Shakepay

Overview of Shakepay

Shakepay is a virtual currency exchange based in Canada. The company was founded in 2015 and is regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

One of the key features of Shakepay is its user-friendly trading platforms. Users can access the Shakepay Web Platform or use the Shakepay Mobile App for convenient trading on the go. Shakepay also provides seamless deposit and withdrawal options through Interac e-Transfer ®, Wire transfer, Bitcoin, Ethereum and Shakepay.

In terms of educational resources, Shakepay offers frequently asked questions (FAQs), charts and blog articles to help users understand and navigate the world of virtual currency exchange. Customer support is available through Live chat and social media, ensuring that users can receive assistance whenever they need it.

Overall, Shakepay provides an accessible platform for individuals in Canada to engage in virtual currency trading. The company's commitment to user support and educational resources sets it apart in the fast-growing virtual currency exchange market.

Pros and Cons

There are several advantages to using Shakepay as a virtual currency exchange. Firstly, Shakepay offers a user-friendly trading experience through its web platform and mobile app. This makes it convenient for users to access and trade cryptocurrencies on the go.

Additionally, Shakepay provides seamless deposit and withdrawal options through Interac e-Transfer ®, Wire transfer, Bitcoin, Ethereum and Shakepay, ensuring that users can easily transfer funds to and from their Shakepay accounts.

Another advantage of Shakepay is its commitment to user support and educational resources. The platform offers FAQs, charts and blog articles to help users understand and navigate the virtual currency exchange market.

Furthermore, Shakepay provides customer support through live chat and a series of social media, ensuring that users can receive assistance whenever they need it.

On the other hand, Shakepay does have some limitations. One notable drawback is that Shakepay does not offer leverage trading. This means that users cannot leverage their positions to potentially increase their profits or losses.

Additionally, Shakepay's range of cryptocurrencies is relatively limited compared to some other exchanges, as it currently offers Bitcoin (BTC) and Ethereum (ETH).

In summary, Shakepay offers a user-friendly trading experience with seamless deposit and withdrawal options. Its commitment to educational resources and customer support sets it apart in the market. However, the absence of leverage trading and a limited range of cryptocurrencies may be disadvantages for some users.

Regulatory Authority

Shakepay is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The regulatory number for Shakepay is M17065696. As for the provided information, Shakepay has exceeded the regulation requirements set by FINTRAC. Shakepay holds a Common Financial Service License, and the license name is SHAKEPAY INC.

Security

Shakepay ensures the protection and accessibility of users' funds through a variety of methods.

Digital currencies are primarily held offline in cold storage wallets partnered with a NYDFS-regulated provider possessing SOC 1 Type II and SOC 2 Type II certifications.

An additional insurance policy covers potential damages, theft, and loss of private keys related to these cold storage wallets.

Transaction authorizations require the approval of multiple parties to provide an extra layer of security.

Shakepay also segregates user's funds, holding Canadian dollars in separate Canadian bank accounts, and digital currencies in segregated cold storage wallets.

A strict whitelist restricts transactions from cold wallets to approved addresses, preventing unauthorized withdrawals.

In terms of account security, Shakepay strengthens its customer protection by using HTTPS for connection encryption, 2FA for account security, device locks, email confirmations, rate-limiting login attempts, and account notifications.

Personal data is also secure, being stored with 256-bit AES encryption, compliance with privacy laws and secure document storage.

However, no system is immune to risks. Users should be cautious when engaging in virtual currency exchange, using strong passwords, enabling 2FA, and monitoring account activity.

Cryptocurrencies Available

Shakepay provides a streamlined platform for trading the two most popular and widely accepted cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH). Users are enabled to actively participate in the dynamic and lucrative crypto market by buying, selling, and trading these cryptocurrencies directly on the Shakepay platform.

Both Bitcoin and Ethereum have significantly shaped the cryptographic landscape and have continued to perform impressively over the years. Shakepay empowers users to seize the financial opportunities these cryptocurrencies offer, from capitalizing on market price fluctuations to diversifying their investment portfolios.

Shakepay APP

Shakepay offers the Shakepay app across multiple platforms.

With availability on the web, users can conveniently manage their transactions from any desktop or laptop with quick access.

For users who prefer conducting their transactions on-the-go, Shakepay has tailored apps specifically designed for iOS and Android devices.

These applications streamline the process of managing cryptocurrencies, and make the process user-friendly irrespective of the type of device or operating system. The cross-platform availability of the app ensures users can trade, monitor, and manage their digital assets anytime, anywhere.

How to Buy Cryptos

1. Log in to your Shakepay app

2. On the main screen, click on the “Buy & Sell” button on the navigation bar.

Or, click on the crypto you wish to purchase or sell from the main screen.

3. Input the amount of CAD you would like to sell for crypto

4. Click on “Review order”

5. Click on “Buy bitcoin” or “Buy ethereum”

Before completing your purchase, make sure you have CAD in your Shakepay wallet.

How to Open An Account？

The registration process for Shakepay is straightforward and can be completed in six simple steps.

1. Start by visiting the Shakepay website or downloading the Shakepay mobile app from the App Store or Google Play Store.

2. Click on the “Get Started” button and enter your email address and password to create an account.

3. Verify your email address by clicking on the verification link sent to your inbox.

4. Once your account and identity have been successfully verified, you can start depositing funds and trading cryptocurrencies on Shakepay.

Fees

Shakepay operates on a promising cost structure that makes it user-friendly. The platform stands out for charging no commission fees, making it an affordable choice for users seeking to carry out cryptocurrency transactions.

Shakepay takes a step further in its commitment to affordability by covering gas fees for its users. Gas fees, a form of transaction cost within the Ethereum network, can add significant expenses. Thus, their coverage by Shakepay provides a substantial relief for users. However, it's important to note that the minimum withdrawal amount may be subject to change, to accommodate shifts in the network's gas fees. Shakepay generates revenue through the spread, which is the price difference between buy and sell orders.

This transparent and user-centric fee approach enables users maximize their investments without being concerned about excessive transaction costs.

Deposits & Withdrawals

Shakepay operates on a commission-free model, meaning that there are no direct fees for depositing, trading, or withdrawing funds. Additionally, Shakepay covers the fees associated with crypto withdrawal transactions.

The best way for Shakepay users to transfer funds is through Interac, a Canadian interbank network. Deposits made with Interac usually appear in your Shakepay account within a few minutes. The minimum deposit amount for Interac transfers is low, at CAD$5, while the maximum limit is CAD$10,000.

For wire transfers, the processing time may take 1-2 working days, and the minimum deposit requirement is higher at CAD$10,000

When it comes to transferring Bitcoin and Ethereum, the processing time is approximately 20 minutes, and there are no specific minimum or maximum limits. However, the transfer duration may vary depending on network congestion. Shakepay does not impose any fees for crypto or fiat transfers.

Users can also Shakespay a friend with cash or crypto with instant processing time, free of charge as with other methods.

Educational Resources

The platform provides FAQs, blog articles, Charts that cover various aspects of virtual currency trading, including trading strategies, technical analysis, and market trends. These resources help users gain a better understanding of the virtual currency exchange market.

In addition, Shakepay does not currently offer webinars or community support platforms such as forums or social media groups. However, users can directly reach out to the Shakepay team for customer support via email and live chat. The team is available to assist users with any questions or concerns they may have regarding the platform or virtual currency trading.

Is Shakepay a Good Exchange for You？

Shakepay is suitable for various target groups, including:

1. Newcomers to Virtual Currency Trading: Shakepay's user-friendly trading experience and extensive educational resources make it a suitable choice for newcomers. The platform provides blog articles, FAQ and charts that cover various aspects of virtual currency trading, helping users gain a better understanding of the market.

2. Casual Traders: Shakepay's convenient web platform and mobile app make it a convenient choice for casual traders who want to buy, sell, and trade cryptocurrencies on the go. The seamless deposit and withdrawal options further enhance the user experience.

3. Security-Conscious Users: Shakepay's focus on security measures, such as industry-standard encryption and two-factor authentication (2FA), makes it appealing to users who prioritize the safety of their information and funds. Positive user feedback regarding the security of Shakepay instills confidence in the platform's security measures.

4. Users Interested in a Limited Range of Cryptocurrencies: Shakepay offers a relatively limited range of cryptocurrencies for trading, primarily focusing on popular options such as Bitcoin and Ethereum. Users who are specifically interested in these cryptocurrencies will find Shakepay suitable for their trading needs.

5. Users Seeking Customer Support: Shakepay provides customer support via live chat and social media, allowing users to reach out for assistance. This is beneficial for users who value prompt and helpful customer support.

Overall, Shakepay caters to a diverse range of target groups, providing a user-friendly and virtual currency exchange experience accompanied by extensive educational resources and customer support options.

User Review

User 1: “I've been using Shakepay for a while now and I'm impressed with its security features. They have two-factor authentication and cold storage for my funds, giving me peace of mind. The interface is simple and user-friendly, making it easy to navigate and place trades. The liquidity is also great, as I've never had any issues with executing orders. The range of cryptocurrencies available is diverse, allowing me to explore various investment options. Customer support is fantastic, with a responsive team that solves my queries promptly. The trading fees are competitive, making it cost-effective for frequent traders. Overall, Shakepay ticks all the boxes for me.”

User 2: “Shakepay is my go-to crypto exchange for many reasons. Firstly, it is fully regulated, which adds a layer of trust and ensures compliance with legal requirements. The interface is sleek and intuitive, making it a breeze to use even for beginners. I've never faced any liquidity issues, as there are ample buyers and sellers on the platform. The wide range of cryptocurrencies they offer satisfies my crypto investment needs. Whenever I reach out to customer support, they are always helpful and quick to resolve any issues I encounter. The trading fees are reasonable, and I appreciate the transparency in fee structure. Shakepay prioritizes privacy and data protection, assuring me that my personal information is well-guarded. Lastly, the deposit and withdrawal speed is impressive, with transactions being processed swiftly. Shakepay is an efficient exchange that I highly recommend.”

Conclusion

In conclusion, Shakepay offers a straightforward registration process and provides a user-friendly trading platform with seamless deposit and withdrawal options. Shakepay also prioritizes security with industry-standard encryption and 2FA. However, Shakepay offers a limited range of cryptocurrencies for trading.

Overall, Shakepay provides a positive user experience with efficient access speed and smooth trading processes, but users should consider their individual preferences and conduct further research to determine if Shakepay meets their specific trading needs.

FAQs

Q: Are there any fees for depositing and withdrawing funds from Shakepay？

A: Shakepay offers fee-free deposit and withdrawal options, allowing users to transfer funds in and out of their accounts without incurring any additional charges.

Q: What deposit and withdrawal methods does Shakepay offer？

A: Shakepay provides Interac e-Transfer ®, Wire transfer, Bitcoin, Ethereum and Shakepay for deposit and withdrawal.

Q: How long do deposits and withdrawals take to process on Shakepay？

A: Instand for Shakepay, Bitcoin and Ethereum, minutes for e-Transfer ® and 1-2 working days for bank tranfer.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.