Shakepay Review

What is Shakepay?

Shakepay was founded in 2015 by Jean Amiouny and Roy Breidi, to simplify access to digital currencies for Canadians. Headquartered in Montreal, the fintech company has evolved to offer a range of services that include buying, selling, and holding Bitcoin and Ethereum. One of its standout features is the Shakepay mobile app, designed for ease of use, allowing users to execute trades, monitor real-time crypto prices, and even send funds to friends. 

In addition to its trading platform, it introduced the Shakepay Card, a Visa debit card that allows users to convert their cryptocurrency into Canadian dollars for everyday spending. The company places a strong emphasis on security, employing advanced encryption and cold storage solutions to protect user assets. Over the years, Shakepay has built a reputation as a reliable and secure platform, making it a popular choice among Canadian crypto enthusiasts.

‍

Shakepay Features

Shakepay brings a well-rounded suite of functionalities designed to make your crypto investing experience both straightforward and secure. Among these are Shakepay's ShakingSats rewards and a dedicated OTC desk for large trades. Here's a rundown of some of the exchange’s key features:

1. Several CAD Deposit Methods: Shakepay allows for quick and easy funding of your account in Canadian dollars through Interac e-Transfers, bank transfers, and credit card often processed within minutes.
2. 24/7 Customer Support: It is known for its responsive customer service, available around the clock through live chat and email.
3. Shakepay Card: The Shakepay card is a Visa debit card that allows you to make purchases directly from your account, offering real-time cryptocurrency conversion to CAD, and rewarding you with Bitcoin cashback on every transaction.
4. Multilingual Platform: The exchange and mobile app can be used in Both English and French, accommodating all Candian investors.
5. P2P Transactions: The platform lets users send Canadian dollars and cryptocurrencies like Bitcoin and Ethereum directly to friends within the platform, making transactions more social.
6. ShakingSats: A unique feature to Shakepay, ShakingSats allows you to earn free Bitcoin by shaking your mobile phone once a day, the longer your streak is, the more sats you will earn.
7. Zero Commission Trading: It offers commission free buying and selling of Bitcoin and Ethereum, making it cost effective for users.
8. Price Alerts: You can set up real-time price alerts for Bitcoin and Ethereum, so you're always informed about market conditions.
9. Regulatory Compliance: Shakepay is fully compliant with Canadian laws, being registered as a Money Service Business with FINTRAC, which ensures a secure and regulated trading environment.
10. Mobile App: Shakepay offers a user-friendly mobile app available on both iOS and Android, allowing you to trade, send, and receive cryptocurrencies on the go.

Is Shakepay Regulated?

Yes, Shakepay is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is officially designated as a Money Services Business (MSB) under registration #M17065696. This means it operates under federal guidelines, providing its users with a secure and compliant setting for cryptocurrency trading. It is registered with the Autorité des marchés financiers (AMF) in France.

Most digital currencies held at Shakepay are stored completely offline in cold storage wallets. They have partnered with a cold storage provider regulated under the NYDFS that holds SOC 1 Type II and SOC 2 Type II certifications. In addition, Shakepay has an insurance policy on the digital currencies held in their cold storage. This cover will protect users' funds against most damages, theft, and loss of private keys.

‍

Fees

Shakepay does not charge any fees when buying or selling crypto. The process of depositing or withdrawing funds is also free for all payment methods. It is one of the only cryptocurrency exchanges in Canada and the world to offer zero fees across the board. The platform makes money in its bid-ask spread price, which varies between 2% - 5%. This is the difference between the actual price of an asset and what the exchange offers.

Supported Cryptocurrencies

Unfortunately, Shakepay is yet to support any other cryptocurrencies on their platform besides Ethereum and Bitcoin. Hopefully in the future, as cryptocurrency grows in popularity within Canada, so will the selection of assets they support. 

‍

Mobile App

Shakepay offers a mobile trading experience through its dedicated app, compatible with both iOS and Android smartphones. The app seamlessly transitions from the Shakepay web platform, maintaining the same features and user-friendly interface. On the Apple App Store, the app has earned a 4.6 star rating from over 18,000 reviews. Over on the Google Play Store, the app boasts a 4.5 star rating, accumulated from around 12,000 reviews.

Customer Support 

Shakepay has a fantastic reputation for customer service and guarantees on its homepage that it will answer all enquiries within hours. That's a pretty confident statement, and according to their Trust Pilot, their claims seem to be accurate. They offer support through live chat and email. For users who need assistance with their Shakepay card, they can be reached via phone at 1-855-574-2539.

‍

Final Thoughts

To conclude, Shakepay has become a top platform for Ethereum and Bitcoin trading in Canada. Founded in 2015, the Montreal-based fintech company offers a robust and user-friendly experience for Canadian traders. Its mobile app and web platform come packed with features like real-time price alerts and a unique ShakingSats rewards system. The Shakepay Card further enhances its utility, allowing for real-world spending of your crypto assets.