We’re writing this ShakePay Review today for two reasons:
- We have found multiple negative ShakePay reviews.
- There is a ShakePay scam, which we will cover in our next review (ShakePayEx Review).
ShakePay is a website that markets itself as the “easiest way for Canadians to buy and sell Bitcoin.”
It’s thus basically a Bitcoin (and Ethereum) exchange.
It can be found at ShakePay.com, as well as via domains that redirect to that domain, such as:
- ShakePay.co
- ShakePay.ca
Th ShakePay app provides a platform to buy bitcoins (or fund your account) using
- Interac e-Transfer (a Canadian funds transfer service between personal and business accounts in participating Canadian banks and other financial institutions, offered through Interac Corporation) and to cash out to a bank account instantly.
- Wire transfer
- Bitcoin
- Ethereum
- Another Shakepay account (e.g., a friend’s account)
The same methods allow you to move funds out of your account.
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ShakePay Fees & Transfer Method Limits
All methods are free.
Transfer times vary from instant or up to 20 minutes in the case of Interac e-Transfer, Shakepay, Bitcoin, and Ethereum, while a wire transfer can take 1-2 days.
Minimum amounts range from none in the case of Bitcoin, Ethereum, and ShakePay incoming transfers to $5 in the case of Interac e-Transfer, and $10,000 for wire transfers.
Bitcoin minimum transfer is ₿0.0001, while for Ethereum it is Ξ0.05.
Maximum transfer amounts range from none to $999 for ShakePay and $10,000 in the case of Interac e-Transfers.
While it is not stated specifically, we suppose that all dollar sums are Canadian dollars since this exchange targets Canadians.
ShakePay Review – About ShakePay
Next, we want to find out who is behind this website.
According to their About page, the company was founded by Jean Amiouny (CEO) and Roy Breidi (CTO).
Jean Amiouny can be contacted on Twitter (@aiouy), LinkedIn, and email: jean@shakepay.com.
Roy Breidi can also be contacted on Twitter (@roybrey), LinkedIn, and email: roy@shakepay.com.
ShakePay Inc. is regulated by FINTRAC (#M17065696) & Revenu Québec (#904007).
Their date of incorporation is January 17, 2017.
Some of their investors & partners include QED Investors, Golden Ventures, and Broadhaven.
ShakePay Address (mailing only) is:
Shakepay Inc.
500 Place d’Armes, Suite 1800
Montreal, QC H2Y 2W2
How to Contact ShakePay
ShakePay contact information includes a chat widget, which is a message form since they “typically reply within 12 hours.”
Their phone number is +1 (514) 900-1115.
We’re not sure however if this is a ShakePay support number. We found it on their FINTRAC registration page.
ShakePay Customer Service Support Team can be contacted via email address: help@shakepay.com.
ShakePay Review – Is ShakePay SCAM?
The domain ShakePay.com was registered through CloudFlare, Inc., on August 12, 2013, for 10 years.
According to SimilarWeb, their global rank is #295,840 and in Canada, they are ranked #8,855 and are the #101 most popular investing website in Canada. In November 2022 they received more than 140,000 visitors to their website, mostly from Canada, but also from the United States, Sweden, Turkey, and Pakistan among other countries.
According to Semrush, they have an authority score of 50 with more than 25,000 backlinks from legitimate and trustworthy websites such as cameronhuff.com and bitcoin.org.
In short, this is a very popular regulated Canadian cryptocurrency exchange, which we believe is fully legitimate.
Can they be trusted, however?
Let’s see what their clients have to say.
ShakePay Reviews
First, we look for ShakePay Reddit reviews.
And they are great. For example, one person reports:
Signed up yesterday, KYC verified today. Sent an EMT from my bank account and it arrived within I think less than a minute. Bought some ETH and immediately withdrew. No holds, no delays, no fees, no problems, and the price was only about $2 above coinmarketcap spot. I’ve used all the classic Canadian exchanges all the way back to “Vault of Satoshi”, and I’m impressed with what just happened. Will come again.
Another reviewer writes:
the fastest and easiest way to buy bitcoin in Canada and i’ve used them since they were created and have never had a problem, and I use them a lot.
Next, let’s check if there are any reviews on Google, claiming the site is a scam.
At TrustPilot.com they have a poor score of 1.8 out of 5 stars based on 121 reviews.
One person writes:
There is no way to talk to people. My funds are held due to an issue. They want info and I can’t give it to them. So they are just holding my money till I reply. I can’t it seems. So not sure what to do.
Another reviewer complains:
opened Shakepay to buy & sell crypto through it. Not to buy & hold. Once my transactions started showing I purchased ETH & BIT & sent it off out of my wallet C.S froze my account to be able to receive ETH/BIT funds in? After back & forth banter with C.S essentially saying because I’m not using Shakepay to buy & hold strategy or how they would like me to trade it they suspended and kicked me off the platform? Even after I explained to them I fully understand My risk tolerance and I was OK with it? This app is a St8 scam unless you trade crypto Exactly how they want you to trade it. Highly recommend to Stay Away!!!!!!
You can read more negative (as well as some positive) reviews on their Trustpilot page.
On Google Play however they are ranked 4.5/5 stars based on 11.9K reviews, and on the App Store, they have 4.6/5 stars based on 17.7K ratings.
ShakePay Review: Bottom Line
To summarize this review, we tried to answer the question, is ShakePay legit? We discovered a Canadian crypto exchange that is highly popular and well-liked by most customers.
Some people find that their no fees policy seems too good to be true, however, it is not. Their policy is a perk used to attract customers to the platform, where they hope to sell them cryptocurrencies.
This is not a mining or investment site, but a legitimate exchange, a platform to buy and sell cryptocurrencies.
Based on this review, we would highly recommend ShakePay to any Canadian who is interested in purchasing, storing, or using Bitcoin or Ethereum.
One caveat however is that if you’re planning on using this exchange (or any other exchange) to store large amounts of cryptocurrency, you should be aware that if the company goes bankrupt for some reason, as happened with FTX, you may lose your money.
The best solution is to store your money on self-custody platforms or cold wallets. We especially recommend ZenGo, since it provides security measures that do not require remembering a passkey, which if lost, disables you from ever accessing your money again.
ShakePay Review – FAQ
How does ShakePay work?
ShakePay crypto exchange is a platform that allows you to buy crypto, specifically Bitcoin and Ethereum, by wire transfer and other methods.
You can also use the platform to sell your crypto or move it to a different platform.
Is ShakePay a wallet?
ShakePay can also be used as a cryptocurrency wallet, however as we mentioned above, this may not be a wise decision for people holding a very large amount of cryptocurrencies.
Where do I find the ShapePay app download links?
Here are the Shakepay app download links:
How does ShakePay make money?
Since there are no trading fees, how do they make money?
They are not an exchange in the sense that you buy and sell from other customers.
They operate as a local retail store that buys and sells goods, with the goods being digital currencies (Bitcoin or Ethereum).
Therefore, at any point in time, there will be a difference between the price you will have to pay to buy crypto and the price at which you can sell it.
Can I fund my account with a credit card?
There’s currently no ShakePay credit card payment option available.
What is the ShakePay Card?
A Visa Prepaid card that allows you to spend any Canadian dollar balances you have on the platform.
It can only be used by Canadians.
Is ShakePay available in the USA?
When registering with ShakePay Canada, you will have to provide a valid Canadian mobile phone number.
To sign up with ShakePay USA citizens (or people from any other country) need to have a Canadian phone number.
For identity verification, any passport or driver’s license can be used.
Does ShakePay report to CRA?
According to their Privacy Policy,
we may be required to disclose personal information relating to those transactions. If we disclose personal information to a financial institution or payment provider (or other service providers), we only do so pursuant to a written agreement that protects the confidentiality of this information, in keeping with Canadian legal requirements.
In Canada, according to the Canada Revenue Agency (CRA), possession of a cryptocurrency does not require you to file taxes, however other actions, such as gifting, selling, or using cryptocurrency to make purchases, can have tax consequences.
Moreover, “As a money service business (MSB), Shakepay is currently regulated by FINTRAC and Revenu Québec. This means there are certain guidelines Shakepay must adhere to to operate as a business.”
Therefore, while we cannot be sure of that, we believe that there is a chance that they will report your crypto transactions and capital gains to the CRA.
Does ShakePay have dogecoin?
Except for the cryptocurrencies Bitcoin and Ethereum, there are currently no other supported coins.
Are there ShakePay coins?
The only crypto coins currently supported on the platform are Bitcoin and Ethereum.
Is ShakePay safe?
We believe that this is a safe platform, however as we have learned from the collapse of FTX, no online exchange is 100% safe.
How to delete a ShakePay account?
To delete your account, follow these steps:
- Make sure your account balances are all zero
- Download your account’s transaction history to be used for your tax return and accounting purposes
- Navigate to the main screen of the app
- Click the settings icon in the bottom right corner
- Scroll to the bottom of the list and click Delete my account
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