Shakepay Review 2025: Pros, Cons, and Tips

In-depth Details: What’s to Like and What You Should Know

Shakepay Exchange’s clean interface makes it easy to navigate for beginners and individuals who want to quickly trade cryptocurrency. Their streamlined system makes it easy to exchange Bitcoin and Ethereum with no unnecessary steps.

During my review, I found the platform delivers on its promise of making trading easy. The process of buying Bitcoin or Ethereum can be done in just two clicks. Just enter the CAD dollar amount of crypto you want to purchase and click “buy”. Yes, it’s that simple to buy on the platform.

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 The best part is that the money is quickly ready to be withdrawn.

Crypto withdrawals took around 10 minutes to complete, while CAD withdrawals were instant when using the platforms Interac e-Transfer function. Crypto can also be easily transferred to private wallets.

Additionally, users can earn bitcoin by referring a friend to the platform. Once your friend’s account is verified, you’ll receive a reward in the form of cash. The value of the reward depends on when you and your friend sign up on the exchange.

History and Background

When Jean Amiouny and Roy Breidi started Shakepay in 2015, it was just a Visa card that could be loaded with bitcoin. However, the company expanded and evolved when it realized users needed a more complete crypto exchange platform. It is now used by more than a million people to buy, sell, and hold cryptocurrency.

Safety and Security

Shakepay has implemented several security measures with the goal of becoming one of the safest crypto exchanges in the world. They hold the majority of its users’ digital assets in cold storage and multi-party approvals are required when transfers are made from the offline reserves.

The exchange also emphasizes the use of two-factor authentication (2FA) and recommends using authenticator applications. Email confirmation is required for cryptocurrency withdrawals, and independent security audits are conducted to stress-test security measures.

They are also a member of the CRIO, FINTRAC, AMF, and other Canadian regulators. Impressively, they provide CIPF protection of cash assets up to $1 million per customer, making them a more secure option for nervous users.

Usability

While I am an experienced cryptocurrency trader, I appreciate the simplicity Shakepay offers users. I’m confident that complete newbies to trading will be able to navigate the platform with minimal fuss. There are also several informative articles on their website that can guide users through the platform’s tools and functionalities.

Customer Support

There are various ways users can access customer support. This includes using the mobile app, logging into your account online, or visiting the exchange’s website.

The platform has comprehensive troubleshooting guides on their website. Users can read these articles if they are facing challenges and want guidance for common issues.

If all else fails, users can email the helpline. They claim that most emails are responded to in less than 24 hours of being sent.

Shakepay Mobile App

A beginner-friendly mobile application is available on iOS and Android, allowing users to buy and sell Bitcoin and Ethereum in Canadian dollars on the go. A prepaid Visa card is offered on the app and lets you earn bitcoin when you use the card to make everyday purchases.

A unique feature of the app is the “ShakingStats” program. This allows users to earn a small amount of Bitcoin when they open the app and physically shake their phone. No, I’m not kidding.

Two-factor authentication can also be enabled, providing an extra layer of security.

The True Cost of Trading on This Exchange

What about Shakepay fees? This provider does not take commission on trades or have direct fees for trading crypto. The platform earns revenue by applying a spread to transaction prices.

Simply put, this means that if the market price of Bitcoin is $10,000, the platform will sell it to you at $10,100. If you want to sell crypto with a market value of $10,000, you may only receive $9,900.

The exchange doesn’t charge deposit or withdrawal fees via Interac e-Transfer or wire transfer. They also pay the network fees for users who send crypto to their wallets as long as they use the “normal speed” option. Users wanting faster transaction fees can choose to pay a network fee.

Does Shakepay charge a monthly fee?

No, they do not charge users a monthly fee and they are committed to providing a service that is commission-free with no fixed trading fees. The platform earns its revenue from a spread, which refers to a small difference between the buy and sell price of cryptocurrencies. Users may be charged network fees if they want faster transactions.

How to Set Up a Shakepay Exchange Account

Setting up an account is simple. Here are the steps:

1. 1. Step 1: Visit the official signup page and select the “Sign-up” option.
   2. Step 2: Enter your email address and username.
   3. Step 3: Review and agree to the terms of service.
   4. Step 4: Check your email for the verification link.
   5. Step 5: Check your phone for a verification SMS to confirm your phone number. (Only Canadian phone numbers allowed.)
   6. Step 6: Complete the remaining fields to finish signing up.

After following the six-step signup process, an automated third-party service will attempt to verify your account. If the automated system could not verify your account, Shakepay will manually attempt to verify your account.

Who Is Shakepay For? What Other Users Have to Say

This platform is a great exchange for beginner and casual traders who are keen to explore the world of crypto without having to navigate an overwhelming number of cryptocurrencies, complex tools, and intimidating charts.

Its user-friendly interface makes it easy to learn for crypto newbies, while its app makes it simple to trade cryptocurrencies. Their rewards program provides customers who use the Visa card with an incentive to integrate crypto into their daily spending, while the referral program rewards those who encourage others to register on the platform.

If you are a more experienced trader, then this may not be the platform for you. Advanced traders can easily find some of the best crypto exchanges for their more complex needs.  One possible option would be Bitbuy, another great crypto platform for the Canadian market. Here’s our review of Shakepay vs. Bitbuy, so you can see which suits you best.

Why You Should Trust CryptoVantage: How I Reviewed Shakepay

Cryptovantage puts itself in the shoes of the user when writing a cryptocurrency review. We look at several factors to decide if you should use a particular exchange. Some of the things we look at include:

• Trade volumes and asset availability
• Trading features and tools
• Security
• transparency, reputation, and support
• Fees and added costs
• Ease of use

Final Thoughts: Is Shakepay Worth It?

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.

Unlike more complex exchanges, this provider focuses on the essentials: commission-free buying and selling of Bitcoin and Ethereum. This makes them a great option for newbies to trading.

Their rewards program allows users to earn a small amount of bitcoin through features like “ShakingStats,” where you get free bitcoin daily just by shaking your phone, and the Shakepay Card, a prepaid Visa that gives you bitcoin back on every purchase.

For those who want to build their crypto holdings over time, they provide tools like recurring buys, which allow users to automatically purchase crypto daily, weekly, or monthly.

Overall, this provider is for users who value simplicity, security, and rewards. It’s perfect for Canadians who are just starting their crypto journey or prefer a straightforward approach to managing their Bitcoin and Ethereum.

For those wanting to explore other beginner-friendly platforms, Newton and Coinberry are other strong contenders to consider. Check out our review of Shakepay vs. Newton and Shakepay vs. Coinberry to help you decide which option you like best.