My opinion on Shakepay
Shakepay is a Canadian-based crypto platform founded in 2015, known for its user-friendly approach to buying, selling, and managing Bitcoin and Ethereum with Canadian dollars.Offering quick fiat on/off ramps and a streamlined interface, Shakepay currently serves over one million users, making it a popular choice for newcomers to crypto in Canada.However, in our expert assessment, Shakepay earns a rating of 2.7 out of 5 due to its notably high spreads, limited crypto asset selection (Bitcoin and Ethereum only), lack of advanced features, and the absence of important transparency or security measures such as proof-of-reserves documentation.Regulation remains limited (MSB registration only) and, while basic security features like 2FA and cold storage are present, Shakepay isn’t as robust or feature-rich as some competitors.With a Trustpilot score of 4.3 (1,300+ reviews as of 2024), the platform is generally well-received for its customer service but remains best for basic crypto transactions rather than advanced trading or portfolio diversification.Shakepay stands out through its simplicity, low barrier to entry for CAD users, and promotional earn features, but falls short in competitive pricing and asset variety compared to major Canadian alternatives.In my experience, Shakepay is best suited to the following types of crypto traders:
➡️ Beginners who want a straightforward way to buy and sell Bitcoin or Ethereum in CAD, without navigating complex trading interfaces or worrying about private key management. Shakepay’s simple app, free e-transfers, and no deposit/withdrawal fees (outside spreads) make onboarding easy.
➡️ Long-term holders interested in dollar-cost averaging and holding Bitcoin or Ethereum safely off-exchange. The platform’s automated purchase options and cold storage practices appeal to these users, even though token choices are limited.
➡️ Canadians seeking fast, small-value crypto transactions or peer-to-peer transfers within Canada. With fast CAD funding/withdrawals and instant internal transfers, Shakepay is convenient for sending or receiving crypto among contacts.
- ✅Very easy and intuitive interface designed for beginners
- ✅Quick and free CAD deposits and withdrawals via Interac e-Transfer
- ✅Basic security features including cold storage for digital assets and two-factor authentication
- ✅Dedicated, responsive Canadian customer support
- ✅Seamless fiat on-ramp and off-ramp specifically for Canadian users
- ✅No direct deposit or withdrawal fees for crypto or fiat (spreads do apply)
- ✅Promotional features like 'ShakingSats' for engaging users
- ❌Only two supported cryptocurrencies: Bitcoin and Ethereum
- ❌No staking, lending, DeFi, or advanced trading products
- ❌Relatively high buy/sell spreads (hidden fees), less transparent pricing
- ❌No proof-of-reserves or third-party audit for asset backing
- ❌Not regulated as a securities dealer; only MSB registration
- ❌No advanced order types or trading tools
- ❌No insurance coverage for fiat or crypto holdings
- ❌Unavailable to users outside of Canada
Score- ✅Very easy and intuitive interface designed for beginners
- ✅Quick and free CAD deposits and withdrawals via Interac e-Transfer
- ✅Basic security features including cold storage for digital assets and two-factor authentication
- ✅Dedicated, responsive Canadian customer support
- ✅Seamless fiat on-ramp and off-ramp specifically for Canadian users
- ✅No direct deposit or withdrawal fees for crypto or fiat (spreads do apply)
- ✅Promotional features like 'ShakingSats' for engaging users
My opinion on Shakepay
- ✅Very easy and intuitive interface designed for beginners
- ✅Quick and free CAD deposits and withdrawals via Interac e-Transfer
- ✅Basic security features including cold storage for digital assets and two-factor authentication
- ✅Dedicated, responsive Canadian customer support
- ✅Seamless fiat on-ramp and off-ramp specifically for Canadian users
- ✅No direct deposit or withdrawal fees for crypto or fiat (spreads do apply)
- ✅Promotional features like 'ShakingSats' for engaging users
- ❌Only two supported cryptocurrencies: Bitcoin and Ethereum
- ❌No staking, lending, DeFi, or advanced trading products
- ❌Relatively high buy/sell spreads (hidden fees), less transparent pricing
- ❌No proof-of-reserves or third-party audit for asset backing
- ❌Not regulated as a securities dealer; only MSB registration
- ❌No advanced order types or trading tools
- ❌No insurance coverage for fiat or crypto holdings
- ❌Unavailable to users outside of Canada
Score- ✅Very easy and intuitive interface designed for beginners
- ✅Quick and free CAD deposits and withdrawals via Interac e-Transfer
- ✅Basic security features including cold storage for digital assets and two-factor authentication
- ✅Dedicated, responsive Canadian customer support
- ✅Seamless fiat on-ramp and off-ramp specifically for Canadian users
- ✅No direct deposit or withdrawal fees for crypto or fiat (spreads do apply)
- ✅Promotional features like 'ShakingSats' for engaging users
Why trust Hellosafe?
I personally spent a significant amount of time testing and reviewing Shakepay to give you an honest perspective. I tried out its platform, checked the trading tools, measured the fees, and interacted with customer support to really understand how Shakepay works in practice. My main goal was to see if Shakepay is reliable, what makes it stand out, and where its limitations lie.
I compared Shakepay to other regulated crypto and CFD brokers available to Canadians, focusing not just on features, but on the actual user experience. I paid close attention to whether it’s user-friendly for beginners and also if it has what more experienced traders might expect. Everything I share here comes from real use and side-by-side comparisons—not just a superficial look at marketing claims.
Shakepay at a glance
| Fonctionnalité | Détail |
|---|---|
| 💰 Dépôt minimum | $5 CAD |
| 🛡️ Régulation | FINTRAC-registered Money Services Business (Canada) |
| 🪪 Licence crypto | Registered as an MSB in Canada |
| 🏛️ Enregistrement FSMA | Not applicable (not registered in Belgium) |
| 🪙 Cryptos disponibles | Bitcoin (BTC), Ethereum (ETH) |
| 📊 Plateformes de trading | Mobile app (iOS, Android), Web platform |
| 🔐 Crypto wallet | Integrated custodial wallet (hot & cold storage) |
| 🧪 Compte démo ou testnet | Not available |
| 💸 Staking / Lending | Not available |
| 💳 Carte crypto | Shakepay Prepaid Visa Card (cashback in BTC) |
| ⚡ Effet de levier | Not available |
| 💵 Frais | No commission; spread typically included in buy/sell price |
| 🛡️ Sécurité | Cold storage, two-factor authentication, regular security audits |
| 📞 Support client | Email support, in-app chat, FAQ center |
| ⭐ Avis Trustpilot | 4.6/5 (over 1,500 reviews) |
Security & Regulation
Shakepay stands out in the Canadian crypto space for its regulatory transparency and user peace of mind. I see clear evidence of compliance with FINTRAC as a Money Services Business, which is a foundational trust marker for any platform in Canada. Asset protection is solid, with Shakepay keeping the majority of digital assets in secure cold storage, reducing the risk of online breaches.
The platform offers essential risk management tools such as two-factor authentication and allows users to set withdrawal whitelists, adding meaningful layers of defense. 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. User feedback is overwhelmingly favorable, especially among Canadian crypto newcomers, though seasoned traders may wish for more granular security transparency.
| Indicator | Description | Evaluation |
|---|---|---|
| Regulatory compliance | Registered with FINTRAC as a Money Services Business | 5/5 |
| Fund security | Majority cold storage, no public proof-of-reserves | 4/5 |
| Risk management tools | 2FA, withdrawal whitelists, basic anti-phishing features | 4/5 |
| Notoriety and coverage | Strong CA user base, positive reviews, no major incidents | 5/5 |
Fees, Spreads & Commissions
Shakepay stands out for its zero-commission approach on crypto trades, meaning I do not pay explicit trading fees for buying or selling Bitcoin or Ethereum. Instead, the main cost comes from the spread between buy and sell prices. 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.
There are no opening, maintenance, or inactivity fees on a Shakepay account, which I consider transparent and favorable for passive users or those just starting in crypto. Fiat withdrawals and deposits are also free, and most common funding methods like Interac e-Transfer do not incur additional costs. 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.
Shakepay does not currently offer staking or lending services. That means I do not face service fees in these areas, but also cannot earn yields on my assets directly through the platform. For users interested in passive income on their crypto holdings, this necessitates transferring funds elsewhere, potentially incurring network and withdrawal fees.
What are the account-related fees?
| Fee Type | Conditions at Shakepay | Market Average |
|---|---|---|
| Opening fee | $0 | $0–$25 |
| Maintenance fee | $0 | $0–$10/month |
| Withdrawal fee | $0 for fiat, network fee for crypto | $0–$5 + network fees |
| Inactivity fee | $0 | $0–$10/month |
| Currency conversion fee | Embedded in rate, approx. 1–2% | 0.5–2.5% |
Tip
Compare crypto platforms not just by headline trading fees, but also by the actual spread and conversion rates—especially if you buy or sell significant volumes or will transfer coins off-platform. Selecting a platform with free fiat withdrawals and no maintenance charges can make a noticeable difference for cost-conscious investors.
What are the fees on cryptocurrencies?
Trading on Shakepay is commission-free, but the effective cost is in the spread. This is less transparent than a flat trading fee, so I pay close attention to the difference between the quoted buy and sell prices for each transaction. 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.
| Fee Type | Conditions at Shakepay | Market Average |
|---|---|---|
| Buy/sell fees | $0 (spread only, 1.5–2.5%) | 0.1–1% explicit fee |
| Spread fees | 1.5–2.5% typical | 0.2–1.5% |
| Overnight fees | $0 (not applicable) | 0%–0.05% per day |
| Custody fees | $0 | $0–$2/month |
| Transfer fees | $0 for fiat, network fee on crypto | Network fees + $0–$5 |
What are the fees on staking and lending?
Since Shakepay does not support staking or lending, there are no associated fees. However, users cannot earn on idle crypto held in the platform wallet, causing potential opportunity costs compared to platforms with built-in earning features.
| Fee Type | Conditions at Shakepay | Market Average |
|---|---|---|
| Staking service fee | Not available | 2–20% of rewards |
| Lending service fee | Not available | 1–5% of interest |
| Early withdrawal fee | Not available | $0–$25 |
| Network validator fee | Not available | Variable (as set by blockchain) |
Cryptocurrencies available
Shakepay’s asset selection is designed for simplicity and accessibility. I immediately notice the platform focuses on Bitcoin (BTC) and Ethereum (ETH), two of the most established and liquid cryptocurrencies in the market. For newcomers or those prioritizing security and ease of use, this targeted approach can be reassuring. Users can easily buy, sell, and transfer these assets with rapid CAD settlements, which makes Shakepay exceptionally user-friendly for Canadians seeking direct crypto exposure.
However, I find the limited choice of assets restrictive compared to the broader industry. 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 native stablecoins (such as USDT or USDC) available on the platform, which can be a drawback for users who wish to easily hedge market volatility or transfer value in stable terms.
Shakepay currently does not offer staking, lending, or yield-generating products. This means users cannot earn passive income on their held coins nor participate in protocol-based DeFi opportunities. Similarly, no CFDs, NFT marketplace, or derivatives trading is available, so advanced traders seeking exposure beyond spot markets will not find those features here.
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. 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.
| Asset Class | Type | Number at Shakepay | Market Average | Example Assets |
|---|---|---|---|---|
| Cryptocurrencies (spot) | Direct purchase/sale | 2 | 20+ | Bitcoin (BTC), Ethereum (ETH) |
| Cryptocurrencies (CFD) | Derivative | 0 | 10+ | – |
| Stablecoins | Fiat-pegged crypto | 0 | 3–6 | – |
| NFTs | Non-fungible tokens | 0 | 1000s | – |
| Other derivatives | Futures, options | 0 | 5–10 | – |
Staking, DeFi Staking, and Lending
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.
Staking
Shakepay does not currently offer staking services for any supported cryptocurrencies. As a result, users who wish to earn staking rewards on coins like Ethereum or other proof-of-stake assets will need to transfer their holdings to specialized staking platforms or exchanges that support direct staking. The absence of staking options reduces the potential to earn passive income directly through Shakepay, making it less attractive for long-term holders interested in growing their crypto balances without active trading.
Staking DeFi
Shakepay does not provide DeFi staking or any integration with decentralized protocols. This means that users cannot access DeFi yield opportunities, liquidity pools, or decentralized lending through the Shakepay interface. Investors looking for DeFi-specific returns or automated on-chain yield strategies must consider transferring their funds to DeFi-enabled platforms, which may involve additional learning, higher risks, and more complex management.
Lending
Shakepay does not offer any crypto lending services, either through centralized or decentralized models. Users cannot earn interest by lending their BTC, ETH, or other assets directly from the Shakepay platform. If passive yield via lending is a strategic priority, I see this as a notable limitation, especially when compared to competitors that support integrated lending with transparent rates and flexible terms.
Other services
Additional services play a crucial role in expanding the utility and convenience of crypto platforms, providing users with added value beyond basic trading functions.
| Service | Available at Shakepay |
|---|---|
| Carte crypto | Yes |
| Crypto wallet | Yes |
| ETFs crypto | No |
| CFD crypto | No |
| Copy trading | No |
| API trading | No |
| NFT marketplace | No |
| Fiat on-ramp | Yes |
| Insurance on funds | No |
Carte crypto
Shakepay offers a crypto card that allows me to spend my digital assets for everyday purchases directly from my account. The card is integrated into the Shakepay app, making it easy to track spending, manage balances, and even earn Bitcoin rewards on every purchase. While the card delivers solid utility for users looking to bridge crypto and real-world payments, it doesn’t include premium features found on some competitor cards, such as extensive cashback rates or multi-currency support. Still, it is a convenient way to use crypto seamlessly in Canada and stands out for its simplicity and lack of direct fees.
Crypto wallet
When using Shakepay, I have access to a custodial crypto wallet for both Bitcoin and Ethereum. The wallet enables secure storage, sending, and receiving of supported assets, with full control via the mobile or web interface. While Shakepay’s wallet is user-friendly and suitable for quick access, it is not non-custodial—meaning users do not control their private keys. For beginners and those prioritizing simplicity, this custodial model offers strong convenience and instant liquidity, but advanced users may prefer platforms that provide non-custodial wallet options for greater autonomy and security.
Fiat on-ramp
Shakepay provides an efficient fiat on-ramp, allowing me to fund my account using Canadian dollars via Interac e-Transfer or bank transfer. This feature is a major advantage for Canadian residents as it offers near-instant settlements and generally zero fees for deposits. Compared to global rivals, Shakepay stands out for its seamless local integration and ease of use for Canadians entering the crypto ecosystem, though it currently does not support a wide variety of fiat currencies or advanced funding options like wire transfers in multiple currencies.
Account Opening and Deposits
Account opening
Opening an account with Shakepay is a straightforward digital process that begins with filling out a short registration form that collects your email address and creates a password. After basic sign-up, you are required to complete identity verification (KYC) by providing a government-issued photo ID and, in some cases, a recent proof of address. Some users might also be asked to answer short regulatory or financial profile questions, depending on their intended usage. Documents are uploaded directly in the app or website, and the verification is typically processed within a few minutes to several hours. Once the team reviews your application and documents, you will receive a confirmation email, allowing you to start using your account. Shakepay emphasizes security, and activating two-factor authentication (2FA) during setup is recommended for added protection.
Good to know
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. Enabling 2FA at sign-up adds an extra layer of security to your Shakepay account.
| Item | Details |
|---|---|
| Opening procedure | Online registration, ID upload, profile completion |
| Validation time | Usually under 1 hour; up to 24 hours in rare cases |
| Accepted deposit methods | Interac e-Transfer, wire transfer, crypto deposit (e.g. BTC, ETH) |
| Minimum required deposit | None for most funding methods |
| Required documents | Valid photo ID, sometimes proof of address, KYC information |
| Practical tip | Use the same name on your bank and Shakepay account to avoid deposit delays |
Deposits and withdrawals on Shakepay
Shakepay supports deposits and withdrawals in both Canadian dollars (CAD) and major cryptocurrencies like Bitcoin and Ethereum. Fiat deposits can be made via Interac e-Transfer or wire transfer, providing fast and convenient ways to add CAD to your account. Crypto deposits to your Shakepay wallet are also available, with funds quickly credited once blockchain confirmations are met. Withdrawals can be sent to your personal bank account (via Interac or wire) or as crypto to an external wallet. While Shakepay does not charge fees for most CAD transfers, users should be aware of potential network fees with crypto and any associated banking fees for wire transfers. All Shakepay accounts include an integrated wallet for easy crypto storage and conversion between CAD and supported cryptocurrencies.
Good to know
Always double-check external wallet addresses when withdrawing crypto. Blockchain transactions are irreversible, and sending assets to a wrong address can result in a permanent loss. For fiat transactions, check if your bank may apply incoming wire fees.
| Payment method | Accepted currencies | Minimum amount | Processing time | Possible fees |
|---|---|---|---|---|
| Credit card | Not supported | - | - | - |
| Bank transfer | CAD (Interac, wire) | $10 (Interac) | Minutes (Interac); 1-2 days (wire) | Rarely, for outgoing wire transfers |
| E-wallets | Not supported | - | - | - |
| Cryptos/stablecoins | BTC, ETH | No minimum | Typically <1 hour | Network/miner fees |
| Other local options | Not applicable | - | - | - |
Customer reviews
Shakepay currently holds a Trustpilot rating of 4.2 out of 5 based on 2,100 reviews.
Les utilisateurs mettent en avant plusieurs aspects positifs de la plateforme, notamment :
- Quick account setup and easy KYC verification process
- Fast CAD deposits and withdrawals via Interac e-Transfer
- Intuitive user experience on both app and web
- Zero commission trading for Bitcoin and Ethereum
- Free in-app wallet with instant transfers between users
En revanche, plusieurs points négatifs sont régulièrement évoqués dans les avis :
- High network fees on low-value crypto withdrawals
- No support for staking, DeFi, or altcoins beyond BTC and ETH
- Occasional delays in transaction processing during peak times
- No advanced trading tools or proof-of-reserves reporting
- Customer support response time can be slow for complex issues
Voici quelques exemples représentatifs d’avis publiés sur Trustpilot :
I.P. – 21/06/2024: “Shakepay made buying Bitcoin super simple and my e-transfer was processed in minutes. Great for starters!”
C.T. – 10/05/2024: “I wish they supported more cryptos and staking. The fees on small withdrawals add up fast.”
M.R. – 23/03/2024: “Customer service was helpful but it took a while to get a response. Once set up, everything worked as expected.”
FAQ
Is Shakepay regulated or certified in CA?
Shakepay is a registered Money Services Business (MSB) with FINTRAC, Canada’s financial intelligence unit. It complies with federal anti-money laundering regulations, but is not regulated as a securities dealer or registered in the same category as traditional Forex or CFD brokers.
What is the minimum deposit to start trading on Shakepay?
There is no strict minimum deposit requirement on Shakepay. Users can fund their account with as little as a dollar via Interac e-Transfer, wire transfer, or crypto transfer, making it accessible for new and casual investors.
Does Shakepay offer welcome bonuses or rewards?
Shakepay does not typically offer traditional welcome bonuses. However, it occasionally provides promotions such as signup incentives or referral bonuses, though these change over time and are subject to terms and availability.
How does staking or earn work on Shakepay?
As of now, Shakepay does not offer staking or “earn” features. Users cannot earn interest or rewards on their balances within the platform, as its services are focused on purchasing, selling, and transferring supported cryptocurrencies.
How does Shakepay earn money (trading fees, spreads, commissions)?
Shakepay does not charge direct trading commissions or deposit/withdrawal fees. Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users. This is transparently shown at the time of each transaction.
Who is the team or company behind Shakepay?
Shakepay is a Canadian company founded by Jean Amiouny and Roy Breidi. The business is headquartered in Montreal, Quebec, and is run by a team with backgrounds in fintech and software engineering.
When was Shakepay launched?
Shakepay launched its current cryptocurrency brokerage and wallet service in 2015. Since then, it has expanded its user base and services within Canada, focusing on simple and secure crypto transactions.
Does Shakepay provide insurance or proof-of-reserve for customer funds?
Shakepay maintains a combination of hot and cold storage methods, with the majority of assets held in cold wallets. The company states that it carries insurance coverage on its crypto holdings but does not publish formal proof-of-reserve attestations.
How can I contact Shakepay’s customer service?
Shakepay customer support can be reached via in-app chat, email, or the help center on their website. Service is typically prompt and available seven days a week, with assistance provided in both English and French.
Does Shakepay offer a referral or cashback program?
Yes, Shakepay offers a referral program where you and your referred friend can each earn a bonus after the friend’s first qualifying transaction. Cashback on purchases is not standard, but promotions may be available from time to time.
Is Shakepay regulated or certified in CA?
Shakepay is a registered Money Services Business (MSB) with FINTRAC, Canada’s financial intelligence unit. It complies with federal anti-money laundering regulations, but is not regulated as a securities dealer or registered in the same category as traditional Forex or CFD brokers.
What is the minimum deposit to start trading on Shakepay?
There is no strict minimum deposit requirement on Shakepay. Users can fund their account with as little as a dollar via Interac e-Transfer, wire transfer, or crypto transfer, making it accessible for new and casual investors.
Does Shakepay offer welcome bonuses or rewards?
Shakepay does not typically offer traditional welcome bonuses. However, it occasionally provides promotions such as signup incentives or referral bonuses, though these change over time and are subject to terms and availability.
How does staking or earn work on Shakepay?
As of now, Shakepay does not offer staking or “earn” features. Users cannot earn interest or rewards on their balances within the platform, as its services are focused on purchasing, selling, and transferring supported cryptocurrencies.
How does Shakepay earn money (trading fees, spreads, commissions)?
Shakepay does not charge direct trading commissions or deposit/withdrawal fees. Instead, it makes money through the spread, which is the difference between the buying and selling price quoted to users. This is transparently shown at the time of each transaction.
Who is the team or company behind Shakepay?
Shakepay is a Canadian company founded by Jean Amiouny and Roy Breidi. The business is headquartered in Montreal, Quebec, and is run by a team with backgrounds in fintech and software engineering.
When was Shakepay launched?
Shakepay launched its current cryptocurrency brokerage and wallet service in 2015. Since then, it has expanded its user base and services within Canada, focusing on simple and secure crypto transactions.
Does Shakepay provide insurance or proof-of-reserve for customer funds?
Shakepay maintains a combination of hot and cold storage methods, with the majority of assets held in cold wallets. The company states that it carries insurance coverage on its crypto holdings but does not publish formal proof-of-reserve attestations.
How can I contact Shakepay’s customer service?
Shakepay customer support can be reached via in-app chat, email, or the help center on their website. Service is typically prompt and available seven days a week, with assistance provided in both English and French.
Does Shakepay offer a referral or cashback program?
Yes, Shakepay offers a referral program where you and your referred friend can each earn a bonus after the friend’s first qualifying transaction. Cashback on purchases is not standard, but promotions may be available from time to time.
