Shakepay Review 2023: Is it Safe and Legit? Is it Worth It?

The recurring buy feature lets you define rules to automatically buy crypto at regular intervals (daily, weekly, or monthly). You just need to make sure that you have enough CAD dollars in your account before setting up a recurring purchase option. The main focus of the company is to let you buy and sell Bitcoin and Ethereum.

This is a handy feature as you don’t have to constantly keep an eye on the price fluctuations. Shakepay has a bitcoin cashback Visa card where you can earn 1% back on all your purchases paid to you in bitcoin. Use your card anywhere Visa is accepted online or in stores. You are free to hold, trade, withdraw, or sell your bitcoin rewards.

How to Sell

Wire transfers must be sent from your personal Canadian bank account, which may charge you a fee. Shakepay will provide you with their account details for the transfer, and they recommend sending a copy of your confirmation to them to speed up the process. Shakepay is a Canadian platform enabling users to buy and sell Bitcoin and Ether instantly https://forex-review.net/shakepay-review/ via desktop or mobile app. Although you can make basic transactions on your desktop, you will need to download the app if you want to use the full range of Shakepays features. Many of their features are actually unavailable when logging in from your desktop. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.

Shakepay was launched in 2015 in Montreal and has served more than 600,000 Canadians. It states on its home page that you can own your first Bitcoin in just 10 minutes, which is pretty quick if true. Of course, you’ll need your account verified in order to do so. The most innovative part about Shakepay is its referral program. Shakepay allows you to earn Bitcoin every day by shaking your phone. Currently, Shakepay only offers Bitcoin and Ethereum.

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You can store cryptocurrencies on Shakepay or transfer them to your private wallet. CoinSmart, on the other hand, offers a wider selection of cryptocurrencies for trading, including popular altcoins like Litecoin and Ripple. CoinSmart also offers more advanced trading features, such as limit and stop orders and the ability to trade on margin. However, the platform has higher fees compared to Shakepay. On the other hand, NDAX offers a wider range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and they have more advanced trading features.

You can transfer in fiat currency or crypto without paying any fees. Shakepay will make money on the spread, but they cover mining fees, which is a nice touch. If you need access to more digital currencies, I recommend Newton as a suitable alternative. Canadian cryptocurrency exchanges vary in the way they charge fees. Some, like Bitbuy, charge a commission fee when you trade. Shakepay makes money on the spread, which is built into the price when you buy or sell.

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Also, it allows you to enable 2-Factor Authentication to add an extra layer of protection for your account. And if you want extra security on your account, you can turn on email confirmations for withdrawals. That way, even if someone else has access to your account, they won’t be able to steal your funds. Shakepay is a Canadian-based mobile app and platform that lets Canadians buy and sell Ethereum and Bitcoin with the speed of light.

• However, approval of your application is not guaranteed.
• Currently, the user satisfaction rate for the site is 97%.
• Wire transfers must be sent from your personal Canadian bank account, which may charge you a fee.
• To prevent unwanted access to your account, you can set up two-factor authentication (2FA), FaceID and biometrics.
• The main focus of the company is to let you buy and sell Bitcoin and Ethereum.

Number of units of the Digital Token held in the account as of the end of the reporting period. Number of units of the Digital Token transferred out of the account during the reporting period. Number of units of the Digital Token transferred into the account during the reporting period. The Filer will not trade Value-Referenced Crypto Assets or Crypto Contracts based on Value-Referenced Crypto Assets with a Client. R. Existing Clients at the time of the Decision will be provided with links to the Crypto Asset Statements.

Alternatives to Shakepay exchange

Unlike Shakepay, CoinSmart also trades Litecoin, Bitcoin Cash, Cardano, Stellar, and more, and they’re constantly adding new currencies to the platform. Netcoins offers similar advantages to Shakepay, but it includes some unique benefits. Namely, Netcoins also offer commission-free funding, where you can easily fund with Interac e-Transfers, wire transfers, or crypto deposits, while transactions are swift and straightforward.

My personal preference is to pay a commission fee because it feels more transparent. You know exactly what you’re paying, whether the fee is .20% or .60%. I can’t tell you what Shakepay will charge you to buy, say 10,000 CAD worth of bitcoin because the spreads can change at any time. Use the market value at the time of transfers in, transfers out, deposits and withdrawals of the Digital Token to determine the cost basis or the realized gain or loss.

Too expensive for a company that does not offer even telephone help

These commitments are generally consistent with the requirements currently applicable to registered platforms. All customer funds are kept separate from Shakepay’s money. This includes Canadian dollars, which are held in Canadian bank accounts, and crypto, which is held in offline cold storage, separate from Shakepay’s own funds.