After some time, centralized exchanges started charging crazy fees to their users. Shakepay’s spread ranges from 1.2% to 2.5%, which is on the higher side. For comparison, Newton offers a spread of 0.9%, making it a more cost-effective alternative for those looking to save on trading fees.

One notable feature of Uphold is its staking service, where users can earn up to 14% APY, though this is not available in certain jurisdictions such as the US and Canada. Meanwhile, the lack of staking on Shakepay could be a disadvantage for users who are interested in earning passive income from their crypto holdings. The Canada-only approach means Shakepay tailors its services to local regulations, which https://forex-review.net/shakepay-review/ can be reassuring from a compliance perspective. However, users who frequently move between countries might find this restrictive. For those who live in Canada full-time, the focus on local regulations ensures Shakepay stays aligned with national financial policies.

Staking DeFi

• In addition to bank transfers, debit/credit cards, and PayPal, Coinbase even accepts SEPA transfers for European users.
• The biggest benefit to using Shakepay is that you don’t need to spend money on network fees when transferring crypto to other addresses.
• Still, it is a convenient way to use crypto seamlessly in Canada and stands out for its simplicity and lack of direct fees.
• Shakepay makes it easy to deposit Canadian dollars into your account using Interac e-Transfer or wire transfer.
• If you are only interested in setting up a recurring purchase or just looking to occasionally/casually buy either BTC or ETH, Shakepay would likely be the better option.

Shakepay is exclusively available to Canadian residents, meaning users outside Canada won’t be able to access the platform. Even Canadians traveling abroad may face restrictions on their accounts, which can be frustrating for frequent travelers. Final crypto exchange evaluation conclusion based on research, expert opinions & user feedback. This is a regulatory requirement in Canada for money service businesses.

We encourage constructive feedback

• Shakepay is designed specifically for Canadian users, so its features will be limited if you are outside Canada.
• Your cryptocurrencies on Shakepay are not insurance-covered by CDIC or CIPF.
• In this review, I will walk you through all there is to know about Shakepay.
• Shakepay incorporates elements of a hot wallet, as it enables users to store, send, and receive cryptocurrencies like Bitcoin and Ethereum through an online platform.
• We will look at how many people are using Shakepay, what coins you can invest in, and where they stand out.
• Shakepay has recently emphasized that they store digital currencies in secure offline storage (cold storage) backed by insurance, ensuring enhanced security for users’ assets.

These include two-step verification and additional checks designed to keep cryptocurrency holdings private and safe for their owners. Shakepay has a mobile app on both the Apple App Store and Google Play. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions. Shakepay is a Canadian company founded by Jean Amiouny and Roy Breidi. The business is headquartered in Montreal, Quebec, and is run by a team with backgrounds in fintech and software engineering.

Neo Credit Card Review ( : Pros and Cons

The former caters primarily to Canadian residents, focusing on simplicity with the ability to buy and sell Bitcoin and Ethereum in Canadian dollars. Coinbase, on the other hand, serves customers in 32 countries, including the US and most of Europe, and offers a broader selection of cryptocurrencies and payment methods. Shakepay doesn’t charge direct trading fees, but it applies a spread to transactions, which can lead to higher costs depending on market conditions. Kraken, by contrast, has transparent trading fees ranging from 0% to 0.40%.

It was one of the first financial technology companies to support digital currency trading in Canada. If you are looking for a credit card that combines the perks of cashback rewards, flexibility, and affordability, the Neo Credit Card is an outstanding choice. However, it is the responsibility of the users to declare gains and profits made from crypto investments to the CRA in their tax returns. Any Canadian who doesn’t fancy themself a crypto trader or altcoin enthusiast will find Shakepay to be an ideal platform.

What deployment options does Shakepay support?

Shakepay’s security team quickly responded by de-authenticating the device and containing the breach. Customers were advised to enhance their security with two-factor authentication and remain cautious of potential scams. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. Verification can help ensure real people are writing the reviews you read on Trustpilot.

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. Shakepay is registered with FINTRAC as a transfer service provider and virtual currency dealer.

Users can trade Bitcoin and Ethereum on the platform while earning rewards for using their Crypto Visa card. This provider does not take commission on trades or have direct fees for trading crypto. The platform earns revenue by applying a spread to transaction prices. While I am an experienced cryptocurrency trader, I appreciate the simplicity Shakepay offers users. I’m confident that complete newbies to trading will be able to navigate the platform with minimal fuss. There are also several informative articles on their website that can guide users through the platform’s tools and functionalities.

Personally, I think this card alone makes Shakepay worth signing up for. Shakepay markets itself as having “customer service that cares,” and I wanted to see if it lives up to that claim. They offer a support section on their website that’s helpful for addressing common questions, and you can also email their team at email protected. Shakepay’s app is designed with beginners in mind, offering a clean and easy-to-navigate interface. On the iOS App Store, it boasts an impressive 4.5-star rating from 12,000 users, while the Android version has an even higher 4.6-star rating from 7,000 users.

They closed my account.

Still, it is a convenient way to use crypto seamlessly in Canada and stands out for its simplicity and lack of direct fees. Shakepay is known for its user-friendly interface and easy-to-use mobile app. The platform allows users to buy and sell Bitcoin and Ethereum quickly and easily using Canadian bank accounts. Shakepay also offers competitive pricing and low fees, making it a popular choice for Canadians investing in cryptocurrencies. What I really like about Shakepay is how simple it is for Canadians to buy Bitcoin and Ethereum. If those two coins are all you’re after and you don’t need advanced trading features, Shakepay is an excellent choice.

The exchange also has a limited token selection, supporting only Bitcoin and Ethereum. While these are the two most popular cryptocurrencies, users looking to trade altcoins will need to use another platform. After months of hearing buzz about it, I decided to dive deeply into one of Canada’s most talked-about crypto platforms. With a reputation for simplicity and strong security, Shakepay claims to make cryptocurrency accessible to all Canadians. A Shakepay review seemed like the perfect way to uncover whether it truly delivers on its promises or if it falls short.

Is it safe to store crypto on Shakepay?

DisclaimerThe information provided on Skrumble is for educational and informational purposes only and should not be considered financial or investment advice. Trading and investing in financial instruments, including but not limited to cryptocurrencies, tokens, CFDs, and other derivatives, carries a high level of risk. This includes activities such as funding trading accounts, bridging crypto assets across blockchains, purchasing digital tokens, or participating in funded trader programs. Make sure you understand the risks involved and consult with a licensed financial advisor if needed. Shakepay is an MSB (money services business) regulated by FINTRAC.

Security & Regulation

It is currently regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and AMF (Autorite des marches financiers). You cannot use Shakepay to trade other popular coins, like Dogecoin, Cardano, Ripple, Stellar, and others, on Shakepay. If you refer your friends to Shakepay and they spend $100, you will get $10.

As the crypto industry evolves, regulatory compliance remains a key legal development for exchanges operating in Canada. When choosing a platform, it’s important to consider regulatory compliance, security, and ease of use. Shakepay meets these standards, allowing Canadians to buy and sell crypto within a legal and regulated framework. Shakepay applies a spread on each transaction, which may result in higher costs depending on market fluctuations. Customer support plays a crucial role in any crypto exchange experience, and Shakepay is no exception.

These features make Shakepay an economical choice, though it’s worth keeping the spread in mind when trading. The Shakepay Card lets you enjoy 1% cash back in Bitcoin on every purchase they make and 2% back on your first $5,000 spent. As a prepaid visa card, it operates much like a debit card and no credit check is required to get the card. More broadly, funds (CAD, BTC, & ETH) placed on Shakepay are not CDIC insured, which means they are not covered the same way your money would be if kept in a bank account. As a result, it’s critical to take all precautions to keep your account secure. The ShakingSats feature and the platform’s quick and easy responses have received positive evaluations from Canadian traders.