ShakePay Review (For Canadians; Crypto)

Overview

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ShakePay is a Montreal, Canada-based platform that enables Canadians to purchase Bitcoin and Ethereum very easily. ShakePay is a mobile application available for iPhone and Android and they also have a website on which you can trade. Any Canadian resident who is over 18 years of age is eligible to use ShakePay.


ShakePay services are a very fast and efficient way to purchase both Bitcoin and Ethereum. You can create an account, e-transfer funds into the account, and purchase either Bitcoin or Ethereum within an hour. The user interface is simple and easy to use. Moreover, you do not need to pay any additional charges for the deposits and withdrawals that you make to this account. However, they do have transactional fees for when you buy and/or sell crypto.


Therefore, we suggest ShakePay more if you are looking into investing or as a way to move money from one platform to another. For example, purchasing Bitcoin (BTC) on ShakePay and then transferring it to another platform in order to day trade. This way, you can avoid fees from the second platform, which can have deposit and conversion fees for both CAD to USD and USD to BTC. The application enables you to store key on the external hardware wallet (Ledger Nano S).



Pros


● Easy and fast way to purchase Bitcoin or Ethereum

● Free Bitcoin by shaking your phone once a day, called the #ShakingSats

● No deposit and withdrawal fees

● Fast Deposit and Withdrawal using E-transfer

● User friendly, beginner friendly

● Alerts can be set up

● Enable to store key in external wallet

● Possibility of setting up automatic Recurring buy order


Cons


● Only for Canadians

● Can only purchase either Bitcoin or Ethereum

● They take a fee for every transaction that has a bigger spread than other platforms. The spread is around 1.2% to 2.5%. This is why it is not preferred for constant traders, but more for investors.

● Wire transfer takes 1-2 working days.



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What does ShakePay provide?


ShakePay has a fun feature that enables you to earn free Bitcoin by simply shaking the phone every day. You can earn around 120 or more satoshis, which are a little more than 5 cents CAD worth of BTC for shaking your phone for five seconds. We noticed that this feature takes a little bit of shaking for the first time, but afterwards, it takes five seconds to shake and earn free bitcoin. This feature is called #ShakingSats and it can only be used once a day. They also keep track of the daily #ShakingSats streak. The longer the streak, the bigger the amount gets. It is a fun free feature to earn free money.


ShakePay allows to perform market orders and limit orders. This means that you can buy at the current market price or you can choose to set up a limit order that enables you to purchase either Bitcoin or Ethereum at a specific set price. ShakePay offers an automatic recurring buy feature that enables you to buy in a constant time. It could be every day, every week, every two weeks, or every month.


Alerts can be set up for a specific price point. When either Bitcoin or Ethereum reaches the price point for which you set the alert, you will simply receive a notification. The alert feature is located in the setting section of the application.


ShakePay provides a very user-friendly and straight-to-the-point platform for Canadians to buy Bitcoin and Ethereum. The quickness of opening an account and buying crypto is very impressive. This platform is also a great tool to transfer money to other brokerages in the form of Bitcoin since most other brokerages do not favor CAD dollars.


ShakePay also provides the option to store your key wallet on an external hardware wallet. This way, no one can touch your money; it will always be store in your external wallet. The hardware wallet that we recommend is the Ledger Nano S.




What is a good alternative to Shakepay for people outside of Canada?


A great alternative for ShakePay in the United States is Binance. Binance is a great platform that can be used worldwide, and it is the biggest crypto platform out of all. They offer multiple cryptos to purchase. They are one of the most reliable crypto trading platforms, and they have advanced charting for traders that wish to day trade or swing trade cryptocurrencies.


Even if you live in Canada, we suggest Binance for traders that want to day trade and swing trade more often since ShakePay has transactional fees. The way we suggest avoiding as many fees as possible as a Canadian is to first deposit money in ShakePay and then purchase Bitcoin. Then send those bitcoins from ShakePay to Binance, from there you can trade as much as you want on Binance.


How do you open a new ShakePay account?


Opening a new account can be done in less than 10-15 minutes. All that is required is to input all your basic information. The phone number and postal code will be used to verify if you live in Canada.


There will be 3 quick verification to be done. The first one is verifying your identity by taking a picture of an ID as well as taking a video of your face and turning your head which takes 10 seconds to do. Then there will be your phone number and email verification.


It is as simple as that. Your account is open. The next step is to e-transfer money into your account. ShakePay will provide you with the e-transfer email, security question and answer that is unique to your account.


Use the link below and receive 10$ when you buy $100 of crypto!



How do you buy Bitcoin or/and Ethereum?


Once your ShakePay account is funded, you can click on the double arrow icon located at the bottom middle of the application. From there you can choose to either make an instant purchase (current market price order), a limit order (a set price that you wish to pay for) or recurring buys. After selecting the type of buy order, you choose the amount you wish to buy for and the crypto that you want to buy which is either Bitcoin or Ethereum.


You will then notice on your homepage that you have a certain amount of crypto that you own. From the home page, you can select either CAD dollar, Bitcoin or Ethereum and from there you can look at the graph, send money or receive money.