Stay away from this App if you want any kind of just treatment to conduct business, invest crypto or transfer coins between wallets. Kraken and Shakepay take different approaches to crypto trading. While the latter focuses on a simple and beginner-friendly experience, the former offers a robust trading platform with more features, supported assets, and lower fees. Kraken provides a significantly broader range of options for anyone looking beyond basic buying and selling. The exchange doesn’t charge deposit or withdrawal fees via Interac e-Transfer or wire transfer.

• While I wouldn’t call it lightning-fast, it was good to see that they honored their commitment to providing timely support.
• Shakepay is a cryptocurrency exchange focused on servicing the Canadian market.
• Asset protection is solid, with Shakepay keeping the majority of digital assets in secure cold storage, reducing the risk of online breaches.
• Interac eTransfers are near-instant and you can send a maximum of $10,000.
• While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products.

It is registered with FINTRAC and Revenu Québec to ensure compliance with Canadian financial regulations. While some may prefer phone support, Shakepay opts for a text-based approach, which has its pros and cons. Quick inquiries can often be resolved efficiently, but more complex issues might require back-and-forth messaging.

Shakepay Card Rewards and Benefits

• Shakepay makes it easy for you to move your funds to personal crypto wallets.
• ➡️ Beginners who want a straightforward way to buy and sell Bitcoin or Ethereum in CAD, without navigating complex trading interfaces or worrying about private key management.
• Learn more about the 2 top crypto platforms in this Newton vs Shakepay comparison or read my detailed Newton review here.
• NDAX is an excellent alternative if you want the lowest fees in Canada.

You can also turn on a setting in your account to confirm transactions via email as an additional security precaution. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. This ensures we understand your priorities and can recommend the best crypto exchange for your needs.

They closed my account.

However, Netcoins supports 30+ coins and allows you to hold both CAD and USD in your account. While Newton has no minimum balance requirement, Shakepay requires a minimum of $5. In addition, Newton has more coins than Shakepay as it supports 70+ different cryptocurrencies. Despite offering access to free trading, deposit and free withdrawals, Shakepay still offers a welcome bonus of $20. The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF. With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception.

To start buying, you need to use Interac e-Transfer to deposit money from your banking account to your Shakepay wallet. Once your wallet is funded, then you’re free to trade on Shakepay. Shakepay was established with a vision to provide users with an easier crypto experience, quickly becoming one of the leading cryptocurrency exchanges across Canadian provinces.

With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life. 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. And that’s exactly what this Shakepay review will help you achieve.

It is registered with AMF in Quebec and licensed to operate in Canada’s provinces and territories, including Ontario. Shakepay is a money service business, and it is expected to follow FINTRAC regulations. If you’re a beginner, Newton is a platform that will be friendly to you. You can also get a $25 bonus right after trading your first $100 cryptocurrency. While Shakepay only offers Bitcoin and Ethereum, Newton is a cryptocurrency brokerage offering a wide range of 48 coins.

The interesting part is that you can use any of the above funding methods without worrying about fees since they’re all free. 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. Shakepay has some of the lowest collections in Canada as it offers access to only Bitcoin and Ethereum. It also implies that Shakepay will report your profits to the CRA. Canadian citizens are required to pay tax on any capital gains they make from trading crypto.

Shakepay Supported Cryptocurrencies

Shakepay will give you a preview of the transaction and disclose the current purchase price. Both the Shakepay mobile app and desktop version have almost all the same features, except for a few notable differences. You will need to download the app to access the full range of Shakepay features. Yes, the Shakepay Card is one of the best bitcoin cards in Canada, with up to 2% bitcoin cash back on purchases.

Shakepay Review: Quick Overview

Shakepay is only available to Canadian residents and does not support users in the United States. While Shakepay is a solid choice for Canadians, US users will need to explore other platforms for their crypto trading needs. Shakepay crypto fees can vary depending on market conditions, and users typically pay a spread for each transaction. Depending on your location, rates for popular cryptocurrencies like Bitcoin and Ethereum range from 1.4% to 1.6%. Many Shakepay reviews highlight the platform’s security measures, from cold storage to encryption, as reasons to trust the service. While no exchange is completely immune to threats, Shakepay’s security practices could make it one of the safer options for Canadian users.

This company is fly-by-night and shakepay review totally corrupt and incompetent. Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. While Shakepay does not charge commissions, it has a variable price spread that can cost you up to 3% on both ‘buy’ and ‘sell’ transactions.

If you are looking to learn everything about Shakepay, this Shakepay review is just what you need. While Netcoins allows you to make free CAD deposits and withdrawals, it charges fees for crypto withdrawals and trading, unlike Shakepay. However, Shakepay has an insurance policy, and prepaid card, and supports peer-to-peer transactions, unlike Newton. You can also earn free Satoshis daily through its ShakingSats feature and setup recurring crypto purchases. Nevertheless, the collection of coins is not the only factor to determine whether or not a crypto trading platform is the best.

Kraken vs Binance Review

Shakepay will then send you an authentication code, and once you enter it, you can continue creating your account. To open a Shakepay account, you need to create an @shaketag handle, which will act as your username. Upon signing up, enter your personal information when prompted and verify your email.

When you want to cash out and withdraw from the platform, you can do so by eTransfer or Wire Transfer for free. Interac eTransfers are near-instant and you can send a maximum of $10,000. Wire Transfers can take up to 2 business days and there is no maximum on the amount you can send but there is a maximum of $10,000. To earn free satoshis, simply open the app and shake your phone. When you have earned some Sats, a pop-up message appears on your phone. To view your transactions, check your Canadian dollar wallet on the app.