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Shakepay Exchange Review

Shakepay is a Canadian crypto exchange focused on fast access to bitcoin and ethereum with simple pricing and strong compliance under Canadian regulations. This detailed Shakepay exchange review covers everything Canadian residents should know before opening a Shakepay account, including shakepay fees, deposit and withdrawal options like Interac e‑Transfer and wire transfer, the Shakepay Visa Card for everyday purchases, security features like cold storage and approved addresses, and how this provider regulated as a money services business compares to other Canadian exchanges and global crypto platforms. If you want to buy bitcoin, sell bitcoin and ethereum, move digital assets off the platform with free crypto withdrawals, and keep costs low without a complex trading interface, this guide will help you decide whether Shakepay is the right Canadian crypto exchange for you.

Unlike most crypto platforms that emphasize advanced trading tools, order books, and even futures trading, Shakepay prioritizes convenience and speed. You can fund in Canadian dollars through Interac e‑Transfer, set up direct deposit with your payroll provider, convert CAD to crypto, and withdraw to your bank account in minutes. The tradeoff is that advanced traders and active traders looking for advanced trading features such as limit orders, detailed charting, and derivatives will not find them here. Shakepay is designed to keep crypto simple for Canadian users while maintaining transparent fee structure and offering a prepaid visa card that rewards everyday transactions with bitcoin.

What Is Shakepay

Founded in Canada and headquartered in Montreal, Shakepay is a regulated money services business that allows Canadian crypto users to buy bitcoin and ethereum quickly and securely. The platform serves Canadian residents only, supports Canadian dollars, and integrates deeply with domestic payments rails including Interac e‑Transfer and wire transfers. Its value proposition is streamlined crypto trading without traditional trading fees, fast transfers and bank deposits, and the freedom to withdraw crypto assets to your own wallet at any time.

As a custodial crypto exchange, Shakepay holds customer crypto assets on your behalf, though you can always withdraw to a wallet where you control your private keys. The company emphasizes safe custody, clear disclosures, and compliance with Canadian regulations rather than running an order book like a traditional bitcoin exchange. Many beginner users appreciate this approach because it removes complexity from the buy and sell process while still offering useful tools like recurring purchases, price alerts, and a referral program with a referral link or referral code that can earn free bitcoin under promotional terms.

Key Features

Simple buying and selling for bitcoin and ethereum in Canadian dollars with fast settlement
Interac e‑Transfer funding for near‑instant CAD deposits and withdrawals to your bank account
Wire transfer support for higher limits and business needs, plus bank transfers and bank deposits
Free crypto withdrawals policy historically offered on bitcoin and ethereum with network fee coverage in many cases, subject to change during high congestion and withdrawal network fees conditions
Shakepay Visa Card prepaid visa card for everyday purchases that can earn bitcoin back
Referral program with a referral link to invite friends and potentially earn free bitcoin
Cold storage for most assets, insurance policy at the custodian level, and security features like two‑factor authentication and approved addresses
Direct deposit capabilities with a payroll provider and the option to auto‑convert some of your paycheck to crypto
iOS and Android app plus web access with clean interface designed for beginner users
Language support for English and French to serve Canadian users nationwide

Supported Assets

Shakepay focuses on the most liquid and widely adopted digital currency pairs used by Canadian exchanges, specifically bitcoin and ethereum. This narrow asset listing helps keep operations focused and liquidity strong, and aligns with the needs of Canadian crypto users who primarily want to buy bitcoin or sell bitcoin and ethereum to Canadian dollars. If you require a larger selection of altcoins or complex crypto trading pairs, you might consider a different exchange with broader coverage, but for core blue‑chip crypto assets, Shakepay is well suited.

Shakepay Fees and Pricing

Shakepay does not charge a traditional trading fee. Instead, the platform uses a spread model. The price you see when you buy bitcoin or sell crypto already includes Shakepay charges embedded in the bid ask spread. This design helps keep the fee structure simple and predictable, especially for beginner users who want to avoid surprise trading fee calculations.

Understanding the Bid Ask Spread

On Shakepay, the buy price will be slightly higher than the mid‑market rate and the sell price slightly lower, which is the bid ask spread. That spread represents the main source of revenue rather than a fixed fees model per trade. Because spreads can vary with market conditions, times of high volatility or thin liquidity may see wider spreads than calm periods. Advanced traders who want granular control over limit orders and execution prices may prefer an order‑book based crypto exchange, while most Canadian residents prioritizing simplicity often accept the spread in exchange for quick execution.

Deposit and Withdrawal Fees

Interac e‑Transfer deposits and withdrawals are typically free on Shakepay’s side, though your bank may charge its own fees
Wire transfer deposits and bank transfers can be supported for larger amounts, with potential fees from your bank or intermediary
Crypto withdrawals have historically been free crypto withdrawals at Shakepay, with the platform covering the network fee for bitcoin and ethereum. During high congestion, policies can change and withdrawal network fees or a dynamic network fee may apply. Always check current in‑app disclosures for up‑to‑date withdrawal fees

Shakepay’s overall approach is to avoid nickel‑and‑diming customers with add‑on fees and instead recover costs through the spread. For many Canadian crypto users, this is a fair trade that compares favorably to a crypto exchange that charges both a trading fee and withdrawal fees, though you should still compare against another provider to see total cost at your trade sizes.

Funding Your Account and Withdrawing Funds

Interac e‑Transfer and Interac e

Interac e‑Transfer is the fastest way for most Canadians to fund a Shakepay account. You can send an e transfer from your bank account to your unique Shakepay Interac e address for near‑instant crediting in Canadian dollars. Interac e is widely supported by Canadian banks and credit unions, making it ideal for everyday transactions. Withdrawing funds back to your bank through Interac e‑Transfer is similarly straightforward and quick.

Wire Transfer and Bank Transfers

For higher limits or business accounts, wire transfer and bank transfers are available. Wire transfer is especially useful for larger Canadian dollars deposits where Interac limits can be restrictive. Be mindful of potential fixed fees or incoming wire charges from your bank, as those are not shakepay fees but banking fees.

Direct Deposit and Payroll

Shakepay supports direct deposit. You can provide your payroll provider with your Shakepay account details to have part or all of your paycheck land in your Shakepay account. From there, you can opt to auto‑convert to crypto assets like bitcoin and ethereum, or keep Canadian dollars ready for future buys. This feature is handy for storing funds in CAD or building a dollar‑cost‑averaging plan.

Crypto Withdrawals and Approved Addresses

Crypto withdrawals are straightforward and designed to encourage self‑custody for users who want to store crypto with their own private keys. You can add approved addresses (also called address whitelisting) so that withdrawals can only go to designated wallets you control, enhancing security. While Shakepay has promoted free crypto withdrawals, note that network fee policies can change and periods of high chain congestion may involve withdrawal network fees. Shakepay is transparent in‑app about any applicable fees before you confirm a transfer.

Trading Experience

Shakepay offers a streamlined buy and sell flow that removes complexity. The app shows a quote in Canadian dollars, you enter the amount, and you confirm the trade. There is no need to understand order books, maker and taker fee tiers, or complex charting indicators. Price alerts and recurring purchases add a bit of automation without requiring advanced trading tools.

What Advanced Traders Should Know

No limit orders or stop orders. All trades occur at the quoted price with spread included
No advanced trading features such as margin or futures trading. If you require derivatives, you must use a different exchange that operates under appropriate Canadian regulations
No deep charting suite, algorithmic tools, or API for high‑frequency active traders. Some API capabilities may exist but are not the focus of the platform

Advanced traders who demand granular control, low spreads, and advanced trading features may consider specialized bitcoin exchange platforms that cater to order book liquidity and professional tools. But many Canadian crypto users prefer Shakepay because it reduces friction and focuses on core actions like buy bitcoin, sell crypto, and withdraw safely.

Security Features and Custody

Shakepay’s security model layers multiple controls to protect customer accounts and digital assets. The company’s approach on custody centers on cold storage for the majority of funds and industry‑standard operational practices.

Custody and Cold Storage

Most crypto assets are held in cold storage with reputable third‑party custodians
Custodians typically carry an insurance policy that may cover certain risks such as theft from the custodian’s systems. This is not the same as deposit insurance and does not cover all scenarios
On‑chain operations for crypto withdrawals utilize secure signing procedures and separation of duties

Account Security

Two‑factor authentication to protect logins and withdrawals
Approved addresses for withdrawal whitelisting, reducing the risk of unauthorized destination changes
Device management and session monitoring so you can see what devices are logged in and revoke access
Anti‑phishing tips and email confirmations for high‑risk actions

Because Shakepay is a custodial platform, the company holds your crypto’s private keys until you withdraw. Many security‑conscious customers choose to store crypto in their own hardware wallet to control private keys. Shakepay supports this choice by enabling quick crypto withdrawals. Ultimately, whether you store crypto on the platform for convenience or move to self‑custody for maximum control depends on your risk tolerance and preferences.

Regulation and Compliance in Canada

Shakepay operates as a regulated money services business in Canada. As a provider regulated under federal anti‑money laundering and counter‑terrorist financing laws, Shakepay must follow strict KYC and compliance rules, report suspicious transactions, and maintain a comprehensive compliance program. This is why you will be asked to verify your identity when opening a Shakepay account and before accessing certain limits for transfers and bank deposits.

Canadian regulations around crypto trading continue to evolve. While some Canadian exchanges have registered as restricted dealers or earned exemptions to offer specific services, Shakepay’s offering is intentionally limited to spot purchases and sales of bitcoin and ethereum for Canadian dollars. By avoiding leveraged products like margin or futures trading, and by not operating a public order book, Shakepay keeps the regulatory scope focused on money services business obligations and consumer protection for Canadian users.

Shakepay serves Canadian residents only. The platform is not available in the USA or other jurisdictions. If you are traveling or residing outside Canada, access may be restricted in line with compliance requirements and local regulations.

Shakepay Visa Card and Everyday Purchases

The Shakepay Card is a prepaid visa designed to bring digital currency into everyday purchases. You can top up the Shakepay card from your CAD balance and spend anywhere Visa is accepted. Many promotions have offered bitcoin rewards on eligible purchases, effectively turning routine spending into a way to earn free bitcoin cashback credited to your Shakepay account.

How the Prepaid Visa Card Works

Fund your prepaid visa card from your CAD balance via the Shakepay app
Use it for everyday transactions in‑store or online
Track spending and rewards within the app
Some promotions allow automatic bitcoin rewards on eligible purchases, turning your spend into incremental crypto holdings

Because this is a prepaid visa card, you cannot spend more than your loaded balance, which can help with budgeting. Rewards programs and rates are subject to change. The Shakepay card is an optional add‑on that makes it easy to integrate a crypto lifestyle into daily spending without having to sell crypto manually every time you transact.

Who Is Shakepay Best For

Beginner users who want a clean interface to buy bitcoin and ethereum without advanced trading tools
Canadian residents who value fast funding and withdrawals via Interac e‑Transfer
Users who want to store crypto with their own private keys and appreciate easy crypto withdrawals and approved addresses
Canadians looking for a prepaid visa card that converts CAD and earns bitcoin rewards on everyday purchases
Long‑term holders who prefer recurring buys and simple fee structure based on spread rather than explicit trading fee tiers

Active traders and advanced traders who expect limit orders, futures trading, and narrow spreads on a deep order book may prefer a different exchange that focuses on professional execution and advanced trading features. Many such crypto platforms also have complex fee tiers and possible additional fees, so compare carefully.

Pros and Cons

Pros

Simple onboarding, fast Interac e‑Transfer funding, and quick withdrawals to your bank account
No explicit trading fee on each transaction, with pricing reflected in bid ask spread
Historically free crypto withdrawals and support for self‑custody with approved addresses
Shakepay Visa Card for everyday transactions with potential bitcoin rewards
Clear focus on bitcoin and ethereum, avoiding low‑liquidity altcoins
Compliance under Canadian regulations as a regulated money services business
Android app and iOS app with language support for English and French

Cons

No limit orders, margin, or futures trading, and no advanced trading tools for technical analysis
Spreads can widen during volatility compared to maker/taker fees on an order‑book exchange
Limited asset selection beyond bitcoin and ethereum
Availability limited to Canadian users, not accessible to the USA
Rewards and free crypto withdrawals policies can change, and network fee dynamics can affect timing and costs

How to Open a Shakepay Account

Download the Shakepay app for iOS or the Android app or visit the website
Sign up with your email and create a secure password
Complete identity verification as required by Canadian regulations, including government‑issued ID and a selfie
Set up two‑factor authentication and review security features such as device management and approved addresses
Optionally enter a referral code if you have a friend’s referral link to qualify for promotional free bitcoin
Connect your bank account for Interac e‑Transfer and manage bank accounts for wire transfers or direct deposit
Fund with Interac e or wire transfer, then buy bitcoin or ethereum
Set up recurring buys or price alerts if desired
Withdraw crypto to your hardware wallet to store crypto with your own private keys, or withdraw CAD to your bank when you sell crypto

Customer Support, App Experience, and Language Support

The Shakepay app is purposely minimal, making it easy to navigate for first‑time buyers. The interface guides you toward core functions like buy, sell, deposit, and withdraw. The Android app and iOS app both receive frequent updates to maintain performance and security. Language support includes English and French, which is essential for Canadian exchanges serving all provinces and territories.

Customer support is available via in‑app chat and email, supported by a knowledge base that answers common questions about funding limits, withdrawal fees, and crypto withdrawals. Response times vary by volume, but documentation is generally clear and focuses on helping Canadian residents understand bank transfers, interac e, and security best practices.

Alternatives and Comparisons

When comparing Shakepay to other crypto platforms and bitcoin exchanges, consider your priorities. If you want a broader asset selection, advanced trading features, and limit orders, a different exchange may be more appropriate. If you want regulated operations in Canada, fast Interac e‑Transfer, and an easy path to sell bitcoin and withdraw CAD to your bank account, Shakepay excels.

Versus Coinbase. Coinbase offers a larger number of digital assets and advanced trading tools on Coinbase Advanced. However, fees on certain Coinbase services can be higher than Shakepay’s spread, particularly for small buys. For Canadian users prioritizing low friction, Shakepay’s simplified fee structure is attractive, but always compare all‑in costs
Versus Kraken. Kraken provides deep liquidity, many pairs, and professional features. It’s often preferred by advanced traders. If you need futures trading or margin, Kraken is more suitable than Shakepay
Versus Canadian‑only platforms. Other Canadian exchanges can also offer Interac e‑Transfer and competitive spreads. Evaluate security features like cold storage, proof‑of‑reserves disclosures, insurance policy details, and any additional fees such as withdrawal fees or fixed fees

Ultimately, the best crypto exchange depends on whether you value simplicity and speed or the breadth of markets and advanced trading tools. For many Canadian crypto users who buy bitcoin, sell crypto occasionally, and use a prepaid visa card for everyday purchases, Shakepay is a practical choice.

Security, Transparency, and Proof‑of‑Reserves

Security is not only about cold storage; it is also about transparency and operational discipline. Shakepay has emphasized transparency through public communications about custody, regular audits by independent parties or a security firm for penetration testing, and periodic proof‑of‑reserves style attestations that help customers verify that liabilities are matched by on‑chain assets held in cold storage. While no exchange can eliminate all risk, transparent disclosures combined with strong security features and clear compliance posture help Canadian crypto users assess whether Shakepay is safe for their needs.

Taxes and Reporting Considerations

Buying and selling digital assets may trigger taxable events in Canada. Shakepay provides account histories and export options to help you or your accountant track cost basis, capital gains, and income from promotions such as free bitcoin rewards. Keep records for all transfers and bank deposits, including Interac e‑Transfer confirmations and wire transfer receipts. If you move funds to self‑custody, document your crypto withdrawals with transaction IDs. While Shakepay streamlines crypto trading, tax compliance remains your responsibility.

Tips for Reducing Costs and Improving Execution

Compare the spread at different times of day, as bid ask spread can widen during high volatility
Use Interac e‑Transfer for faster funding and to avoid potential bank fixed fees on wires
Plan crypto withdrawals during normal network conditions to reduce the impact of any network fee
Enable approved addresses and two‑factor authentication to prevent mistakes and improve security
Leverage recurring buys to smooth entry prices instead of trying to time the market

Is Shakepay Legit and Safe

Shakepay is legitimate for Canadian residents. It is a provider regulated as a money services business under Canadian regulations, uses established custodians for cold storage, and employs best‑practice security features. While any crypto exchange involves risk, Shakepay’s narrow asset list, focus on bitcoin and ethereum, and strong funding and withdrawal integration with Canadian banks position it as a safe option for many Canadian crypto users who value simplicity and compliance. Always follow best practices, including enabling security features, verifying addresses, and considering self‑custody for long‑term storage of large holdings.

Final Thoughts Before You Choose

Shakepay’s combination of straightforward pricing via spread, fast Interac e‑Transfer, support for wire transfer and direct deposit, and the Shakepay card for everyday transactions makes it a compelling Canadian crypto exchange for newcomers and intermediate users. It lacks advanced trading features and does not offer futures trading or limit orders, which will steer advanced traders to a different exchange. For Canadians who prioritize getting started quickly, storing funds securely, and withdrawing funds efficiently, Shakepay’s offering is well aligned to practical needs in the crypto industry.

FAQ

Can Shakepay be trusted?

Yes, for Canadian residents Shakepay is a trusted option. The company operates as a regulated money services business in Canada and follows strict KYC and AML requirements. It uses cold storage with reputable custodians and maintains an insurance policy at the custodian level. Security features include two‑factor authentication, approved addresses for withdrawal whitelisting, session controls, and transparent disclosures about custody and fees. While no crypto platform is risk‑free, Shakepay’s compliance posture, narrow asset focus on bitcoin and ethereum, and emphasis on security make it a credible choice for Canadian crypto users. If you prefer full control of private keys, you can withdraw to self‑custody at any time.

What are the risks of using Shakepay?

Key risks include market volatility, custodial risk, and operational risk. Because Shakepay is custodial, the platform holds your crypto assets’ private keys until you withdraw to your own wallet. Although most funds are in cold storage and protected by an insurance policy at the custodian, insurance is limited and not the same as bank deposit insurance. Network congestion can affect crypto withdrawals and could introduce withdrawal network fees or delays on chain. There is also execution risk through the bid ask spread if the market moves quickly during your trade. Reduce risk by enabling all security features, using approved addresses, withdrawing larger long‑term holdings to a hardware wallet, and monitoring in‑app disclosures about fee structure and network conditions.

Does the USA use Shakepay?

No. Shakepay is designed for Canadian users only and supports Canadian dollars. The platform is not available to the USA. If you are located in the United States, you will need to use a US‑compliant crypto exchange that serves your state or territory under applicable regulations.

Is Shakepay cheaper than Coinbase?

It depends on trade size, timing, and the specific Coinbase product used. Shakepay does not charge an explicit trading fee but includes its costs in the bid ask spread. Coinbase’s pricing varies by product and region, with some services carrying higher fees while Coinbase Advanced can have competitive maker/taker fees. For small purchases, Shakepay’s spread can be simpler and sometimes cheaper. For larger trades, especially for advanced traders using limit orders on an order book, Coinbase Advanced or other exchanges might offer lower effective costs. Always compare the all‑in price at the moment you execute, including spread, any trading fee, and potential withdrawal fees or network fee before deciding where to trade.