Shakepay Review October 2025

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• The Canada-only approach means Shakepay tailors its services to local regulations, which can be reassuring from a compliance perspective.
• You can then link your bank account or credit card to the app to deposit funds.
• This is an amazing feature because it offers simplicity and an easy-to-use interface.
• ➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada.

Other Shakepay Features

Personal data is also encrypted using 256-bit AES encryption, so it’s unreadable in case of unauthorized access. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Companies on Trustpilot aren’t allowed to offer incentives or pay to hide reviews. No, your crypto assets on Shakepay are not insured by CDIC or CIPF. Shakepay has a popular mobile app on the App Store and Google Play with review ratings of 4.5/5 and 4.6/5, respectively.

• There are many crypto wallets out there, but our article on wallets will help you decide what crypto wallet in Canada you want to use.
• Shakepay is a money service business, and it is expected to follow FINTRAC regulations.
• They also pay the network fees for users who send crypto to their wallets as long as they use the “normal speed” option.

You can use the unique referral link in your account’s settings to invite your friends to Shakepay and get rewarded. The last comparison worth diving into is the Shakepay card, but NDAX has no competing card, so the best alternative to keep in mind is the BlockFi card. Use referral code 8K3RGZD to get $20 when you buy your first $100 of Bitcoin or Ethereum. Remember, there’s no obligation to keep your crypto – you can sell it after receiving your bonus if you prefer. To test their responsiveness, I reached out to the support team via email.

Comparison to Other Popular Exchanges

You can also send crypto to another Shakepay user for free using just their ShakeTag, which is a unique username you must choose when first signing up. You and up to four friends can also form a ShakeSquad and earn rewards on each other’s purchases. While Shakepay’s process is straightforward and transparent, the spreads can add up, especially if you’re making frequent trades. Click the “Add Funds” button and you will find a few ways to add funds to your Shakepay account. Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. Yes, since Shakepay is a licensed Money Service Business, transactions over $10,000 are reported to the CRA.

Staking DeFi

After their review they sent me a risk acknowledgment statement and asked me to read and verify I read it so I did it then they said they would allow the wire transfer to go through. First of all it should be none of their business what I choose to do with my crypto or how I store it or invest it within the limits of the law. I was not doing anything illegal or participating in any type of fraudulent activity. They are not here to protect you from fraud they are here to control you.

My Shakepay Experience: A 5-Star Review

Shakepay allows you to deposit Canadian dollars instantly and for free and buy BTC and ETH at the press of a button. Shakepay currently does not offer staking, lending, or yield-generating products. This means users cannot earn passive income on their held coins nor participate in protocol-based DeFi opportunities. Similarly, no CFDs, NFT marketplace, or derivatives trading is available, so advanced traders seeking exposure beyond spot markets will not find those features here.

Every 24 hours, launch the app and shake your phone (no joke, simply shake it), and free cryptocurrency is instantly credited into your account! Shakepay allows users to withdraw Canadian dollars without any set limit, although larger withdrawals may require additional security checks. For cryptocurrencies, the withdrawal limits can vary, so users should check the latest terms on Shakepay’s website or contact their support for up-to-date information.

Recurring Purchases

Shakepay markets itself as a “no fee” exchange, but it’s technically a broker. Unlike traditional exchanges where users buy and sell directly from each other, Shakepay acts as the middleman—buying and selling crypto at prices it sets. The difference between the buy and sell prices, known as the spread, is how brokers like Shakepay generate revenue. In this review, I will walk you through all there is to know about Shakepay.

Deposits and withdrawals on Shakepay

They do, however, capture spreads as a market maker, which can translate to a meaningful difference in the price bought/sold vs. the current market price. All centralized exchanges, including Shakepay, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds.

Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year’s Best Canadian Exchanges. If you’re new to the world of Bitcoin, Shakepay is an excellent platform for beginners. It offers free e-transfers, free BTC and ETH withdrawals, and a hassle-free way to buy crypto with Canadian Dollars. There are no annual fees, no monthly account fees, and you receive your cash back within 24 to 48 hours, a feature that sets it apart from other crypto reward cards.

These ratings are significantly higher compared to many of its competitors, which speaks volumes about its user satisfaction. Simply sign up with Shakepay (you can use this link to get $10), verify your account, and apply for the card directly in the app. Once your account is confirmed, you can top up the card and start earning 2% Bitcoin cashback on all your purchases.

The Shakepay Card is now available to Shakepay clients, and you can easily apply for it through your account dashboard on the app. Depending on the offer available at the time, you both get $5, $10 or $30 after they verify and make a purchase of $100 or more. Shakepay has a referral program that rewards you whenever someone joins your referral link.

Whether you’re wondering „what is Shakepay“ or „is Shakepay safe“, this guide covers everything you need to know. Another limitation is that Shakepay only supports two cryptocurrencies. As your crypto journey progresses, you’ll likely want access to more coins.

NDAX also supports considerably more crypto assets and even supports crypto staking. Shakepay Between shakepay accounts, wire transfer and interac e-transfer deposits are free for folks in Canada. For added security, Shakepay offers two-factor authentication (2FA), FaceID, and biometric options to protect your account. When withdrawing funds, you’ll need to confirm the transaction via email. I recommend setting up 2FA for your email as well to prevent unauthorized withdrawals.

Stay away from this App if you want any kind of just treatment to conduct business, invest crypto or transfer coins between wallets. On the other hand, NDAX offers a wider range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, and they have more advanced trading features. NDAX offers lower fees for high-volume traders and provides advanced trading tools such as margin trading and stop-loss orders.

Make sure you have enough money in your account for the purchase before enabling the feature, there’s no need to worry about overdraft fees, though. Shakepay is a Canada-based mobile app and platform that lets Canadians buy and sell Ethereum and Bitcoin with the speed of light. In this comprehensive Shakepay review, we will discuss how Shakepay works, its fees, pros and cons, and, most importantly, its safety and legitimacy. You will earn up to 2% in bitcoin cashback on your first $5,000, but you can only receive rewards in bitcoin. It’s also unclear what rewards (if any) are offered after that $5,000 limit is hit. Much like the crypto exchange, however, to qualify for the Shakepay card, you’ll have to be a Canadian resident, have a fully verified account, and only be a tax resident of Canada.