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Shakepay Review 2023
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Sinead Burgess
Following the rise of Bitcoin, the blockchain specialists reconstructed the full spectrum of financial services from scratch because the traditional financial system didn’t work with digital currencies. Cryptocurrencies like Bitcoin are significant because they let people trade currencies without the assistance of an intermediary. Bitcoin’s primary use is being a store of value with a formulaic fiscal policy, which significantly impacts people’s financial independence.
For this reason, many crypto enthusiasts and blockchain professionals have devoted their time and resources to developing a financial system that will benefit everyone who wants to participate in the cryptocurrency space and enjoy the financial freedom it provides. An enormous number of cryptocurrency trading platforms have sprung up on the market, racing to keep up with recent technological advancements and industry trends in hopes of giving their clients the best financial services and trading tools possible. One of those trending crypto exchanges is the Canadian Shakepay.
About the Shakepay Exchange
Created in 2015, Shakepay is a fintech company established in Montreal that develops financial apps. According to the Shakepay founders, Jean Amiouny and Roy Breidi, the primary goal of this cryptocurrency initiative is to provide free access to wealth-generating tools for people from all walks of life.
Through Shakepay’s user-friendly platform, you can instantly buy or sell crypto, send coins to your friends, generate passive income in bitcoins, and more. People in Canada can also instantly move their Bitcoins to their bank account through this cryptocurrency exchange without incurring any fees for the transaction.
As Shakepay is also a beginner-friendly platform, crypto investors who prefer more sophisticated trading tools and detailed charting should opt for NDAX, Bitbuy, or Newton, as the closest Canadian competitors to Shakepay.
Types of Shakepay Accounts
On Shakepay, you can open a personal or a business account, or both. If you’re unsure which one would be the best fit for you, here’s how the business account differs from the regular trading account.
Business Account
For starters, you can use the business account to perform transactions under the name of your professional partnership, corporation, non-profit organisation, or trust. In this regard, Money Services Businesses (MSBs) can’t open Shakepay business accounts.
To verify your business account, you’ll need to provide the following documents:
- Articles of Incorporation or Proof of Existence, i.e. proof that your business is real and not fake;
- Board Resolution, a written statement saying that the company took a legally binding action, signed by the board of directors of a company;
- Proof of Address, i.e. a bill or statement that shows where your organisation is based;
- Director’s Identification, i.e. a copy of the passport or driver’s license of the person who runs the company: and
- Shareholder Structure Proof, i.e. a signed document reflecting the percentage ownership of the company’s shares.
Personal Trading Account
When it comes to opening an individual trading account on Shakepay, you have the option of doing so via the platform’s website or the mobile app. The sign-up process is quick and simple: choose a username, fill in the relevant information, wait for the confirmation email to arrive in your inbox within a few seconds, input a legitimate phone number (Canadian only) for further SMS verification, and you’re ready to start trading on Shakepay.
It’s worth noting that some users will need to send in a selfie with their passport or other ID proof along with the date as an additional verification of their identity.
Main Features
Shakepay offers a fast and fun way to acquire crypto. Users can also receive free bitcoins by participating in Shakepay’s novel incentive scheme. Keep scrolling.
The Shakepay Reward and Referral Programs
After signing up on Shakepay, you can recommend this platform to a friend and earn benefits in CAD through its Referral Program by sharing the URL or the referral code in the most convenient way for you: through an email, your website, or your smartphone.
You can also consider making a Shakepay Card invite to receive Bitcoin cashback incentives. You don’t need an invite code to do this. Simply find the referral link under the “Boost your rewards” headline on Shakepay’s card page.
Finally, there is another enjoyable way to earn satoshis for the on-the-go traders. Namely, the Shakepay developers came up with the idea of creating a mobile app that you could shake to generate ShakingSats and have them deposited to your Shakepay account. Knowing this makes the name of the exchange sound more logical, doesn’t it?
Shakepay Visa Prepaid Card
Shopping at any online or in-store vendor with the Shakepay Visa card is a breeze. There are no fees for card maintenance or card checkups. If you use Shakepay’s Visa prepaid card, you can get 1% back in Bitcoin cashback upon each transaction. This money automatically adds up to your Shakepay account balance.
In addition, you can conveniently fund your card with CAD or convert your digital assets to Canadian dollars.
Supported Cryptocurrencies
Shakepay only accepts Bitcoin (BTC) and Ethereum (ETH). Because these two coins are immensely popular and have a big market cap, Shakepay chose to support these two specific crypto projects to ensure the trading platform’s continual liquidity.
In addition to the Interac e-Transfer® payment platform, users can load their Shakepay accounts by using their credit cards or debit cards issued by Visa or MasterCard and through a wire transfer by using cryptocurrency or Canadian Dollars (CAD).
Trading Fees and Limits
One of the most extraordinary things about this platform is that you don’t have to worry about additional expenses, apart from the money you invest in your trades. Shakepay does not charge any fees to its clients for conducting most types of transactions through its platform.
Despite Shakepay’s no-fees policy, the platform has a changeable price spread, which can total up to a 3% transaction fee when you buy or sell a digital asset through this platform. Additionally, this crypto exchange does not require users to pay for their cryptocurrency sales and purchases.
Withdrawals
When making a CAD deposit or moving cryptos out of your Shakepay account, there are no withdrawal fees. Furthermore, the platform has you covered if you wish to migrate your digital assets from this platform to another wallet – it’s all covered by Shakepay.
Is Shakepay Safe to Use?
Shakepay is a fully regulated crypto trading platform in the money business sphere, with a long list of awarded certificates, including:
- SOC 1 Type II and SOC 2 Type II certificates awarded by the New York Department of Financial Services (NYDFS);
- PIPEDA authorisation;
- Money Service Business license by FINTRAC, no.: M17065696;
- AMF (license no.: 904007);
- Act Respecting the Protection of Personal Information in the Private Sector of Quebec, Canada, etc.
Furthermore, Shakepay uses numerous security protocols to protect its users, such as:
- Two-factor authentication protocol (2FA);
- 256-bit AES encryption of all data shared through the Internet;
- Stringent KYC/AML procedures;
- Face ID authentication;
- Cold storage crypto wallets for users’ funds;
- Additional transaction authorisation by several administrators;
- Pattern/pin code lock access to the Shakepay app, and more.
Shakepay has a cold storage insurance policy for the users’ funds, which safeguards them against any type of damage, fraud, and loss of the users’ private keys. Crypto traders who use Shakepay also get emails or notifications on their phones when there are any alterations or cyberattacks.
Customer Support
If you need assistance from the Shakepay customer service staff, use the platform’s chat to get in touch with them right away. Before you do this, don’t forget to log in with your Shakepay username (i.e. Shaketag) and enter your password. Next, tap on the bot through Shakepay’s web page or the mobile app’s menu and write them a message.
Shakepay is widely present on social networks, also. Hence, you can feel free to reach them through some of their channels on Instagram, YouTube, Discord, Twitter, Facebook, or Reddit.
A Few Words Before You Go...
Shakepay is an innovative, commission-free, lightning-fast platform through which you can safely buy or send cryptos in a matter of minutes. Moreover, the developers have done their best to make your trading experience the ultimate fun, too.
One of the most striking features is the reward program, which allows you to earn bitcoins just by shaking your phone. However, because this exchange only offers BTC and ETH, it may push cryptocurrency traders who prefer broader trading alternatives away and onto other crypto trading platforms.
Nonetheless, its prompt customer service, the highly entertaining tools that enable you to pile bitcoins in your digital wallet, and the easy-to-use web platform and mobile app make Shakepay one of the leading crypto exchanges in Canada.
frequently asked questions
Yes. Shakepay is accessible via its web platform as well as smartphones. The Shakepay mobile app is compatible with both Android and iOS operating systems, allowing you to quickly and effortlessly trade Bitcoin or Ethereum from your blockchain wallet while on the move.
Moreover, the Shakepay mobile app is a must-have if you plan to join the exchange’s referral program and generate passive income through it. To collect your satoshis, all you need to do is download this app from the App Store or Google Play, access it every day, and – shake your phone for free bitcoins.
This Montreal-based cryptocurrency trading platform’s financial tools and trading benefits are exclusive to Canadian citizens.
ShakingSats are, in fact, satoshis (the smallest Bitcoin denomination) that you receive through the Shakepay incentive scheme. You must download the crypto exchange’s mobile app, log in every day, and vigorously shake your phone to be eligible for this reward. A pop-up notification will notify you that you have been rewarded some amount of satoshis for this.
These two exchanges are similar in many ways. For starters, they both have modest fees and user-friendly platforms. Shakepay has a somewhat higher spread for acquiring Bitcoin and Ethereum than the Newton exchange. Plus, the latter offers a broader range of cryptocurrencies than Shakepay, which offers only BTC and ETH.
Shakepay is one of the simplest platforms to use – it’s straightforward and has an intuitive layout. This platform’s trading tools and functionalities are rather basic, and you can even set up regular transactions to make purchasing cryptos even easier.
The Shakepay fees are among the lowest in the business. What’s more, there are no withdrawal or deposit fees to worry about – they are absolutely free. Essentially, all you need to start trading on Shakepay is the will to do so. It truly is that simple.