Benefits
- Zero-fee trading at checkout (pricing relies on spread)
- Beginner-first, clean interface
- Insurance protection for assets kept in cold storage
- Shakepay Visa card lets you spend CAD balances
Drawbacks
- Availability limited to Canada
- Narrow coin lineup
- No phone-based customer care
Shakepay Review: Rapid Overview
Before unpacking every angle, here’s a concise snapshot of what Shakepay offers, so you can quickly identify whether it matches your needs:
- Type: CEX
- Is Shakepay Safe?: YES
- Best for: Beginners and Canadian investors
- Established in: 2015
- Headquarters: Montreal, Canada
- Availability: Canada
- Licenses: SOC 1 Type II and SOC 2 Type II certifications
- KYC Verification: YES
- Security: PIPEDA-compliant with AES-256 encryption
- Features: Shakepay Card, ShakingSats
- Supported Coins: Bitcoin and Ethereum
- Funding Methods: Interac e-Transfer, wire transfer, Shakepay a Friend
- Maker/Taker Fees: All free
- Fiat Support: CAD
- Customer Support: Live chat
- Privacy & Anonymity: No anonymity features
With that baseline, it’s easier to see how the pieces connect—where the experience is smooth, where costs may shift, and how the service compares with similar options in the Canadian market.
Who’s Shakepay For?
Shakepay targets Canadians looking for a straightforward way to buy or sell Bitcoin and Ethereum without working through complex order books. The app’s simplified flow, quick funding, and clear structure are designed for people who want minimal friction.
Because it intentionally supports only two coins, Shakepay can suit those who prefer fewer choices rather than managing multiple altcoin positions. The prepaid Visa card also adds everyday spending flexibility for users who want to connect holdings to regular purchases. Typical audiences include:
- Beginner users. A simple interface and a short purchase path reduce the learning curve; no advanced order types are required.
- Casual investors. For buy-and-hold behavior focused on Bitcoin or Ethereum, the routine can feel lightweight.
- Canadians who want easy fiat on-ramps. Interac e-Transfers and bank deposits can make topping up relatively quick.
- Users who want CAD spending convenience. The Shakepay Card is designed for places that accept Visa.
For Canadian residents who want a local, regulated way to access Bitcoin and Ethereum, Shakepay is built around convenience rather than breadth of assets.
Advantages
Shakepay has grown in popularity among Canadian users for its simplified approach and a couple of community-friendly extras. Here are the main points that stand out:
- No trading commissions
- Free crypto withdrawals at default network speed
- Intuitive, beginner-ready UI
- Cold storage for most digital assets
- Insurance for funds held in cold storage
- Shakepay Visa Card for spending CAD balances
Shakepay does not add a separate trading commission; costs are generally reflected through the bid-ask spread built into the quoted price. For that reason, reviewing live rates before confirming trades can matter for overall cost.
Crypto withdrawals can be free when using the standard speed, while faster confirmations may require paying a network fee. The interface is designed to be easy to navigate, including for first-time wallet users.
The app’s tone is casual and approachable, aiming to make a technical topic feel less intimidating through light in-app messaging.
On security, most customer funds are held in cold storage to reduce exposure to online threats. Those balances are described as insured for multiple risk scenarios, including theft or loss of private keys.
The Shakepay Visa Card allows users to spend their CAD balance wherever Visa is accepted, which is often highlighted as a practical connection between crypto-related activity and everyday spending.
Limitations
Shakepay’s scope is intentionally narrower than some global exchanges. That can be a good fit for Canada-based users, but it may be limiting for people who trade frequently or need account access while traveling:
- Access limited to Canada
- Only two supported tokens
- No phone hotline
Shakepay operates for Canadian residents, and certain functions may be restricted when users are outside the country. For frequent travelers, that limitation can be inconvenient.
The available assets are limited to Bitcoin and Ethereum. Users seeking broader altcoin exposure typically need a different platform.
Customer support is delivered via live chat rather than phone. Response speed can vary depending on demand.
Fees and Limits
Understanding the fee model matters with any exchange. Here’s how Shakepay’s pricing and limits are organized so you can avoid surprises:
- Transaction Type — Buying/Selling Crypto; Fees — No commission (spread applied); Limits — No limit
- Transaction Type — Crypto Withdrawals; Fees — Free (option to pay to accelerate); Limits — No limit
- Transaction Type — Interac e-Transfer; Fees — Free; Limits — Minimum $5, Maximum $10,000
- Transaction Type — Wire Transfer; Fees — Free; Limits — Minimum $10,000, No maximum
- Transaction Type — Shakepay a Friend; Fees — Free; Limits — Maximum $999
Overview of Shakepay fees and transaction ceilings.
- No trading fees. There is no fixed commission; instead, the spread is built into the purchase or sale price. Checking live rates before confirming can help manage cost.
- Withdrawal network fees. Default withdrawals are covered, but paying a network fee may speed confirmations. Timing depends on current network conditions.
- Interac e-Transfer. Deposits and withdrawals via Interac are described as free, with limits starting at $5 and reaching $10,000.
- Wire transfer. Fees are described as free, but the minimum is higher: $10,000 with no cap.
- Shakepay a Friend. Sending via shaketag is described as free, with no minimum and a $999 per-transfer maximum.
Overall, the structure is comparatively straightforward, with costs tied to spread and optional acceleration rather than frequent add-on charges.
Staking and Earning Rewards
Shakepay does not offer traditional staking. Instead, it provides two earning-style mechanics: the daily “ShakingSats” program and a Referral Program. These are not staking in the on-chain sense, but they can change balances in a gamified, lightweight way.
ShakingSats is the best-known perk: open the app and receive satoshis—the smallest unit of Bitcoin—each day.
The longer a user keeps a streak, the more sats they receive. If a day is missed, the streak resets, though rewards continue even during inactive periods; resuming can increase rewards again as streak length builds.
The Referral Program adds another earning route. When a friend signs up with a referral code and buys at least $100 CAD of crypto, both parties may receive a one-time bonus. Rewards can change over time, and each referral code is unique so users can track which invite led to qualification.
If you’re evaluating how traders and communities coordinate signals in messaging apps, it can be useful to compare Telegram setups like bitcoin signals on Telegram alongside the kind of “earning” programs exchanges offer inside their own apps.
Security
Security is a top concern with any exchange. Shakepay claims to protect both funds and personal data using layers aligned with common custody and compliance practices.
Shakepay engaged CipherBlade, a blockchain forensics and security specialist, to review storage and transaction processes. Most coins are held in cold wallets by a provider described as regulated under NYDFS and certified for SOC 1 Type II and SOC 2 Type II.
Insurance is described as covering forms of loss, including theft and private key misplacement. Cold-wallet transfers are constrained by a whitelist, so funds move only to approved addresses.
Compliance with Canadian privacy rules such as PIPEDA is intended to guide data handling. Personal information is described as encrypted with 256-bit AES.
There was a data incident affecting a small subset of users (1). An employee device was compromised between March and December 2023, exposing names, emails, addresses, and balances to unauthorized access.
Shakepay’s response included de-authenticating the device and containing the breach. Customers were advised to enable two-factor authentication and watch for social engineering attempts.
Incidents like this raise questions about whether an exchange is “legit,” but the speed and structure of the response are part of how users evaluate security. Cold storage, encryption, and insurance are core factors referenced by many Canadian users.
Customer Support
Support is provided via chat inside the app and on the web. While some users prefer phone-based help, text support can resolve many questions quickly; more complex cases may require follow-ups.
Many user reports describe solid responsiveness, though wait times can increase during periods of high demand. If phone support is a hard requirement, the absence of a hotline may be a drawback.
User Experience
Usability is a standout. After testing the app, it reads as uncluttered and direct for both first-time buyers and more experienced holders. Instead of purely sterile notifications, the product uses a light, witty tone—for example, dark mode messaging included a pop-up that added personality to the interface.
The design is smooth, but language support is currently English and French only. That may be limiting for users who prefer additional languages.
Localization and Regional Adaptability
Shakepay is built for Canada and operates as a regulated Money Services Business. It is registered with FINTRAC and Revenu Québec to align with local requirements.
Because the exchange follows Canadian regulations, it is not generally accessible outside the country. While traveling, users may notice limitations on certain actions, even if they have an account.
Canada-only scope means the service is tailored to domestic policies, which can simplify compliance—but it may be inconvenient for users who frequently move between regions.
How to Use Shakepay
How to Create a Shakepay Account
Getting started is quick. Go to the Shakepay sign-up page, provide an email address, and choose a username. Confirm the email using the message sent to your inbox.
Review and accept the Terms of Use and Privacy Policy, then verify the email when the verification message arrives.
Next, verify your phone number. Only Canadian mobile numbers are supported, and a one-time SMS code is used to complete verification.
Complete the remaining sign-up fields. If automated checks cannot confirm identity, the team may manually review details to finalize registration.
Once finished, the account is ready for funding and trading.
How to Deposit on Shakepay
Funding is simple, and direct deposits can be set up for convenience. Open the app, log in, and tap [Add funds] to begin.
Select [Direct deposit] to arrange payroll deposits. Copy your institution number, transit number, and account number, then share them with an employer or payroll provider.
To share the details quickly, use the share icon inside the app. If a void cheque is required, use [Add funds] → [Direct deposit] → [View void cheque], then download or share from the prompt.
After the employer processes the update, the paycheque should arrive directly in the Shakepay account.
How to Withdraw From Shakepay
To withdraw to a bank via Interac e-Transfer, sign in, choose [Send], then select [Interac e-Transfer]. You’ll see an optional note field and a CAD amount field.
Enter the withdrawal amount. The e-Transfer ceiling is $10,000 per transfer; for larger amounts, a wire transfer may be required.
For wire transfers above $10,000, link the bank account first: open [Send] → [Wire Transfer to my bank] → [Manage bank accounts] → [Link a bank account], enter the banking details, then return to [Send] → [Wire transfer], choose the linked account, set the CAD amount, and proceed through [Continue] → [Confirm].
Status updates can be found under “Pending Wire Cashouts” and “Past Wire Cashouts.”
Conclusions: Is Shakepay Right for You?
This Shakepay review covered onboarding, funding, and cashing out. The app is aimed at Canadians who want to buy, sell, and store crypto—especially Bitcoin and Ethereum—without added complexity.
Extras like ShakingSats provide playful daily Bitcoin rewards, and the referral program may add one-time bonuses. While traditional staking is not offered, deposits and withdrawals are presented as straightforward, and the card connects a CAD balance to spending at Visa merchants.
Shakepay is positioned as a legitimate service for Canadian users with security foundations that many customers value, although it lacks some advanced capabilities found on larger exchanges—such as wider asset coverage, complex order types, or staking yields.
The content on this website is not financial, investment, trading, or any other kind of advice. does not recommend that you buy, sell, or hold digital currencies. Always consult a qualified financial advisor before making investment decisions.
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