A Shakepay Review for 2023 Canadian Crypto Exchange

The Manitoba government offers a program, called the Education Property Tax Credit, to help offset some of the taxes residents must pay. Shakepay performs a soft credit check to verify your identity, this will not affect your credit score. All you need is to visit the application page here and enter your phone number to get the link to download the app. You will be required to verify your number and provide your personal information including your email address and username. Upon joining Shakepay, you will be assigned a unique referral link that you can use to invite your friends to the platform. You will earn $5 per referral that sign-up through your link and meet the eligibility.

1. Both the Shakepay mobile app and desktop version have almost all the same features, except for a few notable differences.
2. Now, let’s go over everything you need to know to make the most of its features and benefits.
3. They refused to justify this because they are not obligated with the Terms and Service agreement.
4. The Manitoba government offers a program, called the Education Property Tax Credit, to help offset some of the taxes residents must pay.

However, Shakepay users have several ways of earning free cash and crypto through the app. This includes the $30 sign-up bonus, free Satoshis through the ShakingSats feature and Bitcoin cash back when you make purchases with the Shakepay prepaid Visa card. Purchased bitcoin, no holds preventing transfer to separate wallet.

The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice. RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only.

Stay away from shakepay

While Newton has no minimum balance requirement, Shakepay requires a minimum of $5. In addition, Newton has more coins than Shakepay as it supports 71 different cryptocurrencies. Once you provide the required information and documents, Shakepay will approve your request instantly or within 1-4 business days in the case of manual verification. After 30+ reviews, NDAX is the best crypto exchange in Canada. 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.

Shakepay is a legit and safe cryptocurrency app for Canadians. The crypto broker is registered and regulated as a Money Service Business (MSB) by FINTRAC and AMF. With more than 1 million users in Canada, more than $6 billion in digital currency have been traded on Shakepay since its inception. At the end of the review, you should be able to make an informed decision about whether or not Shakepay the perfect crypto broker for you. This is a blessing for Canadian crypto investors but it also poses a challenge when it comes to choosing the best crypto trading platform among the available options. Here is another crypto platform that has failed me in many ways after dealing with over $400k Cdn.

The platform also uses SSL- encryption and 2-Factor Authentication to protect your account on both the desktop and the mobile app. On the app, you can customize how you lock access, such as with Face ID, biometric unlock or PIN. Plus, Shakepay allows the transfer of your digital currencies into your personal cold storage wallet so you can secure your digital assets yourself. The platform has never been hacked in its 7-year existence.Security audits. Shakepay’s most recent security audit was conducted by third-party company CipherBlade in August 2020. This independent audit confirmed that Shakepay had enough funds in reserve to cover the assets of its customers if they were lost.Regulation.

Can not withdraw to bank?

My husband just had currency stolen from his Shakepay account. The company is hard to talk to and they aren’t helping us at all – we will never use them again. They have not supported the fraud process at all – have not offered to help us recover the funds. We are on our own to deal with it and we don’t even understand how it happened at this stage. E-Transferred 3K to my account after a year + inactivitywas denied access to my funds by shakepay until i had completed a risk assessment.

Our final thoughts on Shakepay

The suit claims that Shakepay attracts users by using terms like „commission-free” but intentionally keeps trading spreads high, resulting in significant hidden fees. Interac e-Transfers can arrive in a few minutes while wire transfers take 1-2 working days. Shakepay and Wealthsimple shakepay review were dealt a lawsuit over accusations of hidden fees on their platforms. Despite these allegations, Shakepay’s fees are generally reasonable. In fact, I conducted a comparison of fees across 20 different platforms and found that many other exchanges have higher fees than Shakepay.

Their policy includes coverage of loss of private keys, theft and damages. Selling your Bitcoin (BTC) or Ethereum (ETH) is just as easy. Click on Buy & Sell, select your BTC wallet, enter the units of BTC you’d like to sell, and then click on Sell Bitcoin. Shakepay will give you a preview of the transaction and disclose the selling price. Both the Shakepay mobile app and desktop platform have a very similar layout, but I prefer to trade on my desktop.

SHAKEY Investment Platform

Etransfer is instant and extra $9 on every $100 deposit a great way to spend your money. If your only crypto goal is to buy bitcoin in Canada or ethereum for that matter, then I highly recommend that you give Shakepay a close look. You can transfer in fiat currency or crypto without paying any fees. Shakepay will make money on the spread, but they cover mining fees, which is a nice touch. If you need access to more digital currencies, I recommend Newton as a suitable alternative. What I do like about Shakepay fees is that they don’t charge you to transfer funds in and out of your account.

Worst Customer Service I met

You can earn free Bitcoin on Shakepay through shaking your phone, cashback, referrals, and giveaways. You can withdraw 30 BTC/day with just an email address. Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. Shakepay has an impressive 4.5-star rating across 12,000 reviews on the Google Play store and an even higher 4.6-star rating across 18,000 ratings on the App Store. While Shakepay is considered safe, it still doesn’t replace a crypto wallet. A hardware wallet like the Blockstream Jade or Keystone Pro are the safest ways to store your crypto.

However, you will earn 1% cash back in Bitcoin on your first $5,000 purchases with the card. The Shakepay Card has no monthly or annual fee and it can be used to make online and in-store purchases. This is currently one of the best crypto credit cards in Canada. The card operates on the Visa network and it’s acceptable anywhere Visa is accepted. Shakepay has some of the lowest collections in Canada as it offers access to only Bitcoin and Ethereum.

Continue reading to learn more about other critical factors. The growing popularity and adoption of cryptocurrencies over the past few years has led to the emergence of several crypto trading platforms in Canada. They closed my account because they deemed I was a security risk. They refused to justify this because they are not obligated with the Terms and Service agreement. Here is the email they sent me.Thanks for your patience.

Promptly completed the risk assessment and now had access to my account which was empty. Shakepay claims someone used my 3k, while under their control and management while i was denied access and they are not responsible. Using Shakepay is as simple as using a mobile app to make electronic payments. To sign up, you download the app to your smartphone and launch it or register via their website.