Shakepay review

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

Founded in 2015, Shakepay is a Canadian cryptocurrency app that lets you buy and sell Bitcoin and Ethereum using Canadian dollars. Shakepay is based in Montreal, and the app has over 1 million users.

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

• See all Shakepay crypto assets

  • BTC
  • ETH

Shakepay fees

Shakepay Between shakepay accounts, wire transfer and interac e-transfer deposits are free for folks in Canada.

Deposit & withdrawals fees

Transaction type	Fee
Deposit funds	Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply)
Withdraw funds	Interac e-Transfer: $0 Wire transfer: $0 Between Shakepay accounts: $0 Cryptocurrency: $0 (blockchain network fees apply)

Shakepay deposit methods

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 providing proof of identification). This can take 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.

Is Shakepay safe?

Shakepay is an MSB (money services business) regulated by FINTRAC. The company is registered as a restricted dealer with securities regulatory authorities in all Canadian provinces and territories, including the Autorite des marches financiers (AMF) in Quebec.

FINTRAC licence: #M17065696

Revenu Québec licence: #904007

Shakepay uses encryption to protect personal data. The majority of assets are kept offline in cold storage. Rest easy knowing that these assets are insured by a policy that covers most damages, theft, and loss of private keys.

An independent audit conducted by CipherBlade in 2020 confirmed that Shakepay has enough digital assets and fiat currency to cover its customers' balances. Additionally, all employees must pass a background check. The report concluded that "digital currencies held in hot and cold wallets are unlikely to be compromised."

Keeping your crypto secure

All centralized 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.

Shakepay customer support

Shakepay does not offer phone support, but you can get help via live chat in the app. There's also an extensive collection of articles online in the Shakepay Help Centre.

How to reach Shakepay customer support

Alternatives to Shakepay