This is common practice across most crypto platforms. The downside is that Shakepay charges one of the highest markups/downs of the major crypto exchanges that I’ve tested so far. Having said that, the total cost of trading is offset by the fact that there are no trading fees on top of the markup. What I do like about Shakepay fees is that they don’t charge you to transfer funds in and out of your account.

The response time is slower during high-volume periods or the holidays. My personal preference is to pay a commission fee because it feels more transparent. You know exactly what you’re paying, whether the fee is .20% or .60%. I can’t tell you what Shakepay will charge you to buy, say 10,000 CAD worth of bitcoin because the spreads can change at any time. 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.

  1. Furthermore, the site is secure and trustworthy, as the bitcoins are kept safely offline, giving you control over your money and peace of mind.
  2. Plus, most assets on Shakepay are stored offline so bad actors won’t have direct access to your funds.
  3. Users can buy and sell digital cryptocurrencies like Bitcoin and Ethereum on Shakepay.
  4. It’s a good idea, in this case, to also set up 2FA for your email account to ensure no unauthorized funds are withdrawn.

Best of all, Hardbacon users receive a $20 account credit when they choose Square One. Once you verify your email, you will need to enter a Canadian phone number, which Shakepay will use for authentication purposes. They do not accept Voice over Internet Protocol (VoIP) phone numbers. Shakepay will then send you an authentication code, and once you enter it, you can continue creating your account. Then, Shakepay will automatically perform these transactions for you. This is a handy feature as you don’t have to constantly keep an eye on the price fluctuations.

I’ve been using shakepay over 2 years

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. Another downside is that Coinbase doesn’t offer a debit card, so you can’t spend your crypto anywhere.

The main focus of the company is to let you buy and sell Bitcoin and Ethereum. 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. A prominent feature is the Shakepay customer service. You can first check out the detailed Help page inundated with questions, answers, and articles concerning all Shakepay topics.

Segregated Accounts compares a wide range of products, providers and services but we don’t provide information 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. Wait times are typically around a day for responses, which is reasonable, but slower than some alternatives.

The Web Platform

When withdrawing funds from your account, you will need to confirm the transaction via email. It’s a good idea, in this case, to also set up 2FA for your email account to ensure no unauthorized funds are withdrawn. Shakepay will send you notifications to alert you of your account activity. Withdrawing your crypto is fast but depends on the network. Withdrawing bitcoin to a wallet takes approximately 10 minutes. Withdrawing fiat from Shakepay to your bank account is instant via Interac e-Transfer.

How Does Shakepay Compare to Other Crypto Exchanges

Once the funds have been deposited, traders can use the Shakepay platform to buy and sell cryptocurrencies. One of the great 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.

E-Transferred 3K to my account after a year + inactivitywas denied access to my funds by shakepay until i had completed a risk assessment. Promptly completed the risk assessment and now had access to my account which was empty. Shakepay claims someone used my 3k, while under their control and management while i was denied access and they are not responsible. The company asked who had recommended them and I responded and they sent an email filled with slanderous comments about the company.I guess the company was a competitor. Never got a chance to use the platform and they closed my account after taking all my banking information. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

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. Shakepay keeps the majority of funds offline, in cold storage, so you know it’s always safe. And the provider of their cold storage is regulated by the New York Department of Financial Services (NYDFS). They also segregate accounts, keeping your CAD in specific bank accounts and digital currencies in designated cold storage. If you’re new to the world of crypto, Shakepay may be a great place to start investing.

It is considered to be one of the best crypto exchanges in Canada. In my case, Shakepay offered me a markdown of 1.14% below BTC’s live market price. Again that’s one of the highest markdowns of all the exchanges I’ve tested so far.

It is your responsibility to declare any gains made from crypto investments to the CRA in your tax return. Want to see how Shakepay compares against another exchange? As for Shakepay withdrawals, things are a bit different. The card is also available to use anywhere Apple Pay and Google Pay are supported.

The more people you refer, the more sats you can stack. It’s certainly the most fun referral program we’ve found so far. Users can store crypto on Shakepay or transfer it to a private wallet of their own.

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