Shakepay Review

After months of hearing buzz about it, I decided to dive deeply into one of Canada’s most talked-about crypto platforms. With a reputation for simplicity and strong security, Shakepay claims to make cryptocurrency accessible to all Canadians. A Shakepay review seemed like the perfect way to uncover whether it truly delivers on its promises or if it falls short.

Major exchanges like Kraken, Coinbase, and Uphold have set high standards for usability and security. Shakepay competes alongside these giants, and I’ll explore how its features, fees, and user experience stack up. Let’s find out together if Shakepay truly lives up to the hype!

Shakepay Review: Quick Overview

Before diving deeper into the specifics of the Shakepay review, I’ve created a simple table for you to get a quick overview of what the platform offers. Below is a snapshot of its key features and benefits to help you understand its core offerings.

Table: A Quick Overview of Shakepay

After exploring the core features of Shakepay in the overview, it’s time to delve deeper into how these elements come together to create a seamless user experience. Let's see its strengths, potential drawbacks, and how it compares to other similar platforms, so you will have a well-rounded understanding of what to expect.

Shakepay Alternatives

Shakepay offers a simple, user-friendly platform for Canadian crypto enthusiasts, but there are alternative exchanges that might provide additional features and greater flexibility. If you're looking for more options, here are a few notable Shakepay alternatives:

• Kraken. Kraken offers a wide range of trading options, including spot, margin, and futures trading. With low fees, strong security, and over 200 supported cryptocurrencies, it’s a great choice for both beginners and advanced users looking for a more robust platform than Shakepay.
• Coinbase. Known for its ease of use and accessibility, Coinbase allows users to buy, sell, and store a variety of cryptocurrencies. It supports multiple fiat currencies and offers a broad range of payment methods, making it a convenient option for global users. Its user-friendly interface makes it ideal for beginners.
• Uphold. Uphold stands out with its support for over 265 cryptocurrencies and various non-crypto assets like equities and forex. It also offers staking services for earning up to 14% APY.

A side-by-side look at how they differ:

	KRAKEN	COINBASE	UPHOLD
Overall Score	9.8	9.6	9.4
Best For	Beginners	Advanced Users & Beginners	Wide Range of Assets
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	United States, United Kingdom, Germany, Canada, France, + 100 more	United States, Argentina, United Kingdom, Mexico, France, +180 more
Latest Coupons	Visit Site All Kraken Coupons	GET $200 REWARD All Coinbase Coupons	$20 in BTC All Uphold Coupons
Verdict	One of the best crypto exchanges, especially in the US.	A reliable, well-known and respected cryptocurrency exchange platform.	A reliable digital asset exchange with multiple additional features and tradable asset classes.
	Visit site Read review	Visit site Read review	Visit site Read review

Table: Comparison of Kraken, Coinbase, and Uphold

If you’re seeking a broader range of crypto assets or more advanced trading features, these alternatives provide additional options for your trading journey.

📚 Read More: Best Cryptocurrency Exchange

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Compare Crypto Exchanges Side by Side With Others

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Who’s Shakepay For?

Shakepay is designed for Canadians who want a simple and efficient way to buy and sell Bitcoin and Ethereum without dealing with complex trading tools. Its intuitive interface, fast funding options, and low fees make it especially appealing to beginners and casual investors who want a hassle-free crypto experience.

Since it focuses solely on two cryptocurrencies, Shakepay is ideal for those who prefer a straightforward approach rather than navigating hundreds of altcoins. It also offers a prepaid Visa card, which adds extra spending flexibility—a key point often highlighted in any Shakepay card review. Here’s who will benefit most from using Shakepay:

• Beginner users. Shakepay’s clean interface and simple buying process make it ideal for those new to crypto. There’s no need to navigate complex trading charts or worry about order types.
• Casual investors. If you’re looking to buy and hold Bitcoin or Ethereum without frequent trading, Shakepay offers a hassle-free way to do so.
• Canadians looking for easy fiat onramps. Shakepay’s free e-Transfers and bank deposits make funding your account quick and convenient.
• Shoppers who want to spend crypto-linked funds. The Shakepay Card lets users spend their Shakepay CAD balance anywhere Visa is accepted, both online and in-store.

For Canadian residents looking for a no-fuss way to buy and sell crypto, Shakepay delivers a smooth experience with quick access to Bitcoin and Ethereum.

📚 Read More: Best Canadian Cryptocurrency Exchange

Advantages

Shakepay has gained traction among Canadian crypto users, thanks to its ease of use and unique features. What exactly sets it apart, though? Let’s break down the platform’s biggest advantages.

• No trading fees;
• Free crypto withdrawals;
• User-friendly interface;
• Cold storage for digital assets;
• Insurance on cold storage funds;
• Shakepay Visa Card for spending CAD balances.

Shakepay is a commission-free platform, meaning there are no trading fees when buying or selling crypto. 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.

Crypto withdrawals are free when using the standard speed option. Users who need faster transactions can choose to pay network fees, but having a free withdrawal option is a rare perk in the crypto space. The app’s interface is clean and easy to navigate, even for beginners.

When it comes to security, the platform stores most user funds in cold storage, keeping them safe from online threats. On top of that, Shakepay’s cold storage funds are insured, covering damages, theft, and even private key losses.

Another notable feature is the Shakepay Visa Card, which allows users to spend their CAD balance anywhere Visa is accepted. Many users point out this feature in a Shakepay card review, as it provides a seamless way to use crypto-linked funds for everyday purchases.

Limitations

No platform is perfect, and Shakepay has its fair share of limitations. While it’s a solid choice for Canadian crypto users, some drawbacks could be dealbreakers for certain traders. Let’s go over the key issues.

• Only available in Canada;
• Limited token selection;
• No phone support.

Shakepay is exclusively available to Canadian residents, meaning users outside Canada won’t be able to access the platform. Even Canadians traveling abroad may face restrictions on their accounts, which can be frustrating for frequent travelers.

Customer support is only available through live chat, with no phone support option. For users who prefer speaking to a representative directly, this could be a downside. Some Shakepay reviews also mention slow response times, though experiences seem to vary.

Fees and Limits

When it comes to crypto exchanges, understanding fees is crucial. After all, no one wants to be surprised by hidden costs that eat into their profits. I’ve dug into Shakepay’s fee structure to give you the breakdown you need. Here’s what I found:

An Overview of Shakepay's Fees and Limits.

That’s a solid lineup of Shakepay crypto fees, but let’s go over the details:

• No trading fees. Buying and selling crypto on Shakepay doesn’t come with fixed fees. Shakepay charges a spread for buying or selling crypto. It’s not an additional fee on top of your transaction but is instead built into the price. The spread varies, so it’s always a good idea to check the live price before you make a move.
• Withdrawal Network Fees. When withdrawing crypto, Shakepay covers the network fees by default, but you can opt for a faster withdrawal by paying the network fee yourself. For instance, an Ethereum withdrawal can take about 12 hours at normal speed or just 10 minutes at a faster fee-based transaction.
• Interactive e-Transfer. You won’t be charged for depositing or withdrawing funds via Interac e-Transfer, and the limits are pretty generous—starting at $5 and going up to $10,000.
• Wire transfer. Wire transfers are free, but the minimum is a bit higher—$10,000 with no maximum limit.
• Shakepay a Friend. You can send funds to a friend using shaketag without any fees, with no minimum but a $999 maximum per transfer.

Overall, Shakepay's fees are pretty straightforward, with no surprise charges for everyday transactions.

Staking and Earning Rewards

Shakepay doesn't offer traditional staking features, but it does provide users with an innovative way to earn rewards through its "ShakingSats" feature and a Referral Program. While you can’t earn rewards through staking, these two features offer fun and engaging ways to boost your crypto balance.

The process is straightforward: open the app, shake your phone, and earn free satoshis (sats) , the smallest unit of Bitcoin. The more consecutive days you shake, the higher the amount of sats you earn. It’s an easy way to accumulate Bitcoin over time, and the streak-based rewards system encourages users to return to the app regularly.

If you miss a day, your streak resets, but inactive shakers still earn 21 sats each time they shake their device. When you get back into the habit of shaking, your rewards ramp up to the higher-tiered sats, corresponding to your streak length.

In addition to ShakingSats, Shakepay offers a Referral Program that allows users to earn rewards by referring friends to the platform. When someone signs up using your referral code and purchases $100 CAD or more in digital currency, both you and the referee receive a one-time reward.

The reward varies depending on when the referee signs up, and there are often special promotional rewards available. Shakepay tracks referrals through unique codes, so you can earn rewards for each new user who makes a qualifying purchase.

Security

Security is a major concern when dealing with crypto exchanges, and it’s fair to ask, is Shakepay safe to use? The platform takes multiple steps to protect user funds and personal data, implementing industry-standard security measures.

Shakepay hired CipherBlade, a blockchain forensics and security firm, to review its internal processes for storing funds and handling transactions. The vast majority of digital assets are stored in cold wallets managed by a provider regulated under the NYDFS, with SOC 1 Type II and SOC 2 Type II certifications.

Additional protections include an insurance policy covering most damages, theft, and loss of private keys. Transactions from cold wallets are also restricted to a whitelist to ensure that funds only move to approved addresses.

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.

Despite these strong security measures, Shakepay did experience a data breach ^[1] that affected a small portion of users. An employee’s work device was compromised between March and December 2023, leading to unauthorized access to personal details such as names, emails, addresses, and account balances.

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.

Incidents like this raise concerns about data protection, leading many to wonder, is Shakepay legit? The company’s swift response and transparency in handling the breach suggest a commitment to security, even when issues arise.

Many Shakepay reviews highlight the platform’s security measures, from cold storage to encryption, as reasons to trust the service. While no exchange is completely immune to threats, Shakepay’s security practices could make it one of the safer options for Canadian users.

Customer Support

Customer support plays a crucial role in any crypto exchange experience, and Shakepay is no exception. The platform provides assistance through a support chat, allowing users to reach out via the app or website.

While some may prefer phone support, Shakepay opts for a text-based approach, which has its pros and cons. Quick inquiries can often be resolved efficiently, but more complex issues might require back-and-forth messaging.

Many Shakepay reviews point out the responsiveness of the support team. However, like most crypto platforms, support times can vary depending on demand. During peak periods, users might experience longer wait times, which can be frustrating for those needing urgent assistance.

The lack of phone support could be a drawback for customers who prefer speaking to a representative directly. While chat-based support is standard for many online services, some users may find it less personal or effective for resolving more nuanced issues.

User Experience

User experience is where Shakepay really shines. I’ve spent time exploring the app, and I have to say—it’s one of the more enjoyable crypto platforms to navigate. The interface is clean, straightforward, and free of unnecessary clutter, making it easy to focus on key features. Unlike some exchanges that can feel overwhelming, Shakepay keeps things simple, which is great for both beginners and experienced users.

What stands out to me is the fun, lighthearted tone Shakepay uses throughout the app. Instead of dry, robotic notifications, they add personality to their updates. When they introduced the dark mode feature, a popup greeted users with “Hello darkness, our new friend” —a clever nod to The Sound of Silence. Small details like this make using the app feel more engaging.

While the design and functionality are solid, one limitation is language support. As of writing, the app is only available in English and French. This won’t be an issue for many users, but those who prefer other languages might find it less accessible.

Localization and Regional Adaptability

Shakepay is designed specifically for Canadian users, operating as a regulated Money Services Business (MSB). It is registered with FINTRAC and Revenu Québec to ensure compliance with Canadian financial regulations.

Because of this, the platform follows Canadian financial laws and isn’t available outside the country. If you’re a local, you can sign up and use the app with full functionality. However, traveling abroad might cause some features to become limited.

When outside of the country, account functionality may be limited. While the company hasn’t detailed exactly what restrictions apply, it’s something to keep in mind if you rely on the platform for crypto transactions.

The Canada-only approach means Shakepay tailors its services to local regulations, which can be reassuring from a compliance perspective. However, users who frequently move between countries might find this restrictive. For those who live in Canada full-time, the focus on local regulations ensures Shakepay stays aligned with national financial policies.

How to Use Shakepay

If you're ready to start using Shakepay, here's a simple guide to get you up and running. I’ll walk you through the key steps to make your experience smoother.

How to Create a Shakepay Account

Getting started with Shakepay is quick and straightforward. Follow the steps below to create your account and verify your details.

Step 1: Go to the Shakepay sign-up page. Enter your email address and choose a username for your new account. Make sure the email address is one you can access, as Shakepay will send a confirmation email shortly after.

Step 2: Review and agree to Shakepay’s Terms of Use and Privacy Policy before proceeding. Once this is done, Shakepay will send you an email to verify your address.

Step 3: Then, you’ll need to verify your phone number. Only valid Canadian mobile phone numbers are accepted, so make sure to input a valid number. You will receive a verification code via SMS to complete this step.

Step 4: Complete the remaining fields in the sign-up form.

Step 5: If the system can’t automatically verify your account, Shakepay will manually review your submission to help finalize your registration.

After completing these steps, your account will be set up and ready to use!

How to Deposit on Shakepay

Depositing funds into your Shakepay account is easy, and you can set up direct deposit for a smooth and seamless process. Here's how to get started:

Step 1: Open the Shakepay app and log into your account.

Step 2: Tap the [Add funds] button to begin the deposit process.

Step 3: Select the [Direct deposit] option to set up your payroll deposit.

Step 4: Copy your institution number, transit number, and account number. You will need to share these details with your employer or payroll provider.

Step 5: Click on the share icon in the top right corner of the page to easily send your direct deposit information directly to your employer.

Step 6: To download your void cheque, open the Shakepay app again, tap on [Add funds], and select [Direct deposit].

Step 7: Click on [View void cheque], then tap the download icon in the top right corner to either download or share the void cheque with your employer.

Once you’ve completed these steps and shared the required information with your employer, your paycheque will be deposited directly into your Shakepay account.

How to Withdraw From Shakepay

Withdrawing funds from your Shakepay account to your bank is a straightforward process. Here’s how to do it using the Shakepay website or app.

Step 1: Log into your Shakepay account.

Step 2: Click the [Send] tab and select [Interac e-Transfer] .

Step 3: On the next page, you'll see two fields:

• The first field is optional, where you can add a note (if you wish);
• The second field is where you’ll enter the amount of CAD you want to withdraw.

Step 4: Enter your withdrawal amount. Keep in mind that the maximum limit for e-Transfer withdrawals is $10,000 per transfer. For amounts exceeding $10,000, you can use the wire transfer option.

If you’re withdrawing more than $10,000, follow the steps below for wire transfer:

Step 1: Link a bank account to Shakepay. From the app’s main page, click on [Send], then select [Wire Transfer to my bank].

Step 2: Select [Manage bank accounts] and then [Link a bank account]. Enter your bank account details and confirm the information is correct.

Step 3: Once your bank account is linked, click on [Send] again, and then choose [Wire transfer].

Step 4: Select the bank account to transfer funds to, enter the CAD amount you wish to withdraw, and select [Continue].

Step 5: Review the details to ensure everything is correct, then select [Confirm].

That's it! Your withdrawal request will be processed, and you can track the status under “Pending Wire Cashouts” and “Past Wire Cashouts” from the same screen.

Comparison to Other Popular Exchanges

Shakepay has its strengths, but how does it compare to other popular crypto exchanges? To get a better perspective, let’s see how it stacks up against some of the biggest names in the industry.

Shakepay VS Kraken

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. Kraken provides a significantly broader range of options for anyone looking beyond basic buying and selling.

In addition, Kraken supports over 300 cryptocurrencies, while the Shakepay crypto-list is limited to just Bitcoin and Ethereum. That’s a huge difference, especially for traders who want access to altcoins. Kraken also supports multiple fiat currencies, including USD, CAD, EUR, and more, allowing users from various regions to fund their accounts directly. Shakepay, on the other hand, is exclusive to Canadian residents and only operates in CAD.

Fees are another major distinction. Shakepay doesn’t charge direct trading fees, but it applies a spread to transactions, which can lead to higher costs depending on market conditions. Kraken, by contrast, has transparent trading fees ranging from 0% to 0.40%. Makers generally pay less than takers. Those who trade in larger volumes get even lower rates, making Kraken a more cost-effective choice for active traders.

Security is a strong point for both platforms, but Kraken’s track record is particularly notable. After witnessing the Mt. Gox collapse^[2] firsthand, Kraken’s team prioritized security from the start.

The platform has never been hacked, keeps most funds in cold storage, and offers two-factor authentication. Shakepay also uses cold storage and encryption, but a past data breach raised concerns about user information safety. While both platforms take security seriously, Kraken’s longer history and spotless record give it an edge.

For advanced traders, Kraken offers spot, margin, and futures trading, catering to different strategies. Shakepay, in contrast, is strictly a buy-and-sell platform with no additional trading features. If you’re looking for a straightforward way to purchase Bitcoin and Ethereum in Canada, Shakepay is an option. But if you want a more versatile exchange with better fees, more assets, and advanced trading tools, Kraken stands out as the better choice.

📚 Read More : Kraken Review

Shakepay VS Coinbase

When comparing Shakepay to Coinbase, the differences in functionality and fees quickly become apparent. The former caters primarily to Canadian residents, focusing on simplicity with the ability to buy and sell Bitcoin and Ethereum in Canadian dollars. Coinbase, on the other hand, serves customers in 32 countries, including the US and most of Europe, and offers a broader selection of cryptocurrencies and payment methods.

Additionally, Coinbase supports a variety of fiat currencies, including EUR, GBP, and USD, which allows for more flexibility in funding your account. In addition to bank transfers, debit/credit cards, and PayPal, Coinbase even accepts SEPA transfers for European users. Shakepay is limited to CAD deposits, catering exclusively to Canadians, making it less adaptable for international users.

Lastly, fees are a significant factor for both exchanges. Shakepay applies a spread on each transaction, which may result in higher costs depending on market fluctuations.

Coinbase has a fee structure that includes both flat rates for transactions under $200 and percentage-based fees for larger transactions. While Coinbase offers more variety in payment options, the fees on smaller transactions can be steep, with a base rate of 4% for transactions under $200 in the US.

📚 Read More: Coinbase Review

Shakepay VS Uphold

Shakepay focuses exclusively on Bitcoin and Ethereum, with a streamlined, no-frills approach to buying and selling crypto. In contrast, Uphold offers over 265 cryptocurrencies, expanding far beyond the Shakepay crypto list to include assets like equities, stocks, and forex for diverse trading options.

One notable feature of Uphold is its staking service, where users can earn up to 14% APY, though this is not available in certain jurisdictions such as the US and Canada. Meanwhile, the lack of staking on Shakepay could be a disadvantage for users who are interested in earning passive income from their crypto holdings.

Uphold also benefits from its solid regulatory framework, with licenses in multiple regions, including the US, UK, and the EU. It publishes its assets and liabilities in real-time, undergoes regular security audits, and has achieved high industry certifications. Shakepay, by comparison, operates in Canada and is regulated as a Money Services Business (MSB), but it doesn’t have the same international reach or range of certifications.

Shakepay crypto fees can vary depending on market conditions, and users typically pay a spread for each transaction. On the other hand, Uphold has a clear fee structure. Depending on your location, rates for popular cryptocurrencies like Bitcoin and Ethereum range from 1.4% to 1.6%.

However, the fees can rise to as high as 1.9% to 2.95% for other, less common cryptocurrencies, which might make it a less attractive option for those looking to trade a wider range of assets.

In terms of deposit and withdrawal fees, Uphold’s fees can range from 0% to 3.99%, depending on the asset and payment method used. Shakepay does not charge deposit or withdrawal fees for transfers to Canadian bank accounts, but users will need to consider the potential costs associated with sending crypto to external wallets.

📚 Read More: Uphold Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

GET $200 REWARD

Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is Shakepay Right for You?

As we wrap up this Shakepay review, I’ve covered everything from account creation to withdrawing funds. It is an accessible platform for those looking to buy, sell, and store crypto, especially for beginners.

It offers a streamlined experience for buying, selling, and storing crypto with features like ShakingSats for earning free Bitcoin daily. While Shakepay doesn’t include staking features, its referral program and straightforward deposit/withdrawal methods stand out as key benefits.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Corbet, S.: 'Understanding cryptocurrency fraud';

2. Cohen, K. J., Maier, S. F., Schwartz, R. A., & Whitcomb, D. K.: 'Transaction Costs, Order Placement Strategy, and Existence of the Bid-Ask Spread'.