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A Shakepay Review for 2022

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Shakepay is a small Montreal-based tech company that believes in empowering Canadians from all walks of life to gain financial independence through cryptocurrency trading. It is considered to be one of the best crypto exchanges in Canada.

You can use their website or mobile app to buy, sell, and store Bitcoin and Ethereum. According to their website (and much positive feedback online), Shakepay is the “easiest way for Canadians to buy and sell Bitcoin.”

In this Shakepay review, we’ll take a look at Shakepay, its features, how it works, its pros and cons, and much more.

Shakepay: Overview

Founded in Montreal, Canada, Shakepay has been trailblazing the crypto sphere since 2015. In a nutshell, Shakepay is a platform for Canadians from all walks of life to buy, sell, and store cryptocurrencies.

So far, this super user-friendly exchange has served over 900,000+ customers and supports both Bitcoin and Ethereum.

Shakepay is one of the few options available for crypto trading in Canada and is loved by many, constantly throned at the top of the App Store and Google Play.

Now, let’s dig deeper into their services and see where they excel and where there’s room for improvement.

Shakepay: Features

Shakepay works very similarly to other major crypto exchanges. It is not a peer-to-peer marketplace, so you won’t be buying and selling directly with other customers.

Instead, Shakepay is like a shop: they sell crypto to and buy crypto from customers.

Shakepay doesn’t charge any transaction fees. To start buying, you need to use Interac e-Transfer to deposit money from your banking account to your Shakepay wallet. Once your wallet is funded, then you’re free to trade on Shakepay.

Note that transfers are usually instant, but in some cases, it may take up to an hour for Shakepay to receive your funds.

Other than buying and selling crypto, you can complete other tasks on the Shakepay app. For starters, the app provides various charts for you to see your transaction history.

You can either buy or sell instantly at the current price or place an order to trade at a price you desire. If you want to stay in the loop, you can even set notifications for when Bitcoin or Ethereum has reached a certain price.

To help you streamline purchases, you can set rules on Shakepay to have the app automatically buy Bitcoin or Ethereum at the frequency you want.

Lastly, if you’re wondering why Shakepay is called Shakepay, it’s because you can shake your phone with the app open every 24 hours and receive free Bitcoin. (You read that right!)

The reward increases every day so make sure you don’t break the streak! If you’re wondering how they make money as a company, then know that they adjust the prices that you can buy or sell cryptocurrencies.

For example, if you sold $100 worth of crypto to Shakepay, they may resell it at $110, with the $10 difference being their revenue to cover operating costs.

Shakepay Pros & Cons

Pros

  • Super friendly user interface
  • Earn crypto by rounding up purchases with a debit card
  • Easily send funds to hardware wallets
  • Easily trade in CAD
  • Free transfers to and from Shakepay
  • Fast transactions
  • No deposit or withdrawal fees
  • No limit to how much users can buy, (but note that Shakepay does not offer an OTC service)
  • Customer Service is available 7 days a week, 365 days a year

Cons

  • Only available in Canada and to Canadians.
  • App doesn’t support multitasking with smartphones
  • Hidden fees in the quoted exchange rates
  • Only 2 cryptocurrencies available

Our Final Thoughts

Shakepay provides a fantastic means for beginners to start buying and selling cryptocurrencies.

Thanks to their simple user interface and fast transactions, users are able to get their feet wet, fast. Although there are only two cryptocurrencies available on Shakepay right now, it gives beginners a great place to test the waters, especially with Bitcoin the most well-known cryptocurrency out there.

For more experienced traders, however, other platforms may be more desirable as Shakepay doesn’t allow you to store your private keys when you have funds stored in their app. That said, they make it easy to send funds to personal crypto wallets.

Frequently Asked Questions

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