Shakepay

Written By
Deniz Saat
Reviewed By
Jonathan Hamel

Shakepay provides an easy and secure Canadian crypto exchange for newcomers. Learn about all of the features in this exchange review.

Overview

  • No direct fees for funding or withdrawing from accounts. Shakepay effectively charges 1.5-1.75% for each trade.
  • Easy to use interface.
  • Transparent auditing process.
Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Shakepay
 Safe? 
ProsConsFAQ

Who are they?

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.

Features

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:

  • Instant account verification: Shakepay will require: user’s full name, email, password, username, and home address. If Shakepay is unable to verify a user’s identity, a selfie and two original documents are required. A utility bill along with an e-statement from a bank, credit card, mortgage, or loan account will also need to be sent to the exchange.
  • Buy, sell, request, and send: Shakepay allows users to send funds directly to their friends or anyone with the Shakepay app if they do not wish to use the Bitcoin network. Phone numbers may also be searched in the app to send funds to the associated account.
  • Secure Shakepay account with pin code: For an added layer of security, users may set up a pin code with their Shakepay account.
  • Email notifications: If a user wishes to send outgoing funds from their Shakeypay account, they must verify the transaction by clicking a confirmation link sent to their Shakepay email.
  • Price alerts: Users may set up price alerts with Bitcoin and Ethereum to notify when the assets reach a certain price.
  • Face ID and fingerprint ID: Users may now add another layer of security to their accounts by setting up face and fingerprint scanning to access their funds.
  • Limit orders: Limit orders allow a user to purchase Bitcoin or Ethereum at prices that the user sets. Please be aware that limit orders may not be executed depending on how high or low they set their asking price.
  • 2FA with an authenticator app: Users will be able to use two-factor authentication with an authentication app for signing in. Authenticator apps have the lowest probability of being compromised and will be an ideal option for most users when signing into their Shakepay account. 
  • Native SegWit compatibility: Native SegWit refers to Bitcoin addresses that start with “bc1”. Segregated Witness allows for more efficient block size management. This will essentially lower the fees for withdrawals by 20-30% for users who wish to use a Native SegWit address on their own external wallets.
  • Insurance: Shakepay 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.
  • Independent Security Audits: Shakepay has hired an independent security firm to review and audit all current security measures that Shakepay has implemented. The public has access to this audit report.
  • Referral Program: Users may receive $10 once their referred person spends their first $100 on shakepay.
  • Shaking Sats: This feature allows a user to earn bitcoin everyday after they sign up with a referral link or refer someone. Once a day, the app will allow you to shake your phone and earn portions of bitcoin. If you miss a day, the streak will restart and you will earn less satoshis (portions of bitcoin). A user can earn the maximum of 6,500 satoshis per day.
  • Mobile app: The Shakepay mobile app makes it simple and straightforward when signing up. Funding an account and trading from any iOS or Android device is possible within minutes. 
  • Customer Support: Shakepay provides their users with a dedicated support team that can be emailed or messaged via chatbot.

Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH)

Fiat Currencies

  • Canadian Dollar (CAD)

Payment Methods

  • Interac E-transfer
  • Wire transfer
  • Bitcoin and Ethereum may also be sent and withdrawn with no fees

Supported Countries

  • Canada

Fees and Buying Limits

  • No direct fees: No fees are charged to customers for buy orders, sell orders, deposits, or withdrawals. Shakepay earns money on a 1.5-1.75% spread between the buy and sell orders.

Customer Reviews

“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.”
https://www.crypto.ca/r/shakepay-review/

“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.” 

https://coiniq.com/shakepay-review/

“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.” 

https://forex-reviews.org/shakepay/


Is 

Shakepay

 safe? 

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.

Pros of 

Shakepay

  • Easy to use.
  • Fast sign up process.
  • Third-party audit report that can be viewed publicly.
  • Shaking sats feature for free Bitcoin.

Cons of 

Shakepay

  • Only available for Canadian residents.
  • For users who want multiple cryptocurrencies, Shakepay may not be the best option for them.

FAQ

Is Shakepay a good crypto exchange?

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.

Will Shakepay be available in other countries outside of Canada?

No, Shakepay does not have plans to operate outside of Canada.

Does Shakepay have a minimum amount for opening an account?

No, Shakepay does not require a minimum initial deposit or an opening balance.

Do I have to pay a fee to sign up for a Shakepay account?

No fee is required for signing up for a Shakepay account.

Does Shakepay have a referral program?

Yes, users may receive $10 once their referred person spends their first $100 on Shakepay.

Does Shakepay have trading fees?

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.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY
Jonathan Hamel
CEO and Founder of Académie Bitcoin

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