Shakepay Reviews: The Easiest Way For Canadians To Buy And Earn Bitcoin?

July 3, 2023 - Around 10 mins mins to read

Shakepay reviews is a Canadian-based cryptocurrency platform and mobile application that offers a user-friendly and convenient way for users to buy, sell, and manage cryptocurrencies.

With its intuitive interface, Shakepay simplifies the process of entering the world of cryptocurrencies, particularly for Canadian users.

Shakepay’s key features include the ability to buy and sell cryptocurrencies using Canadian dollars (CAD), instant transfers between Shakepay users, the SP Card for cryptocurrency spending, and a secure cryptocurrency wallet. The platform emphasizes security by implementing measures like encryption, two-factor authentication, and cold storage for funds.

While Shakepay has its strengths, such as its user-friendly interface and instant transfers, there are also some limitations to consider. Shakepay has a limited selection of cryptocurrencies available for trading, and it is currently only accessible to Canadian residents. The platform charges fees for transactions and services, which users should take into account when using the platform.

What Is Shakepay?

Shakepay is a Canadian-based cryptocurrency platform and mobile application that allows users to buy, sell, and trade cryptocurrencies. It was founded in 2015 with the goal of making it easier for people to enter the world of cryptocurrencies. SP provides a user-friendly interface and a seamless experience for buying and selling cryptocurrencies, particularly Bitcoin and Ethereum.

One of the key features of Shakepay is its ability to simplify the process of purchasing cryptocurrencies using Canadian dollars (CAD). Users can link their bank accounts to the SP app and easily transfer funds to buy cryptocurrencies. SP also supports instant fund transfers between Shakepay users, making it convenient for friends or family members to send and receive cryptocurrencies.

Shakepay offers a cryptocurrency wallet where users can securely store their digital assets. The platform prioritizes security and implements various measures, such as multi-factor authentication and cold storage, to protect users’ funds.

Shakepay also offers a Shakepay Card, which is a prepaid Visa card linked to users’ Shakepay accounts. This card allows users to spend their cryptocurrencies at any merchant that accepts Visa, both online and offline. When making a purchase, the Shakepay Card automatically converts the selected cryptocurrency into the local currency, providing a seamless spending experience.

Shakepay aims to provide a user-friendly and accessible platform for Canadians to enter the world of cryptocurrencies, facilitating the buying, selling, and spending of digital assets.

How Does Shakepay Work?

Shakepay works as a cryptocurrency platform and mobile application that simplifies the process of buying, selling, and spending cryptocurrencies. Here’s an overview of how Shakepay works:

Account Creation: To get started with SP, users need to download the SP mobile app from the App Store or Google Play Store. After installing the app, users can create an account by providing their personal information and completing the verification process.
Funding the Account: Once the account is set up, users can link their bank accounts to the SP app. This allows them to transfer funds from their bank account to their SP account in Canadian dollars (CAD). The linked bank account is used to deposit and withdraw funds.
Buying and Selling Cryptocurrencies: With funds in their SP account, users can buy cryptocurrencies, primarily Bitcoin (BTC) and Ethereum (ETH). SP offers a simple interface where users can enter the amount of cryptocurrency they wish to purchase and confirm the transaction. The app will display the current exchange rate and any associated fees. Selling cryptocurrencies follows a similar process, where users can choose to sell their digital assets and receive the proceeds in CAD.
Cryptocurrency Wallet: SP provides a built-in cryptocurrency wallet where users can securely store their digital assets. The wallet supports multiple cryptocurrencies, allowing users to hold and manage different tokens in one place. SP implements security measures, such as two-factor authentication and cold storage, to safeguard users’ funds.
Sending and Receiving Cryptocurrencies: SP allows users to send and receive cryptocurrencies to and from other SP users instantly. Users can simply enter the recipient’s Shakepay username or scan a QR code to initiate a transfer. This feature makes it convenient for friends or family members to send and receive cryptocurrencies within the SP ecosystem.
Shakepay Card: SP offers a prepaid Visa card known as the SP Card. This card is linked to users’ SP accounts and allows them to spend their cryptocurrencies at any merchant that accepts Visa. When making a purchase, the selected cryptocurrency is automatically converted into the local currency at the current exchange rate, providing a seamless spending experience.
Security and Compliance: SP places a strong emphasis on security and compliance. It employs industry-standard security measures, including encryption, multi-factor authentication, and cold storage for cryptocurrency storage. SP is also regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), ensuring compliance with applicable regulations and Know Your Customer (KYC) requirements.

Shakepay simplifies the process of buying, selling, and spending cryptocurrencies by providing a user-friendly interface, instant fund transfers, a secure wallet, and the Shakepay Card for easy cryptocurrency spending.

Features of Shakepay

Shakepay offers several features that make it a popular choice for users looking to buy, sell, and manage cryptocurrencies:

Buy and Sell Cryptocurrencies: SP allows users to easily buy and sell cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and others. Users can fund their SP accounts using Canadian dollars (CAD) via bank transfers and initiate transactions with competitive pricing.
Shakepay Card: Shakepay offers a prepaid Visa card called the SP Card, which is linked to users’ SP accounts. The card allows users to spend their cryptocurrencies at any merchant that accepts Visa, both online and offline. When making a purchase, the selected cryptocurrency is automatically converted into the local currency, facilitating seamless spending.
Instant Fund Transfers: SP enables instant transfers of funds between Shakepay users. Users can send and receive cryptocurrencies instantly, making it convenient for peer-to-peer transactions or splitting bills among friends and family.
ShakeSats: ShakeSats is a unique feature of SP that allows users to buy and hold satoshis, which are smaller units of Bitcoin. ShakeSats enables users to accumulate small amounts of Bitcoin over time, contributing to the growing adoption and interest in cryptocurrencies.
Cryptocurrency Wallet: SP provides a secure and user-friendly cryptocurrency wallet for storing digital assets. The wallet supports various cryptocurrencies, offering users a convenient way to manage and hold their tokens. SP implements security measures, such as two-factor authentication and cold storage, to protect users’ funds.
Auto-Buy: SP offers an Auto-Buy feature that allows users to set up recurring purchases of cryptocurrencies. Users can schedule automatic purchases at specified intervals, such as daily, weekly, or monthly, helping them to consistently invest in cryptocurrencies.
Shakepay Referral Program: SP has a referral program that rewards users for inviting others to join the platform. Users can earn referral bonuses in Bitcoin for each successful referral, contributing to their cryptocurrency holdings.
Security and Compliance: SP prioritizes the security of user funds and personal information. It employs robust security measures, including encryption, two-factor authentication, and cold storage. SP is also compliant with Canadian regulations as a registered Money Services Business (MSB) and follows Know Your Customer (KYC) procedures.
User Support: SP provides customer support to assist users with any questions or issues they may encounter. Users can reach out to the SP support team via email or in-app chat for prompt assistance.

Pros and Cons

Pros of Shakepay:

User-Friendly Interface: SP offers a user-friendly interface that makes it easy for beginners to navigate and use the platform for buying, selling, and managing cryptocurrencies.
Convenience: SP simplifies the process of buying and selling cryptocurrencies, particularly for Canadian users. It allows users to link their bank accounts, facilitating easy fund transfers and eliminating the need for complex deposit methods.
Instant Transfers: SP enables instant transfers of cryptocurrencies between Shakepay users, providing a convenient way to send and receive digital assets quickly.
Shakepay Card: The SP Card allows users to spend their cryptocurrencies at any merchant that accepts Visa, both online and offline. This feature provides flexibility and convenience for cryptocurrency holders to use their funds in everyday transactions.
Security Measures: SP implements robust security measures, including encryption, two-factor authentication, and cold storage, to protect users’ funds and personal information. It is also regulated as a Money Services Business (MSB), ensuring compliance with relevant regulations.
Cryptocurrency Wallet: SP provides a built-in cryptocurrency wallet where users can securely store their digital assets. The wallet supports multiple cryptocurrencies, making it convenient for users to manage and hold their tokens in one place.
ShakeSats: SP’s ShakeSats feature allows users to accumulate small amounts of Bitcoin over time, making it accessible for users to participate in the world of cryptocurrencies.

Cons of Shakepay:

Limited Cryptocurrency Selection: SP primarily focuses on Bitcoin (BTC) and Ethereum (ETH) for buying and selling. While these are the most popular cryptocurrencies, users looking for a wider range of altcoins may find the selection limited.
Availability: SP is currently available only to Canadian residents. Users from other countries are unable to access and use the platform.
Limited Payment Options: SP primarily supports bank transfers as the funding method, which may be restrictive for users who prefer alternative payment methods like credit cards or PayPal.
Exchange Fees: SP charges fees for cryptocurrency transactions, including buying, selling, and converting cryptocurrencies. While the fees are competitive, they still represent an additional cost for users.
Customer Support: While SP offers customer support, some users have reported delays in response times or difficulties in getting their issues resolved promptly.

Shakepay Fees

Shakepay charges fees for various transactions and services on its platform. Here is an overview of the main fees associated with Shakepay:

Trading Fees: SP charges trading fees when buying or selling cryptocurrencies. The fee structure is based on a percentage of the transaction amount and varies depending on the type of transaction (buy or sell) and the cryptocurrency being traded. The exact fee percentages can be found on the Shakepay website or within the app.
Conversion Fees: Shakepay applies conversion fees when converting between different cryptocurrencies within the platform. The conversion fee is a percentage-based fee applied to the transaction amount

Shakepay Customer Service

Shakepay provides customer service to assist users with any inquiries or issues they may encounter. Here are some ways to access Shakepay’s customer service:

In-App Chat: The primary method to reach Shakepay’s customer service is through the in-app chat feature. Users can access the chat by logging into their SP account on the mobile app and navigating to the “Support” section. From there, they can initiate a chat conversation with a SP representative.
Email Support: Users can also contact SP’s customer service via email. They can send an email to support@shakepay.com with their questions or concerns, and a SP representative will respond to their query.

Conclusion

Shakepay is a reputable and reliable platform for individuals in Canada who want to engage with cryptocurrencies. It provides a seamless user experience, prioritizes security, and offers features like the Shakepay Card to enable cryptocurrency spending. Users should carefully consider their needs and preferences to determine if Shakepay aligns with their requirements for buying, selling, and managing cryptocurrencies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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