Shakepay Review: What I Like and Don’t Like 2025

On Shakepay, when you purchase cryptocurrency, you gain ownership of the asset. The platform provides you with the option to transfer your crypto to your own private wallet, where you have full control over your private keys. Shakepay understands that maintaining the security of users’ assets is at the center of any successful exchange platform.

I was not doing anything illegal or participating in any type of fraudulent activity. Now I sit and wait with and hopes that my money will be returned. They are not here to protect you from fraud they are here to control you.

It has taken them 6 days to return my cash that took me 30 minutes to wire. Shakepay is an exchange platform for cryptocurrency that stores crypto or transfers it to a private wallet. The platform’s commission-free and lightning-fast transactions are a major selling point, allowing you to own your first bitcoin in as little as 10 minutes. Furthermore, the site is secure and trustworthy, as the bitcoins are kept safely offline, giving you control over your money and peace of mind. Users can buy and sell digital cryptocurrencies like Bitcoin and Ethereum on Shakepay. The platform’s goal is to usher in the “Bitcoin Golden Age” by making it easier to buy and sell bitcoin.

Comparison to Other Popular Exchanges

• Whether or not the cryptocurrency exchange is supported & active in the country you’re currently in.
• However, Shakepay’s bid-ask spreads are higher than some competitors, making it one of the more expensive crypto exchanges in Canada.
• Visit our free comparison tool here or see this year’s Best Canadian Exchanges.
• The registration process is simple and quick, just make sure to have your driver’s license nearby as it will be needed to verify your identity.
• It publishes its assets and liabilities in real-time, undergoes regular security audits, and has achieved high industry certifications.

You can transfer in fiat currency or crypto without paying any fees. Shakepay will make money on the spread, but they cover mining fees, which is a nice touch. If you need access to more digital currencies, I recommend Newton as a suitable alternative. Newton does not charge commission fees but makes money on the spread, much like Shakepay.

After basic sign-up, you are required to complete identity verification (KYC) by providing a government-issued photo ID and, in some cases, a recent proof of address. Some users might also be asked to answer short regulatory or financial profile questions, depending on their intended usage. Documents are uploaded directly in the app or website, and the verification is typically processed within a few minutes to several hours. Once the team reviews your application and documents, you will receive a confirmation email, allowing you to start using your account. Shakepay emphasizes security, and activating two-factor authentication (2FA) during setup is recommended for added protection.

What deployment options does Shakepay support?

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. 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. I personally spent a significant amount of time testing and reviewing Shakepay shakepay review to give you an honest perspective.

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• Other than these spreads on BTC and ETH, there are no fees on Shakepay.
• Fiat withdrawals and deposits are also free, and most common funding methods like Interac e-Transfer do not incur additional costs.
• The review was published for anyone to read and covers how they use hot wallets and cold wallets.
• Hi Saeed, I’m sorry to hear about your negative experience with Shakepay.

Yes, Shakepay is a legal cryptocurrency exchange platform that has been in business since 2015 and is licenced and regulated by FINTRAC and Revenu Quebec. A small amount is kept in hot wallets to provide liquidity for daily transactions. All personal data is encrypted, and all accounts are secured with two-factor authentication (2FA). Shakepay adheres to privacy laws and holds FINTRAC and Revenu Québec in all provinces and territories in Canada. They hired a security firm to independently review their internal procedures for storing funds and processing transactions.

Very good exchange

On the downside, Shakepay charges one of the highest markups on the price of crypto in Canada. Before you sign up, here’s what to know about the Shakepay platform. Shakepay is a fast-growing, Canadian-based platform and one of the top crypto exchanges in Canada, focused on making it easy for Canadians to buy Bitcoin and Ethereum. As someone who’s been trading crypto since 2016, I can tell you it’s particularly ideal for beginners just starting their crypto journey. Kraken and Shakepay take different approaches to crypto trading. While the latter focuses on a simple and beginner-friendly experience, the former offers a robust trading platform with more features, supported assets, and lower fees.

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. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions. For those who want to build their crypto holdings over time, they provide tools like recurring buys, which allow users to automatically purchase crypto daily, weekly, or monthly.

In addition, you’ll see a unique anti-phishing code at the bottom of each account activity email. You can paste this code into the Shakepay app to verify that this email was indeed an authentic communication from Shakepay. You can also turn on a setting in your account to confirm transactions via email as an additional security precaution.

#7. Customer service

As of recent, she has been studying some non-mainstream stocks in Canada.When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip. You can first check out the detailed Help page inundated with questions, answers, and articles concerning all Shakepay topics. Limit orders is a Shakepay app feature that enables you to buy or sell BTC and ETH at a predetermined price. Simply select the currency for which you want to place a limit order and enter the highest price at which you would buy or the lowest price at which you would sell.

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Copy your institution number, transit number, and account number. You will need to share these details with your employer or payroll provider. Incidents like this raise concerns about data protection, leading many to wonder, is Shakepay legit?

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 does not charge any fees when you deposit or withdraw funds.