The Shakepay Card is one of a few crypto credit cards available to Canadians. Selling is not difficult either, and I found that I follow the same steps in reverse, replacing “buy” with “sell,” and my CAD balance is updated immediately. The best part is that the money is quickly ready to be withdrawn. Because Shakepay is a Canadian-only platform, it makes sense to compare it to other Canadian-only platforms like NDAX. 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. However, the Shakepay platform and card are only available to Canadian citizens.
Tradable assets
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency. These include two-step verification and additional checks designed to keep cryptocurrency holdings private and safe for their owners. Shakepay has a mobile app on both the Apple App Store and Google Play. 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).
Select the bank account to transfer funds to, enter the CAD amount you wish to withdraw, and select Continue. From the app’s main page, click on Send, then select Wire Transfer to my bank. Withdrawing funds from your Shakepay account to your bank is a straightforward process. If the system can’t automatically verify your account, Shakepay will manually review your submission to help finalize your registration. Enter your email address and choose a username for your new account.
Deposit & withdrawals fees
Notwithstanding that concern, the Shakepay crypto exchange is a beginner-friendly and affordable way to purchase BTC or ETH. The Shakepay crypto exchange is beautifully designed and easy to use, but, as previously mentioned, it only supports BTC and ETH. The main focus of the company is to let you buy and sell Bitcoin and Ethereum. This also means that they have to follow all the rules and regulations set by the government, which helps to ensure that your money is safe.
- Even though “shaking” for free Bitcoin seems a little too good to be true, the crypto exchange now services over a million people.
- NDAX also supports considerably more crypto assets and even supports crypto staking.
- BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.
- Visit our free comparison tool here or see this year’s Best Canadian Exchanges.
- The only fees that Shakepay charges are spreads which depend on the transaction amount.
What I like about Shakepay is its simplicity—there are no overwhelming advanced features like multiple order types, detailed charting tools, or order books. This makes it a great choice for those who are new to crypto and want a hassle-free experience. Since cryptocurrency transactions are permanent and irreversible, it’s essential to be aware of scams to protect your funds. Shakepay is designed specifically for Canadian users, operating as a regulated Money Services Business (MSB).
Is Shakepay regulated or certified in CA?
Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and operates fully within Canadian regulations. With these measures in place, I’d consider Shakepay one of the safer crypto exchanges in Canada. For me, the main reason I signed up with Shakepay was their crypto Visa card, which is fantastic for earning Bitcoin cashback on everyday purchases. Announced in November 2021, it’s become extremely popular within the Canadian crypto community—and for good reason. Yes, Shakepay offers a referral program where you and your referred friend can each earn a bonus after the friend’s first qualifying transaction.
Shakepay also offers competitive pricing and low fees, making it a popular choice for Canadians investing in cryptocurrencies. Shakepay does not charge direct trading commissions or deposit/withdrawal fees. Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users. So if you’re looking for a traditional exchange with advanced trading tools and a robust coin selection, Shakepay is not for you.
You will need to share these details with your employer or payroll provider. Select the Direct deposit option to set up your payroll deposit. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
From the desktop version, you will not be able to access your Shakepay Card and its related features. While you can see your transaction history from the desktop platform, details are limited. For example, if you want to know the exact time you bought or sold crypto and at what price, you can only get those details in the mobile app. This platform is a great choice for Canadians who want a simple, user-friendly service for buying and selling cryptocurrency. Its primary goal is to make crypto accessible to everyone, and it does so with a clean and easy-to-use mobile app.
Do you own your crypto on Shakepay?
Scammers posing as employers reach out to job seekers with seemingly legitimate offers, attempting to steal crypto or personal information. Enter your bank account details and confirm the information is correct. Once you’ve completed these steps and shakepay review shared the required information with your employer, your paycheque will be deposited directly into your Shakepay account.
They do, however, capture spreads as a market maker, which can translate to a meaningful difference in the price bought/sold vs. the current market price. No, Shakepay is a centralized cryptocurrency platform that facilitates the buying and selling of digital assets. Users can store crypto on Shakepay or transfer it to a private wallet of their own. Customers need to verify their withdrawals by clicking on a link sent to their email address. The majority of cryptocurrency assets on the Shakepay platform are held in cold storage, which means that they are offline and not connected to the internet. The company was founded in 2015 and has never been hacked or lost users funds.
- This virtual card can be used to pay for stuff online and in stores.
- Shakepay also has an insurance policy in place to cover theft, loss of private keys, and damages to the crypto held in cold storage.
- After their review they sent me a risk acknowledgment statement and asked me to read and verify I read it so I did it then they said they would allow the wire transfer to go through.
- Shakepay is a legal and safe platform to use for your cryptocurrency transactions in Canada.
- On Shakepay, when you purchase cryptocurrency, you gain ownership of the asset.
- Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online.
Shakepay Security and Safety
You just need to make sure that you have enough CAD dollars in your account before setting up a recurring purchase option. Shakepay is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). Personal data is stored using 256-bit AES encryption, as is standard in the industry. Shakepay has implemented an initiator/approver set up to store sensitive data securely. When it comes to online security, Shakepay is about as good as it gets.
As the crypto industry evolves, regulatory compliance remains a key legal development for exchanges operating in Canada. When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use. Shakepay meets these standards, allowing Canadians to buy and sell crypto within a legal and regulated framework. The exchange also has a limited token selection, supporting only Bitcoin and Ethereum. While these are the two most popular cryptocurrencies, users looking to trade altcoins will need to use another platform.
Shakepay Review: Quick Overview
The cold storage provider is regulated under the New York Department of Financial Services (NYDFS) who holds SOC 1 Type II and SOC 2 Type II certifications. Thanks to their simple user interface and fast transactions, users are able to get their feet wet, fast. Shakepay stands out as an impressive leader in Canada’s cryptocurrency landscape, providing individuals looking to enter digital currencies a straightforward entryway into this realm. Over time, its features and services continue to advance while continuing its commitment to user empowerment in this digital revolution. You can store cryptocurrencies on Shakepay or transfer them to your private wallet. Both Newton and Shakepay are among the leading crypto brokers in Canada.