A Shakepay review seemed like the perfect way to uncover whether it truly delivers on its promises or if it falls short.

Shakepay Exchange’s clean interface makes it easy to navigate for beginners and individuals who want to quickly trade cryptocurrency. Interac e-Transfer limited to CAS $10,000 per transaction, no limit on wire and crypto transfers Overall best crypto exchange in Canada + $50 bonus This Shakepay review covers how it works, fees, and whether it is safe.

For users who prefer speaking to a representative directly, this could be a downside. The exchange also has a limited token selection, supporting only Bitcoin and Ethereum. Another notable feature is the Shakepay Visa Card, which allows users to spend their CAD balance anywhere Visa is accepted. Users who need faster transactions can choose to pay network fees, but having a free withdrawal option is a rare perk in the crypto space. While this keeps trading simple, https://forex-review.net/shakepay-review/ it's important to understand how Shakepay fees work behind the scenes. For Canadian residents looking for a no-fuss way to buy and sell crypto, Shakepay delivers a smooth experience with quick access to Bitcoin and Ethereum.

  • It also does not have a trading fee.
  • While the card delivers solid utility for users looking to bridge crypto and real-world payments, it doesn’t include premium features found on some competitor cards, such as extensive cashback rates or multi-currency support.
  • It’s perfect for Canadians who are just starting their crypto journey or prefer a straightforward approach to managing their Bitcoin and Ethereum.
  • The time it takes to transfer bitcoin from Shakepay to another wallet can vary depending on network congestion and the fee attached to the transaction.

How we rate our crypto exchanges and platforms

Please consult service providers’ Terms & Conditions for more information. Although continually updated, the information here may differ from what appears on the providers’ sites. HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws. The company states that it carries insurance coverage on its crypto holdings but does not publish formal proof-of-reserve attestations. It complies with federal anti-money laundering regulations, but is not regulated as a securities dealer or registered in the same category as traditional Forex or CFD brokers. Shakepay currently holds a Trustpilot rating of 4.2 out of 5 based on 2,100 reviews.

If the system can’t automatically verify your account, Shakepay will manually review your submission to help finalize your registration. Enter your email address and choose a username for your new account. However, users who frequently move between countries might find this restrictive. Shakepay is designed specifically for Canadian users, operating as a regulated Money Services Business (MSB).

Deposits and withdrawals on Shakepay

I’m confident that complete newbies to trading will be able to navigate the platform with minimal fuss. Impressively, they provide CIPF protection of cash assets up to $1 million per customer, making them a more secure option for nervous users. The exchange also emphasizes the use of two-factor authentication (2FA) and recommends using authenticator applications.

Newton is another popular Canadian crypto exchange. Coinbase charges a flat fee of $1 per cryptocurrency transaction, while Shakepay doesn’t charge any commissions at all. Shakepay, on the other hand, allows you to buy and sell crypto with CAD.

Download full list of cryptocurrencies Shakepay supports

Compliance with Canadian privacy laws, such as PIPEDA, further strengthens Shakepay’s commitment to safeguarding user information. Transactions from cold wallets are also restricted to a whitelist to ensure that funds only move to approved addresses. Shakepay tracks referrals through unique codes, so you can earn rewards for each new user who makes a qualifying purchase. Overall, Shakepay's fees are pretty straightforward, with no surprise charges for everyday transactions.

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Shakepay crypto fees can vary depending on market conditions, and users typically pay a spread for each transaction. Shakepay, in contrast, is strictly a buy-and-sell platform with no additional trading features. Kraken also supports multiple fiat currencies, including USD, CAD, EUR, and more, allowing users from various regions to fund their accounts directly. While no exchange is completely immune to threats, Shakepay’s security practices could make it one of the safer options for Canadian users. Many Shakepay reviews highlight the platform’s security measures, from cold storage to encryption, as reasons to trust the service. While these are the two most popular cryptocurrencies, users looking to trade altcoins will need to use another platform.

When it comes to security, the platform stores most user funds in cold storage, keeping them safe from online threats. Its intuitive interface, fast funding options, and low fees make it especially appealing to beginners and casual investors who want a hassle-free crypto experience. If you’re seeking a broader range of crypto assets or more advanced trading features, these alternatives provide additional options for your trading journey. Final crypto exchange evaluation conclusion based on research, expert opinions & user feedback. The countries in which the cryptocurrency exchange is available for operation. A reliable multi-asset exchange for trading crypto, fiat, and precious metals.

  • Thank God I did not transfer thousands into this account as I would have been very disappointed and let down.
  • Here’s how to do it using the Shakepay website or app.
  • Shakepay is a Canadian cryptocurrency exchange that offers a user-friendly platform for buying and selling Bitcoin and Ethereum.
  • This is a regulatory requirement in Canada for money service businesses.
  • Shakepay is a commission-free platform, meaning there are no trading fees when buying or selling crypto.
  • Those wanting a wide altcoin roster will need a different exchange for broader exposure.

Shakepay Review: Is it Safe and Legit?

Understanding the fee model is crucial on any exchange. Those wanting a wide altcoin roster will need a different exchange for broader exposure. Every platform has boundaries, and Shakepay’s are notable. On security, the bulk of customer funds sit in cold storage, lowering exposure to online attacks.

Shakepay Card

For amounts exceeding $10,000, you can use the wire transfer option. Keep in mind that the maximum limit for e-Transfer withdrawals is $10,000 per transfer. Here’s how to do it using the Shakepay website or app. Withdrawing funds from your Shakepay account to your bank is a straightforward process. Once you’ve completed these steps and shared the required information with your employer, your paycheque will be deposited directly into your Shakepay account. To download your void cheque, open the Shakepay app again, tap on Add funds, and select Direct deposit.

Because the platform intentionally sticks to two coins, it’s perfect if you prefer a straightforward path instead of sifting through hundreds of altcoins. The streamlined app, fast funding, and transparent costs appeal to those just starting or investing casually who want minimal friction. Shakepay targets Canadians who want a quick way to buy or sell Bitcoin and Ethereum without wrestling with complex order books. Before unpacking every angle of this Shakepay review, here’s a concise snapshot of what you get, so you can grasp the essentials quickly.

What are the fees on staking and lending?

Next, go back to Send → Wire transfer, choose the linked account, specify the CAD amount, and press Continue. There was a data incident affecting a small subset of users (1). Cold-wallet transfers are constrained by a whitelist, so funds move only to approved addresses. Some reviews mention slower responses at times, though user experiences vary with traffic. For Canadian residents seeking a no-fuss crypto experience, Shakepay delivers fast access to the two biggest coins from a compliant, local app.

Listed Shakepay crypto exchange assets

Trading on an exchange such as Shakepay goes beyond being simple transactions; it also involves experiencing the assurance and fluidity of a well-designed platform. Shakepay’s trading experience is tailored to fit its user, creating an optimal balance of simplicity and functionality. Shakepay stands out as an impressive leader in Canada’s cryptocurrency landscape, providing individuals looking to enter digital currencies a straightforward entryway into this realm. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses.