Trading on Shakepay is commission-free, but the effective cost is in the spread. This is less transparent than a flat trading fee, so I pay close attention to the difference between the quoted buy and sell prices for each transaction. https://forex-review.net/shakepay-review/ There are no overnight, custody, or management fees, making it a simple choice, but for active traders, the wider spread might outweigh the savings from zero commissions.
The platform provides assistance through a support chat, allowing users to reach out via the app or website. Customer support is only available through live chat, with no phone support option. For users who prefer speaking to a representative directly, this could be a downside. Some Shakepay reviews also mention slow response times, though experiences seem to vary. Another notable feature is the Shakepay Visa Card, which allows users to spend their CAD balance anywhere Visa is accepted. Many users point out this feature in a Shakepay card review, as it provides a seamless way to use crypto-linked funds for everyday purchases.
Company
When you buy or sell Bitcoin and Ethereum, there is a spread in the prices. This spread is effectively a transaction fee, and it can vary from 1-3% at any point in time. Shakepay is a cryptocurrency brokerage platform that allows Canadians to buy and sell Ethereum and Bitcoin almost instantly. Your cryptocurrencies on Shakepay are not insurance-covered by CDIC or CIPF. There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell.
- You can further protect your digital assets by moving them offline to a cold wallet like Ledger Nano X or Trezor.
- During my review, I found the platform delivers on its promise of making trading easy.
- This Shakepay review covers how it works, fees, and whether it is safe.
- Yes, this service is considered a safe exchange platform with several security measures, including cold storage, two-factor authentication, and insurance policies on wallets.
When you store your crypto on Shakepay, they hold your private keys. There is no way to access them if they go insolvent or run off with your funds. While Shakepay does not charge a commission and covers network mining fees on your behalf, they charge a hefty spread. Buying and selling crypto happens at the press of a button, and you can set up recurring buys by selecting the auto-buy feature. You usually have to pay this fee regardless of which platform you use to transfer your crypto.
Enter your bank account details and confirm the information is correct. Once you’ve completed these steps and shared the required information with your employer, your paycheque will be deposited directly into your Shakepay account. Select the Direct deposit option to set up your payroll deposit.
- Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
- One thing it has in common with Shakepay is that it does not charge a fee for trading.
- Blockchain transactions are irreversible, and sending assets to a wrong address can result in a permanent loss.
- Trading on Shakepay is commission-free, but the effective cost is in the spread.
- The process involves entering the recipient’s bitcoin address and the amount you wish to send from within the app or website.
- Additionally, Shakepay has a built-in rewards program that rewards users with Bitcoin for every purchase using the Shakepay Card.
This allows users to earn a small amount of Bitcoin when they open the app and physically shake their phone. 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. 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. ➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada.
We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Shakepay does not charge any fees when you deposit or withdraw funds. If you plan on trading currency pairs, you can buy Bitcoin or Ethereum on Shakepay and transfer them to your wallet on another exchange if it makes sense fees-wise.
Shakepay launched its current cryptocurrency brokerage and wallet service in 2015. Since then, it has expanded its user base and services within Canada, focusing on simple and secure crypto transactions. The platform offers essential risk management tools such as two-factor authentication and allows users to set withdrawal whitelists, adding meaningful layers of defense. User feedback is overwhelmingly favorable, especially among Canadian crypto newcomers, though seasoned traders may wish for more granular security transparency. Shakepay stands out in the Canadian crypto space for its regulatory transparency and user peace of mind.
#7. Customer service
The platform’s user-centric design enables quick and straightforward transactions for buying and selling Bitcoin and Ethereum easily. Yes, this service is considered a safe exchange platform with several security measures, including cold storage, two-factor authentication, and insurance policies on wallets. They are a Canadian cryptocurrency exchange platform and financial technology company.
Crypto Products
You can still access your account while traveling, but as one of the best fiat-to-crypto exchanges in Canada, Shakepay limits some functionality for those abroad. Additionally, Coinbase supports a variety of fiat currencies, including EUR, GBP, and USD, which allows for more flexibility in funding your account. In addition to bank transfers, debit/credit cards, and PayPal, Coinbase even accepts SEPA transfers for European users. Shakepay is limited to CAD deposits, catering exclusively to Canadians, making it less adaptable for international users. Security is a major concern when dealing with crypto exchanges, and it’s fair to ask, is Shakepay safe to use?
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When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage. Other users love Shakepay’s simplicity and features such as Shaking Sats. The best and cheapest way to add the money from your Canadian bank account to Shakepay would be Interac e-Transfer.
Shakepay’s simple app, free e-transfers, and no deposit/withdrawal fees (outside spreads) make onboarding easy. 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.
However, NDAX isn’t going to be as beginner-friendly as Shakepay, meaning it probably won’t be the best option for crypto investors interested in the simplest way to buy digital assets. The Shakepay Visa card is a great way to earn crypto rewards for everyday purchases. Shakepay supports over 2 cryptocurrencies, but some notable assets are missing. Namely, Tether, XRP and BNB, which are in the top 20 cryptos by market cap. Founded in 2015, Shakepay is a Canadian cryptocurrency app that lets you buy and sell Bitcoin and Ethereum using Canadian dollars. Shakepay is based in Montreal, and the app has over 1 million users.
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Shakepay focuses exclusively on Bitcoin and Ethereum, with a streamlined, no-frills approach to buying and selling crypto. In contrast, Uphold offers over 265 cryptocurrencies, expanding far beyond the Shakepay crypto list to include assets like equities, stocks, and forex for diverse trading options. Shakepay is a commission-free platform, meaning there are no trading fees when buying or selling crypto. Instead of charging a direct fee, the exchange generates revenue by including a bid-ask spread in its pricing. While this keeps trading simple, it’s important to understand how Shakepay fees work behind the scenes. Shakepay is a secure cryptocurrency broker, and it is commission-free, fast, and safe to use.
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. Also, it allows you to enable 2-Factor Authentication to add an extra layer of protection for your account.