Shakepay Review 2023: Trade Bitcoin and Ethereum in Canada

Last updated Jul. 4, 2024 by Peter Jakes

In an era where digital currency is rapidly gaining traction, particularly in Canada, Shakepay has emerged as a prominent platform for trading Bitcoin and Ethereum. The Canadian market, known for its regulatory compliance and consumer protection, has embraced Shakepay as a user-friendly exchange. This Shakepay review for 2023 will dissect the platform’s features, fees, usability, and security, offering a comprehensive analysis that helps you decide whether it suits your trading needs. We’ll also address some common queries in the FAQ section toward the end.

Features of Shakepay

Shakepay shines due to its appealing array of features that simplify and enhance cryptocurrency trading:

1. User Interface: The platform prides itself on having a straightforward and clean interface, making it accessible to both beginners and seasoned traders. The mobile app, available on both iOS and Android, complements its web-based counterpart by providing an easy-to-navigate trading experience.

2. Instant Purchases and Sales: Shakepay allows users to instantly buy and sell cryptocurrencies, thus minimizing potential market risk associated with price fluctuations.

3. No Fee Structure: One of Shakepay’s most attractive aspects is its no-fee structure. Unlike many exchanges that charge for transactions, Shakepay earns through the spread rather than direct fees.

4. Interac e-Transfers: This feature is particularly beneficial for Canadians as it allows for quick deposits and withdrawals via Interac e-Transfer.

5. Referral Program: Shakepay offers a compelling referral program, rewarding users for bringing new customers to the platform.

Trading Experience

The Shakepay trading experience is particularly appealing due to its simplicity and speed:

• Ease of Registration: Signing up and getting started with Shakepay is straightforward. Users can easily verify their identity using their mobile phone, which accelerates the onboarding process.

• Buying and Selling: Trading on Shakepay is intuitive. Users can make transactions with just a few taps, providing a hassle-free experience.

• Custodial Solutions: While Shakepay offers a wallet for storing cryptocurrencies, it is advisable for users to transfer their assets to personal wallets for enhanced security.

Security Measures

Security is a paramount concern in cryptocurrency trading. Shakepay addresses this through multiple measures:

• Regulatory Compliance: Shakepay is a registered Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), providing a layer of regulatory oversight.

• Two-Factor Authentication (2FA): Users are encouraged to enable 2FA to add an extra layer of security to their accounts.

• Cold Storage: The majority of assets are held in cold storage, which is disconnected from the internet, reducing the risk of cyber-attacks.

• Insurance Coverage: Shakepay has an insurance policy covering the digital assets it holds, providing users with additional peace of mind.

Fees and Limits

Shakepay’s business model revolves around simplifying crypto trading without hidden fees:

• Zero Transaction Fees: Shakepay does not charge for deposits, withdrawals, or transactions. Instead, they make a profit through the spread between buying and selling prices.

• Transaction Limits: For most users, the daily limit for transactions is set reasonably high, allowing both retail and more prolific traders to operate without constraints.

Customer Support

Effective customer support is integral to any trading platform. Shakepay offers several channels to assist users:

• Help Centre: Available on Shakepay’s website, the Help Centre provides a wide array of articles and FAQs addressing common issues.

• Live Chat and Email Support: Users can reach out to Shakepay’s customer service team via live chat or email for timely assistance with their issues.

Pros and Cons of Shakepay

As with any platform, Shakepay has its strengths and weaknesses:

Pros:

• No Fees: The absence of transaction fees makes Shakepay highly cost-effective.
• User-Friendly: Shakepay’s design caters to all user skills, ensuring a smooth trading experience.
• Interac e-Transfers: Fast deposits and withdrawals via a trusted Canadian system.
• High Security: Regulatory compliance and strong safety protocols.

Cons:

• Limited Cryptocurrency Options: Currently, Shakepay only supports Bitcoin and Ethereum.
• Spread-based Pricing: While the lack of fees is attractive, the spread might not always present the most competitive prices.

Conclusion

Shakepay is a solid choice for Canadians looking to trade Bitcoin and Ethereum with ease and security. Its user-friendly interface, cost-efficient operations, and excellent security measures make it a strong contender in the cryptocurrency exchange space. However, the platform’s limited cryptocurrency options and reliance on spread-based pricing might be less appealing to more diversified and cost-sensitive traders.

FAQs

1. Is Shakepay safe to use?

Yes, Shakepay is considered safe. It complies with FINTRAC regulations, uses two-factor authentication, employs cold storage for most digital assets, and has insurance coverage.

2. What cryptocurrencies can I trade on Shakepay?

Currently, Shakepay only supports Bitcoin (BTC) and Ethereum (ETH).

3. Are there any fees for trading on Shakepay?

No, Shakepay does not charge transaction fees for trading, depositing, or withdrawing. The platform earns through the spread between buying and selling prices.

4. How can I deposit or withdraw funds on Shakepay?

Deposits and withdrawals can be made through Interac e-Transfer. Shakepay also supports cryptocurrency transfers directly to and from its wallet.

5. Does Shakepay have a mobile app?

Yes, Shakepay has a mobile app available for both iOS and Android users, ensuring trading on-the-go.

6. What is the referral program on Shakepay?

The referral program allows users to earn rewards by inviting friends to join Shakepay. Both the referrer and the new user receive bonuses upon successful registration and trading.

By analyzing its features, security measures, and overall user experience, Shakepay emerges as a reliable and efficient platform for trading Bitcoin and Ethereum in Canada. While it hosts limited cryptocurrency options, its no-fee structure and user-friendly interface make it appealing to a broad spectrum of traders.