Shakepay Review 2024: Pros, Cons, and Features

Looking for a convenient way to buy and sell Bitcoin and other cryptocurrencies? Shakepay may be the solution you are looking for.

What Is Shakepay and How Does It Work?

Shakepay is a Canadian cryptocurrency exchange that allows users to buy and sell digital assets.

Shakepay is one of the few exchanges that will enable users to deposit and withdraw CAD directly, making it a convenient option for Canadians looking to get into the cryptocurrency market. 

Since its 2015 launch, the company has served over a million Canadians who’ve used the platform to trade over $7 billion worth of crypto.

Users first need to deposit CAD into their accounts to buy or sell cryptocurrencies on Shakepay’s website.

One of the standout things about Shakepay is that it charges low fees relative to other exchanges.

It also offers a great mobile app that makes buying and selling cryptocurrencies on the go very easy, but we’ll get to that later.

Shakepay Features

Let’s take a look at some of the exchange's key features:

The Web Platform

Shakepay features a user-friendly web platform that is great for beginners. The platform has a sleek design and is easy to navigate. One of the great things about the web platform is that it provides users with all of the information they need to make informed trades. 

Overall, we found the website to be extremely well designed and organized. Everything from account registration to ordering bitcoin was a breeze.

The website also provides much information on Bitcoin and blockchain technology. For those new to the space, this is a valuable resource. Overall, we were very impressed with the website design and functionality.

Shakepay Card

Shakepay offers a debit card that allows you to spend your bitcoin anywhere that accepts Visa. 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.

In addition, you will earn an additional 1% in bitcoin on the first $5,000 you spend. You can store the rewards in your account or transfer them to a Bitcoin wallet. The card comes with no annual fees or credit checks and is available to customers in all 13 Canadian provinces.

The card is also available to use anywhere Apple Pay and Google Pay are supported.

The Mobile App

Besides the web platform, you can use the Shakepay mobile app. The app is available on both iOS and Android devices. It has all the same features as the website and is just as user-friendly, making it easy to trade cryptocurrency on the go.

We also like that the app is integrated with Shakepay’s debit card. It makes it very convenient to use bitcoin in your everyday life.

Shakepay Fees and Commissions

The first thing you need to know about Shakepay is that it is a commission-free exchange. You will not be charged any fees when you buy or sell crypto. You can deposit and withdraw crypto for free as well, and you can do it using the following payment methods: Interac e-Transfer, Bitcoin, Ethereum, wire transfer, and Shakepay a friend.

All transactions are free, but they have different minimums and processing times depending on the payment method.

So, before you decide to use this exchange, here’s what you need to know about the deposits:

• For Interac e-Transfers, the minimum is $5, the maximum amount is $10,000, and it takes a couple of minutes to process.
• Wire Transfers have a minimum of $10,000, no set maximum amount, and it can take one to two business days to process.
• For Bitcoin and Ethereum payments, there are no minimums nor maximums, and the transaction usually takes 20 minutes to process.
• If you’re using “Shakepay a friend” to accept a payment, there’s no minimum amount, but the maximum is $999. The transaction is instant and free.

As for withdrawals, things are a bit different.

• For Interac e-Transfers, the minimum is $5, and the maximum is $10,000. The best thing about this option is that the funds will be available in minutes.
• For wire transfers, the minimum is $5,000, and there is no maximum amount. The transactions usually take one to two business days to process.
• For Bitcoin and Ethereum, there are fees of 0.0001% and 0.1%, respectively, with no minimum and maximum limits. The transactions are free and take up to 20 minutes. 
• Lastly, if you’re sending money through “Shakepay a friend,” there’s no minimum amount, and the maximum is $999. The transaction is free and instant.

How To Open a Shakepay Account

Opening an account is a straightforward process. You can complete it in just a few steps. Here’s how:

1. First, you need to provide your email address and choose a @shaketag and a password you wish to use for the account.
2. Then, you should choose the account type, depending on whether you intend to use it for individual or business purposes.
3. Next, you should agree to the site’s Terms of Use and Privacy Policy and click the sign-up link.
4. When you do that, the site will send you an email to verify your email address.
5. Once the email is verified, you will also have to confirm your phone number, and voila  - your account is ready!

How Does Shakepay Compare to Other Crypto Exchanges

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.

Shakepay vs. Coinbase

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. However, there are a few downsides. 

For example, Coinbase doesn’t allow you to buy or sell crypto with Canadian dollars. You can only purchase crypto with US dollars and then convert it to CAD. This means you’ll be charged conversion fees. Another downside is that Coinbase doesn’t offer a debit card, so you can’t spend your crypto anywhere.

Shakepay, on the other hand, allows you to buy and sell crypto with CAD. Coinbase charges a flat fee of $1 per cryptocurrency transaction, while Shakepay doesn’t charge any commissions at all.

Visit Coinbase

Shakepay vs. Newton

Newton is another popular Canadian crypto exchange. Newton has been operational since 2018 and is an excellent choice for those looking for an easy-to-use platform. Like Shakepay, Newton allows you to buy and sell Bitcoin and Ethereum with CAD. Newton supports Interac e-Transfer, wire transfers, pre-authorized debit, and crypto.

Shakepay and Newton both offer $0 fees and commissions, but Newton does not have a crypto card. 

So, which one is better? It really depends on your needs and preferences. 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.

Visit Newton

Shakepay Customer Support

Now, let’s talk about customer service. Shakepay has a comprehensive FAQ section that likely already contains answers to most of your questions. Whether you want to know more about the site’s fees or some technicalities, this section covers you. 

If you can’t find what you’re looking for, you can always contact customer support by email or live chat. Unfortunately, the website does not offer phone support, but the support team is responsive and helpful and will try and resolve your issue as soon as possible.

Bottom Line

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.

To conclude our 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.