Thank God I did not transfer thousands into this account as I would have been very disappointed and let down. Instead of helping, your employee Joey told me that the reason why I was not receiving my transfer for over 48hours was because of my email address… What kind of pathetic answer is that. If you look at my history please pay attention, I have transferred tens of thousands of dollars and not what time did I had this kind of issue with the same email address. Now, I tried to transfer a couple hundreds and it is taking over 48hours to process? You guys are not sorry and do not care because if that would be the case, the email change would have been approved right away since you guys were talking directly to the account holder. I informed your employee Joey that I needed to transfer this amount asap in order to pay a bill.
- In addition, Kraken supports over 300 cryptocurrencies, while the Shakepay crypto-list is limited to just Bitcoin and Ethereum.
- Aside from 2-step verification and regular checks, it has established comprehensive security measures which give users peace of mind about the security of their cryptocurrency holdings.
- My personal preference is to pay a commission fee because it feels more transparent.
Shakepay offers offline cold storage, separated bank accounts and guarantees for stored funds in their cold storage. Shakepay was launched in Montreal in 2015 and serves more than 1 million Canadian customers. The company holds a Money Service Business by FINTRAC and is registered as a Restricted Dealer in all Canadian provinces and territories. This means Shakepay can legally solicit business from Canadian customers. 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.
Shakepay – Money Lost!
If you must have this one, just keep a tiny bit on it in case another one crashes or something. 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.
- Shakepay, in contrast, is strictly a buy-and-sell platform with no additional trading features.
- I will compare Shakepay fees to other crypto exchanges in Canada and how they stack up against competitors regarding deposit and withdrawal methods.
- However, they also encourage the use of private wallets for enhanced security.
- While some may prefer phone support, Shakepay opts for a text-based approach, which has its pros and cons.
- Shakepay is being by more than 6,00,000 Canadians on a daily basis to trade cryptocurrency.
- Over time, its features and services continue to advance while continuing its commitment to user empowerment in this digital revolution.
Stay Up To Date
Shakepay is a Canadian crypto money service business where customers can easily buy and sell bitcoin and Ethereum on their desktop or through the Shakepay app. This crypto service also offers a Shakepay Visa card, a great way to earn crypto rewards for everyday purchases. Read our review to learn all you need to know about Shakepay and how this crypto service can affect your purchasing. My BTC is stuck there for a month no response from customer support. No option to withdraw back to bank no point of doing spot trade if can’t cash out.
However, in most of shakepay review the cases, verification took place within minutes. This step is a must because it is as per Government regulations for any cryptocurrency platforms to have the identity verified. After you do either of those, you will be prompted to make an account by choosing your username, giving your email address, and setting up a password for your Shakepay account.
Comparison to Other Popular Exchanges
Those who trade in larger volumes get even lower rates, making Kraken a more cost-effective choice for active traders. 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.
Staking and Earning Rewards
That said, if Bitcoin and Ethereum are all you need, Shakepay has you covered. While I have not used the customer support tab, people are giving good feedback about Shakepay’s support on Reddit. You can reach out to the customer support team via chat. Shakepay is fully legal in Canada and operates as a registered Money Services Business (MSB) under FINTRAC and Revenu Québec regulations. As the crypto industry evolves, regulatory compliance remains a key legal development for exchanges operating in Canada. When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use.
Probably the best available in Canada
It’s also unclear what rewards (if any) are offered after that $5,000 limit is hit. Once you qualify and load up your balance, every purchase with the Shakepay card will automatically settle to the bitcoin balance in your Shakepay account. Notwithstanding that concern, the Shakepay crypto exchange is a beginner-friendly and affordable way to purchase BTC or ETH. Shakepay also doesn’t charge any fees for purchases.
Buy & sell crypto on Shakepay.
Copy your institution number, transit number, and account number. You will need to share these details with your employer or payroll provider. Select the Direct deposit option to set up your payroll deposit. Tap the Add funds button to begin the deposit process.
Don’t use this awful app,I have problem to sign in to my account…
Instead, it charges a spread on the price of the asset. This fee rewards the validators and miners of a blockchain for verifying transactions. It’s one of the incentives they have for doing their job. This review is part of my series on the best Canadian crypto exchanges. 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.
So far i have had an excellent experience with Shakepay. I tried with just a little bit of money to feel it out, etransfer went flawless and withdrawing back to my bank account was easy as well so i put more money into it. When buy and sell orders are placed on the platform, Shakepay makes money from the bid-ask spread. Aside from that, consumers may be charged additional costs by their banks if they use wire transfers to make deposits or withdrawals. Shakepay is a safe and easy to use exchange for Canadian investors. Their major selling point is the lack of fees which other exchanges charge an extraordinary amount.
Customers were advised to enhance their security with two-factor authentication and remain cautious of potential scams. 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. 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.