Shakepay Review Jun 2023: Is it Safe and Legit?

Competitive low trading fees for crypto and free deposits. Shakepay is a money service business and is required to follow FINTRAC regulations. The Shakepay Card is now available to Shakepay clients, and you can easily apply for it through your account dashboard on the app. 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.

• (c) monitor the Crypto Asset for significant changes and review its approval under (b) where a significant change occurs.
• These two cryptocurrencies are a good start for new crypto investors though.
• Shakepay acts as a custodian (you can keep your funds in your Shakepay wallet) unlike other non-custodial exchanges like Bull Bitcoin.
• My personal preference is to pay a commission fee because it feels more transparent.
• Shakepay does not charge any fees when you deposit or withdraw funds.

The Filer does not have any authority to act on a discretionary basis on behalf of Clients and does not manage any discretionary accounts. (d) the Crypto Assets, which are approved to be made available to a Client by entering into Crypto Contracts on the Platform. (c) for Clients who opt to use the Shakepay prepaid card, the ability to use their Shakepay fiat balance for purchases and earn BTC cashback rewards. The Filer’s personnel consist of software engineers, compliance professionals and client support representatives who each have experience operating in a regulated environment such as a MSB and expertise in blockchain technology.

Supported Currencies

You will notice right away that the amount of CAD used to purchase the crypto will not be equal to the CAD equivalent shown on the main page after purchase. Overall, Shakepay is easy and simple to use and perfect for beginners to start a crypto adventure. Use our sign-up link to get free $10 when you trade more than $100 CAD in volume.

• It is important to note that it has a price spread of up to 0.70%, so keep that in mind.
• However, unlike many, Shakepay transparently outlines the process of transferring assets to a non-custodial crypto wallet or CAD bank account, near-instantly.
• Coinbase Custody operates custody accounts for the Filer to use for the purpose of safely custodying Clients‘ Crypto Assets.

Coinbase charges a flat fee of 1% on all cryptocurrency purchases and sales. Both Coinbase and Shakepay offer user-friendly trading platforms. However, Coinbase’s platform is more advanced and offers more features than Shakepay. The site has also recently eliminated its wait times for deposits, withdrawals, and verifications. It has included SmartTrade – the option to trade from one altcoin to another without trading to Ethereum or Bitcoin first. Currently, the user satisfaction rate for the site is 97%.

Most Recent Customer Review

Users can add funds or deposit cryptocurrency after completing the application and verification processes. Because this is a cryptocurrency exchange platform, the primary focus is on trading digital currencies with effective rates of 1.75 percent and converting them into money. The vast majority of cryptocurrencies kept at Shakepay are kept in cold storage wallets and are covered by an insurance policy. Unlike some other cryptocurrency exchanges, Shakepay Exchange users are limited to trading Bitcoin (BTC) and Ethereum (ETH). If you’re looking to trade a range of crypto, including some of the alternative coins, you may want to look elsewhere. It will be interesting to see if they expand their lineup of coins.

When compared to other services that allow trading in cryptocurrencies, Shakepay is one of the less complicated options available to users. Most of the cryptocurrency held with Shakepay is protected by an insurance policy. The coverage includes damages, theft, and the loss of private keys. Shakepay is transparent regarding the privacy and security of its customers. When it comes to fees, Shakepay likens itself to a retail store. They own the bitcoin and they sell it to you at their price.

Balance Transfer

Shakepay is an option to take into consideration whether you are trying to purchase, sell, or store any of these cryptocurrencies. According to Shakepay, its platform offers Canadians the simplest and most convenient method to purchase and trade bitcoin. It is designed to appeal to a wide range of people since everyone in Canada, from high school students to pensioners, may use Shakepay.

The main focus of the company is to let you buy and sell Bitcoin and Ethereum. Click “Spot” and then “Deposit” next to the cryptocurrency you want to send. Open Shakepay, click “Send,” paste the Address, enter the amount you wish to send, and confirm the transaction. 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. Shakepay reports it has purchased and sold over $7 billion in digital currency.

Accounting

Therefore, if Shakepay gave you $1,000 worth of cryptocurrency and you wanted to sell it back to them immediately, they would purchase it back from you for $970. At the moment, it is believed that the https://forex-reviews.org/shakepay/ spread is between 1 percent and 3 percent. When you open your Shakepay account, you are required to set up 2-factor authentication (2FA), also used by Canada’s big banks to secure their online banking.

The Filer only offers and only allows Clients to enter into Crypto Contracts to buy, sell and deposit Crypto Assets that are not each themselves a security and/or a derivative. Moving your BTC to a cold wallet just for you is possible, where you take charge of the private keys. There are many crypto wallets out there, but our article on wallets will help you decide what crypto wallet in Canada you want to use. Although it doesn’t have the most extensive selection of coins or trading pairs, Shakepay compensates for this by providing a simple and intuitive trading experience supporting users’ research. Bitbuy also has a more advanced trading platform that caters to more experienced traders.

When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip. It should be no surprise that the Shakepay app and platform are jam-packed with useful features to improve your trading experience. Up until this week, made a deposit of $100 and then $1000. Too bad because they had something good for a while but have lost a lot of customers now with lack of communication and dumb verification video after account was already verified. Their customer service is really bad and it’s really difficult to reach anyone, I had switched numbers and wanted to change it on my account so I couldn’t receive the two factor. But they didn’t understand my question ended up flagging my account and closing it without a reason.

This is an amazing feature because it offers simplicity and an easy-to-use interface. Coinbase is an all-inclusive platform that offers a wide range of features and services for both beginners and experienced users. So, whether you’re just getting started in the world of crypto or are a seasoned pro, Coinbase has something to offer. In addition to cold storage, both exchanges offer two-factor authentication as an extra layer of security.

Shakepay Features

BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. When considering complaint information, please take into account the company’s size and volume of transactions, and understand that the nature of complaints and a firm’s responses to them are often more important than the number of complaints. However, it is the responsibility of the users to declare gains and profits made from crypto investments to the CRA in their tax returns. There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell. This feature allows you to receive a small amount of free Bitcoin daily if you join Shakepay through a referral link.