Our review of Shakepay crypto platform: 3.5/5

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Shakepay in brief

Our opinion of Shakepay

Shakepay presents itself as a commission-free crypto exchange designed for Canadian users looking for a simple way to buy and sell Bitcoin and Ethereum. We liked that deposits and withdrawals in CAD are fast and free, with Interac e-Transfer making transactions smooth and accessible. The platform is straightforward, making it ideal for beginners who want to enter the crypto market without dealing with complex order books.

However, we would have liked to see a broader selection of cryptocurrencies. With only Bitcoin and Ethereum available, users looking to diversify their portfolio will have to use other exchanges. While Shakepay promotes itself as fee-free, the spreads on transactions can be significant, making trades more expensive than they appear. Unlike other platforms, there are no advanced order types, meaning traders cannot set limit or stop-loss orders.

We also tested Shakepay’s crypto Visa card, which offers Bitcoin cashback on purchases. While the cashback feature is a nice addition, it does not compensate for the platform’s lack of staking, lending, or passive income opportunities. Security is another area where Shakepay could improve, as it lacks two-factor authentication (2FA) for withdrawals, an essential feature for protecting user funds.

Who is Shakepay best for?

Shakepay is best suited for casual crypto users and beginners who want a simple way to buy and sell Bitcoin and Ethereum in Canada but may not be the best choice for experienced traders looking for a wider selection of assets, lower spreads, and advanced trading tools.

Before you zero in on Shakepay, compare the best crypto platforms in Canada:

Let's find out more about our test results on Shakepay.

Reliability and Security 2.5/5

Shakepay is a Canadian cryptocurrency exchange founded in 2015, making it one of the longer-standing crypto platforms in Canada. The platform has grown to serve over one million users, primarily due to its commission-free model and easy CAD deposits and withdrawals. However, it has not won any major industry awards, and its limited features and security concerns have led to mixed reviews from users.

Although Shakepay is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB), it is not registered with Canadian securities regulators such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This means it follows anti-money laundering (AML) requirements, but users do not receive the same investor protections offered by regulated platforms.

Security and Risk Control Features

Shakepay includes basic security measures, such as:

• Cold storage for crypto assets to reduce the risk of hacking.
• Insurance coverage for stored digital assets in case of theft.
• Basic account security, including two-factor authentication (2FA) for logins.

However, we would have liked to see more advanced security features, such as 2FA for withdrawals, which is standard on most crypto exchanges. Additionally, Shakepay’s reliance on a spread-based pricing model makes it difficult for users to calculate the true cost of their trades, reducing transparency.

Cryptocurrencies Available 1/5

Shakepay is positioned as a beginner-friendly exchange for Canadian users, but it has one of the most limited selections of cryptocurrencies on the market. Unlike most exchanges that support a wide variety of digital assets, Shakepay only offers Bitcoin (BTC) and Ethereum (ETH). This makes it unsuitable for users looking to trade altcoins, stablecoins, or other blockchain-based assets.

Shakepay’s lack of altcoins, DeFi tokens, and NFT integration puts it at a disadvantage compared to competitors that provide a broader selection of assets. Below is a comparison of Shakepay’s crypto offerings against the market average:

Our opinion on Shakepay's offerings

Shakepay’s crypto offering is extremely limited, supporting only Bitcoin and Ethereum, while most other exchanges provide access to hundreds of cryptocurrencies. Without altcoins, stablecoins, or NFT marketplace integration, Shakepay falls behind in terms of market diversity and asset selection. Users looking for a broader range of trading opportunities may need to use other platforms.

Services and Tools 2/5

Shakepay is designed as a basic crypto trading platform for Canadian users, offering a limited range of services compared to other exchanges. While it provides zero-fee trading and a crypto cashback Visa card, it lacks essential features like staking, lending, and advanced trading tools.

• Crypto Card: ✅ Shakepay offers a Visa card with Bitcoin cashback rewards, allowing users to spend Canadian dollars and receive Bitcoin as cashback.
• Instant CAD Deposits & Withdrawals: ✅ Supports Interac e-Transfer and wire transfers with no direct fees.
• Staking: ❌ Users cannot stake cryptocurrencies to earn passive rewards.
• Lending & Borrowing: ❌ Shakepay does not offer crypto lending or the ability to borrow against crypto holdings.
• Yield Farming: ❌ The platform does not support DeFi-based yield farming.
• Advanced Trading Features: ❌ Shakepay does not offer stop-loss orders, limit orders, or margin trading, making it unsuitable for active traders.

Fees and Commissions 2/5

Shakepay promotes itself as a zero-fee crypto exchange, but instead of charging traditional trading fees, it applies a spread on buy and sell prices. This spread can be significantly higher than the trading fees charged by other exchanges, leading to hidden costs for users. Additionally, Shakepay does not support advanced order types, meaning users must buy and sell at market prices without the ability to set limit orders.

Below is a comparison of Shakepay’s fees against the market average:

Other Fees

• Deposit Fees: ❌ No fees for Interac e-Transfer or wire transfers.
• Withdrawal Fees: ❌ No fees for fiat withdrawals; Shakepay covers network fees for crypto withdrawals up to a limit.
• Conversion Fees: ✅ High spreads applied on trades, leading to indirect costs.
• Inactivity Fees: ❌ No inactivity fees.

Our opinion on Shakepay's fees and commissions

Shakepay’s zero-fee model is misleading, as the high spreads on trades make it more expensive than exchanges that charge lower, transparent commissions. While the platform offers free CAD deposits and withdrawals, its hidden trading costs and limited crypto selection make it a less cost-effective option for serious traders. Users looking for lower overall costs and greater fee transparency may find better alternatives elsewhere.

Customer Reviews 1.6/5

Shakepay has a Trustpilot rating of 1.6/5 based on 170 reviews, with many users citing high spreads, slow customer support, and account issues as major drawbacks. While some appreciate the simplicity of the platform, others report problems with withdrawals and security features. 

Here are some recent reviews from Canadian users:

• Mark L (January 10, 2025): "At first, I thought Shakepay was great because of the zero-fee claim, but after using it for a while, I realized I was losing money due to the high spreads. When I compared my purchase price for Bitcoin to other exchanges, I was paying way more. Also, when I tried withdrawing, it took over 24 hours to receive my funds. Customer support was slow to respond and didn’t offer any real help."
• Sophie R (December 3, 2024): "I used Shakepay for a few months, but I had to switch to another platform. The crypto selection is way too limited—only Bitcoin and Ethereum? Seriously? I also had an issue where my account was flagged for verification even though I had already provided my ID. It took over a week to resolve, and I couldn’t access my funds during that time. Not a great experience."
• Alex T (November 22, 2024): "I liked the idea of getting Bitcoin cashback with the Shakepay Visa card, but in reality, it’s not that useful. The cashback is small, and you have to wait a while for the rewards to show up. Also, there’s no way to stake or lend my crypto, which means I’m just holding it with no way to earn passive income. If they added more features, I might reconsider, but for now, it’s too basic."

How does Shakepay compare to other Crypto brokers?

Conclusion of our analysis of Shakepay

Shakepay provides a straightforward way for Canadians to buy Bitcoin and Ethereum, but its high spreads, lack of altcoins, and absence of key trading tools make it less competitive. While the crypto cashback Visa card is a unique perk, it does not make up for missing features like staking, lending, or lower trading fees. The lack of NFT support and advanced order types also limits its appeal to more experienced traders.

For users seeking a basic, no-frills crypto experience focused on Bitcoin and Ethereum, it may be an option. However, those looking for more crypto variety, lower trading costs, and additional features will likely find better alternatives.

Before opening an account on Shakepay, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Shakepay?

Shakepay offers only one standard account type, meaning all users receive the same features without tiered account levels. However, the trading experience may vary depending on verification status and usage of the Shakepay Visa Card. Below is a summary of the different account functionalities.

Shakepay does not offer VIP accounts, professional trading accounts, or high-volume trading incentives, keeping its structure simple but limited.

Standard Account

The standard Shakepay account allows users to buy, sell, and transfer Bitcoin and Ethereum with zero direct trading fees, though high spreads increase trading costs. The account supports CAD deposits and withdrawals via Interac e-Transfer and wire transfer, making it convenient for Canadian users. However, users cannot trade altcoins, stake assets, or access advanced trading features like limit orders or margin trading.

Shakepay Visa Card User

Users who sign up for the Shakepay Visa Card gain the ability to spend Canadian dollars while earning Bitcoin cashback on purchases. While this feature adds a reward system, it does not enhance crypto trading capabilities or provide additional account benefits. The cashback rate is relatively low, and there are no additional perks like staking rewards or lending options.

How do deposits and withdrawals work with Shakepay?

Shakepay provides limited deposit and withdrawal options, focusing only on Canadian dollars (CAD) and two cryptocurrencies (BTC, ETH). While Interac e-Transfer allows for fast funding, Shakepay does not support USD or other fiat currencies, making it less flexible than other exchanges. Below is a breakdown of the available methods, timeframes, and associated fees.

Shakepay stands out by offering free CAD deposits and withdrawals, making it cost-effective for Canadian users. However, the platform does not support USD deposits or other fiat currencies, which limits its appeal for traders who deal in multiple currencies. Compared to global exchanges, Shakepay only supports Bitcoin and Ethereum, while competitors offer a wider selection of cryptocurrencies and fiat on-ramp options.

While Shakepay does partially cover crypto withdrawal fees, larger transactions may still incur significant blockchain fees, making off-platform transfers more expensive. Additionally, withdrawal processing times can be slower than some competitors that offer instant crypto withdrawals and same-day fiat payouts. For users who need broader fiat support, faster withdrawals, or access to more cryptocurrencies, other platforms may provide better options.

Does Shakepay offer crypto staking?

Shakepay does not offer built-in staking or lending services, meaning users cannot earn passive income on their crypto holdings directly through the platform. Those looking to stake or lend their assets must transfer funds to third-party platforms, incurring potential withdrawal fees and additional risks.

Staking on Shakepay

Shakepay does not support staking, so users cannot lock up their Bitcoin (BTC) or Ethereum (ETH) to earn staking rewards. Many competing exchanges allow users to stake assets directly and earn yields without needing external platforms.

Lending on Shakepay

Similarly, Shakepay does not provide lending services, meaning users cannot earn interest on their holdings or borrow against their crypto assets. Those interested in lending must use DeFi platforms (such as Aave or Compound) or centralized lending providers, which require transferring funds off Shakepay.

Good to know

Shakepay does not offer staking or lending, making it less attractive for users who want to earn passive income on their crypto holdings. Many competing exchanges provide built-in staking and lending options, allowing users to generate yield without transferring funds to external platforms. For those looking to maximize their crypto earnings, other platforms offer better opportunities.

How are revenues generated by Shakepay taxed?

Income generated from crypto trading on Shakepay is taxable in Canada, as the Canada Revenue Agency (CRA) treats cryptocurrency as property rather than currency. This means that any profits from buying, selling, or exchanging crypto must be reported on tax returns, either as capital gains or business income.

Capital Gains Tax

If trading is done occasionally as an investment, profits are taxed as capital gains, meaning only 50% of the gain is taxable at the user’s marginal tax rate. Selling crypto for CAD, swapping one crypto for another, and using crypto for purchases are all considered taxable events. If losses occur, they can be used to offset capital gains in the same or future years.

Business Income Tax

If trading is done frequently and resembles business activity, the CRA may classify it as business income, meaning 100% of profits are taxable. Factors such as trading frequency, reliance on trading as a primary income source, and use of advanced strategies can determine if income is considered business-related.

Earnings from Staking or Lending

(Not available on Shakepay but applicable if users move funds to other platforms) Staking and lending rewards are treated as income at the time they are received, and their CAD value must be reported as taxable income. If the staked or lent crypto is later sold for a profit, any price increase from the original reward value is also subject to capital gains tax.

How to Declare Crypto Income in Canada

• Track Transactions: Shakepay does not provide tax reports, so users must track their crypto purchases, sales, and swaps manually or use crypto tax software.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking/lending rewards are reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be valued in Canadian dollars (CAD) at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records is essential.

Watch out!

Shakepay does not offer tax reporting tools, meaning users must manually track and declare their crypto income. Failure to report capital gains, business income, or crypto-related earnings can result in CRA audits and penalties. Those with high trading volumes or complex transactions may benefit from crypto tax software or professional tax advice to ensure compliance.

Contact: How to contact Shakepay customer service?

Shakepay offers limited customer support, with no phone assistance available. Users must rely on email, a help center, and social media channels for inquiries. Below is a summary of the available contact options for different types of requests.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.