The Shakepay platform is used for Bitcoin and ETH cryptocurrencies. The user may also refer to friends, and if they spend $100, the user will get $10. Users can use the unique referral link that may be found in their account’s settings. This process is pretty straightforward and quite quick. Once you’ve transferred your money, go back to “Wallets” in Shakepay to verify your balance in Canadian Dollars.
Once in their shoes, I was able to find a firm that worked on reclaiming my moiney. Thanks to a review down below, I found ref_undcar t. 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.
Crypto Products
You can also disable your account if your phone gets lost so no one can get access to your funds. For larger transactions, send funds via wire transfer from BMO, RBC, CIBC, and any other Canadian bank – directly to your Shakepay account. Even though Shakepay is safe, 44% of platformswe reviewed had a hack or incident. We highly recommend storing and protecting the majority of your crypto on ahardware wallet or a wallet where you own the private keys. Try to hold as little as possible on centralized exchanges.
A pop-up notification will notify you that you have been rewarded some amount of satoshis for this. Shakepay is a crypto exchange that enables users to buy and sell Bitcoin and Ethereum quickly. Based in Montreal, Shakepay has facilitated the trading of more than $5 billion worth of digital assets since launching back in 2015. Send instant e-Transfers from any Canadian bank like TD, Scotiabank, RBC, etc.
Shakepay Review: Comparison
Cryptographic signatures stop other people spending your money. Proof of work , which is energy that is spent on proof of work, prevents others from undoing, changing or losing your transactions. Bitcoin can help you keep your money safe and protect you from fraud. Any exchanges we list on our pages should be diligently researched, we list exchanges based on public information at the time. Exchanges have been known to suddenly collapse and we highly recommend keeping any cryptocurrencies you own on a cold wallet. Shakepay is accessible via its web platform as well as smartphones.
Keep in mind that there’s a $10,000 limit on Interac e-transfer withdrawals, and that withdrawals can take about two business days to reach your bank account. The Shakepay app is just as slick and intuitive to use as the desktop platform is, and it will allow you to purchase and withdraw crypto just as easily. The mobile app does have one unique feature—ShakingSats—which I’ll talk about a bit later. We take the security of our users’ funds and data very seriously. Shakepay requires you to set up 2FA to secure your wallet.
For anything beyond basic purchases or investing in other crypto assets, however, NDAX will be the clear winner. Shakepay also doesn’t charge any fees for purchases. They do, however, capture spreads as a market maker, which can translate to a meaningful difference in the price bought/sold vs. the current market price. Find out all this and more in this in-depth Shakepay review. It is one of Canada’s most popular and trusted exchanges to buy or sell Bitcoin. I have been using Shakepay for years with no issues.
The exchange website was launched in 2015, and over the years, it has had more than 600,000 Canadians using it for exchanging cryptocurrencies. Shakepay exchange, in other words, is a CDN or Inverse, allowing users to convert Canadian dollars into a digital asset. After registering the account, users can add to the market using bank wire, trade, or e-transfer. Moreover, there are no transaction fees for withdrawal or deposit.
Wonderful app
But they didn’t understand my question ended up flagging my account and closing it without a reason. This is why Canadian shakepay review company’s never work, their customer service is unhelpful. Shakepay is only available to Canadians at the moment.
- To register for a Shakepay card, download the Shakepay mobile app on Android or iOS, register and tap on the “Get the Shakepay Card” button.
- To give you more confidence, know that Shakepay has never been hacked or lost any of their users’ funds.
- However, you will earn 1% cash back in Bitcoin on your first $5,000 purchases with the card.
- Overall, Shakepay has fair prices but there are cheaper platforms for Canadians to buy Bitcoin and crypto likeNewton(0.69% total BTC purchase fee),NDAX(0.49%) andVirgoCX (0.66%).
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. Austin specializes in topics related to cryptocurrencies and blockchain technology. Much like the crypto exchange, however, to qualify for the Shakepay card, you’ll have to be a Canadian resident, have a fully verified account, and only be a tax resident of Canada. The Shakepay crypto exchange is beautifully designed and easy to use, but, as previously mentioned, it only supports BTC and ETH.
CAD Withdrawal Methods
Setup recurring purchases – Automatically buy every day, week, or month by setting up a recurring buy order. Limit orders – Place a buy or sell order at a price you set when purchasing crypto. It has worked consistently through the market ups and downs in the last bull market. Not all exchanges have handled it as well as Shakepay.
Shakepay Crypto List
All details undergo the verification process according to the regulations set for Money Service Business by FINTRAC and AMF. Now that we have all the accounts and tools that we need, it’s time to start moving your money through. We recommend you enable 2FA (two-factor authentication).
While customers using the Shakepay app cannot keep their Cryptocurrency private keys, the business makes it simple for clients to transfer their cash to their best crypto wallets. These guys are shysters, they must be part of the Canadian government because you literally can’t do anything on their app. I answered all of their nosy questions quickly and it took them OVER 1 WEEK to reply to my questions. When they replied they told me that they’ve deleted my account and I can no longer use their services. Total junk company – welcome to the most heavily censored and regulated country in the world – Canada.
It’s a good practice and a standard for protecting your money. Log into Shakepay and select “Add Funds” on the menu to the left. The process of buying cryptocurrencies can be daunting for newcomers, particularly for currencies like ADA which are not traded on Canadian exchanges . If you are new to buying cryptocurrencies, and are confused by the many options out there, then this guide is for you. You can also consider making a Shakepay Card invite to receive Bitcoin cashback incentives. Simply find the referral link under the “Boost your rewards” headline on Shakepay’s card page.
To use this feature, you’ll need to ensure that you have enough money in your account before enabling it. However, it has some noticeable cons as well, and in this Shakepay review, I’ll explain why I don’t think it’s a great fit for most Canadian investors. Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
Or phone number in the case of a lost or stolen card. The customer service team can also help users solve other challenges they may encounter while using the card or request a replacement card if one expires. Shakepay’s card feature is integrated into the general Shakepay app. Because the app is intuitive and does not have advanced trading tools, users can navigate the Shakepay platform without any hassles.
You will be able to provide documentation if required by gradually recording your transactions. You can also get an informative view of your trading and profits, and compare yourself with the market benchmark. A data manager allows you to manage https://forex-reviews.org/ all your transactions. All imported data can be viewed and edited in a transaction table. It is important to keep track of all transactions in order to provide consolidated reports that are more easy to assign to the general ledger.
Recurring Purchases
However, Shakepay users have several ways of earning free cash and crypto through the app. This includes the $30 sign-up bonus, free Satoshis through the ShakingSats feature and Bitcoin cash back when you make purchases with the Shakepay prepaid Visa card. While Shakepay doesn’t charge trading, deposit and withdrawal fees, its quoted prices include a variable spreads that’s usually between 1%-1.2%. The growing popularity and adoption of cryptocurrencies over the past few years has led to the emergence of several crypto trading platforms in Canada.
Shakepay does not charge you fees for buying or selling crypto. We also cover transaction fees for moving your money off Shakepay. So if you were to send your Bitcoin or Ethereum to your external wallet, you don’t pay any miner or gas fees. Recently, a lawsuit was filed against Shakepay and Wealthsimple over alleged hidden fees for crypto trades. When choosing a crypto exchange, it’s important to look at the spreads which is where those hidden fees take place.
It will likely be different when you do this, and will result in a different amount of Bitcoin . Hit “Continue”, then review the transaction and select “Confirm”. This Montreal-based cryptocurrency trading platform’s financial tools and trading benefits are exclusive to Canadian citizens. Shakepay offers a fast and fun way to acquire crypto.
It’s also unclear what rewards 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. HowToBuyBitcoin101.com is basic how to crypto guides, reviews and information for beginners to get started with cryptocurrency in Canada. Easily Buy and sell Bitcoin or Ethereum on Shakepay.