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. Shakepay makes money from the difference between the buying and selling price of cryptocurrencies. Accordingly, the effective charge rate (spread fee) for a trade is 1.75%. If your only crypto goal is to buy bitcoin in Canada or ethereum for that matter, then I highly recommend that you give Shakepay a close look. You can transfer in fiat currency or crypto without paying any fees.
The price will be refreshed based on new pricing obtained from a liquidity provider every 30 seconds. We offer digital currencies (bitcoin or ethereum) for sale directly to our customers. When a customer buys bitcoin on Shakepay, we’re selling them the bitcoin ourselves. Similarly, when a customer sells their bitcoin, we buy them from the customer.
Shakepay uses cold storage, which ensures crypto holdings are held offline, away from hackers. Additionally, Shakepay is FINTRAC registered in Canada and in the process of obtaining OSC registration in Ontario, showing their commitment to regulatory requirements. This business model eventually fell apart when the bank that issued the cards on behalf of Shakepay ran into trouble with Visa. Rather than try to rescue that business model, Shakepay management decided to start over with a new service. Click “Spot” and then “Deposit” next to the cryptocurrency you want to send. Open Shakepay, click “Send,” paste the Address, enter the amount you wish to send, and confirm the transaction.
A small amount is kept in hot wallets to provide liquidity for daily transactions. All personal data is encrypted, and all accounts are secured with two-factor authentication (2FA). Shakepay adheres to privacy laws and holds FINTRAC and Revenu Québec in all provinces and territories in Canada. The vast majority of digital currencies are kept in cold storage wallets that are covered by insurance. Shakepay provides secure withdrawals to Canadian bank accounts and Interac e-Transfer.
- Shakepay, according to Crunchbase, has raised a total of $36 million across five rounds of venture capital funding.
- Within a year, the company had over 40,000 customers under Shakepay.
- When you join Netcoins with this link and deposit at least $100, you will get a $25 welcome bonus.
- Furthermore, the chart can be customized to show different timeframes and data points, allowing users to stay updated on market changes.
- You can buy and sell coins as an investor focused on long-term returns or you can trade more like a FOREX currency trader.
VISA previously dropped its card issuer Wavecrest, which made processing payments impossible. Shakepay is a FinTech company that enables customers to purchase and sell cryptocurrencies such as Bitcoin and Ethereum. Shakepay is a great option for anyone looking for a convenient way to buy and sell crypto, as it has one of the most user-friendly exchanges and offers reasonable fees. If you’re new to the world of cryptocurrency, Shakepay is an excellent place to start. It offers free e-transfers, Bitcoin rewards, and a hassle-free way to buy and sell Bitcoin and Ethereum.
Ratings methodology – how we scored Shakepay
Shakepay is a Canadian cryptocurrency exchange that allows users to buy and sell digital assets. I scoured various online reviews across Reddit, Trust Pilot and other sites to see what people think of Shakepay. The general sentiment is that Shakepay is easy to use, has fast transactions, and cool Bitcoin rewards. The main complaints seem to be around slow customer service, occasional app bugs, and hidden fees.
Withdrawals
The interesting part is that you can use any of the above funding methods without worrying about fees since they’re all free. Shakepay has some of the lowest collections in Canada as it offers access to only Bitcoin and Ethereum. Productmint.com provides tailored content on all things business and tech. The site arose from my fascination with how modern-day businesses utilize technology and product-led thinking to become dominant players in their industry.
In addition, Newton has more coins than Shakepay as it supports 71 different cryptocurrencies. Despite offering access to free trading, deposit and free withdrawals, Shakepay still offers a welcome bonus of $5. Shakepay is a legit and safe cryptocurrency app for Canadians. The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF. While you can’t make the wrong choice with Shakepay, you still need to know about its offerings and how it compares to the other crypto platforms in Canada.
Other Shakepay Features
At the end of the review, you should be able to make an informed decision about whether or not Shakepay the perfect crypto broker for you. On top of that, they will be able to earn 1 percent in cashback paid in Bitcoin. Shakepay, therefore, tries to establish itself not as a complicated exchange but as a simple means of engaging in crypto and using it as an everyday payment tool. Throughout 2021, Shakepay managed to grow its userbase by almost 400 percent.
How Do I Fund My Shakepay Account?
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. When people talk about the Shakepay fees, they usually refer to the platform’s 1 percent to 3 percent spread on trading. Essentially, Shakepay earns revenue by capturing the difference between buying and selling cryptocurrency.
In my test, Shakepay’s spread was 2.26% which ranked 12th place out of 18 platforms. Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms. Despite these allegations, Shakepay’s fees are generally reasonable. In fact, I conducted a comparison of fees across 20 different platforms and found that many other exchanges have higher fees than Shakepay.
Shakepay has been one of the rising platforms on the internet for trading cryptos such as Bitcoin and Ethereum. On top of that, it also offers other services that support those activities. The new Shakepay launched in early 2018 throughout Canada, except Quebec for which it shakepay review became available a few months later. Shakepay is a combination of cryptocurrency exchange and digital wallet service. It is powered by a mobile app through which users can buy, sell, and trade cryptocurrencies. Shakepay currently supports only bitcoin (BTC) and ether (ETH).
How to sign up on Shakepay exchange
Once users have funds in their Shakepay account, they can use the platform to buy cryptocurrencies. These cryptocurrencies can also fund the purchase of other cryptos. Essentially, users can either use their Canadian dollars or existing crypto balance to purchase cryptocurrencies. Depending on the type of transfer, the users may have to wait some time to start buying currencies.
Shakepay has an impressive 4.5-star rating across 12,000 reviews on the Google Play store and an even higher 4.6-star rating across 18,000 ratings on the App Store. Shakepay will send you an email to confirm your account before proceeding to the identification stage. Shakepay uses 2-Factor authentication for additional security. You’ll have an opportunity to set this up at the time of account opening. Shakepay is working on three key areas to support their growth in what is now a hyper competitive market. When you join Netcoins with this link and deposit at least $100, you will get a $25 welcome bonus.