Overall, Shakepay has a mobile app on the App Store and Google Play. With 1.5% back on every purchase (no dollar limit), 2% back after a $30k annual spend, and up to 10% back on thousands of select brands, it blows the Shakepay rewards out of the water. Cardholders can shop worldwide (with a 3% foreign transaction fee) and pay via Apple Pay or Google Pay with no annual fees or credit checks.
CAD Withdrawal Methods
I will compare Shakepay fees to other crypto exchanges in Canada and how they stack up against competitors regarding deposit and withdrawal methods. Its user-friendly interface makes it easy to learn for crypto newbies, while its app makes it simple to trade cryptocurrencies. There are no opening, maintenance, or inactivity fees on a Shakepay account, which I consider transparent and favorable for passive users or those just starting in crypto. Fiat withdrawals and deposits are also free, and most common funding methods like Interac e-Transfer do not incur additional costs. What can add up are currency conversion costs if I move funds between CAD and USD—Shakepay applies its own rates, which might include an embedded spread. ➡️ Beginners who want a straightforward way to buy and sell Bitcoin or Ethereum in CAD, without navigating complex trading interfaces or worrying about private key management.
Funding options
It only acts as a broker between itself and its users, facilitating the buying and selling of digital currencies. Shakepay’s app and desktop platforms are perfect for beginners, featuring a clean, intuitive interface that’s easy to navigate. With straightforward options for deposits, withdrawals, wallets, and basic charting, you can buy or sell crypto in Canada in just a few clicks.
How does staking or earn work on Shakepay?
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. CoinSmart, on the other hand, offers a wider selection of cryptocurrencies for trading, including popular altcoins like Litecoin and Ripple. CoinSmart also offers more advanced trading features, such as limit and stop orders and the ability to trade on margin.
- Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
- Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us.
- Although the platform is still developing when considering its features and coins available, Shakepay stands out with its cost-effective fee structure.
- I was not doing anything illegal or participating in any type of fraudulent activity.
I made a mistake when I registered-the bot is not qualified to help
While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don’t provide information https://forex-review.net/shakepay-review/ on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.
Shakepay and Wealthsimple were dealt a lawsuit over accusations of hidden fees on their platforms. Despite these allegations, Shakepay’s fees are generally reasonable. In fact, I conducted a comparison of fees across 20 different platforms and found that many other exchanges have higher fees than Shakepay.
Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. The platform also uses SSL- encryption and 2-Factor Authentication to protect your account. It is based in Montreal and has served more than 1,000,000 Canadians who have bought or sold $7 billion worth of crypto using the site.
In general, accounts are automatically verified by running an identity check. Shakepay is a money service business, and it is expected to follow FINTRAC regulations. 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. If you’re a beginner, Newton is a platform that will be friendly to you. You can also get a $25 bonus right after trading your first $100 cryptocurrency.
- It also implies that Shakepay will report your profits to the CRA.
- The exchange also emphasizes the use of two-factor authentication (2FA) and recommends using authenticator applications.
- Shakepay’s fee structure is quite appealing compared to other exchanges.
- Over time, its features and services continue to advance while continuing its commitment to user empowerment in this digital revolution.
- Service is typically prompt and available seven days a week, with assistance provided in both English and French.
Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. 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.
Just remember to have your Shakepay app funded beforehand, as pre-authorized withdrawals from bank accounts are not supported. If you want a true “set and forget” Bitcoin strategy, check out Beaver Bitcoin or the best DCA crypto exchanges. Trading on an exchange such as Shakepay goes beyond being simple transactions; it also involves experiencing the assurance and fluidity of a well-designed platform. Our experience caters to both novice investors and more seasoned traders by creating an ideal atmosphere to support rapid purchasing and selling of cryptocurrency with confidence. Shakepay was established with a vision to provide users with an easier crypto experience, quickly becoming one of the leading cryptocurrency exchanges across Canadian provinces. Their humble beginnings reflect the industry’s innovative spirit while streamlining the process for purchasing popular cryptocurrencies.
The company has raised over $44 million from investors, including QED Investors, BoostVC, Box1, Golden Ventures, Bogaroo, and Broadhaven. Shakepay has more than 75 employees and operates in all provinces and territories of Canada. After a brief stint at Booz & Company, he co-founded an online payments company called White Payments, which was later acquired.
I compared Shakepay to other regulated crypto and CFD brokers available to Canadians, focusing not just on features, but on the actual user experience. I paid close attention to whether it’s user-friendly for beginners and also if it has what more experienced traders might expect. Everything I share here comes from real use and side-by-side comparisons—not just a superficial look at marketing claims. Shakepay crypto fees can vary depending on market conditions, and users typically pay a spread for each transaction. Depending on your location, rates for popular cryptocurrencies like Bitcoin and Ethereum range from 1.4% to 1.6%.
Once funds are deposited, you can use them to buy cryptocurrencies at the current market rate. Shakepay focuses on simplicity, cutting out many of the features and tools offered on other popular crypto trading platforms. If you’re a crypto beginner or want an easy way to invest in bitcoin and Ethereum, Shakepay might be exactly what you need. While you pay slightly more when buying and receive slightly less when selling (due to the spread), this is standard for user-friendly exchanges. Shakepay has recently emphasized that they store digital currencies in secure offline storage (cold storage) backed by insurance, ensuring enhanced security for users’ assets. This adds an extra layer of protection to their platform, which is particularly important for risk-conscious investors.
