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Shakepay Review May 2023: Is it Safe and Legit?

Shakepay Review May 2023: Is it Safe and Legit?

No, your crypto assets on Shakepay are not insured by CDIC or CIPF. You can move your BTC to a personal cold wallet where you control the private keys. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future. Our team сonstantly checks news & changes in the crypto world for Canadians.

shakepay review

To be able to remove cryptocurrency from your Shakepay account, you will first need to sell any coins or tokens that are currently stored there. Therefore, if Shakepay gave you $1,000 worth of cryptocurrency and you wanted to sell it back to them immediately, they would purchase it back from you for $970. At the moment, it is believed that the spread is between 1 percent and 3 percent. This business model eventually fell apart when the bank that issued the cards on behalf of Shakepay ran into trouble with Visa. Rather than try to rescue that business model, Shakepay management decided to start over with a new service. 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.

The Shakepay Visa* Prepaid Card

The company uses state-of-the-art security measures to protect its customers’ funds. It uses HTTPS for all connections between the app and the server and SMS-based two-factor authentication to ensure that only the account holder can access their funds. Moreover, Shakepay offers a sleek mobile app, allowing users to trade on the go. Overall, Shakepay is a great choice for those who are looking for an easy-to-use exchange.

shakepay review

Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. 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 are able to establish rules with the recurring purchase function, which will then automatically acquire cryptocurrency at certain intervals. One of the things that sets Shakepay apart from other payment processors is the fact that it exclusively buys and sells ether and bitcoin.

About Coinbase

CoinSmart prides itself on catering to beginners while being designed by experts aiming to make cryptocurrency accessible to everyone. Unlike Shakepay, CoinSmart also trades Litecoin, Bitcoin Cash, Cardano, Stellar, and more, and they’re constantly adding new currencies to the platform. Shakepay provides secure withdrawals to Canadian bank accounts and Interac e-Transfer. Withdrawals are also processed quickly, and all user data is stored on secure servers, so you won’t have to worry about not receiving your funds.

Following that, you can contact Shakepay support via the app or the website. Both methods are carried out via support chat, where a representative will be available to resolve your issue. In addition, the company is on Discord, Twitter, Reddit, Facebook, YouTube, and Instagram and you can also email them at [email protected]. If a Canadian organization wants to open a Shakepay business account, they should click the “Sign up as a business” button, enter company information, and upload the organization’s documents. Best of all, Hardbacon users receive a $20 account credit when they choose Square One. Choose which currency you would like to purchase, enter the amount you’d like to buy, and click confirm.

However, if you’re looking for a platform with more currency options and advanced features, Coinbase is the better choice. Coinbase and Shakepay use what is known as “cold storage” for the majority of their digital holdings. This means all the crypto is stored offline, in a secure location, making it much less vulnerable to hacking attempts. Now, let’s see the difference between Coinbase and Shakepay regarding fees. Coinbase charges a flat fee of 1% on all cryptocurrency purchases and sales. Now that we’ve looked at each platform individually let’s compare them side-by-side in terms of fees, funding options, supported currencies, and other features.

While Shakepay is a better choice for those who want to buy and sell Bitcoin and Ether with fiat currency, Newton is better for those who want to trade a variety of altcoins. Shakepay uses industry-standard SSL encryption to protect the data of its users. In addition, all Shakepay accounts are protected by two-factor authentication. So, in terms of security, Coinbase vs. Shakepay compare similarly. You can be sure that your funds will be safe no matter which exchange you choose. Plus, you can get amazing Bitcoin rewards whenever you use the card.

thought on “Shakepay Review (May : Is it Safe and Legit?”

This is one of Shakepay’s pros we appreciate the most, as it makes the platform highly secure. Shakepay also offers a crypto Visa card and a referral program, which is a great way to earn some extra cash. Coinbase has a comprehensive FAQ section on its website that covers all the most common questions and issues. In addition, it also offers 24/7 live chat support for all its customers. If you need immediate assistance, you’ll be glad to know there is round-the-clock phone support for international customers, so you can always reach someone. Both Coinbase and Shakepay offer a variety of funding options.

Once you’ve submitted your identification and your video, you will need to wait up to 7 days for Shakepay to verify your account before you can start trading. That said, I received my complete verification within 24 hours. It seems that many other users have experienced a similar turnaround time.

As we previously mentioned, Shakepay has a crypto Visa card available to Canadian residents. With the Shakepay card, you can spend your Bitcoin and Ethereum anywhere that accepts Visa. At Finty we want to help you make informed financial decisions.

  • 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.
  • Specifically, if you want to trade in Litecoin, Cardano, and Dogecoin.
  • Shakepay is a money service business, and it is expected to follow FINTRAC regulations.
  • Shakepay also offers competitive pricing and low fees, making it a popular choice for Canadians investing in cryptocurrencies.
  • If you join Shakepay through a referral link, you can get free crypto.

As the company does not offer a wallet service, you will have to find one yourself. 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 adheres to privacy laws and holds FINTRAC and Revenu Québec in all provinces and territories in Canada. Oleg is a Canadian shakepay review citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges.

Bitbuy Review 2023: Fees, Pros, Cons & Features, Is It Safe?

Also, you’ll earn an additional 1% on the first $5,000 spent. So, if you live in Canada and you’re looking for a crypto debit card, Shakepay is the better choice. However, if you are more experienced or want exposure to a broad range of cryptocurrencies, Shakepay is not a suitable choice. Shakepay is for Canadian residents who need an electronic wallet for their cryptocurrencies. So if someone calls you claiming to be a Shakepay employee, it’s most likely a scam.

Travel Insurance

The Shakepay system would automatically convert bitcoins into fiat to complete the transaction. 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. It is a gateway for Canadians to explore the world of digital assets. 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. Transactions like withdrawals or deposits for purchase orders and sell orders of cryptocurrency are all free.

What I do like about Shakepay fees is that they don’t charge you to transfer funds in and out of your account. Several other crypto exchanges charge deposit and withdrawal fees. CoinSmart, on the other hand, offers a wider selection of cryptocurrencies for trading, including popular altcoins like Litecoin and Ripple. CoinSmart also offers more advanced trading features, such as limit and stop orders and the ability to trade on margin. Shakepay provides a brokerage service that allows customers to easily buy and sell digital currencies. In this Shakepay review, I will discuss how the platform works, its fees, pros and cons, and, most importantly, its safety and legitimacy.