How to identify scams Shakepay Help Center

To find out exactly how Shakepay operates, head over and read our current Shakepay review, where you’ll find all of the information you need. Another Shakepay’s downside, it offers 2 cryptocurrencies only. Eventually, you will consider different crypto exchanges that offer more coins and selection. In this case, we would probably recommend starting your crypto journey with Coinsmart . There are several Canadian crypto exchanges such as Bitbuy, which was Canada’s first regulated exchange. It has free deposits and some of the most popular cryptocurrencies to trade.

Shakepay only supports Bitcoin and Ethereum, and Canada is the only country that supports currencies. If the user wants to be notified when Bitcoin or Ethereum hits a specific price, setting up notifications is the best way. Our in-depth and unbiased reviews help investors in choosing the best broker according to their investing needs. It is a kind of software interface that provides a service to other software programs. An API specification is a document or industry standard that outlines how to create or use a connection or interface of this type.

Indeed, this is how Shakepay makes money – in the spread between the price they sell bitcoins or ethers and the price at which they buy bitcoins or ethers. Refer a friend bonus – if you sign up to Shakepay using our link you will receive $30 CAD in your account after you’ve purchased $100 of crypto. It is one that is regulated by well-recognized bodies in Canada, and would have already been flagged for any misconduct were it not genuine.

Shakepay Consumer Ratings, Reports & Reviews on Other Platforms

Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog. Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. A publicly traded company on the Canadian NEO exchange. 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.

• However, you do have the ability to withdraw your crypto to your preferred wallet, for example, a hardware wallet.
• Use your card anywhere Visa is accepted online or in stores.
• I have also written a detailed post on How to Start an Online Business That Changes Your Life, How to Live a Simple Life And Be Happy–you can read it if you are interested.
• To do this, we explore a number of different user review portals.
• You can sign up for Shakepay in as little as 10 minutes and start immediately buying your crypto commission free (though, you will pay a 1-3% spread fee).

In addition, there is ShakinSats which is Shakepay’s referral reward program. You’ll need to download either the iOS or Android app first, as this is only for mobile users. After that, you simply open the app and shake your device to receive a tiny quantity of free Bitcoin. Secondly, private data and financial transactions use 256-bit shakepay review AES encryption for added security and lastly, 2FA authentication is mandatory for every login and account action. It was created specifically for Canadian residents who want to buy and sell cryptocurrency through a regulated site. Our Shakepay review quickly learned the relevance of the name too, which we’ll come to later.

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However, the not-quite-so-good news is that Shakepay’s fee structure means that the cost per trade is quite high. Most crypto exchanges operate on a low-commission basis, charging a small fee in return for facilitating trading or buy and sell transactions. This fee usually equates to a moderate 0.10% and even less in many cases. Shakepay has a bitcoin cashback Visa card where you can earn 1% back on all your purchases paid to you in bitcoin.

Oftentimes, accounts are automatically verified by running an identity check. Shakepay has a popular mobile app on the App Store and Google Play with review ratings of 4.5/5 and 4.6/5 respectively. It is based in Montreal and has served more than 1,000,000 Canadians who have bought or sold $7 billion worth of crypto using the site.

Keeping Yourself Safe: Social Media Account Scams

You need to verify your phone number and your identity. This is a regulatory requirement in Canada for money service businesses. While Shakepay does not charge commissions, it has a variable price spread that can cost you up to 3% on both ‘buy’ and ‘sell’ transactions. Shakepay offers the quickest way to buy or sell Cryptocurrency at today’s values. The fastest way to buy or sell cryptocurrency at the current exchange rates is through Shakepay.

As per many reviews and our research, we can say that customers are not charged a fee for transactions like withdrawal/ deposits for purchase orders and sell orders of Cryptocurrency. As a result, Shakepay transaction fees are almost nothing. The support team will assist users with any questions they may have about the app, prices, cryptocurrency trading, or other services.

Is Shakepay regulated?

Having written for Alternative Assets, PianoDreamers and YeahAustralia in the past, his passion for language and creativity with words drives his work. Ben has a master’s degree in writing, editing and publishing, and a bachelor’s degree in creative writing. If you cannot find the assistance you need in these articles, you can submit a contact form directly to a Shakepay staff member.

If you sign up with this link, you can get $10 free when you trade $100 on the platform. If you’re looking for advanced trading features or a better selection of altcoins, Shakepay is not for you. After account verification is completed, you can add funds using Interac e-Transfer, wire transfer, or deposit crypto .

Users can also deposit or withdraw BTC and ETH at no cost — Shakepay also covers the mining fees. Like other Candian platforms, Shakepay allows users to deposit or withdraw CAD using e-transfer or wire transfer, each with different processing times. Shakepay Change, as briefly introduced, is a special feature that makes it possible for people to automatically buy a small amount of BTC and ETH as they make their daily purchases. This feature works with the traditional credit and debit cards which are linked to the customers’ Shakepay accounts.

However, in most of the cases, verification took place within minutes. The user interface has been designed in such a way that even newbie cryptocurrency investors will not face any difficulties and making purchases require fewer clicks. Your bank might be able to help, but I doubt it because you sent the money of your own free will. I’ve read before that banks will only reverse transactions if you were hacked and had nothing to do with it. No legitimate site that sells crypto will tell you to deposit funds to verify who you are. They ask for pictures of your I’d and maybe a utility bill to prove where you live.

You can join the waitlist by updating your Shakepay app. In addition to the Shakepay Card, there are various ways to earn free Bitcoin on the Shakepay app. Here’s an overview of other prepaid crypto cards in Canada. The Shakepay Card is now available to Shakepay clients and you can easily apply for it through your account dashboard on the app.

Alternatives to Shakepay exchange

Crypto withdrawal network fees are covered by Shakepay. Also, Shakepay does not charge fees when you deposit fiat or crypto in your account. That said, when you buy or sell BTC and ETH, a 1% to 3% fee is included in the price. Facilities on the Shakepay site are only available to Canadian residents.

Shakepay vs Newton: Quick Comparison

Click on the image above to learn about Matt Ai & Cryptocurrency trading. Click on the image above to read The Forensic Affiliate review of Shakepay. Click on the image above to learn if Africa is ready for Bitcoin.

This spread is effectively a transaction fee and it can vary from 1-3% at any point in time. Shakepay does not charge any fees when you deposit or withdraw funds. Shakepay is a crypto trading platform founded in 2015. The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site.

When buying $100 worth of Bitcoin on Shakepay, you can shake your phone to receive increasing amounts of Satoshis for free. Serving over half a million Canadian readers annually, Tech Daily was born to fill the void many of us have experienced when seeking https://forex-reviews.org/ information about technology in Canada. If you strongly suspect that your potential new date is a scammer, block their account through all communication channels. Velda Wakes is an Authorized Independent Agent for ‘Usana’ products and services.

I have also written a detailed post on How to Start an Online Business That Changes Your Life, How to Live a Simple Life And Be Happy–you can read it if you are interested. If OP is dumb enough to fall for such an unsophisticated scam he probably should avoid bitcoin in general. Shakepay is not a scam, you are dealing with something that isn’t Shakepay and being scammed. When urgency is pushing on you, that is a red flag, also, when someone says they will give you something for nothing, its highly unlikely and should also be a red flag. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

The total BTC selling fee was 1.21% and the spread was2.26% on the day we tested. Shakepay is great if you’re a beginner or want to earn free Bitcoin rewards. It’s easy to use, has low fees, free e-transfers and bank transfers, a Bitcoin visa card, and many rewards features. The downsides are it only has 2 coins and no advanced trading. I was verified and I transferred money from my bank to my account. If the money does appear in the account I will transfer back, and hope to get it.