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Shakepay review

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

  • Incredibly simple to get started and begin building your cryptocurrency portfolio.
  • Shakepay isn’t ideal for advanced crypto users, providing limited access to alternative coins.

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Fiat currencies

2

Cryptocurrencies

Details

Product Name Shakepay
Fiat Currencies CAD
Cryptocurrencies BTC and ETH
Deposit Methods Cryptocurrency
Interac e-Transfer
Wire transfer
Trading Fee None
Deposit Fees Interac e-Transfer: Free
Wire transfer: Free
Bitcoin: Free
Ethereum: Free
Shakepay a friend: Free
Withdrawal Fees Interac e-Transfer: Free
Wire transfer: Free
Bitcoin: Free
Ethereum: Free
Shakepay a friend: Free

What is Shakepay?

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.

Shakepay is ideal for beginners looking to purchase either Bitcoin or Ethereum. Buying and selling cryptocurrency can be done commission-free on the platform, making it great for smaller investments.

Signing up with Shakepay can take as little as 10 minutes.

The focus on crypto newcomers does leave Shakepay quite limited on features. The exchange only brokers 2 coins (Bitcoin and Ethereum), and lacks options such as staking and advanced trading options.

Shakepay offers earning methods such as cashback, referrals and “ShakingSats”.

The exchange can only be used by Canadian residents.

  • If this is your first exchange: Shakepay is designed for crypto novices and is a good option for those that want simple exposure to Bitcoin or Ethereum.
  • If you’re switching exchanges: If you’re coming from a complex, feature-heavy exchange, Shakepay’s low fees and simplicity might be appealing. However, those after a new exchange rich with features should look elsewhere.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Shakepay pros and cons

Shakepay Pros

  • Low fees
  • Government-regulated
  • Very simple user design
  • Responsive customer service
  • Unique earning features like cashback and ShakingSats

Shakepay Cons

  • Limited cryptocurrency options
  • Price spread of 1–3%
  • Minimal features
  • Only available in Canada

Verdict: Is Shakepay any good?

Given the thousands of coins and exchanges available, it’s easy for a crypto novice to become overwhelmed. Shakepay does away with the complexity of investing in Bitcoin and Ethereum, and makes it a less daunting experience.

Shakepay is backed by Canadian regulatory bodies, which makes it a trustworthy option. In addition, the lack of withdrawal and trading fees, plus the small minimum deposit (CAD$5), is compelling for newer or low-volume investors.

However, high-volume traders may be turned off by the 1–3% spreads, as well as the lack of selection of cryptocurrencies available for purchase.

What to know about Shakepay

Getting started on Shakepay is easy. New users can set up an account and begin trading within 10 minutes on their desktop or using Shakepay’s mobile application. Shakepay users can transfer their funds to and from external wallets without much hassle.

The platform is commission-free, meaning it doesn’t charge fees for trades, withdrawals or deposits. Shakepay is far from fee-less, due to its spreads ranging from 1–3%. Crypto newcomers are unlikely to have had much exposure to spreads and there is no direct mention of spreads on the Shakepay fees page, which could mislead some users.

A unique feature of the platform is its ShakingSats system. Once every 24 hours, eligible users can open the mobile application and simply shake their phone to receive cryptocurrency as a reward.

Shakepay users can also earn 1% cashback (in the form of Bitcoin) when shopping with the Shakepay Visa card at participating merchants.

Shakepay review: Finder ratings

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Shakepay’s supported cryptocurrencies

Shakepay only offers access to 2 cryptocurrencies: Bitcoin and Ethereum.

It is missing popular options such as Dogecoin, Solana, Binance Coin and stablecoins.

Given the intention of the platform is to provide easy, lower-risk acquisition of cryptocurrency for beginners, its lack of diversity isn’t a dealbreaker. Shakepay has a specific target audience and does a fine job of brokering Bitcoin and Ethereum to them.

Transferring fiat and cryptocurrency with Shakepay

The easiest transfer method for Shakepay users is Interac, an online transaction network based in Canada. Deposits made using Interac usually only take a few minutes to hit your Shakepay account. There is a low minimum deposit of CAD$5 when transferring via Interac, and a maximum of CAD$10,000.

Wire transfers may take up to 1–2 working days and have a much higher minimum deposit of CAD$5,000.

Bitcoin and Ethereum transfers typically take about 20 minutes to process and have no minimum/maximum limits. Transfer times are dependent on network congestion.

No fees are charged for any crypto or fiat transfers.

Shakepay fees and costs

Shakepay is commission-free, meaning that there are no direct fees for depositing, trading or withdrawing funds. Crypto withdrawal mining/network fees are covered by Shakepay.

Fiat withdrawal and deposit fees
DepositWithdrawal
NoneNone
Crypto withdrawal and deposit fees
DepositWithdrawal
NoneCovered by Shakepay

What is it like to use Shakepay?

Shakepay is targeted at customers looking for a simple crypto investing experience, and using the platform reflects this.

Getting started with Shakepay

Shakepay’s homepage is clean, with clearly visible links to important information such as fees, security and signing up. There’s even a live ticker with the prices of Ethereum and Bitcoin. Buttons to download the mobile app are a little clunky, but easy to access.

Shakepay homepage
KYC

The KYC process is incredibly simple. Users often only need to verify their email address, phone number and provide basic residential info before getting started. For more on KYC read our KYC guide.

Shakepay phone verification
Adding/sending funds with Shakepay

Users are able to add funds to their account directly via their user dashboard. Clicking the “Add funds” button will initiate the process.

add funds on Shakepay

Buying BTC/ETH with Shakepay

Once CAD has been added to your account, users will be able to see exactly how much BTC/ETH they can purchase depending on their funds. Executing the trade is as simple as pressing “Exchange”.

Buy BTC and ETH on Shakepay
Shakepay customer service
Users can send the Shakepay customer support a message or browse the 50+ help articles all in the same place.

Shakepay customer service

Does Shakepay have good customer support?

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

There is no option for live, 24/7 chat. However, there is a large range of FAQ and help articles available which will answer most users’ questions.

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.

Support offeredWait times
Contact Us form~24 hours
Live chat🅧🅧
Forum🅧🅧
FAQ page50+ articles available

Trading on Shakepay

Shakepay offers Bitcoin and Ethereum trading, and the process for buying/selling these cryptocurrencies is simple:

First, deposit funds into the account.

Then, from the user dashboard, customers need only click on either currency to enter the trading page. Once there, they can input their desired purchase amount and click “Exchange”.

Finally, upon accepting the transaction confirmation prompts, the trade is complete.

Shakepay Price spreads

Price spreads on Shakepay fluctuate between 1–3%, though are usually closer to 1%. This is a reasonable figure. However, newcomers to cryptocurrency may be unaware of this fee and could be under the impression trading is completely free.

Trading fees

Outside of the spread, there are no other fees charged by Shakepay. This includes withdrawals, deposits and transactions. It’s worth noting some financial institutions may charge fees on transfers.

Shakepay promotions

Shakepay has a number of promotions to incentivize its customers:

  • Referral Reward. Users that sign up to Shakepay will be given a referral code. If you give this code to a new user who buys at least CAD$100 of BTC/ETH, both users will be rewarded with a CAD$30 bonus. This referral code can be used multiple times.
  • ShakingSats. You can only gain access to ShakingSats if you have successfully referred a new customer to Shakepay. Eligible customers can then shake their phone every day they open the application and receive a reward. 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).

Shakepay Card

Shakepay offers its customers a Shakepay Card, which operates as a prepaid Visa. It is accepted at most online or physical vendors, and can even be set up with Google/Apple Pay.

Cardholders can earn 1% cashback on any purchases made using the Shakepay Visa. The rewards are deposited directly into the customer’s Shakepay Bitcoin account.

There are no fees or credit checks for using the Shakepay Card.

Shakepay trust rating

Shakepay is a very safe cryptocurrency exchange. It has never been hacked, while also completing regular audits and providing insurance for users.

Signing up on Shakepay

Step 1

First, navigate to Shakepay.com and click the blue “Get started” button. If you would like to use the platform on your mobile device, you can download the iOS or Android applications.

Step 2

You will be prompted to enter a “shaketag” (which is like a username), your email address and a password. Fill these out, read and accept the Terms of Use and click “Sign up”. You will then have to verify your email address.

Step 3

Once you’ve navigated to your email address and clicked the “Verify” button, return to the Shakepay sign-up page. You will now have to enter and verify your Canadian mobile number.

Step 4

When your number is verified, simply enter your full name, address and date of birth.

For most customers, this will complete the KYC verification process. Shakepay will automatically run an identity check using your information, granting you account access within 10 minutes.

Step 5

In some instances, the identity check will fail. If this occurs, you may need to provide:

  • A video of yourself
  • Image of government-issued ID such as a driver’s licence
  • Image of bank statement

This approval process may take up to 4 days.

Step 6

Once verified, you can begin trading on Shakepay!

Compare Shakepay against other crypto exchanges

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Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

24
cryptocurrencies

Limited time only: Free $40* when you sign up and fund your Bitbuy account.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Netcoins Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD, USD

11
cryptocurrencies

Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
NDAX Cryptocurrency Trading Platform
Bank transfer (ACH)
CAD

30
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Shakepay frequently asked questions

How do I withdraw money from Shakepay?

Navigate to the “Send” tab on your dashboard and select your preferred transfer method. Once done, input the desired withdrawal sum and confirm the transaction.

Is Shakepay a Bitcoin wallet?

Shakepay will store your funds in a Bitcoin wallet, and you can transfer external funds from a private wallet into your Shakepay account. Shakepay’s wallet is custodial, meaning that it controls your private keys. This is different to a private wallet, and does not offer complete control of your funds.

How does Shakepay make money?

Shakepay does not charge commission fees. Instead, it makes money on a “spread”, which is essentially the difference between the buy and sell price of a product. This works much like a fee, and varies from 1–3%.

Can US citizens use Shakepay?

Only Canadian citizens can use Shakepay.

Disclaimer: 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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