As mentioned above, Shakepay also offers a debit card that users can use for various transactions. These cards came in December 2021 as a product from the platform. Unlike other exchanges, Shakepay relies on VISA to power its debit card. When a user uses this card, Shakepay charges an interchange fee. After reading this exhaustive Shakepay review, you can understand that Shakepay is a safe and easy-to-use platform for buying and selling cryptocurrencies. Shakepay is an excellent option for digital currency exchange in Canada, thanks to its appealing feature set and commission-free funding.
- Yes, Shakepay is a legal cryptocurrency exchange platform that has been in business since 2015 and is licenced and regulated by FINTRAC and Revenu Quebec.
- When a user uses this card, Shakepay charges an interchange fee.
- Shakepay doesn’t charge any fees on trading fees, deposits, or withdrawals.
- The same step applies to the selling currencies on Shakepay, but in reverse.
- This may influence which products we compare and the pages they are listed on.
Similarly, when you sell your Bitcoin on Shakepay, they buy from you. WalletBliss’ mission is to give Canadians the resources they need to take control of their finances, and guide them on their financial journey. I will be available in the comment section for any further clarification you may have. Below are the top pros and cons of Shakepay that you need to consider when determining if it’s perfect for you. Learn more about the Shakepay promotion and other ways to earn through this post about Shakepay Referral Code. Shakepay, according to Crunchbase, has raised a total of $36 million across five rounds of venture capital funding.
How we’ve built Shakepay to keep your money safe
With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception. This is a blessing for Canadian crypto investors but it also poses a challenge when it comes to choosing the best crypto trading platform among the available options. At any point in time, there will be a small difference between the price customers can buy crypto and the price at which they can sell. To make money, we set the price you can buy or sell digital currencies on Shakepay. For example, its founders would engage in various cryptocurrency-related Reddit threads and answer questions. Moreover, Shakepay launched a dedicated Discord server for its customers to engage in and be helped.
What I do like about Shakepay fees is that they don’t charge you to transfer funds in and out of your account. Several other crypto exchanges charge deposit and withdrawal fees. Canadian cryptocurrency exchanges vary in the way they charge fees. Shakepay makes money on the spread, which is built into the price when you buy or sell.
Prior to the funding, the team joined the sixth cohort of Creative Destruction Lab at the Rotman School of Management at the University of Toronto. This ultimately allowed them to connect with the VCs that would be willing to finance the pivot. Users could utilize their phone’s NFC technology and pay at any outlet that accepts VISA using the Bitcoin they owned. shakepay review To get the business off the ground, they decided to join startup accelerator NEXT Canada in early 2016. In March 2016, after months of working on the idea, they unveiled the beta version of what was then called Shake. The two would repeatedly discuss, often over beers, how to fulfill the promise of Bitcoin by allowing anyone to use it as a payment method.
Additionally, customers can also send money to their friends or issue bank transfers to institutions such as TD, Scotiabank, RBC, and more. For almost 8 years, Shakepay has kept things simple, enabling over 800,000 Canadians to trade their Canadian dollars (CAD) for some BTC or ETH – or vice versa. The material contained on this website is for informational purposes only and RankFi.com, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice.
Unlike other Canadian crypto brokers, Shakepay allows you to execute free trades, and make free deposits and withdrawals. Even more interesting is the fact that Shakepay offers a prepaid card that lets you make purchases in dollars and earn cash back in bitcoin. Shakepay covers all network fees when you buy or sell cryptocurrencies on the platform. However, you will need to pay the network fee if you’re transferring your crypto to another wallet or exchange.
Shakepay Fees and Commissions
Newton supports Interac e-Transfer, wire transfers, pre-authorized debit, and crypto. In addition, you will earn an additional 1% in bitcoin on the first $5,000 you spend. You can store the rewards in your account or transfer them to a Bitcoin wallet. The card comes with no annual fees or credit checks and is available to customers in all 13 Canadian provinces. Shakepay offers a debit card that allows you to spend your bitcoin anywhere that accepts Visa. Every time you shop with any Visa merchant worldwide, you’ll earn 1% in bitcoin, which will be deposited into your account on the website.
An explanation of the two sources of money for Shakepay is as follows. 2 Products with instant approval have a provisional decision within 60 seconds. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. Exchanges such as Binance and KuCoin, although widely used, do not appeal to the same type of beginner-level user. When you buy Bitcoin or Ethereum on Shakepay, they sell you the token themselves.
Since most similar companies use this approach, it also works for Shakepay. 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.
If you want lower spreads, more digital currencies, and advanced trading, NDAX is my top choice for Canadians. The Shakepay app can be accessed on the App Store, Google Play store, or their website. Each device has a very simple user interface, basic charts, and the ability to make market orders, limit orders, and recurring orders. One thing you may want to double-check is their buy-sell spread; while it’s usually fair and reasonable, it tends to vary at times so you may want to time your purchases.
A summary of Canada’s major cryptocurrency exchanges and brokers. To find Canada’s best crypto exchange, we tested each platform across 60+ features each. Shakepay is a Canadian crypto broker based in Montréal, Quebec.
Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada.