Selecting a platform with free fiat withdrawals and no maintenance charges can make a noticeable difference for cost-conscious investors. What can add up are currency conversion costs if I move funds between CAD and USD—Shakepay applies its own rates, which might include an embedded spread. Instead, the main cost comes from the spread between buy and sell prices. Although Shakepay doesn’t publish formal proof-of-reserves and insurance specifics are not detailed, its positive industry reputation and clean security record indicate a credible operation. I see clear evidence of compliance with FINTRAC as a Money Services Business, which is a foundational trust marker for any platform in Canada. I paid close attention to whether it’s user-friendly for beginners and also if it has what more experienced traders might expect.

Users can trade Bitcoin and Ethereum on the platform while earning rewards for using their Crypto Visa card. We look at several factors to decide if you should use a particular exchange. If you are a more experienced trader, then this may not be the platform for you. If the automated system could not verify your account, Shakepay will manually attempt to verify your account.

How to Create a Shakepay Account

Shakepay offers a crypto card that allows me to spend my digital assets for everyday purchases directly from my account.
Shakepay is a Canadian cryptocurrency exchange that allows users to buy and sell digital assets.
Shakepay is a money service business and is required to follow FINTRAC regulations.
It supports 40 coins and has a trading fee ranging from 0% to 2%.
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Cryptocurrency exchanges are often targeted by hackers and other malign actors, and there’s nothing like 100% safety online. When you buy or sell Bitcoin and Ethereum, there is a spread in the prices. It also does not have a trading fee.

However, the platform is known to have a significant user base within the Canadian crypto community. Shakepay has not publicly disclosed the exact number of Canadian users on its platform. Shakepay makes use of customer service agents who are available across a range of channels such as email and telephone to ensure a swift path towards resolution for its users. Fast response times ensure users receive support as quickly and effectively as possible. The platform’s user-centric design enables quick and straightforward transactions for buying and selling Bitcoin and Ethereum easily.

For fiat transactions, check if your bank may apply incoming wire fees. Withdrawals can be sent to your personal bank account (via Interac or wire) or as crypto to an external wallet. Fiat deposits can be made via Interac e-Transfer or wire transfer, providing fast and convenient ways to add CAD to your account. Shakepay supports deposits and withdrawals in both Canadian dollars (CAD) and major cryptocurrencies like Bitcoin and Ethereum. Enabling 2FA at sign-up adds an extra layer of security to your Shakepay account. Choosing Canadian dollars (CAD) as your account’s base currency can help avoid unnecessary conversion fees and ensure all deposits and withdrawals are processed faster through local banking rails.

You can still access your account while traveling, but as one of the best fiat-to-crypto exchanges in Canada, Shakepay limits some functionality for those abroad.
After months of hearing buzz about it, I decided to dive deeply into one of Canada’s most talked-about crypto platforms.
This provider does not take commission on trades or have direct fees for trading crypto.
Security is a major concern when dealing with crypto exchanges, and it’s fair to ask, is Shakepay safe to use?

Shakepay is the best user-friendly app in Canada if you need to buy and sell Bitcoin or Ethereum! Shakepay allows users to withdraw Canadian dollars without any set limit, although larger withdrawals may require additional security checks. The platform provides you with the option to transfer your crypto to your own private wallet, where you have full control over your private keys.

Fees and Commissions

Many users point out this feature in a Shakepay card review, as it provides a seamless way to use crypto-linked funds for everyday purchases. Shakepay has gained traction among Canadian crypto users, thanks to its ease of use and unique features. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Shakepay is an MSB (money services business) regulated by FINTRAC.

Shakepay Review 2025: Pros, Cons, and Features

Savvy New Canadians is one of Canada's top personal finance platforms. Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians®, has written about money matters for over 10 years. Get access to advanced trading tools. The author may own one or more of the crypto assets mentioned in this article.

Do you own your crypto on Shakepay?

Since its 2015 launch, the company has served over a million Canadians who’ve used the platform to trade over $7 billion worth of crypto. Looking for a convenient way to buy and sell Bitcoin and other cryptocurrencies? Venture investments, p2p and digital technologies, cryptocurrencies, analytics and reviews – everything you need to know to stay in trend and earn.

The platform provides an excellent entry point for those focused on BTC and ETH, but anyone looking for stablecoins, staking, or a broader asset menu will need to consider supplementary solutions. The absence of a wide altcoin selection, DeFi tokens, or layer-2/alternative blockchain options means that Shakepay does not cater to investors looking for portfolio diversification within the crypto sector. There are no overnight, custody, or management fees, making it a simple choice, but for active traders, the wider spread might outweigh the savings from zero commissions.

Copy your institution number, transit number, and account number. Depositing funds into your Shakepay account is easy, and you can set up direct deposit for a smooth and seamless process. After completing these steps, your account will be set up and ready to use! Follow the steps below to create your account and verify your details.

Most appauling investment experience…

The app is available on both iOS and Android devices. The card is also available to use anywhere Apple Pay and Google Pay are supported. The card comes with no annual fees or credit checks and is available to customers in all 13 Canadian provinces. In addition, you will earn an additional 1% in bitcoin on the first $5,000 you spend. Shakepay offers a debit card that allows you to spend your bitcoin anywhere that accepts Visa.

Businesses

Staking, DeFi staking, and lending services have become essential tools for crypto investors seeking to earn passive income and maximize the productivity of their digital assets. In summary, while Shakepay stands out for its simplicity, reliability, and Canadian-friendly infrastructure, users with more advanced or diversified trading needs may find the offering too narrow. That means I do not face service fees in these areas, but also cannot earn yields on my assets directly through the platform. In practice, these spreads can be higher than what I have encountered at platforms with explicit fees, sometimes reaching 1.5–2.5%, which should be considered by anyone trading frequently or in larger amounts. The platform offers essential risk management tools such as two-factor authentication and allows users to set withdrawal whitelists, adding meaningful layers of defense.

Shakepay is the best for canadian…

For canadian citizens, it is the best App to use to buy Bitcoin and Ethereum easily. I am never ever going to use their service again. The worst support I have ever experienced. For 7 days, I was under mental stress that my money is gone. I was trying to reach out to the support team but nobody replied. However, they did not fund my account even though my account was verified.

Can I use Shakepay outside of Canada?

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Jan 6 – wire transfer requested and sent from my TD Bank / sent wire receipt to shakepay.2. I am however, appalled at the lack of support available from Shakepay to assist me in getting this started. Most appauling investment experience ever…This was my very first venture into the world of crypto currencies and I was, and still am, excited about the prospects. My advice is if you were thinking of investing in shakepay, it would be easier just to flush your money down the toilet! Continued review of "shakepay" .

Does Shakepay provide insurance or proof-of-reserve for customer funds?

No, your crypto assets on Shakepay are not insured by CDIC or CIPF. Like Shakepay, it does not charge a trading fee; however, it https://forex-review.net/shakepay-review/ has a price spread cost of up to 2.5%. Here’s an overview of other prepaid crypto cards in Canada. It also earns bitcoin cashback on all purchases.

There are various ways users can access customer support. There are also several informative articles on their website that can guide users through the platform’s tools and functionalities. Email confirmation is required for cryptocurrency withdrawals, and independent security audits are conducted to stress-test security measures. Shakepay has implemented several security measures with the goal of becoming one of the safest crypto exchanges in the world.