In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.
Shakepay
4.0
★★★★★
Finder score
Fiat currencies
1
Supported assets
2
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Our verdict

Buy and sell Bitcoin and Ethereum on Shakepay, one of Canada's most popular cryptocurrency exchanges

Shakepay makes it easy for Canadians to buy crypto’s two main assets: Bitcoin (BTC) and Ethereum (ETH).

For almost 8 years, Shakepay has kept things simple, enabling over 800,000 Canadians to trade their Canadian dollars (CAD) for some BTC or ETH – or vice versa.

You can sign up for Shakepay in as little as 10 minutes and start immediately buying your crypto commission free (though, you will pay a 1-3% spread fee).

Shakepay may have limited features, but it remains one of the simplest and safest platforms for Canadians to use if they are looking to gain exposure to crypto’s two most notable coins.

Pros

  • Very simple user design.
  • Responsive customer service.
  • Unique earning features like cashback and ShakingSats.
  • Complies with the Financial Transactions and Reports Analysis Centre regulations in Canada. FINTRAC is the peak body for regulating cryptocurrency exchanges in Canada which requires Shakepay to comply with laws and regulations that are intended to provide certain protections for users.
  • Trade with multiple fiat currencies. Shakepay allows you to trade with CAD.

Cons

  • High spreads. Price spread of 1–3%
  • Only 2 cryptocurrencies supported. Shakepay supports a smaller variety of assets than some of its competitors. This isn't necessarily a bad thing, but if you're looking for a large range of altcoins you may want to compare other platforms.
  • CAD deposits and withdrawals are not supported. Shakepay does not support CAD trading accounts. You may still be able to purchase crypto using a credit or debit card via the platform's instant purchase feature, although foreign exchange fees might apply.

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews

Details

Product details

Product Name Shakepay
Fiat Currencies CAD
Cryptocurrencies BTC and ETH & 1 more
Deposit Methods Cryptocurrency
Debit card
Wire transfer
Trading Fee None
Deposit Fees Cryptocurrency: None; blockchain network fees apply
Wire transfer: None
Debit card: None
Withdrawal Fees Cryptocurrency: None; Shakepay covers blockchain network fees
Wire transfer: None
Debit card: None

Ratings methodology - how we scored Shakepay

Supported cryptocurrencies ★★★★★
Transferring money or assets ★★★★★
Fees and costs ★★★★★
Ease of use ★★★★★
Customer service ★★★★★
Features ★★★★★
Staking/earn ★★★★★
Trustworthiness/security ★★★★★

How we rate our crypto exchanges and platforms

Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.

Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

About Shakepay — company background

Shakepay is one of Canada’s most popular cryptocurrency exchanges, with over 800,000 customers purchasing Bitcoin and Ethereum on the platform since its inception in 2015.

Listed Shakepay crypto exchange assets

Shakepay supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Solana, which are in the top 20 cryptos by market cap. In total, 2 of the top 20 cryptos are available on Shakepay.

Popular assets on Shakepay
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
does not support
Tether (USDT)
does not support
BNB (BNB)
does not support
Solana (SOL)
does not support
Lido Staked Ether (STETH)
does not support
XRP (XRP)
does not support
USDC (USDC)
does not support
Cardano (ADA)
does not support
Avalanche (AVAX)
does not support
Dogecoin (DOGE)
does not support
TRON (TRX)
does not support
Chainlink (LINK)
does not support
Polkadot (DOT)
does not support
Polygon (MATIC)
does not support
Wrapped Bitcoin (WBTC)
does not support
Uniswap (UNI)
does not support
Toncoin (TON)
does not support
Internet Computer (ICP)
does not support
Shiba Inu (SHIB)

Shakepay fees

Deposit & withdrawals fees

Transaction type Fee
Deposit funds Cryptocurrency: None; blockchain network fees apply
Wire transfer: None
Debit card: None
Withdraw funds Cryptocurrency: None; Shakepay covers blockchain network fees
Wire transfer: None
Debit card: None

Shakepay deposit methods

  • Cryptocurrency
  • Debit card
  • Wire transfer

How to sign up on Shakepay exchange

Before you can even get started trading on Shakepay, you have to go through the rigorous verification process (which usually involves proof of identification). This can take quite a long time. The reason for this is Shakepay's commitment to certifications, and compliance with regulations and insurers.

  1. Get started
    After selecting the Get Started button, fill in the create account form.
  2. Set up payment
    Before you can start trading, you have to add your bank account to your Shakepay account. There are several options to choose from, so choose the option most compatible.
  3. Provide identification
    Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
  4. Start trading
    After all that is processed, you're ready to trade on Shakepay.

Using the Shakepay app

The Shakepay app has all of the same features as the web browser version of the exchange, but with one added feature: ShakingSats.

ShakingSats is a bonus feature of the app that you get access to after you successfully refer a new customer to Shakepay.

Through the ShakingSats feature, eligible customers can then shake their phone every day they open the application and receive some free “satoshis,” or what are commonly referred to as “sats.” Sats are fractions of a Bitcoin.

Each day this is completed in a row will increase the reward rate. The rate caps at Day 201, with a reward of 1,000 Satoshis, equivalent to about CAD$0.53 (as of January 2022).

Is Shakepay safe?

Hacks. The platform has never been hacked in its 7-year existence.

Security audits. Shakepay’s most recent security audit was conducted by third-party company CipherBlade in August 2020. This independent audit confirmed that Shakepay had enough funds in reserve to cover the assets of its customers if they were lost.

Regulation. The exchange is regulated by Canadian regulatory bodies.

Asset storage. Nearly all of the digital money managed by Shakepay is held in cold storage (offline). Transactions must be authorised by multiple parties before being accepted, making theft and exploits less likely. Additionally, your funds are held in separate accounts to Shakepay’s reserve funds.

Insurance. Shakepay provides insurance for the funds held in cold storage. This includes insurance for most losses incurred by theft, hacks or misplacement of private keys. Shakepay’s insurance policy was created by Aon and underwritten by Lloyd’s of London.

Keeping your crypto secure

All centralised exchanges, including Shakepay, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

Shakepay customer support

Shakepay customer support can easily be accessed via the chat box in the bottom right corner of the platform’s website.

The site also features a range of FAQ and help articles.

If you cannot find the assistance you need in these articles, you can submit a contact form directly to a Shakepay staff member. Wait times are typically around a day for responses, which is reasonable, but slower than some alternatives. The response time is slower during high-volume periods or the holidays.

How to reach Shakepay customer support

  • Contact form
  • Facebook
  • Live chat
  • Twitter

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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