Shakepay Review June 2023 Get a $30 Welcome Bonus

As indicated in the Platform, the price will be refreshed based on new pricing obtained from a Liquidity Provider every 30 seconds, and the Client will be able to transact against the new price. (e) Clients can transfer Crypto Assets and fiat held through the Platform to other Clients as well as to external blockchain addresses at any time. (b) if the Filer determines it to be necessary, obtaining legal advice as to whether the Crypto Asset is a security and/or derivative under securities legislation of the Jurisdictions. The Filer only offers and only allows Clients to enter into Crypto Contracts to buy, sell and deposit Crypto Assets that are not each themselves a security and/or a derivative. Moving your BTC to a cold wallet just for you is possible, where you take charge of the private keys.

• This is a handy feature as you don’t have to constantly keep an eye on the price fluctuations.
• There are no confusing advanced features such as different order types, advanced charting, or order books.
• Nearly all of the digital money managed by Shakepay is held in cold storage (offline).
• When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider.
• Namely, Avalanche, Binance USD and BNB, which are in the top 20 cryptos by market cap.

There is a price spread of 1% to 3% for every Bitcoin or Ethereum you buy or sell. Overall, Shakepay has a mobile app on the App Store and Google Play. You can download them and get familiar with the service.

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Shakepay has no fees for depositing or withdrawing funds. This makes Shakepay unique to many other exchanges in Canada because most will charge you a withdrawal fee. 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.

Once you’ve added funds to your wallet, you can begin trading. It is straightforward to make a trade on Shakepay, and the interface is very user-friendly. Since the features are more basic, you don’t need to worry about messing up a transaction or struggling to find your way around. Then you choose what currency you’d like to use to make your purchase. You’re only options will be CAD, Bitcoin or Ethereum. Another Shakepay’s downside, it offers 2 cryptocurrencies only.

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As a result, Shakepay is one of the most secure and safe crypto exchanges in Canada. To prevent unwanted access to your account, you can set up two-factor authentication (2FA), FaceID and biometrics. When withdrawing funds from your account, you will need to confirm the transaction via email. 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 notifications to alert you of your account activity.

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. Shakepay supports over 1 cryptocurrencies, but some notable assets are missing. Namely, Avalanche, Binance USD and BNB, which are in the top 20 cryptos by market cap. In total, 2 of the top 20 cryptos are available on Shakepay.

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On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets. It allows for free deposits and withdrawals, including free cryptocurrency withdrawals something that exchanges almost never do, and it also gives you the opportunity to play a game that involves shaking your phone and seeing your assets accumulate. Newton does not charge commission fees but makes money on the spread, much like Shakepay.

If we compare Coinbase vs. Shakepay in terms of trading experience, we would say Coinbase is more suited for experienced traders as it offers an abundance of features and options. In contrast, Shakepay is better suited for beginners as it is a more straightforward platform with fewer features. 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. To have Shakepay and Coinbase compared, we also need to mention security.

Home Insurance

You can withdraw to a bank account or your personal wallet. Shakepay is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA). Personal data is stored using 256-bit AES encryption, as is standard in the industry. Shakepay has implemented an initiator/approver set up to store sensitive data securely. Following that, you can contact Shakepay support via the app or the website.

• All the transactions with these funding methods are free of charge and instant.
• 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.
• His top investment tools include Wealthsimple and Questrade.
• Shakepay is a money service business, and it is expected to follow FINTRAC regulations.
• Ben has a master’s degree in writing, editing and publishing, and a bachelor’s degree in creative writing.
• Many crypto exchanges operate in this way since it’s how they make a profit.

We don’t include all products or offers out there, but we hope what you see will give you some great options. One of Shakepay’s shortcomings is that the company does not provide sufficient clarity on its offline storage or insurance policy. If the consumers knew the specifics of these things, they would have greater confidence in the company. Bitcoin and Ethereum, which are now the two most widely used cryptocurrencies, are both available for trade on Shakepay.

Customer Complaints

Bitbuy is a full-fledged cryptocurrency exchange founded in 2016. Shakepay does not charge any fees when you deposit or withdraw funds. Shakepay is a cryptocurrency brokerage platform that allows Canadians to buy and sell Ethereum and Bitcoin almost instantly. Bitcoin and Ethereum are the only two cryptocurrencies that may be bought, sold, and traded via the Shakepay platform. To begin, their charting may be improved by going into a little more detail. At this point, it wouldn’t be a surprise if they started looking for another cryptocurrency exchange since this one won’t cut it for intermediate to expert cryptocurrency investors who are eager to invest.

If you want to use your cryptocurrency for everyday purchases, you can do so with a crypto debit card. One of Coinbase’s pros is that it supports the use of such a card. It’s available to residents of the United States and allows them to spend their digital assets https://forex-review.net/shakepay-review/ anywhere that accepts Visa cards. And any time they use it to purchase something, they get rewarded. For Interac e-Transfer, the processing time is instant. With wire transfers, it takes one to two business days for the funds to arrive in your account.

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Shakepay is registered with FINTRAC as a transfer service provider and virtual currency dealer. It is registered with AMF in Quebec and licensed to operate in Canada’s provinces and territories, including Ontario. Shakepay does not charge commissions at all, but it has a price spread that can cost you up to 3% on buy or sell transactions. Newton is another popular platform, however there are countless different options so you can use this tool if you are interested in comparing Canadian crypto exchanges. At any given time, there will be a difference between the price customers pay for crypto and the price at which they can sell.