Shakepay provides an easy and secure Canadian crypto exchange for newcomers. Learn about all of the features in this exchange review.
Shakepay is a Canadian-based cryptocurrency exchange that was founded in 2015 by Jean Amiouny (CEO) and Roy Breidi (CTO). Amiouny has a background in Civil Engineering and founded White Payments that was eventually acquired by Payfort. Breidi studied Computer Engineering and is a former Morgan Stanley technology analyst. With a dedicated team, Shakepay’s mission is to provide a platform for building wealth. Shakepay originally started their services with a prepaid card that would allow users to sign up and automatically convert their bitcoin holdings into local fiat. After running into issues with new regulations, they were forced to abandon the crypto-to-fiat service and retool as a Bitcoin exchange and peer-to-peer payment system through their new app. Fast forward to today, Shakepay allows all of its users to experience a fast and secure way to obtain Bitcoin and Ethereum. Shakepay offers an easy to use interface, quick deposits and withdrawals, and some of the most passionate people on their team.
Shakepay provides all of the necessary tools and features for users to have a seamless experience. Shakepay also takes security for all user accounts very seriously while providing an intuitive interface that executes transactions quickly. Here are the main features that Shakepay’s platform provides for its users:
“Shakepay is arguably the easiest way for Canadians to buy bitcoins. Their website and app are clean, simple and intuitive. Shakepay acts as a custodian (you can keep your funds in your Shakepay wallet) unlike other non-custodial exchanges like Bull Bitcoin. While their wallet works well, we recommend you send your crypto to your own private addresses.”
“Shakepay provides a low-stress way for people new to the scene to make their first bitcoin and ether purchases. The app’s simple interface and quick currency transfers make Shakepay a good first choice.”
“Shakepay is a very interesting Canadian cryptocurrency exchange. The company is officially registered, it complies with laws, and has no issues in its history. The service seems to be quite secure, so you should not worry about your funds. However, we still recommend withdrawing large sums and keeping them in your own wallets.”
Shakepay has gone above and beyond by providing users access to a third-party audit report of the company’s security measures. Anyone is able to view the report before signing up with the exchange in order to provide as much transparency as possible. Within the document are all of the steps taken to ensure that everyone on Shakepay’s staff have gone through the necessary background checks. All funds are held in a multisig cold storage solution. Multisig is a storage method that requires more than one party to agree to move digital assets. If one person is compromised or forced to move the digital assets, other parties would also have to be involved to verify that the digital assets should be moved as well. Security measures that users can take when accessing their accounts include: setting up a pin code, face or fingerprint scanning, and two-factor authentication with an authentication app for signing in. Shakepay also holds an insurance policy on all digital assets in cold storage. This will cover most damages, theft, and loss of private keys. Shakepay continues to increase the policy coverage.
Shakepay provides everything a newcomer needs with the added bonus of earning free Bitcoin when they refer someone. Most importantly is the security measures that they implement for their customer assets. By providing users with the ability to use pincodes, email notifications, face and fingerprint ID to access their funds, Shakepay continues to help users secure their funds while on the app.
No, Shakepay does not have plans to operate outside of Canada.
No, Shakepay does not require a minimum initial deposit or an opening balance.
No fee is required for signing up for a Shakepay account.
Yes, users may receive $10 once their referred person spends their first $100 on Shakepay.
Shakepay does not have trading fees and will cover network fees (network fees are paid to miners who verify all new transactions on a crypto network). Shakepay makes money on a spread. This basically includes a small difference of what customers pay to buy versus sell. If a customer wants to buy Bitcoin at the market price of $10,000 then Shakepay will sell Bitcoin to the customer at the asking price of $10,250. If a customer wants to sell at $10,000 then Shakepay will pay the customer a rate of $9,750 for their Bitcoin. Shakepay effectively charges 1.5-1.75% for each trade with this method.
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