Highlights
What Is Shakepay?
Shakepay is a Canadian crypto broker based in Montréal, Quebec. They offer two cryptocurrencies, Bitcoin and Ethereum, which can be bought and sold on the platform. They also have free interac e-transfers and wire transfers making it easy to buy cryptocurrency 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 than two cryptocurrencies and free CAD deposit/withdrawals, Shakepay also has a Bitcoin cash card and several ways to earn free Bitcoin on the app.
The Bottom Line: Is Shakepay Worth It?
If you're looking for a quick answer, here is my overall review:
Shakepay is great if you're looking to earn free Bitcoin rewards or buy crypto on a platform that is easy to get started with. There's low fees, free e-transfers, and no difficulty. The main downside is it only supports two coins (Bitcoin and Ethereum).
You can sign up here to get $5 free when you trade $100 on Shakepay or keep reading to learn more about the fees, security, and how it compares. While Shakepay is a good platform, NDAX is the best in Canada because it has lower fees, more coins, and more features.
Pros & Cons
Key Features & Benefits
Shakepay Rewards
Many people enjoy Shakepay for the free Bitcoin rewards that can be earned inside the app. While Shakepay is "free", it's important to keep in mind these rewards are funded through the fees found in the spread when you buy and sell Bitcoin. Nonetheless, it's an awesome way to earn Bitcoin back.
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.
Other Shakepay Features
Shakepay Fees & Spread
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 Withdrawals | Free |
Other Fees | N/A |
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%).
How Does Shakepay Make Money?
Shakepay makes money on the spread which is the difference between the price you can buy and sell at. There are no fees on Shakepay other than the spread. In our test, Shakepay's spread was 2.26% which ranked 12th place out of 18 platforms.
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 |
Shakepay Security
Overall, Shakepay is a trustworthy platform based on their reputation and security measures. They utilize cold storage, which ensures crypto holdings are held offline, away from hackers. Additionally, 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. There are also many free software wallets like MetaMask or Trust Wallet where you can self-custody your funds.
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. However, as a crypto investor, it's crucial to pay close attention to the spreads, which is where most of the hidden fees take place.
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 think of Shakepay. While there are a few negative reviews, the general sentiment says 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.
However, the negative comments seem to be few and far between. 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.
Positive Reviews
Negative Reviews
Summary
If you're new to the world of cryptocurrency, Shakepay is an excellent place to start. It offers free e-transfers, Bitcoin rewards, and a hassle-free way to buy and sell Bitcoin and Ethereum.
The main drawback is that Shakepay only supports two coins, but if that's not a dealbreaker for you, then it's definitely worth checking out.
However, if you want lower spreads, more digital currencies, and advanced trading, NDAX is my top choice for Canadians. You can also scroll down to see more Shakepay alternatives.
Get $5 free when you trade $100
Shakepay Alternatives
Shakepay is an easy platform to use with awesome Bitcoin rewards, but there are many competitors in Canada. I tested 30+ crypto exchanges on RankFi so far and these are my top picks for Canadians right now:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
Shakepay FAQs
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?
Shakepay cash outs are very quick. 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.
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 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.
Is Shakepay Really Free?
Shakepay is definitely not free. While almost everything on Shakepay is free, they make money on the trading spread, which is the difference you can buy and sell your cryptocurrencies for.
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.
