Using Shakepay is extremely easy due to their great usability and interface. Be cautious of new or unfamiliar platforms, especially those operating outside of Canada. However, it occasionally provides promotions such as signup incentives or referral bonuses, though these change over time and are subject to terms and availability. Click on the share icon in the top right corner of the page to easily send your direct deposit information directly to your employer. Copy your institution number, transit number, and account number.
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Shakepay is a registered Money Service Business (MSB) with FINTRAC and a restricted dealer with the AMF and securities regulators across all Canadian provinces and territories. The information provided here is general advice only and does not take into account your personal financial situation or needs. Some of the products and services listed on our website are from partners who compensate us.
Other Shakepay Features
Without those additional fees, Shakepay actually ended up being one of the cheapest platforms to buy Bitcoin. Yes, this service is considered a safe exchange platform with several security measures, including cold storage, two-factor authentication, and insurance policies on wallets. They are a Canadian cryptocurrency exchange platform and financial technology company.
Shakepay hired CipherBlade, a blockchain forensics and security firm, to review its internal processes for storing funds and handling transactions. The vast majority of digital assets are stored in cold wallets managed by a provider regulated under the NYDFS, with SOC 1 Type II and SOC 2 Type II certifications. This platform supports 30 coins and offers advanced trading tools for experienced traders.
Comparing Shakepay to Other Leading Crypto Exchanges in Canada
To start buying, you need to use Interac e-Transfer to deposit money from your banking account to your Shakepay wallet. Once your wallet is funded, then you’re free to trade on Shakepay. Shakepay was established with a vision to provide users with an easier crypto experience, quickly becoming one of the leading cryptocurrency exchanges across Canadian provinces.
Shakepay Card Review FAQs
Incidents like this raise concerns about data protection, leading many to wonder, is Shakepay legit? The company’s swift response and transparency in handling the breach suggest a commitment to security, even when issues arise. Shakepay’s security team quickly responded by de-authenticating the device and containing the breach. Customers were advised to enhance their security with two-factor authentication and remain cautious of potential scams.
For more information, please read our editorial policy and find out how we make money. Shakepay is licensed as Money Service Business by FINTRAC and the AMF, meaning they must comply with their regulations. It is your responsibility to declare any gains made from crypto investments to the CRA in your tax return. shakepay review Shakepay is also regulated by Revenu Quebec with registration number #904007. You can also choose to have your account locked if there is suspicious activity or if you lose your phone. Finally, all communications or connections between the app and the Shakepay server uses HTTPS and passwords are hashed.
Deposit & withdrawals fees
The reward increases every day so make sure you don’t break the streak! If you’re wondering how they make money as a company, then know that they adjust the prices that you can buy or sell cryptocurrencies. Other than buying and selling crypto, you can complete other tasks on the Shakepay app. For example, the app provides various charts for you to see your transaction history. Founded in Montreal, Canada, Shakepay has been trailblazing the crypto sphere since 2015. In a nutshell, Shakepay is a platform for Canadians from all walks of life to buy, sell, and store cryptocurrencies.
- It’s also important to remember the Shakepay card is a reloadable Visa prepaid card, which means you can only spend funds that are loaded to your Shakepay Canadian dollar balance.
- I received responses within 24 hours each time which is faster than many other cryptocurrency exchanges.
- We will look at how many people are using Shakepay, what coins you can invest in, and where they stand out.
- While I have not used the customer support tab, people are giving good feedback about Shakepay’s support on Reddit.
- Quick inquiries can often be resolved efficiently, but more complex issues might require back-and-forth messaging.
Shakepay Card
For cryptocurrencies, the withdrawal limits can vary, so users should check the latest terms on Shakepay’s website or contact their support for up-to-date information. Shakepay stands as an embodiment of digital finance’s innovative, secure and user-centric ethos, where user experience and innovation remain top priorities. As this industry matures further, platforms like Shakepay become even more essential to supporting financial technology adoption.
For comparison, Newton offers a spread of 0.9%, making it a more cost-effective alternative for those looking to save on trading fees. In addition to this, Shakepay offers other useful features like basic charting, simple purchasing, and a sleek, user-friendly mobile app. However, I find the limited choice of assets restrictive compared to the broader industry. ➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada. With fast CAD funding/withdrawals and instant internal transfers, Shakepay is convenient for sending or receiving crypto among contacts. Shakepay faced a security breach in 2023, which quickly became a buzzing topic in crypto news.
- You can spend and earn cashback in Bitcoin, and it’s currently the only Canadian exchange offering this feature.
- And my favourite feature is the ability to earn free Bitcoin every day.
- Security is a strong point for both platforms, but Kraken’s track record is particularly notable.
- Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest.
- You can earn free Bitcoin on Shakepay through shaking your phone, cashback, referrals, and giveaways.
- Security is a major concern when dealing with crypto exchanges, and it’s fair to ask, is Shakepay safe to use?
Stay away from this App if you want any kind of just treatment to conduct business, invest crypto or transfer coins between wallets. Kraken and Shakepay take different approaches to crypto trading. While the latter focuses on a simple and beginner-friendly experience, the former offers a robust trading platform with more features, supported assets, and lower fees. Kraken provides a significantly broader range of options for anyone looking beyond basic buying and selling. The exchange doesn’t charge deposit or withdrawal fees via Interac e-Transfer or wire transfer.
This is a blessing for Canadian crypto investors but it also poses a challenge when it comes to choosing the best crypto trading platform among the available options. When you store your crypto on Shakepay, they hold your private keys. There is no way to access them if they go insolvent or run off with your funds. While Shakepay does not charge a commission and covers network mining fees on your behalf, they charge a hefty spread.
Other users love Shakepay’s simplicity and features such as Shaking Sats. To test their responsiveness, I reached out to the support team via email. They responded the next day, within 24 hours, even though it was the weekend. While I wouldn’t call it lightning-fast, it was good to see that they honored their commitment to providing timely support.
