Highlights
What Is Shakepay?
Shakepay is a Canadian crypto broker based in Montréal, Quebec. They only offer two cryptocurrencies, Bitcoin and Ethereum. They also have free interac e-transfers and wire transfers, making it easy to buy and sell with Canadian dollars.
They market themselves as "the easiest way for Canadians to buy and earn Bitcoin," and put a lot of thought into an easy to use interface. Other key features include free crypto withdrawals, Bitcoin cashback, and various ways to earn free Bitcoin in app.
Key Features & Benefits
Other Shakepay Features
Shakepay Rewards
Shakepay has several creative ways you can earn free Bitcoin:
Fees & Spread
Shakepay doesn't charge any fees on trading fees, deposits, or withdrawals. Their money is made on the spread when you buy and sell Bitcoin or Ethereum. This is harder to know what the real fees are, but just know that if you buy or sell Bitcoin on Shaekpay, you are paying a small markup.
Shakepay 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/ETH Withdrawals | Free |
Other Fees | N/A |
Shakepay Fees Compared
To find the best Canadian crypto exchange, I bought Bitcoin on 18 platforms to compare total fees, prices, and spreads. Shakepay had a total BTC purchase fee of 1.03% (4th place). The total BTC selling fee was 1.21% (5th place) and the spread was 2.26% (12th place) on the day we tested.
Overall, Shakepay has fair prices but there are cheaper platforms for Canadians to purchase Bitcoin and crypto like Newton (0.69% total BTC purchase fee), NDAX (0.49%) and VirgoCX (0.66%).
Opening A Shakepay Account
To open a Shakepay account, you must be a Canadian resident or permanent resident and have a valid Canadian phone number. The registration process is simple and quick, just make sure to have your driver's license nearby as it will be needed to verify your identity.
Shakepay Walkthrough
Trading Experience
The Shakepay app can be accessed on the App Store, Google Play store, or their website. Each device has a very simple user interface, basic charts, and the ability to make market orders, limit orders, and recurring orders.
Recurring Orders
For Canadians looking to automatically convert CAD into Bitcoin or Ethereum, Shakepay offers a convenient recurring order feature. This option is helpful if for anyone looking for a dollar-cost averaging strategy.
Just remember to have your Shakepay app funded beforehand, as pre-authorized withdrawals from bank accounts are not supported. If you want a true "set and forget" Bitcoin strategy, check out Beaver Bitcoin or the best DCA crypto exchanges.
Shakepay Card
The Shakepay Card lets you enjoy 1% cash back in Bitcoin on every purchase they make and 2% back on your first $5,000 spent. As a prepaid visa card, it operates much like a debit card and no credit check is required to get the card.
There are no annual fees, no monthly account fees, and you receive your cash back within 24 to 48 hours, a feature that sets it apart from other crypto reward cards. Payments are made using the Canadian dollar balance in your Shakepay app.
Customer Support
Shakepay claims to have a "support team that cares" and my few experiences with them have been positive. I received responses within 24 hours each time which is faster than many other cryptocurrency exchanges. You can start a conversation with their team or visit their help center for articles and FAQs.
Deposit & Withdrawals
With Shakepay, you can deposit and withdraw Canadians dollars free and quickly with e-transfer or bank wire, making it a great fiat on-ramp and off-ramp for Canadians. Both Bitcoin and Ethereum withdrawals are also free because Shakepay covers the miner fees and gas fees.
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 |
Is Shakepay Safe?
Shakepay is a safe platform that is fully legal in Canada. The company was founded in 2015 and has never been hacked or lost users funds. They use cold storage, which ensures crypto holdings are held offline, away from hackers.
In addition, Shakepay is FINTRAC registered in Canada and in the process of obtaining OSC registration in Ontario, showing their commitment to regulatory requirements.
While Shakepay is considered safe, it still doesn't replace a crypto wallet. A hardware wallet like the Blockstream Jade or Keystone Pro are the safest ways to store your crypto.
What Is The Shakepay Lawsuit?
Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms. Despite these allegations, Shakepay's fees are generally reasonable. In fact, I conducted a comparison of fees across 20 different platforms and found that many other exchanges have higher fees than Shakepay.
Company Security Features
- Funds are held in cold storage (stored offline)
- 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)
- Registered money service business (MSB) with FINTRAC: #M17065696
- In the pre-registration process with the Ontario Securities Commission
- Third-party proof of reserves report
- See the rest on their security page
User Security Features
- Mandatory two factor authentication 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
Shakepay Reviews According to Reddit
I scoured various online reviews across Reddit, Trust Pilot and other sites to see what people are saying about Shakepay.
The general sentiment is that Shakepay is easy to use, has fast transactions, and cool Bitcoin rewards. The main complaints seem to be around slow customer service, occasional app bugs, and hidden fees.
Positive Reviews
Negative Reviews
Shakepay has an impressive 4.5-star rating across 12,000 reviews on the Google Play store and an even higher 4.6-star rating across 18,000 ratings on the App Store.
Is Shakepay Worth It?
If you're new to the world of Bitcoin, Shakepay is an excellent platform for beginners. It offers free e-transfers, free BTC and ETH withdrawals, and a hassle-free way to buy crypto with Canadian Dollars. I also love the free Bitcoin rewards.
The two drawbacks are Shakepay only supports two coins and it's not the cheapest platform in Canada because of the spreads. If that's not a dealbreaker for you, you can sign up for Shakepay here to get $5 free when you trade $100.
Otherwise, you can check out my best Canadian exchanges here. NDAX is an excellent alternative if you want the lowest fees in Canada. I also have an NDAX review.
Pros & Cons
Get $5 free when you trade $100
Shakepay Alternatives
While Shakepay is an easy platform to use with awesome Bitcoin rewards, there are many competitors in Canada. You can visit my Canadian exchange rankings and look at the alternatives below to find the best alternatives right now.
Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.
Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.
FAQs
Is Shakepay Really Free?
No, Shakepay makes money on the spread which means you are paying a small markup whenever you buy or sell. Other than these spreads on BTC and ETH, there are no fees on Shakepay. In my test, Shakepay's spread was 2.26% which ranked 12th place out of 18 platforms.
Is Shakepay Legal?
Yes, Shakepay is FINTRAC registered in Canada and obtaining OSC registration in Ontario, showing their commitment to regulatory requirements.
What Is The Minimum Withdrawal On Shakepay?
Shakepay lets you withdraw a minimum of 0.0001 Bitcoin, 0.05 Ethereum, and $5 Canadian Dollars. All withdrawals are free, including BTC and ETH withdrawals because Shakepay covers network and gas fees.
How Long Does Shakepay Take To Cash Out?
Interac e-Transfers can arrive in a few minutes while wire transfers take 1-2 working days.
Can You Make Money On Shakepay?
You can earn free Bitcoin on Shakepay through shaking your phone, cashback, referrals, and giveaways. However, the rewards are quite small.
What Is The Shakepay Scandle?
Shakepay was hit with a $10-million lawsuit over alleged hidden fees. The suit claims that Shakepay attracts users by using terms like "commission-free" but intentionally keeps trading spreads high, resulting in significant hidden fees.
Does Shakepay Report To The CRA?
Yes, since Shakepay is a licensed Money Service Business, transactions over $10,000 are reported to the CRA. Additionally, if the government requests any customer information, Shakepay is legally obliged to provide it.
