Shakepay Review: A Simple Way to Trade Bitcoin and Ethereum

Shakepay Review: A Simple Way to Trade Bitcoin and Ethereum

The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions. Shakepay was hit with a $10-million lawsuit over alleged hidden fees. The suit claims that Shakepay attracts users by using terms like «commission-free» but intentionally keeps trading spreads high, resulting in significant hidden fees. If you’re new to the world of Bitcoin, Shakepay is an excellent platform for beginners. It offers free e-transfers, free BTC and ETH withdrawals, and a hassle-free way to buy crypto with Canadian Dollars.

Subscribe And Get A Free Bitcoin Trading E-Book

• You can also earn free Satoshis daily through its ShakingSats feature and setup recurring crypto purchases.
• An honest guy that just can’t seem to get ahead to injustice claims.
• The reward also rises to 2% for the first purchases worth C$5,000.
• Its user-friendly interface, clear fee structure and robust security measures distinguishe it as one of the premier exchange platforms available today.
• Our experience caters to both novice investors and more seasoned traders by creating an ideal atmosphere to support rapid purchasing and selling of cryptocurrency with confidence.
• While this may not be a problem for traders that are strictly interested in trading only these coins, the broker may be unsuitable for investors looking to trade multiple coins.
• No matter your experience level or expertise in cryptocurrency trading, Shakepay provides an enjoyable experience.

Brand new customer here, mostly use Shake for converting crypto to fiat. This service is actually amazing considering that the crypto trading sphere in Canada sucks epic a$$.Exchange rate had me shocked! Other than that it’s been a great experience so far, most of the negative reviews on here seem to be general issues you’d experience with any other wallet/exchange. Shakepay is a secure cryptocurrency broker, and it is commission-free, fast, and safe to use. But in the real sense, Shakepay is not a cryptocurrency exchange.

• Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms.
• She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange.
• Upon joining Shakepay, you will be assigned a unique referral link that you can use to invite your friends to the platform.
• Shakepay holds an insurance policy on digital currencies held in cold storages and practices strict whitelisting.
• Since the card has no hidden charges and no monthly or annual fees, it is a good alternative for everyday payments.

Supported platforms include Google Pay, Apple, and other online platforms that support Visa crypto credit cards or debit cards worldwide. Shakepay incorporates elements of a hot wallet, as it enables users to store, send, and receive cryptocurrencies like Bitcoin and Ethereum through an online platform. However, they also encourage the use of private wallets for enhanced security. Trading on an exchange such as Shakepay goes beyond being simple transactions; it also involves experiencing the assurance and fluidity of a well-designed platform.

Shakepay Review (Jan : Is it Safe and Legit?

They also have a mobile app that makes it easy to manage your cryptocurrency on the go. To find the best Canadian crypto exchange, I bought Bitcoin on 18 platforms to compare total fees, prices, and spreads. The total BTC selling fee was 1.21% (5th place) and the spread was 2.26% (12th place) on the day we tested.

However, Shakepay makes money from the bid-ask spread when buy and sell orders are made on the platform. Apart from that, users may be charged additional fees by their respective banks if they wish to make deposits or withdrawals via wire transfers. Shakepay is an up-and-coming Montreal-based Canadian crypto exchange that lets you trade bitcoin and ethereum.

Shakepay Review

To give you more confidence, know that Shakepay has never been hacked or lost any of their users’ funds. Plus, most assets on Shakepay are stored offline so bad actors won’t have direct access to your funds. They are also backed by an insurance policy so your funds are safe with them. Shakepay is one of the few options available for crypto trading in Canada and is loved by many, constantly throned at the top of the App Store and Google Play. We signed up for every crypto exchange and brokerage so you don’t have to. If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

Finder Score for crypto exchanges

It is registered with AMF in Quebec and licensed to operate in Canada’s provinces and territories, including Ontario. One thing it has in common with Shakepay is that it does not charge a fee for trading. It is important to note that it has a price spread of up to 0.70%, so keep that in mind. Shakepay and NDAX are Canadian cryptocurrency exchanges, but they have some notable differences. Recurring Buy is one of the most powerful features in Shakepay. It allows you to set up a recurring purchase of Bitcoin or Ethereum daily, weekly, or monthly and watch your investment grow over time, even while you’re asleep.

Offline Cold Storage

Read a detailed breakdown of their service in this Shakepay review. The ShakingSats feature and the platform’s quick and easy responses have received positive evaluations from Canadian traders. The bottom line is that Shakepay has the potential to offer much more for investors, and we can only see its trajectory going upward. Although the platform is still developing when considering its features and coins available, Shakepay stands out with its cost-effective fee structure. Shakepay is a newcomer to the cryptocurrency exchange world, but it has shakepay review proven to be intensely safe so far. One exclusivity of Shakepay, compared to other exchanges, is that the company is regulated.

If you are looking to buy, sell or store these two cryptocurrencies, Shakepay is worth considering. The majority of digital currencies held at Shakepay are stored in cold storage wallets. It’s cold storage provider (which it doesn’t name) is regulated by the New York State Department of Financial Services.

A hardware wallet like the Blockstream Jade or Keystone Pro are the safest ways to store your crypto. To open a Shakepay account, you must be a Canadian resident or permanent resident and have a valid Canadian phone number. The registration process is simple and quick, just make sure to have your driver’s license nearby as it will be needed to verify your identity. Nevertheless, Newton is one of the best Shakepay alternatives due to its multiple collections of coins and low fees. Every purchase you make with the card will earn you 1% back in Bitcoin. However, you will earn 1% cash back in Bitcoin on your first $5,000 purchases with the card.

If you’re looking to trade a range of crypto, including some of the alternative coins, you may want to look elsewhere. It will be interesting to see if they expand their lineup of coins. That said, if Bitcoin and Ethereum are all you need, Shakepay has you covered. To use Shakepay, you must download the mobile app and create an account. You can then link your bank account or credit card to the app to deposit funds.