Bitcoin credit cards offered in Canada that we found. The other card is from Netcoins.
  • Shaking Sats Feature: If you sign up with a referral link you can shake your phone daily to get free Bitcoin. The rewards increase daily as you build your streak
  • Shaking Squad Feature: Create a group up to 5 friends and earn 42 sats every time someone uses their Shakepay Card
  • Fast Verification: Sign up for Shakepay and start trading in under 10 minutes if you are instantly verified

Where It Falls Short:

  • Only Has Bitcoin & Ethereum: Use a different platform if you want lots of altcoins
  • No Advanced Features: Shakepay is meant for beginners

Shakepay

Overview

Updated: Mar 27, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

2 (BTC, ETH)

Total BTC Purchase Fee

1.03% (4th place)

Total BTC Selling Fee

1.21% (5th place)

BTC Spread

2.26% (12th place)

Trading Fee

Free

Funding Methods

e-transfer, wire transfer

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

0 BTC (Free)

Notable Features

Bitcoin Cash Back Credit Card, ShakingSats, free crypto withdrawals, easiest platform for beginners


Video Review

Don't want to read? Watch the video review published on Mar 13, 2022. Some info in the video could be outdated so use the rest of the blog post as well.


Shakepay

About Shakepay

Updated: Mar 27, 2022

Shakepay is a Montréal-based cryptocurrency exchange and their website says, "the easiest way for Canadians to buy and sell Bitcoin." The platform has over 1 million Canadians and is super simple to buy bitcoin or ethereum regardless of your experience. They also offer various rewards and ways to earn free Bitcoin.

Some Stats:

  • Headquartered in Montréal
  • Founded in 2015
  • Over 1 million Canadians use Shakepay as of Mar 2022
  • Over $6 billion traded 

User Interface

Updated: May 6, 2022

  • Mobile app 

  • Web App


Fees & Spread

Updated: Mar 27, 2022

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Newton Fees

Amount

*Total BTC Purchase Fee

1.03% (4th place)

*Total BTC Selling Fee

1.21% (5th place)

Trading Fee

Free

Recurring Buys

Free

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

Free

Other Fees

N/A

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

2.26% (12th place)

BTC Buy Price

$56,351

BTC Sell Price

$55,108

Ref. Price Difference

Buy: +1.03%

Sell: -1.21%

Reference Price (Google)

$55,774

What We Found

Shakepay had a total BTC purchase fee of 1.03% (4th place) with Canadian dollars. The total BTC selling fee was 1.21% (5th place) and the spread was 2.26% (12th place) the day we tested it. 

Overall, Shakepay has fair prices but there are cheaper platforms for Canadians to buy Bitcoin and crypto like Newton (0.69% total BTC purchase fee), NDAX (0.49%)  and VirgoCX (0.66%).


Deposit & Withdrawals

Updated: Mar 27, 2022

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $5 - Max $10,000

Wire Transfer

Free

1-2 Business Days

Min $5,000 - No Max

Shakepay A Friend

Free

Instant

Min $0 - Max $999

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $5 - Max $5,000

Wire Transfer

Free

1-2 Business Days

Min $5,000 - No Max

Shakepay A Friend

Free

Instant

Min $0 - Max $999

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0 BTC (Free)

0.0001 BTC

Ethereum

0 ETH (Free)

0.1 ETH

What We Found

Shakepay is a fantastic on-ramp and off-ramp for Canadians. You can deposit and withdraw Canadians dollars free and quickly with e-transfer or wire transfer. Bitcoin and Ethereum withdrawals are also free because Shakepay covers the miner fees and gas fees.


Platform & Features

Updated: Mar 27, 2022

List of Features:

  • iOS, Android and Web app
  • 2 cryptocurrencies (BTC and ETH)
  • Simple Buy and Sell or Limit Orders
  • Recurring Orders
  • Shakepay Card
  • Shaking Sats (Free Bitcoin)
  • ShakeSquad (Free Bitcoin)
  • Shakepay A Friend
  • Referral Program

1. iOS, Android and Web App

2. Trading Interface

  • Simple charts
  • Market orders
  • Limit orders
  • Recurring buys

3. Recurring Orders

Recurring Buy
Recurring Buy
Recurring Buy

4. Shakepay Card

See our full Shakepay Visa card review or compare all Canadian crypto credit cards.

5. Shaking Sats

6. #ShakeSquad

Shakepay just launched the ShakeSquad feature on June 20, 2022. Invite up to 4 of your friends to earn 42 sats on each other's Shakepay Card purchases.

7. Shakepay A Friend

8. Referral Program


Shakepay Card

Updated: Mar 27, 2022

Header

Amount

Card Type

Prepaid Visa

Rewards

1% BTC cash back on every purchase (+ extra 1% on your first $5,000)

Physical Card?

No (Virtual card right now. Physical card coming in the future)

Interest Rate

N/A (It's a prepaid visa)

Annual Fee

$0

Deposit/Withdrawal Fees

$0

Foreign Exchange Charge

3%

Inactivity Fee

$0

Daily Limit

$3,000

Monthly Limit

$50,000

Credit Check?

No

Reward Payouts

About every 24 hours

Promotion

"Welcome Rewards Boost": Get 2% cash back (instead of of 1%) on the first $5,000 you spend

Sign Up

How Does The Shakepay Card Work?

It's a prepaid Visa meaning you must deposit Canadian dollars in your Shakepay account to load your card. You can't go into debt or pay interest because you are spending your own money. 

See our full Shakepay Visa card review or compare all Canadian crypto credit cards.


Security

Updated: Mar 27, 2022

Company Security Features

  • Funds held in cold storage (doesn't say how much)
  • No fractional reserve
  • Insurance policy for assets in cold storage. Covers most damages, theft, and loss of private keys (doesn't say how much the insurance covers)
  • FINTRAC registered: #M17065696
  • Third party proof of reserves report
  • See the rest on their security page

User Security Features

  • Mandatory 2FA for login (SMS or Authenticator app)
  • Email conformation for crypto withdrawals (optional)
  • Touch ID / Face ID / Pattern login
  • Button to "Suspend Shakepay account" (disable all transactions)
  • View system status in real-time
  • See the rest on their security page

Can You Trust Them?

Shakepay is considered a safe crypto exchange. They store your crypto in cold storage, never had a hack and offer 2FA and email confirmations for withdrawals in your account. They are also FINTRAC registered in Canada.

Even though Shakepay is safe, 44% of platforms we reviewed had a hack or incident. We highly recommend storing and protecting the majority of your crypto on a hardware wallet or a wallet where you own the private keys. Try to hold as little as possible on centralized exchanges.


Customer Support

Updated: Mar 27, 2022

In our experience, Shakepay has fantastic customer support and usually responds within 24 hours.

You can start a conversation with their team or visit their help center for articles and FAQs.

Shakepay Customer Support

Shakepay Compared

RankFi is tracking 18 Canadian cryptocurrency exchanges. Compare the best crypto exchanges in Canada below:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

60+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

20+

Yes

1.24%

1.67%

0.50%

11/18

15

Yes

1.99%

0.41%

0.10% / 0.20%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


Shakepay

Shakepay

Get $30 FREE When You Trade $100

Shakepay Visa Card

Shakepay Visa

Get 2% Bitcoin cash back

Best Crypto Exchanges Canada 2022

Newton.co

1. Newton

NDAX

2. NDAX

VirgoCX

3. VirgoCX