While this may not be a problem for traders that are strictly interested in trading only these coins, the broker may be unsuitable for investors looking to trade multiple coins. Shakepay is a crypto broker founded by Jean Amiouny and Roy Breidi as far back as 2015. The broker is based in Montreal and is regulated by FINTRAC and AMF. Below is a highlight of the Shakepay key features as of the time of writing. If you are only interested in setting up a recurring purchase or just looking to occasionally/casually buy either BTC or ETH, Shakepay would likely be the better option.
Users may be charged network fees if they want faster transactions. The exchange doesn’t charge deposit or withdrawal fees via Interac e-Transfer or wire transfer. They also pay the network fees for users who send crypto to their wallets as long as they use the “normal speed” option. Users wanting faster transaction fees shakepay review can choose to pay a network fee.
Features
This feature is a major advantage for Canadian residents as it offers near-instant settlements and generally zero fees for deposits. Selecting a platform with free fiat withdrawals and no maintenance charges can make a noticeable difference for cost-conscious investors. Shakepay stands out for its zero-commission approach on crypto trades, meaning I do not pay explicit trading fees for buying or selling Bitcoin or Ethereum.
Company details
- It features a unique “ShakingSats” program, allowing users to earn small amounts of free Bitcoin daily.
- You guys do not care so stop it with your customer service bs and assess the situation right away especially when you have a customer with this kind of tenure asking you to resolve an issue.
- Recently, I discovered a little gem of a platform called Shakepay, which has an awesome user interface and is fun and easy to use.
- But if you want a more versatile exchange with better fees, more assets, and advanced trading tools, Kraken stands out as the better choice.
Quick inquiries can often be resolved efficiently, but more complex issues might require back-and-forth messaging. Shakepay’s security team quickly responded by de-authenticating the device and containing the breach. Customers were advised to enhance their security with two-factor authentication and remain cautious of potential scams. Compliance with Canadian privacy laws, such as PIPEDA, further strengthens Shakepay’s commitment to safeguarding user information. Personal data is also encrypted using 256-bit AES encryption, so it’s unreadable in case of unauthorized access. Additional protections include an insurance policy covering most damages, theft, and loss of private keys.
Shakepay a remarkable service for finance
- Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.
- They hold all my accounts for indefinite days and balance Zero asking for more details trading history etc.
- This might be an excellent thing for you if you don’t like the inconvenience of carrying a card.
- Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest.
Notwithstanding that concern, the Shakepay crypto exchange is a beginner-friendly and affordable way to purchase BTC or ETH. Shakepay does not offer phone support, but you can get help via live chat in the app. There’s also an extensive collection of articles online in the Shakepay Help Centre. The ShakingSats feature and the platform’s quick and easy responses have received positive evaluations from Canadian traders. The bottom line is that Shakepay has the potential to offer much more for investors, and we can only see its trajectory going upward.
Best Crypto Offer This Month
If you’re new to the world of Bitcoin, Shakepay is an excellent platform for beginners. It offers free e-transfers, free BTC and ETH withdrawals, and a hassle-free way to buy crypto with Canadian Dollars. 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.
Savvy New Canadians is one of Canada’s top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. While Shakepay says it keeps most digital assets in cold storage, you should consider moving your BTC to a cold wallet you have control over. Shakepay does not charge any fees when you deposit or withdraw funds. After account verification is completed, you can add funds using Interac e-Transfer, wire transfer, or deposit crypto (Bitcoin and Ethereum).
One possible option would be Bitbuy, another great crypto platform for the Canadian market. Here’s our review of Shakepay vs. Bitbuy, so you can see which suits you best. Its user-friendly interface makes it easy to learn for crypto newbies, while its app makes it simple to trade cryptocurrencies. This provider does not take commission on trades or have direct fees for trading crypto.
Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians®, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners.
To help you streamline purchases, you can set rules on Shakepay to have the app automatically buy Bitcoin or Ethereum at the frequency you want. The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions. Nevertheless, Newton is one of the best Shakepay alternatives due to its multiple collections of coins and low fees. Once you provide the required information and documents, Shakepay will approve your request instantly or within 1-4 business days in the case of manual verification.
Also sold btc and sent money to my bank via etransfer, was 5 minutes to receive etransfer. Hi Bart, I’m sorry to see you’ve had a negative experience with Shakepay. To clarify, your account was suspended as we were investigating the data breach that had affected your account.
He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein. Austin specializes in topics related to cryptocurrencies and blockchain technology. Shakepay supports over 2 cryptocurrencies, but some notable assets are missing.
Instead of charging a direct fee, the exchange generates revenue by including a bid-ask spread in its pricing. While this keeps trading simple, it’s important to understand how Shakepay fees work behind the scenes. Hey there, I’m really sorry to hear you’ve had a negative experience with Shakepay. We are registered as a money service business (MSB) with FINTRAC and as a restricted dealer with the AMF and the securities regulatory authorities in all Canadian provinces and territories. As always, your security is our top priority and sometimes that involves placing a hold on accounts. From the desktop version, you will not be able to access your Shakepay Card and its related features.