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Shakepay Exchange Comprehensive Review 2021

Shakepay is a Canada-based platform for buying, selling, and storing Bitcoin and Ethereum via a smartphone or desktop computer. While the platform does not allow customers to hold their own cryptocurrency private keys when funds are stored in the Shakepay app, the company makes it easy for customers to move their funds to their own personal crypto wallets. Shakepay also has an additional feature, Shakepay Change, which allows users to seamlessly purchase a small amount of Bitcoin every time they make a purchase with their debit or credit card.

Shakepay General Overview

Pros

  • Shakepay is one of the most friendly options when buying and selling Bitcoin in Canada

  • Interac e-Transfer system enables free transfers to and from Shakepay in minutes

  • Shakepay Change allows you to earn cryptocurrency by rounding up purchases with a debit card

  • It is free for customers to move their Bitcoin into a non-custodial wallet

  • Shakepay OTC is available to those who wish to purchase more than $200,000 CAD worth of cryptocurrency

Cons

  • Shakepay is currently only available to Canadians

  • Although Shakepay claims they do not charge any fees on buy and sell orders, the reality is fees are hidden in the quoted rates for Bitcoin and Ethereum

  • Cryptocurrency held in the Shakepay app is held by Shakepay rather than the individual user

Shakepay at a Glance

Users
100,000 +
Volume
500,000+
Trust rating
medium
Overall rating

Funding Methods

Method Buy Sell Speed Fees Buying Limit
Bank Account (ACH) No No n/a n/a n/a
Credit Card No No n/a n/a n/a
Debit Card Yes Yes Minutes 1.75% $5,000 CAD
Wire transfer Yes Yes 1-2 business days 1.75% Unlimited

Shakepay Sign-up Process

Screenshot of Shakepay Exchange Homepage

The sign-up process at Shakepay is similar to many of the other cryptocurrency exchanges around the world. During the initial sign-up process, the following information is required:

  • Email
  • Username
  • Password

After signing up at Shakepay, you will need to verify your email address.

Email address has been verified at Shakepay

After your email is confirmed, you will be required to enter your mobile phone number. Your phone number will be used for authentication purposes when logging in.

After submitting your phone number to Shakepay, you will be required to complete 2-step verification by entering the code that was sent to your phone.

Once this initial information is provided, Shakepay will also need to collect some personal information to help verify your identity. This includes:

  • Name
  • Address
  • Date of Birth

Shakepay Exchange Additional Personal Information

This information will be checked against Securefact’s database. While most users will be able to trade shortly after this information is provided, some users may face additional verification checks. In these situations, the user must provide two forms of documentation, in addition to a selfie.

What You Can Buy

Shakepay is currently focused on providing buy and sell functionality for the two most popular cryptocurrencies in the world.

Supported Applications

Shakepay is available on both desktop computers and smartphone devices. Desktop users of any operating system can access the exchange via their web browsers, while the Shakepay app is also available on the Google Play and iOS app stores.

Is Shakepay Safe?

Shakepay is a relatively new addition to the cryptocurrency exchange world but has been exceptionally safe thus far. One thing that Shakepay has going for it that other exchanges don’t is that there is actual regulatory oversight regarding the business. Is it is licensed as a Money Service Business by FINTRAC and AMF, which are both financial regulatory bodies in Canada.

There are very few exchanges that have any sort of government oversight so Shakepay should be considered one of the safest exchanges currently in operation. Shakepay is also renowned for having exceptional customer service in case you ever run into issues with the software.

Fees

Shakepay does not charge any direct fees to their customers for buy orders, sell orders, deposits, or withdrawals. However, Shakepay makes money on the spread between the buy and sell orders made through the platform. This leads to an effective fee rate of 1.75% per trade. Additionally, users who wish to make deposits or withdrawals via wire transfers may be charged additional fees by their respective banks.

Frequently Asked Questions


Yes, Shakepay is currently only available in Canada.


There are a number of alternatives to Shakepay available in the United States, such as Coinbase, Gemini, and River Financial.


Yes, Interac e-Transfer will be the best option for most users as it allows funds to be sent and received in a matter of minutes. However, there is a $5,000 limit on these transactions, which means larger transfers will need to be made via bank wire.


Yes, Shakepay makes it very easy to move in and out of the cryptocurrency world in a matter of minutes. However, the process will take longer if you decided to move your cryptocurrency holdings to your own non-custodial wallet.


Shakepay Change is a special feature targeted to individuals who would like to automatically purchase a small amount of Bitcoin or Ethereum on a regular basis. The feature works via traditional credit or debit cards that are linked to user accounts. Once the card is linked to Shakepay, every purchase made with that card will be rounded up to the closest full dollar amount. The difference between the actual charge amount and the rounded amount will be used to purchase the user’s cryptocurrency of choice.


Shakepay is located in Montreal, Quebec, Canada.


Shakepay’s key difference between many of the other exchanges on the market is how easy it is to get started and purchase cryptocurrency in a matter of minutes. The user interface is built to look as simple as many of the other popular finance apps on the market, removing the complexities involved in some of the more advanced cryptocurrency exchanges that are available online.


No, Shakepay is not listed on the Toronto Stock Exchange.

Arthur Crowson Headshot

About the Author

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to online media in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.

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