Shakepay exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Shakepay offers only Bitcoin and Ethereum.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Unavailable |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Unavailable |
| Solana (SOL) | Unavailable |
| Dogecoin (DOGE) | Unavailable |
| Polkadot (DOT) | Unavailable |
| Polygon (MATIC) | Unavailable |
| Cardano (ADA) | Unavailable |
| Litecoin (LTC) | Unavailable |
| Tether (USDT) | Unavailable |
In contrast, both and NDAX and Bitbuy list over 30 cryptos on their platforms. However, compared to its competitors, Shakepay offers a ShakeSats rewards program which lets you earn Bitcoin daily by manually shaking your mobile phone.
Payment methods
You can deposit and withdraw in CAD. The Interac payment method has a $10,000 daily deposit limit and $10,000 daily withdrawal limit, while wire transfer has no limits.
Deposit limits
| Payment method | Limits |
|---|---|
| Interac daily limit (buying in FIAT) | $10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily limit (buying in FIAT) | No limits |
Withdrawal limits
| Payment method | Limits |
|---|---|
| Interac daily withdrawal limit | $10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily withdrawal limit | No limits |
NDAX requires multi-step KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
On the other hand, Bitstamp requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers license, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, you need to provide information such as country of birth, tax residency as well as a Proof of Funds (POF) document such as an annual income statement.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Shakepay.
Trading fees
There are no trading fees and Shakepay states on its website that it makes revenue by algorithmically setting the price that customers can buy or sell crypto. The company incorporates a spread into the prices so you’re charged a different price when you buy crypto compared to when you sell it.
Staking
Shakepay doesn’t offer a staking program.
Is Shakepay exchange safe?
As a regulated Over-the-Counter (OTC) exchange, Shakepay has been in operation since 2015 and amassed over one million users. The company has a range of security measures in place that offer a relatively high level of security for users, from IP address whitelisting to holding customers' assets offline in a proprietary cold storage system.
A low percentage of users (17%) rate Shakepay with five stars on Trustpilot, which is a low indicator of safety. The company hasn’t been involved in any known scandals.
| Trustpilot | 2 star |
The most common issues raised are related to deposit, KYC verification and withdrawal concerns. However, people praise them for their zero fees and ShakeSats rewards program.
Security
Shakepay has a range of security measures in place such as annual third-party audits, IP address whitelisting enables users to restrict crypto withdrawals on their account, 256-bit AES data encryption, passwords are hashed using the Bcrypt algorithm, adherence to Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) and registrations with Revenue Quebec and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, Shakepay maintains insurance coverage for the digital assets it holds on behalf of customers.
| Safe coins storage | An undisclosed amount of deposits are held in geographically distributed cold storage systems. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Shakepay. |
| Information security | 256-bit AES data encryption and passwords are hashed using the Bcrypt algorithm. |
| Platform security | IP address whitelisting enables users to restrict crypto withdrawals on their account. |
| Network security | Annual third-party audits. |
In contrast, NDAX has advanced security measures in place such as Multi-Party Computation (MPC) wallet technology, holding customers' assets offline in multi-signature cold storage vaults, registrations with Revenue Quebec and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB), adherence with Anti-Money Laundering (AML) guidelines and Canada’s Terrorist Financing Act, data servers that are monitored 24/7 with video cameras and a highly coveted SOC II certification. In addition, NDAX maintains $13 million insurance coverage for the digital assets it holds on behalf of customers.
Bitbuy has a range of security measures in place such as servers secured across multiple cloud providers that are all ISO, SOC and FIPS 140-2 compliant, monthly network audits, holding 97% of customers' assets offline in geographically distributed cold storage systems, end-to-end data encryption, all customer funds are backed 1:1 in custody, registrations with Ontario Securities Commission and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, Bitbuy maintains third-party insurance coverage for the digital assets it holds on behalf of customers.
How to start trading at Shakepay exchange?
Registration
You need to create an account in order to register with Shakepay and this can be done by:
- Visiting the homepage and inputting your full name and email address so you can create a password and start the process.
- You then need to verify your email address.
- After verifying your email address, you need to specify if you’re opening an individual account or business account.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as a referral bonus or the ability to earn 1% back in Bitcoin through the Shakepay card.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Despite being a prominent Canadian crypto exchange, customer service options are limited at Shakepay with only a live chat available and no Help Center displaying FAQs, email address or phone support.
| Live chat | Available |
| Phone support | No phone support |
| Unavailable | |
| FAQs | Unavailable |
Unlike most other crypto exchanges, Shakepay doesn’t use a ticketing system where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone or through live chat.
Conclusion
Shakepay is recommended to users who are looking for a regulated exchange with zero fees that also offers digital asset insurance coverage. However, there are only two cryptos available to trade, making the service less accessible for active traders, only two payment method options that don’t include credit or debit cards and no phone support or FAQs page.
But if you don’t mind this, Shakepay can still be a great option if you’re looking to earn 1% back in Bitcoin on every purchase through a card that can be used at leading Canadian stores like Sobeys, Loblaws and Tim Hortons or anywhere where VISA is accepted, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by increasing the available range of cryptos and payment methods.
Alternatives of Shakepay
- Low trading fees
- A personal account manager for high-volume traders
- Regulated in Canada
- Mobile app available
- Corporate account solutions
- Referral bonus
- Low number of cryptos available to trade
- Only four cryptos in the staking program
- No live chat or phone support
- Debit or credit cards not accepted
- Low trading fees
- Staking program
- NDAX Wealth Desk feature
- Live chat and phone support
- Advanced security measures
- No deposit or withdrawal limits
- Learn Centre with free educational resources for traders
- Low number of cryptos available to trade
- Only five cryptos in the staking program
- Credit or debit cards not accepted
- Low trading fees
- Staking program
- Tradeview feature
- Top-rated mobile app
- Phone support available
- Modern interface
- Low number of cryptos
- Limited number of payment methods
Bitbuy charges low trading fees whenever you buy, sell or exchange cryptos. The trading fees are based on a maker/taker structure and they differ based on the amount you’re trading within a 90-day timeframe. For example, anyone who trades under $250,000 worth of crypto pays a 2% maker fee and a 2% taker fee. There’s also a flat 1.5% withdrawal fee for Interac and wire transfers. There’s over 30 cryptos available to trade and if you refer the Bitbuy exchange to any of your friends or family and they deposit at least $250 in their account upon opening, you can earn a cash bonus of $20.
NDAX charges a flat 0.2% trading fee whenever you buy or sell cryptos. The trading fees are based on a maker/taker structure, for example, if you trade $50 worth of crypto, you pay a $0.1 fee. There’s over 30 cryptos available to trade and if you refer the NDAX exchange to any of your friends or family and they deposit at least $10 in their account upon opening, you can earn a cash bonus of up to $25.
Similarly, Bitstamp charges low trading fees whenever you buy, sell or exchange cryptos. The trading fees are based on a maker/taker structure and they differ based on the amount you’re trading within a 30-day timeframe. For example, those who purchase up to $1,000 worth of crypto pay a 0.3% maker fee and a 0.4% taker fee, while those who purchase between $10,000-$100,000 pay a lower 0.1% maker fee and a 0.2% taker fee. There’s over 80 cryptos available to trade but no referral bonus.
FAQs
Yes, because Shakepay has been in operation since 2015, amassing over one million users and has a range of security measures in place.
Unlike most other crypto exchanges, Shakepay doesn’t accept credit or debit cards for deposits or withdrawals.
If you refer the Shakepay exchange to any of your friends or family and they deposit at least $100 in their account upon opening, you can earn a cash bonus of $5.
There’s no credit check required but you can only apply for the card via the Shakepay mobile app by clicking on the ‘Get Card’ icon on your dashboard.
Yes, Shakepay uses 256-bit AES data encryption and passwords are hashed using the Bcrypt algorithm.
Yes, but to be eligible you must register through a business or have a Tax-free Savings Account (TFSA) account.
Specification: Shakepay exchange review
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