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Shakepay review

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

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.

Our take on Shakepay

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.


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Shakepay pros and cons


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


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

About Shakepay – company history and 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 1 cryptocurrencies, but some notable assets are missing. Namely, Avalanche, Binance USD and BNB, 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
Shakepay does not support
Avalanche (AVAX)
Shakepay does not support
Binance USD (BUSD)
Shakepay supports
Bitcoin (BTC)
Shakepay does not support
Shakepay does not support
Cardano (ADA)
Shakepay does not support
Cosmos Hub (ATOM)
Shakepay does not support
Dai (DAI)
Shakepay does not support
Dogecoin (DOGE)
Shakepay supports
Ethereum (ETH)
Shakepay does not support
LEO Token (LEO)
Shakepay does not support
Lido Staked Ether (stETH)
Shakepay does not support
Polkadot (DOT)
Shakepay does not support
Polygon (MATIC)
Shakepay does not support
Ripple (XRP)
Shakepay does not support
Shiba Inu (SHIB)
Shakepay does not support
Solana (SOL)
Shakepay does not support
Tether (USDT)
Shakepay does not support
Shakepay does not support
Shakepay does not support
Wrapped Bitcoin (WBTC)

Shakepay fees

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

The easiest transfer method for Shakepay users is Interac, an interbank 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.

Shakepay doesn’t charge any fees for crypto or fiat transfers.

Shakepay does not charge a fee for buying or selling Bitcoin or Ethereum, but the platform makes money by capturing the price spread between its buy and sell orders.

A price spread is the difference between the price at which someone is willing to sell and the price at someone is willing to buy. On Shakepay, that difference ranges between 1 and 3%.

This fee is a bit high considering that trading fees on most other crypto platforms are well under 1%.

Deposit methods
  • Cryptocurrency
  • Debit card
  • Wire transfer

Shakepay deposit and withdrawal 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 trading fees

Type Fee
Trading None

Shakepay trading fees

Maker (Spread fee)1-3%
Taker (Spread fee)1-3%

How to sign up on Shakepay

Please insert Shakepay description
  1. Go to Shakepay website
    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.
  2. Create username
    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.
  3. Verify info
    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.
  4. Know Your Customer (KYC)
    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. In some instances, the identity check will fail. If this occurs, you may need to provide a video of yourself, an image of government-issued ID such as a driver's license and/or an image of a bank statement. The approval process may take up to 4 days.
  5. Begin trading
    Once verified, you can begin trading on Shakepay!

About 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?

Shakepay is a very safe cryptocurrency exchange.

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 authorized 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.

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.

Google Play ratings11,700 reviews, 4.5 stars, 100,000+ downloads
Apple Store ratings17,500 ratings, 4.5 stars

How to reach Shakepay

  • Contact form
  • Facebook page
  • Live chat
  • Twitter

Alternatives to Shakepay exchange

1 - 3 of 24
Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
Kraken Cryptocurrency Exchange
Cash, Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Apple Pay, Google Pay


Certain trading features are limited or unavailable to residents of Ontario and Quebec.
VirgoCX Cryptocurrency Exchange
Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer


Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Simplex, Banxa, Apple Pay, Google Pay


Binance is not available to residents of Ontario.
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