This feature is accessible via the Shakepay app, which can be downloaded from the App Store or Google Play. Shakepay’s platform includes a built-in charting feature that allows investors to track the price and performance of cryptocurrencies. Furthermore, the chart can be customized to show different timeframes and data points, allowing users to stay updated on market changes. The app also allows you to track the real-time prices of the currencies. Users can store crypto on Shakepay or transfer it to a private wallet of their own. Shakepay offers trading in the world’s two biggest cryptocurrencies, Bitcoin and Ethereum.
Shakepay’s fees are pretty good in comparison to other exchanges. It is “commission-free” and offers free Canadian dollar deposits and withdrawals and free crypto withdrawals. Mining fees are covered by Shakepay, which is a rare benefit that most exchanges don’t provide. The Shakepay platform offers a simple, intuitive user interface that targets novice cryptocurrency investors. As a result, the platform doesn’t support the sophisticated trading tools many professional traders have come to expect.
Is Shakepay safe?
In this Shakepay review, I will discuss how the platform works, its fees, pros and cons, and, most importantly, its safety and legitimacy. Let’s dive in and explore all that Shakepay has to offer. If you’re new to the world of crypto, Shakepay may be a great place to start investing.
- There are no commission fees when you trade from your mobile phone or desktop.
- This includes Canadian dollars, which are held in Canadian bank accounts, and crypto, which is held in offline cold storage, separate from Shakepay’s own funds.
- Shakepay is a Montreal-based crypto exchange for Canadians.
- There are two ways to fund your account with Canadian dollars, and you can also transfer crypto from your bitcoin wallet into your Shakepay account.
Shakepay is a cryptocurrency exchange focused on servicing the Canadian market. Unlike other exchanges, Shakepay is focussed on two cryptocurrencies – Bitcoin and Ethereum – which you can buy, sell, and store. In addimarkets60n to their website, Shakepay is also available as an app for iOS and Android. As I menmarkets60ned at the beginning of the review, one workaround here is to purchase Bitcoin or Ethereum via Shakepay and transfer to another exchange.
Essentially, Shakepay earns revenue by capturing the difference between buying and selling cryptocurrency. Shakepay provides commission-free trading on its platform. Every day if you open the app and physically shake your phone, you will receive free Satoshis. I haven’t seen any other crypto exchange with a feature like this, and it’s a creative play on the name Shakepay. If you are unfamiliar with Satoshis, they are the smallest unit of Bitcoin, with 100 million Satoshis making up a single Bitcoin. Something to keep in mind is that you can only use this feature if you join Shakepay using a referral link or you refer someone else.
That said, you can easily send your digital currencies to wallets on other exchanges like Coinbase or Binance and use it to purchase the altcoins of your choice. For example, if you buy $100 CAD worth of Bitcoin, it may only show up as $95 CAD worth after the transacmarkets60n. That is because the price you purchased at is higher than the price you can sell at. Shakepay will show you approximately how much your crypto is worth in CAD based on an average of the current buy and sell prices. Many crypto exchanges operate in this way since it’s how they make a profit.
If you are looking to buy, shakepay review or store these two cryptocurrencies, Shakepay is worth considering. Customers need to verify their withdrawals by clicking on a link sent to their email address. Shakepay’s app has a lock opmarkets60n for privacy and security. The safety of your money and digital currencies is one of the most important consideramarkets60ns when choosing an exchange. It’s an extremely safe cryptocurrency exchange, and they are very transparent about their safety measures. Once you’ve added funds to your wallet, you can begin trading.
With a tradimarkets60nal crypto exchange, users buy and sell from each other and the exchange facilitates that. A broker buys from its users and sells to its users at prices they set themselves. Usually, there is a difference in the buy and sell price and this difference is pocketed by brokers such as Shakepay. Shakepay was launched in 2015 in Montreal and has served more than 600,000 Canadians. It states on its home page that you can own your first Bitcoin in just 10 minutes, which is pretty quick if true.
How do I withdraw crypto from Shakepay?
Users can buy and sell digital cryptocurrencies like Bitcoin and Ethereum on Shakepay. The platform’s goal is to usher in the “Bitcoin Golden Age” by making it easier to buy and sell bitcoin. Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Once you verify your email, you will need to enter a Canadian phone number, which Shakepay will use for authenticamarkets60n purposes. They do not accept Voice over Internet Protocol phone numbers. Shakepay will then send you an authenticamarkets60n code, and once you enter it, you can continue creating your account. Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage. To prevent unwanted access to your account, you can set up two-factor authenticamarkets60n , FaceID and biometrics. When withdrawing funds from your account, you will need to confirm the transacmarkets60n via email.
Jordon is a blockchain and cryptocurrency content writer and founder of Curated Cube. He works with startups and established tech firms to create content that resonates with diverse audiences. Whether users are withdrawing or deposing CAD funds via e-transfer, the process is complete within a few minutes. Shakepay integrates several layers of security that protect specific data storage locamarkets60ns on the platform.
Another thing to note is that if you signup via a referral link from a friend, you will get $30 for free once you buy $100 worth of crypto. That means $30 for you and $30 for the person who referred you. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for informamarkets60n purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider.
Shakepay is one such platform that facilitates the purchase and sale of cryptocurrency. Shakepay operates as a no-commission platform that benefits traders. Rather than charging fees on every transacmarkets60n, Shakepay uses a broker-style model similar to platforms like Coinberry. Shakepay acts as a market maker or intermediary by purchasing and selling digital assets directly to customers. This streamlined user experience caters to newbie crypto investors looking for an efficient onramp to the digital asset class. Shakepay users can also buy and sell ethereum and access a mobile peer-to-peer payment system released in October 2020.
What crypto assets are supported
Shakepay makes money on the spread, which is built into the price when you buy or sell. Shakepay is a secure cryptocurrency broker, and it is commission-free, fast, and safe to use. But in the real sense, Shakepay is not a cryptocurrency exchange. It only acts as a broker between itself and its users, facilitating the buying and selling of digital currencies.
Offering simple features such as deposits, withdrawals, wallets, and basic charting, you can buy or sell crypto in Canada with just a few clicks. There are no confusing advanced features such as different order types, advanced charting, or order books. Unlike some other cryptocurrency exchanges, Shakepay Exchange users are limited to trading Bitcoin and Ethereum . If you’re looking to trade a range of crypto, including some of the alternative coins, you may want to look elsewhere.
It’s easy to use and makes buying coins easy thanks to e-Transfers or wire transfers. But if you’re looking for more than just Bitcoin or Ethereum, you may want to look at one of the many other exchanges out there. Shakepay is a type of cryptocurrency exchange platform where Canadians can sell and buy both Bitcoin and Ethereum. It’s one of the easier platforms to use, making it ideal for beginner crypto investors. That said, the limited crypto coins on Shakepay might not make this the best platform for more advanced crypto buyers and sellers. A small amount is kept in hot wallets to provide liquidity for daily transacmarkets60ns.
It’s a good idea, in this case, to also set up 2FA for your email account to ensure no unauthorized funds are withdrawn. Shakepay will send you notificamarkets60ns to alert you of your account activity. But they didn’t understand my quesmarkets60n ended up flagging my account and closing it without a reason. This is why Canadian company’s never work, their customer service is unhelpful. Tom Drake is the owner and head writer of the award-winning MapleMoney.
Simply select the currency for which you want to place a limit order and enter the highest price at which you would buy or the lowest price at which you would sell. 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendamarkets60n and are subject to our general disclaimer. Calculamarkets60ns in comparison tables will vary based on personal data input.
Use our sign-up link to get free $10 when you https://forex-reviews.org/ more than $100 CAD in volume. They also appear to be registered with FINTRAC, Canada’s money laundering and terrorist activities watchdog. Here are some other ways Shakepay keeps your informamarkets60n and your crypto safe. Shakepay makes money on the buy and sell price, by charging a slight premium to the buyer and seller. You can find the buy and sell prices on the Buy and Sell page of the Shakepay app.