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Shakepay

Shakepay

2

Coins 

Free

Trading Fee 

Montreal

HQ

Last Updated Apr 27, 2023  |  Affiliate Disclosure

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Highlights

  • Shakepay is one of Canada's most popular Bitcoin brokers with over 2 million accounts opened.
  • They let you buy and sell Bitcoin and Ethereum, transfer Canadian dollars for free, and receive free Bitcoin rewards on the side. It's available in all provinces and territories.
  • They have low fees overall. Shakepay does not charge any trading fees or deposit/withdrawal fees. However, they make money on the spread which is reflected in the price that you can buy and sell at.

What Is Shakepay?

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

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 has to be that it only supports two coins (Bitcoin and Ethereum).

You can sign up here to get $10 free when you trade $100 on Shakepay or keep reading to learn more about the fees, security, and how it compares. To build a fair review, I published a comparison table with 20+ cryptocurrency exchanges that tracked 60+ variables and 1,000+ data points.

Pros & Cons

  • Beginner Friendly: Great app to buy your first Bitcoin as no crypto trading experience is required
  • Fast Sign Up & Deposits: Most new users get verified instantly and everyone can deposit funds using Interac e-transfer
  • Bitcoin Cash Card: 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 different platform or second platform if you wish to trade altcoins
  • No Advanced Trading: Shakepay is built for beginners and does not have features for experienced traders 

Key Features & Benefits

Shakepay Website
  • Buy Bitcoin Quickly & Easily: When opening an account, Shakepay has an instant verification process and very to easy to use interface once you get onto the app. Users don't need any crypto or trading experience to buy crypto on the Shakepay platform.
  • Low Fees: Shakepay is a "no fee" crypto exchange with zero trading fees, zero fees on crypto withdrawals, and free Canadian deposits and withdrawals. Shakepay does, however, make money on the spread which is covered below.
  • Free Deposits and Withdrawals: Canadian residents can deposit and withdraw money directly to their bank account using Interac e-Transfer (available in minutes) and wire transfer (1-2 days). You can also send Bitcoin and Ethereum to an external crypto wallet for free, as Shakepay covers the network and gas fees.
  • Shakepay Card and Bitcoin Rewards: Lastly, Shakepay has a free prepaid visa card where you can earn 1% cash back, paid in Bitcoin, on all of your purchases. There is also Shaking Sats, and additional ways to earn free Bitcoin.

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.

  • 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.
  • Giveaways: Shakepay regularly runs free Bitcoin giveaways. You can find them by joining the Shakepay Discord and following them on Twitter.
  • Shakepay Earn: This feature was discontinued early in 2023. Shakepay Earn used to be an interest account that paid you 4% APR (paid in Bitcoin) for holding a CAD balance in your Shakepay account.

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: The verification process 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.

Shakepay Customer Support

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 $10-$30 when you invite friends using your unique referral link.

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

We 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 the need for a private wallet. A hardware wallet like the Ledger Nano S or Keystone Pro is the safest way to store your crypto. There are also many software wallets which you can use for free like MetaMask and Trust Wallet.

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

  • 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."

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 our top choice for Canadians. You can also scroll down to see more Shakepay alternatives.

Shakepay

Get $10 free when you trade $100

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.

Author

Alex

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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