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Forex Trading

Shakepay Review: Pros, Cons and How it Compares

Newton is great for beginners and is available on all devices. Get a $25 bonus after trading your first $100 worth of crypto. Shakepay has a referral program that rewards you whenever someone joins your referral link. Cryptocurrency exchanges are often targeted by hackers and other malign actors and there’s nothing like 100% safety online.

EToro – One of the most trustworthy crypto platform out there (if you live in the United States you get a bonus up to 12% when you deposit – join HERE). Responsive Support – Shakepay takes great pride in the support they offer. Dubbed ‘responsive support’, they promise to resolve customer issues within hours. Upon providing these details, you will be required to verify the email address that you provided.

Since Shakepay doesn’t have an API, users must download and upload CSV files from their websites. By selecting the Buy or Sell button, you can sell Bitcoin or Ethereum once you have them in your Shakepay account. Due to government oversight, Shakepay should be considered one of the most secure exchanges in use. Shakepay has introduced a unique referral program which gives $30 to you and your referred contact. However, your referral must buy a BTC or ETH worth $100 to claim Shakepay rewards. Setting up notifications is the best way to receive notifications when Bitcoin or Ethereum reaches a specified price.

Shakepay is the fastest and easiest way to buy bitcoin in Canada and i’ve used them since they were created and have never had a problem, and I use them a lot. So, if you are looking for the best PayPal cryptocurrency exchange, or you are keen to find an exchange that accepts Skrill or Neteller, you’ll need to look elsewhere for now. By clicking on the ‘Add Funds’ button, you can either transfer crypto from your own wallet, or you can opt to deposit in Canadian dollars , which is the only accepted fiat currency. At this point you will receive an email confirming that your account is open and when you next login, you’ll be asked to provide verification. Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage. Shakepay claims that support tickets can be answered within hours, even on weekends.

Once you’re in your account, you’ll see your wallets and under Transaction History, there will be a notice to verify your account. Other Shakepay features include basic charting, simple purchasing, and a slick mobile app. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency.

shakepay legit

It does not affect the objectivity of our evaluations or reviews. However, the difference between the buy and sell orders placed through the shakepay review platform is where Shakepay makes its money. As a result, the effective fee rate per trade also referred to as a spread fee, is 1.75%.

Which Political Party is Most Crypto Friendly in Canada?

Like many reviews and our research, we notice that Shakepay will soon release the visa card that will reward users with cashback in the form of Bitcoin for every transaction made. It appears to be a prepaid Visa card that will not affect the credit score, and you may sign up for the waitlist via the app. If the user does not want to wait for the Shakepay Visa, the MogoCard is a good alternative that will fund your account with 2% cashback in Bitcoin. If you compare it with other Cryptocurrency exchange websites, Shakepay is relatively hassle-free to trade on.

shakepay legit

Buy Bitcoin & Ethereum in minutes with Interac E-Transfer. Ranking, remember that your website is your online business card. It could be anything from your online management system, to HTTPS connection. When we look into websites, we search for professional details that reveal key information about a business – how they sell, poor customer service, etc. For example, if we analyze a brewery page, we don’t rate the beer taste, but rather their website and how they sell the beer. Meanwhile, feel free to share your experience in the comments, whether good or bad, so we can adjust the rating.

The $5 Interac minimum is a huge plus because a lot of other crypto exchanges will require at least a $50 minimum, sometimes $100. When you look for a platform for exchange or trading Bitcoin or any other currencies, you will come across many options. Shakepay exists as a Canadian platform that enables people to purchase, sell, and store BTC and ETH through their smartphones and computers.

Payments – slightly limited options for users

With no transaction fees and other benefits, Shakepay is pretty promising to look forward to for investors to trade. Shakepay offers digital currencies for sale directly to its customers. When customers buy bitcoin on Shakepay, they buy directly from the platform.

Koinly – It is a leading cryptocurrency tax calculator. One thing you may want to double-check is their buy-sell spread; while it’s usually fair and reasonable, it tends to vary at times so you may want to time your purchases. Speed – It takes just minutes to set up an account and purchase your first bitcoins or ETHs. Coin purchases are confirmed in under 5 minutes, while conversions between Bitcoin and Ethereum are instant.

Shakepay is a Canadian crypto exchange funded in 2015, offering mobile app and web-based platform for users to buy and sell digital currencies. Shakepay’s fees are pretty good in comparison to other exchanges. It is “commission-free” and offers free Canadian dollar deposits and withdrawals and free crypto withdrawals. Mining fees are covered by Shakepay, which is a rare benefit that most exchanges don’t provide. Whether the user has a query regarding the app, prices, crypto trading, or any other services, the team will help. Users can get real-time live chat with the support team.

Ash mentions that she “invests” with a site called “elonpump.ca”. These cases studies are intended as educational content. Built ideally for mobile, the platform allows users to send and request CAD , BTC and ETH directly on the APP to and from other Shakepay users. Buy in minutes using Interac E-Transfer and cash out to your bank account instantly.

  • Shakepay only supports Bitcoin and Ethereum, and Canada is the only country that supports currencies.
  • Shakepay makes money on the spread which is the difference between the price you can buy and sell at.
  • All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.
  • You can also sell your bitcoin or Ethereum assets for Canadian dollars.
  • Shakepay usually makes its money through spreads that exist between the buy and sell orders that happen on the platform.

Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. Low trading fees at 0.20% and multiple fiat currencies supported. While Shakepay says it keeps a majority of digital assets in cold https://forex-reviews.org/ storage, you should consider moving your BTC to a cold wallet you have control over. If you plan on trading currency pairs, you can buy Bitcoin or Ethereum on Shakepay and transfer them to your wallet on another exchange if it makes sense fees-wise.

During signing in, a phone number will be used to verify the identity. The user may also refer to friends, and if they spend $100, the user will get $10. Users can use the unique referral link that may be found in their account’s settings. The Shakepay withdrawal process is instant; however, the process may take up to 4 days in some cases. Shakepay only supports ethereum on the Ethereum network and bitcoin on the Bitcoin network. Let’s compare Shakepay to its rival crypto exchange – Newton, to find out how it stands out different.

How to identify scams

Shakepay can be accessed via one’s smartphone or desktop computer. Those using desktop computers can access the platform while using any operating system, for which they can rely on an up to date web browser. The Shakepay app is available on iOS and Google Play stores.

Shakepay allows you to earn Bitcoin every day by shaking your phone. Currently, Shakepay only offers Bitcoin and Ethereum. These two cryptocurrencies are a good start for new crypto investors though. This crypto exchange reviews, for Canadian residents, as it provides the Shakepay app to trade only Bitcoin and Ethereum.

shakepay legit

After that, the user must finish a two-step verification process by inputting the code sent to their phone. The user must send a selfie with their passport or other forms of identification in hand as well as the current date as part of this process. Our detailed Shakepay review 2023, along with platform’s users reviews and customer complaints will help you determine if this is the right platform for you. For example, when a customer purchases ETH on Shakepay, the exchange sells it to them. In October 2020, Shakepay launched a P2P payment system out of beta that allows Shakepay users to instantly exchange CAD, BTC, and ETH — with no fees.

My experience using shakepay was awful

An e-statement of your bank, card, loan, or mortgage account. The submission of the telephone number is usually followed by the completion of the 2-step verification, which is based on you entering the code that was sent to your phone. Recruiter requests that you buy or exchange crypto on their behalf. Be particularly skeptical of jobs asking you to open a Shakepay account. Shakepay would never put a hold on your money in exchange for a deposit. ShakingSats is a bonus feature of the app that you get access to after you successfully refer a new customer to Shakepay.

Financial safety is important, so we wanted to break down the five most common scams and how to spot them.

The Shakepay system would automatically convert bitcoins into fiat to complete the transaction. Some cryptocurrency exchanges offer a number of different options for fiat currency purchases and others are a lot more limited in this respect. To find out if Shakepay offers exactly what you are looking for, check out our in-depth Shakepay review and ratings guide. In this review, we’ll first assess all of the aspects we feel are important for a cryptocurrency exchange, such as security, fees, and the assets available. We’ll explore some user reviews, ask some crucial questions and finish up by giving you our honest verdict of Shakepay.

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