Shakepay Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Shakepay is a fast-growing, Canadian-based platform and one of the top crypto exchanges in Canada, focused on making it easy for Canadians to buy Bitcoin and Ethereum. As someone who’s been trading crypto since 2016, I can tell you it’s particularly ideal for beginners just starting their crypto journey. What sets Shakepay apart is its unique crypto Visa card, which allows Canadians to earn Bitcoin cashback on everyday purchases—a feature I find incredibly appealing and one that aligns with my personal experiences in crypto.

That said, Shakepay does have its downsides. For instance, exchanges like BitBuy offer a wider selection of coins, stronger security features, and significantly lower fees—something I’ve noticed in my experience testing over 50 exchanges.

I signed up and tested the platform myself to see just how user-friendly it really is and to determine if Shakepay is a legitimate choice for Canadians in 2025. Here’s my detailed Shakepay review.

Shakepay Quick Summary

Shakepay, launched in 2015 in Montreal, has quickly gained traction, serving over 600,000 Canadians. The platform claims that you can own your first Bitcoin in just 10 minutes—a bold promise, but if accurate, it’s a great option for those eager to get started. Of course, account verification is required to make this happen.

One of the most creative features of Shakepay is its referral program. You can actually earn Bitcoin daily just by shaking your phone—how fun is that?

Currently, Shakepay only supports Bitcoin and Ethereum. While the selection is limited, these two cryptocurrencies are an excellent starting point for new crypto investors.

Shakepay Features

One standout feature of Shakepay is its “ShakingSats” referral program, which is both fun and rewarding. Here’s how it works: refer a friend to Shakepay using your unique referral code. Once both of you have verified accounts, all you need to do is open the Shakepay app each day and literally shake your phone. This earns you Satoshis (sats) daily, and the more friends you refer, the more sats you can stack. It’s by far the most entertaining referral program I’ve come across. You can find more details about it here.

In addition to this, Shakepay offers other useful features like basic charting, simple purchasing, and a sleek, user-friendly mobile app.

How To Use Shakepay

Using Shakepay is extremely easy due to their great usability and interface. 

Shakepay Registration & Verification Process

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• A selfie

To sign up for Shakepay, you’ll first need to enter an email, password and your desired Shaketag, which will be your username. 

Once you’re in your account, you’ll see your wallets and under Transaction History, there will be a notice to verify your account.

Next, you will need to upload a government-issued ID such as your passport or driver’s licence. The next step is to record a video of yourself saying the digits that appear on the screen and submit this. You must keep your head within the oval shape that appears either on the screen. You can do this on desktop or mobile. 

Recording a video as part of the verification process is something we haven’t seen before, and while it induced a bit of stage fright in us, it was actually a lot easier than trying to take a selfie holding an ID and a piece of paper. 

If your verification is auto-approved, you can begin depositing right away. If not, manual verification can take seven days. 

Adding Funds To Shakepay

Click the “Add Funds” button and you will find a few ways to add funds to your Shakepay account. 

The best and cheapest way to add the money from your Canadian bank account to Shakepay would be Interac e-Transfer.

Shakepay Fees

Shakepay’s fee structure is quite appealing compared to other exchanges. It’s advertised as “commission-free” and offers several cost-saving benefits, including free Canadian dollar deposits and withdrawals via Interac and wire transfers, as well as free crypto withdrawals. One feature I particularly appreciate is that Shakepay covers mining fees—a rare perk that most exchanges don’t offer.

Here’s a quick breakdown:

• Free crypto withdrawals
• Free CAD deposits and withdrawals (Interac and wire)
• Trading fee spread: 1.2% – 2.5%

These features make Shakepay an economical choice, though it’s worth keeping the spread in mind when trading.

Shakepay Spreads

Shakepay markets itself as a “no fee” exchange, but it’s technically a broker. Unlike traditional exchanges where users buy and sell directly from each other, Shakepay acts as the middleman—buying and selling crypto at prices it sets. The difference between the buy and sell prices, known as the spread, is how brokers like Shakepay generate revenue.

Shakepay’s spread ranges from 1.2% to 2.5%, which is on the higher side. For comparison, Newton offers a spread of 0.9%, making it a more cost-effective alternative for those looking to save on trading fees.

How Much Does it Really Cost To Trade With Shakepay?

We tested Shakepay by sending $100 to our account via Interac. Since there are no deposit fees, we received the full $100 in our account. We then bought Bitcoin and received 0.0032 BTC, valued at $98.33. This means we lost $1.67, or 1.67%, due to the spread.

Next, we sold the Bitcoin and received $97.68 CAD. This resulted in a loss of $0.65, or 0.66%, on the spread. While Shakepay’s process is straightforward and transparent, the spreads can add up, especially if you’re making frequent trades.

How Does Shakepay Make Money?

Shakepay positions itself as a “no fee” exchange, but in reality, it operates as a broker. Unlike traditional crypto exchanges where users trade directly with one another and the platform facilitates these transactions, brokers like Shakepay buy crypto from their users and sell it back at prices they determine.

The difference between the buy and sell prices, known as the spread, is how Shakepay makes its profit. Shakepay’s spread ranges from 1.2% to 2.5%, which is something to keep in mind when evaluating its cost-effectiveness compared to other platforms.

Shakepay Currencies  & Deposit Methods

Shakepay makes it easy to deposit Canadian dollars into your account using Interac e-Transfer or wire transfer. However, there’s no option to use a credit or debit card, which might be a drawback for some users.

One feature I really like is the low $5 minimum for Interac deposits—a significant advantage compared to many other exchanges that often require a minimum deposit of $50 or even $100. For wire transfers, the minimum is $5,000, which is better suited for larger transactions.

How Long Do Deposits Take With Shakepay?

Our deposit took less than five minutes to arrive in our Shakepay account.

How Long Does it Take to Withdraw Coins With Shakepay?

Withdrawing your crypto is fast but depends on the network. Withdrawing bitcoin to a wallet takes approximately 10 minutes. Withdrawing fiat from Shakepay to your bank account is instant via Interac e-Transfer.

Shakepay Crypto Visa Card for Canadians

For me, the main reason I signed up with Shakepay was their crypto Visa card, which is fantastic for earning Bitcoin cashback on everyday purchases. Announced in November 2021, it’s become extremely popular within the Canadian crypto community—and for good reason.

This is the primary card I use for payments, and I’ve never encountered any issues with it.

The Shakepay card is virtual, making it easy to set up and use. Simply sign up with Shakepay (you can use this link to get $10), verify your account, and apply for the card directly in the app. Once your account is confirmed, you can top up the card and start earning 2% Bitcoin cashback on all your purchases.

Shakepay Security and Safety

Is Shakepay safe for Canadians to use? While Shakepay claims on its website that digital assets are backed by an insurance policy, the lack of details raises questions. Additionally, they don’t disclose what percentage of assets are stored offline in cold storage—something I consider a key security measure for any exchange. While the mention of an insurance policy is reassuring, more transparency would be ideal. They do provide an independent report on their procedures, which you can view here.

For added security, Shakepay offers two-factor authentication (2FA), FaceID, and biometric options to protect your account. When withdrawing funds, you’ll need to confirm the transaction via email. I recommend setting up 2FA for your email as well to prevent unauthorized withdrawals. Shakepay also sends notifications to keep you updated on your account activity.

Like most exchanges, you won’t hold the private keys to your assets stored on Shakepay’s platform. However, they make it easy to withdraw your crypto to a personal wallet, such as a hardware wallet, for greater control and security.

Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and operates fully within Canadian regulations. With these measures in place, I’d consider Shakepay one of the safer crypto exchanges in Canada.

Mobile and Desktop app

Shakepay’s app is designed with beginners in mind, offering a clean and easy-to-navigate interface. On the iOS App Store, it boasts an impressive 4.5-star rating from 12,000 users, while the Android version has an even higher 4.6-star rating from 7,000 users. These ratings are significantly higher compared to many of its competitors, which speaks volumes about its user satisfaction.

Design and Usability

Shakepay’s app and desktop platforms are perfect for beginners, featuring a clean, intuitive interface that’s easy to navigate. With straightforward options for deposits, withdrawals, wallets, and basic charting, you can buy or sell crypto in Canada in just a few clicks.

What I like about Shakepay is its simplicity—there are no overwhelming advanced features like multiple order types, detailed charting tools, or order books. This makes it a great choice for those who are new to crypto and want a hassle-free experience.

Depositing is easy. Just select which method you prefer and follow the steps. 

On the app, it’s even easier, with very few on-screen options. Your choices are to add funds or send your funds to another cryptocurrency wallet or bank account.

To purchase crypto, just enter the amount you wish to purchase. You will be shown a conversion and all you need to do is click the buy button. 

Shakepay Customer Support

Shakepay markets itself as having “customer service that cares,” and I wanted to see if it lives up to that claim. They offer a support section on their website that’s helpful for addressing common questions, and you can also email their team at [email protected].

To test their responsiveness, I reached out to the support team via email. They responded the next day, within 24 hours, even though it was the weekend. While I wouldn’t call it lightning-fast, it was good to see that they honored their commitment to providing timely support.

Shakepay Consumer Ratings, Reports & Reviews on Other Platforms

Shakepay has a poor 1.9-star rating on Trustpilot with 76% poor reviews. Some users claim there is a lack of support, and others claim they were scammed by companies pretending to be Shakepay. Of course, these scams have nothing to do with Shakepay itself. 

Other users love Shakepay’s simplicity and features such as Shaking Sats. 

Latest Updates on Shakepay For Canadian

Shakepay has recently emphasized that they store digital currencies in secure offline storage (cold storage) backed by insurance, ensuring enhanced security for users’ assets. This adds an extra layer of protection to their platform, which is particularly important for risk-conscious investors.

Shakepay Alternatives

There are several Canadian crypto exchanges such as Bitbuy, which was Canada’s first regulated exchange. It has free deposits and some of the most popular cryptocurrencies to trade. 

	Shakepay	Bitbuy
Trading fees	0%-2%	0% to 1.5%
Cryptocurrencies	2	40+
Additional features	Bitcoin rewards card	OTC Desk
Customer Support	Good	Good
Security	Good	Excellent

Common Shakepay Scams

Make sure you always use the official website URL of your crypto exchange before depositing any money since there are many fake exchange websites and social media accounts out there. 

These fake exchanges will often look just like something from the real exchange with the same branding, but they are designed to fool you into depositing funds, handing over passwords, or downloading viruses. 

Be careful of phishing emails that contain links to fake exchanges. Always check the email comes from the official email of the exchange before clicking on any links. 

Some people have been scammed by third parties claiming to be Shakepay, helping them set up an account and deposit money. Shakepay does not do this. If anybody reaches out to you claiming to be Shakepay, it is a scam.

Does Shakepay Offer Staking or Other Services?

Shakepay has a bitcoin cashback Visa card where you can earn 1% back on all your purchases paid to you in bitcoin. Use your card anywhere Visa is accepted online or in stores. You are free to hold, trade, withdraw, or sell your bitcoin rewards. There are no sign up fees or credit checks required. As a bonus, you will earn an additional 1% cashback on the first $5,000 spent.

You and up to four friends can also form a ShakeSquad and earn rewards on each other’s purchases. 

You can also send crypto to another Shakepay user for free using just their ShakeTag, which is a unique username you must choose when first signing up. This makes sending crypto easy.

Shakepay is suitable for Canadian residents only.

Does Shakepay Have an OTC Desk?

Shakepay does not have an OTC desk. 

Shakepay Liquidity

Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage.

Conclusion

Is Shakepay legit? I believe so. What I really like about Shakepay is how simple it is for Canadians to buy Bitcoin and Ethereum. If those two coins are all you’re after and you don’t need advanced trading features, Shakepay is an excellent choice. Free deposits and withdrawals, including free crypto withdrawals (a rare perk among exchanges), make it even more appealing. Plus, the “ShakingSats” feature is a fun way to stack sats daily just by shaking your phone.

What truly sets Shakepay apart is its crypto Visa card. You can spend and earn cashback in Bitcoin, and it’s currently the only Canadian exchange offering this feature. Personally, I think this card alone makes Shakepay worth signing up for.

That said, there are a couple of downsides. Shakepay isn’t transparent about its offline storage or insurance policy. Knowing more details would definitely give customers added peace of mind. To stay on the safe side, I always recommend transferring your crypto to a wallet where you control the private keys.

Another limitation is that Shakepay only supports two cryptocurrencies. As your crypto journey progresses, you’ll likely want access to more coins. In that case, I’d suggest checking out BitBuy as a next step (you can read our detailed BitBuy review here).

Overall, Shakepay is a straightforward and beginner-friendly platform, perfect for starting your crypto adventure. If you’re ready to give it a try, use our sign-up link to get $10 free when you trade over $100 CAD.

You can also watch a quick recap on our YouTube channel: