Shakepay Review : Fees + Features

Overall, we found the website to be extremely well designed and organized. Everything from account registration to ordering bitcoin was a breeze. The Shopping Trends team is independent of the journalists at CTV News.

1. Moving your BTC to a cold wallet just for you is possible, where you take charge of the private keys.
2. Shakepay is a great option for anyone looking for a convenient way to buy and sell crypto, as it has one of the most user-friendly exchanges and offers reasonable fees.
3. This fee usually equates to a moderate 0.10% and even less in many cases.
4. If you receive an email from an individual claiming to be a Shakepay representative requesting funds, please inform customer support right away.
5. Make sure you have enough money in your account for the purchase before enabling the feature—there’s no need to worry about overdraft fees, though.

It charges no fees on transactions and provides a high level of high security. The majority of digital currencies held at Shakepay are stored in cold storage wallets. It’s cold storage provider (which it doesn’t name) is regulated by the New York State Department of Financial Services. Shakepay holds an insurance policy on digital currencies held in cold storages and practices strict whitelisting. Coinbase is one of the most popular cryptocurrency exchanges and has a lot to offer. It’s user-friendly, has a great mobile app, and offers low fees.

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However, Netcoins supports 30+ coins and allows you to hold both CAD and USD in your account. All you need is to visit the application page here and enter your phone number to get the link to download the app. You will be required to verify your number and provide your personal information including your email address and username.

License & Security – licensed by two Canadian authorities

Opening an account with Shakepay is easy, but you’ll need to verify your identity before you can start buying and selling crypto. Most customers are verified right away, but in some cases, it may take a few days. In addition, there are the unique ShakinSats and Shakepay Change features to add a bit more interest for users of the site. Some cryptocurrency exchanges offer a number of different options for fiat currency purchases and others are a lot more limited in this respect.

Both victims used the middleman service Shakepay to invest in the cryptocurrency platforms used in the alleged scams. Shakepay is simple, fast, and easy to buy Bitcoin or Ethereum. For beginners, it’s the most simple exchange platform to use. 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.

Shakepay is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). Personal data is stored using 256-bit AES encryption, as is standard in the industry. Shakepay has implemented an initiator/approver set up to store sensitive data securely. The card is also available to use anywhere Apple Pay and Google Pay are supported.

When you collect enough Bitcoin or Ethereum, and feel more advance there’s other platform, but shakepay is easy to withdraw some fund. If you’re new to the world of crypto, Shakepay may be a great place to start investing. It’s easy to use and makes buying coins easy thanks to e-Transfers or wire transfers. But if you’re looking for more than just Bitcoin or Ethereum, you may want to look at one of the many other exchanges out there. Shakepay only offers buy and sell transactions using a similar fee structure to a brokerage (more on that shortly). No other types of trading are facilitated on the site and it doesn’t double up with cryptocurrency lending or staking projects either.

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Payment options beyond Bitcoin and Ethereum are limited to Interac, bank wire or debit card. These same options have been in place since Shakepay first launched and shakepay review it seems unlikely it will be adding any e-wallet options any time soon. So, make sure you’re prepared with plenty of documentation and ready to take a selfie video.

Namely, Tether, BNB and Solana, which are in the top 20 cryptos by market cap. In total, 2 of the top 20 cryptos are available on Shakepay. Shakepay may have limited features, but it remains one of the simplest and safest platforms for Canadians to use if they are looking to gain exposure to crypto’s two most notable coins. You can convert your coins to cash and use the card anywhere Visa card is accepted like the Shakepay Card. Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms.

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. The Shakepay app can be accessed on the App Store, Google Play store, or their website. Each device has a very simple user interface, basic charts, and the ability to make market orders, limit orders, and recurring orders. E-Transferred 3K to my account after a year + inactivitywas denied access to my funds by shakepay until i had completed a risk assessment. Promptly completed the risk assessment and now had access to my account which was empty. Shakepay claims someone used my 3k, while under their control and management while i was denied access and they are not responsible.

How to open an account

ShakingSats is an interesting feature that’s unique to Shakepay, at least in Canada. If you join Shakepay through a referral link, you can get free crypto. You need to open the app every 24 hours and shake your phone (not a joke, just shake it), and free crypto will be deposited in your account instantly. Shakepay is designed to get your account set up, verified, funded and ready to buy within 10 minutes. Once you are up and running, you can buy or sell crypto instantly through their website or app. User accounts are secured by 2FA (two factor authentication).

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Nearly all of the digital money managed by Shakepay is held in cold storage (offline). Transactions must be authorised by multiple parties before being accepted, making theft and exploits less likely. Additionally, your funds are held in separate accounts to Shakepay’s reserve funds.Insurance. Shakepay provides insurance for the funds held in cold storage. This includes insurance for most losses incurred by theft, hacks or misplacement of private keys. Shakepay’s insurance policy was created by Aon and underwritten by Lloyd’s of London.

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There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell. Make sure you have enough money in your account for the purchase before enabling the feature—there’s no need to worry about overdraft fees, though. Recurring Buy is one of the most powerful features in Shakepay. It allows you to set up a recurring purchase of Bitcoin or Ethereum daily, weekly, or monthly and watch your investment grow over time, even while you’re asleep. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

We found a mix of both positive and negative reviews on various sites, and the proportion varied according to the site. So based on this alone it’s tough to get an accurate read of where a customer’s experience will fall within the ‘stars’, so to speak. We cannot argue with the fact that Shakepay holds licenses from two separate Canadian financial authorities, credentials that we also checked when determining if Kraken is legit.