In addition, all user funds are stored in cold storage wallets, which are not accessible by hackers. If you’re looking for an easy-to-use platform with a crypto card, Shakepay is the way to go. Newton might be a better choice if you’re looking for a platform that supports more than 70 cryptocurrencies.

1. The growing popularity and adoption of cryptocurrencies over the past few years has led to the emergence of several crypto trading platforms in Canada.
2. When you want to cash out and withdraw from the platform, you can do so by eTransfer or Wire Transfer for free.
3. It is very important to do your own analysis before making any investment.
4. However, you will earn 1% cash back in Bitcoin on your first $5,000 purchases with the card.
5. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us.
6. Even more interesting is the fact that Shakepay offers a prepaid card that lets you make purchases in dollars and earn cash back in bitcoin.

Coinbase charges a flat fee of $1 per cryptocurrency transaction, while Shakepay doesn’t charge any commissions at all. Users first need to deposit CAD into their accounts to buy or sell cryptocurrencies on Shakepay’s website. Interac e-Transfers can arrive in a few minutes while wire transfers take 1-2 working days. No, Shakepay makes money on the spread which means you are paying a small markup whenever you buy or sell.

What Coins are Available on Shakepay?

To find Canada’s best crypto exchange, we tested each platform across 60+ features each. They market themselves as “the easiest way for Canadians to buy and earn Bitcoin,” and put a lot of thought into an easy to use interface. Other key features are free crypto withdrawals (most exchanges charge for this), Bitcoin cashback, and various ways to earn free Bitcoin in app. If you like to have your funds locked up with no customer service to respond use Shakepay . My funds have been locked up for five days now and real customer support is non existent!!!!!!!!!

Shakepay Customer Support

The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF. This is a blessing for Canadian crypto investors but it also poses a challenge when it comes to choosing the best crypto trading platform among the available options. Shakepay is also backed by an insurance policy, which covers all the digital currencies in cold storage. Their policy includes coverage of loss of private keys, theft and damages. They hired a security firm to independently review their internal procedures for storing funds and processing transactions. The review was published for anyone to read and covers how they use hot wallets and cold wallets.

For example, if you want to know the exact time you bought or sold crypto and at what price, you can only get those details in the mobile app. The downside is that Shakepay charges one of the highest markups/downs of the major crypto exchanges that I’ve tested so far. Having said that, the total cost of trading is offset by the fact that there are no trading fees on top of the markup. So if you’re looking for a traditional exchange with advanced trading tools and a robust coin selection, Shakepay is not for you. Having said that, Shakepay is one of the best platforms to get your money into and out of the crypto market.

On the app, you can customize how you lock access, such as with Face ID, biometric unlock or PIN. Plus, Shakepay allows the transfer of your digital currencies into your personal cold storage wallet so you can secure your digital assets yourself. To conclude our Shakepay review, we’ll add that this crypto exchange is a really good option for those just getting started with crypto. Its offer of cryptocurrencies may be limited, but bitcoin and ether are the major coins that can be plenty for some investors. Shakepay is also a great choice for experienced traders who want a fast and easy way to trade. Coinbase is one of the most popular cryptocurrency exchanges and has a lot to offer.

Recurring buys will automatically buy currency at a frequency pre-selected by you. You can set limit orders to both buy or sell Bitcoin or Ethereum. You can set it up to buy on dips and sell when it reaches your chosen limit. You can set how much CAD worth of BTC or ETH you’d like to buy or sell. Because of that, Shakepay is one of the cheapest places to buy/sell BTC and ETH.

Shakepay on Desktop vs Mobile App

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category. Access a line of credit up to $150, make payments and Nyble will report them to a credit bureau shakepay review which can help your payment history grow. Further, all personal information is SSL-encrypted and stored with AES-256 encryption. In the event of a database breach, all profile data would be unreadable.

Shakepay Review 2024: Pros, Cons, and Features

Claim your profile to access Trustpilot’s free business tools and connect with customers. Upon joining Shakepay, you will be assigned a unique referral link that you can use to invite your friends to the platform. You will earn $5 per referral that sign-up through your link and meet the eligibility. The interesting part is that you can use any of the above funding methods without worrying about fees since they’re all free. Once you verify your email, you will need to enter a Canadian phone number, which Shakepay will use for authentication purposes. They do not accept Voice over Internet Protocol (VoIP) phone numbers.

To earn FREE Bitcoin every day, open the mobile app and shake your phone. Shakepay will then add Satoshis (Sats), the lowest unit of Bitcoin, to your BTC wallet. You can then decide to hold onto your BTC or convert it to CAD. You can also earn additional free Bitcoin, called #SecretSats, by completing missions. To buy Bitcoin (BTC), click on Buy & Sell, enter the amount of CAD you’d like to spend, and then click on Buy Bitcoin.

We use dedicated people and clever technology to safeguard our platform. As an investor, it’s important to know how day trading taxes in Canada work. A note to our clients about fraudulent lending practices and illegal upfront fees.

Wait times are typically around a day for responses, which is reasonable, but slower than some alternatives. The response time is slower during high-volume periods or the holidays. If you’re new to the world of cryptocurrency, Shakepay is an excellent place to start. It offers free e-transfers, Bitcoin rewards, and a hassle-free way to buy and sell Bitcoin and Ethereum.

Shakepay vs Netcoins

Every time you shop with any Visa merchant worldwide, you’ll earn 1% in bitcoin, which will be deposited into your account on the website. Looking for a convenient way to buy and sell Bitcoin and other cryptocurrencies? This Shakepay review will take an in-depth look at the features offered by this crypto exchange and compare it to some of its top competitors.

The main drawback is that Shakepay only supports two coins, but if that’s not a dealbreaker for you, then it’s definitely worth checking out. With Shakepay, you can deposit and withdraw Canadians dollars free and quickly with e-transfer or bank wire, making it a great fiat on-ramp and off-ramp for Canadians. Both Bitcoin and Ethereum withdrawals are also free because Shakepay covers the miner fees and gas fees. 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.

It’s one of the easier platforms to use, making it ideal for beginner crypto investors. That said, the limited crypto coins on Shakepay might not make this the best platform for more advanced crypto buyers and sellers. To earn this bonus, all you need is to sign-up on this platform through this link and trade at least $100 in cryptocurrencies. The $5 bonus will be automatically deposited into your Shakepay account afterwards.

Although it has some of the most competitive rates in the industry, Shakepay is not the only crypto exchange out there. A few others have low fees and offer a great user experience. Let’s see how well Shakepay stacks up against its competitors. Simon is a CPA by day and a Personal Finance Blogger by night.