Shakepay Cryptocurrency Exchange Review

Updated: Aug 8

The easiest way to buy or sell Bitcoin in Canada


Shakepay is in my opinion the best cryptocurrency exchange in Canada. That being said, it is closer to a broker than an exchange as it serves one single purpose - allowing users to quickly and easily buy or sell bitcoin with CAD. The process is simple; you deposit funds via Interac e-Transfer (up to $10,000) or Wire Transfer (minimum $1,000) and can exchange it for bitcoin or ethereum at the current market rate or at a set limit order. The interface, which is available on Web, iOS and Android, is simple and very easy to use, there's no fees, no KYC required within certain thresholds and transactions are incredibly fast.


Shakepay overview:


Platforms: Web, iOS app, Android app

Deposits: Free

Withdrawals: Free

Trades: Was 0.75%, now commission-free!


Pros

  • The easiest way to buy or sell BTC or ETH

  • Quick transactions

  • No fees

  • Instant transfers from any bank using Interact e-Transfer

  • No KYC with transfers under $3,000


Cons

  • Only offers BTC and ETH

  • Although there's no fees, there does tend to be a decent spread on prices, so keep that in mind

Shakepay Wallet Screen


Here's the wallet screen, which is the default landing page when you open the app (note: the first time you open the app there will be some useful onboarding pages). There's nothing special about this screen that you wouldn't see in any other platform but it's simple and to the point. That being said, I don't recommend leaving funds stored on any platform for longer than needed, ideally you should use Shakepay as a transactional platform and then move any purchased cryptocurrencies into cold storage or somewhere you have control of the keys.


Adding Funds to Shakepay


Here is the Add Funds screen, and again like the rest of the app it is simple and to the point. Selecting any of the options will open a screen with clear instructions on how to send funds to the app with all of the needed inputs available to copy with a click. I've deposited with e-transfer as well as added Bitcoin and both worked quickly and flawlessly. All transactions are recorded in the transaction history screen for reference.


Transaction History Screen

Exchange Screen


Lastly, there's the screen for exchanging Bitcoin or Ethereum to CAD and vice versa. As mentioned, Shakepay is more like a broker; the market rate is displayed and that's the only option available. This is both a positive and a negative, depending on the purpose for using the platform. For quickly converting fiat into crypto and vice versa, this is as good as it gets. No confusion over whether an order will fill or at what rate, no delay in processing, just a simple and instant transaction. However, if the intent is to sell/buy crypto at a certain price point, Shakepay clearly isn't the right option and there are plenty of other exchanges that can facilitate that. All transactions incur a fee of 0.75% which is higher than other exchanges but given there are no deposit or withdrawal fees this is offset somewhat. There's also a bit of a spread from "market"price so you don't always get full value.


Update: Shakepay is now commission-free and added the ability to set limit orders addressing my two largest complaints. However, the spread can still be a bit steep.


Summary


Shakepay is my favorite option for Canadians to quickly and easily buy or sell cryptocurrency. It's the best option available as an on-ramp for fiat due to ease of use and free deposits and there's probably no quicker option in the market in regards to time from deposit through to transaction.


Want to try Shakepay? Register with this link and receive $10 when you make your first purchase of $100 or more. https://shakepay.me/r/DPSZHRY


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