Shakepay is a Canadian platform that allows buying and selling Bitcoin and Ethereum using a smartphone or computer. While customers using the Shakepay app cannot keep their Cryptocurrency private keys, the business makes it simple for clients to transfer their cash to their best crypto wallets.
The exchange website was launched in 2015, and over the years, it has had more than 600,000 Canadians using it for exchanging cryptocurrencies. Shakepay exchange, in other words, is a CDN or Inverse, allowing users to convert Canadian dollars into a digital asset. After registering the account, users can add to the market using bank wire, trade, or e-transfer. One unique thing about Shakepay is if the user prefers this exchange platform to a friend, you can shake your phone (yep, simply wave it back and forth) to have greater and greater sums of Satoshis put into your account after purchasing $100 worth of Bitcoin on Shakepay. Even if you only do it once a day, it adds up!. Moreover, there are no transaction fees for withdrawal or deposit.
Shakepay is easy to trade cryptocurrencies, with only a few parts in the app. The primary goal is to make trading as simple as possible to buy and sell cryptos.
Some of the features of Shakepay are:-
Website and Mobile App
Using any of the methods, users can view their complete trading transaction history. This feature is great because of its simplicity.
Instant Buy/Sell
Shakepay offers the quickest way to buy or sell Cryptocurrency at today’s values. The user needs to register and start trading.
Limit Orders
Create a purchase or sell order at a specific price. It was very recently introduced in December of 2020.
Price Alerts
If the user wants to be notified when Bitcoin or Ethereum hits a specific price, setting up notifications is the best way.
Recurring Buys
Create a rule to buy Bitcoin or Ethereum daily, weekly, or monthly. However, users should have CAD money in the bank account before making transactions. It was very recently introduced in February of 2021.
ShakingSats Rewards
Users may receive free Bitcoin every day if they join Shakepay through a referral link. By opening the app every 24 hours and shaking the phone, the user will get free Satoshis automatically credited to the wallet.
Refer a Friend Bonus
The user may also refer to friends, and if they spend $100, the user will get $10. Users can use the unique referral link that may be found in their account’s settings.
Once the user has a Bitcoin wallet set up, buying and selling or completing transactions on the platform becomes easy. Buy and Sell Cryptocurrencies using the following ways:-
To Buy Crypto
To Sell Crypto
Shakepay earns profits on the spread orders of crypto buy and sell placed on the platform as per many exchanges do. As a result, the effective charge rate for each trade is 1.75 percent, often known as a spread fee. Banks may also charge users who want to make deposits or withdrawals via wire transfer extra fees.
Shakepay sells digital currencies (Bitcoin and Ethereum) to clients directly. When a consumer purchases Bitcoin using Shakepay, the platform sells the Bitcoin to them. In the same way, when a consumer sells Bitcoin or ETH, the site purchases it from them. Shakepay determines the price at which users may buy or sell digital currencies on Shakepay to make money.
One of the reasons Shakepay is different from others is it only deals in buy and sell Bitcoin and ETH. Moreover, there are no fees for deposits and withdrawals. Also, the platform makes money on the spread, which is the gap between prices Bitcoin sold.
Shakepay is a safe crypto exchange, implementing industry standard protocols to secure the money, accounts, and personal data of its customers.
Shakepay Inc. (MSB M17065696) is licensed as a Money Service Business by Canada’s financial regulatory bodies, FINTRAC and AMF.
The majority of digital currencies held at Shakepay are stored in cold storage wallets. It’s cold storage provider (which it doesn’t name) is regulated by the New York State Department of Financial Services. Shakepay holds an insurance policy on digital currencies held in cold storages and practices strict whitelisting.
User accounts are secured by 2FA (two factor authentication). Customers need to verify their withdrawals by clicking on a link sent to their email address. Passwords are hashed and personal data is encrypted. Shakepay's app has a lock option for privacy and security.
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.
Understanding that many users are new to crypto and Shakepay as a company, Shakepay also commissioned an independent review of their business to verify their claims. Their Proof of Reserves & Security Report is available to the public for review, meaning you can see exactly what security processes are in place.
Shakepay was launched in 2015 in Montreal and has served more than 600,000 Canadians. It states on its home page that you can own your first Bitcoin in just 10 minutes, which is pretty quick if true. Of course, you’ll need your account verified in order to do so. The most innovative part about Shakepay is its referral program. Shakepay allows you to earn Bitcoin every day by shaking your phone. What’s not to like about that? Currently, Shakepay only offers Bitcoin and Ethereum. These two cryptocurrencies are a good start for new crypto investors though.
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