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Shakepay

Shakepay

2

Coins 

0% (Spread)

Trading Fee 

Montreal

HQ

Last Updated May 26, 2024  |  Affiliate Disclosure

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Highlights

  • Shakepay is a cryptocurrency app trusted by over 1 million Canadians. You can sign up here to get $5 free when you trade $100.
  • You can deposit and withdraw Canadian dollars for free, use it to buy and sell Bitcoin and Ethereum, and earn Bitcoin cashback with their prepaid Visa.
  • While Shakepay is great for beginners, it's not the cheapest place in town to buy BTC or ETH. You can check out our best Canadian exchanges here.

What Is Shakepay?

Shakepay is a Canadian crypto broker based in MontrΓ©al, 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

  • Buy Bitcoin Quickly & Easily: Users can open an account pretty quickly and deposit funds within minutes by sending an e-transfer. With Shakepay's easy interface, no past crypto experience is required.
  • Free Crypto Withdrawals: Withdrawing Bitcoin and Ethereum is 100% free, saving you a few bucks if you want to move funds somewhere else like another wallet or exchange. The networks still charge gas/mining fees but Shakepay covers the cost, something you don't see on other platforms.
  • Free Deposits and Withdrawals: Deposit and withdraw $CAD right to your bank account using Interac e-Transfer (available in minutes) or wire transfer (1-2 days).
  • Shakepay Card and Bitcoin Rewards: Shakepay has a free prepaid visa card where you can earn 1% Bitcoin cash back, on all of your purchases. There is also Shaking Sats, Bitcoin round-ups, and additional ways to earn free Bitcoin.

Other Shakepay Features

  • Business Accounts and OTC: Canadians corporations can open a business account or join Shakepay OTC to trade large amounts of Bitcoin.
  • Shakepay A Friend: Send money to friends and anyone with a Shakepay account. Just enter their phone number or Shakepay Tag (username).
  • Referral Program: Get paid $5 to $30 when you invite friends using your unique referral link.

Shakepay Rewards

Shakepay has several creative ways you can earn free Bitcoin:

  • Shakepay Shaking Sats: Shake your phone every 24 hours to get free Bitcoin. Rewards increase as you build your daily streak.
  • #ShakeSquad: Create a squad of up to 5 people and earn 42 sats every time someone uses their Shakepay Card. Don't have 4 friends to invite? Join a squad in Shakepay's official Discord channel.
  • #ShakePaid: Occasionally, Shakepay will pick up your tab for purchases on your card. On Discord and Twitter, the community is buzzing about their free purchases. I've personally had the pleasure to receive 5 free purchases, with the largest being an $11 fast food bill.
  • Bitcoin Round Ups: When using your Shakepay card, you can automatically round up your purchases to the nearest dollar and the spare change will be used to buy 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.

  • Open A Shakepay Account: Verification takes a few minutes and most people will be instantly verified and ready to trade.
  • Fund Your Account : The easiest option is to deposit CAD using Interac E-transfer or bank wire transfer. The cost is free or you also have the choice to deposit crypto (Bitcoin or Ether).
  • Make Your Trades: Trade Bitcoin and Ethereum. Shakepay is commission-free (no trading fees) but they do charge a fee in the spread which affects the price you are buying and selling the digital assets at. I cover this later in the post.
  • Earn Rewards: Shakepay has a free prepaid visa card where you can earn 1% Bitcoin cash back on all of your purchases. There is also Shaking Sats and additional ways to earn Bitcoin covered below.

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.

Recurring Buy
Recurring Buy
Recurring Buy

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.

Shakepay Visa Card 1
Shakepay Card Transactions
Shakepay Visa Card 2

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

  • One App Store user wrote, "Easy entrance into the crypto world. You’ll be able to buy/sell Bitcoin and Ethereum within minutes by e-transferring funds in and out of your Shakepay account."
  • Michelle on the Google Play store wrote, "I've been using this app for a year now. It is straight forward for simple use. I've only had to contact support twice and both times it was a quick and friendly experience. This is an easy app for beginners and earning free Bitcoin from daily shaking is fantastic."

Negative Reviews

  • One user on the App Store wrote, "Absolute garbage app. They take you to the cleaners when you purchase btc with there insane spread. They actually robbed me, btc jumped 4% right after i purchased and was still in the red ! How does that work?"
  • Another user wrote, "I don't even know, how these guys are still in business. They got hit with multiple lawsuits about charging "hidden fees". Which is true, they're lying to their customer about Shakepay being free with no fee. However; they'll take out a huge chunk everytime you transfer or send fiat/crypto. About 4-5% which is higher then any platform out there."

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

  • Beginner Friendly: Great app to make your first Bitcoin or Ethereum purchase
  • Fast Sign Up & Deposits: Most users get verified instantly and then you can quickly deposit funds using Interac e-transfer
  • Bitcoin Rewards: Earn 1% BTC cash back on every purchase you make and 2% back on your first $5,000 spent
  • Only Two Cryptocurrencies: You will need a second platform if you wish to trade altcoins
  • No Advanced Trading: Shakepay is built for beginners and does not have features for experienced traders 
Shakepay

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.

NDAX.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

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.

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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