Makes this app useless enough by taking the whole point of private Decentralized Finance / Banking away. They Lock and/or Ban your account for doing transactions of $1000 or more and ask way too many questions that are none of their business period. GetApp offers free software discovery and selection resources for professionals like you. Shakepay is able to waive the fees on all transactions because they make their profit from their buy and sell prices. Shakepay also has limit orders, which are also only available on the mobile app. You can set limit orders to both buy or sell Bitcoin or Ethereum.
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Shakepay allows users to trade cryptocurrencies without any commission fees or funding fees. Shakepay is able to offer all this for free as they are not a marketplace, they act more as a retailer where they sell and buy cryptocurrencies themselves. So when they buy and sell, there’s usually a difference in price between how much users pay and how much Shakepay buys for it.
Tradable assets
Shakepay holds an insurance policy on digital currencies held in cold storages and practices strict whitelisting. Shakepay is a cryptocurrency exchange focused on servicing the Canadian market. Unlike other exchanges, Shakepay is focussed on two cryptocurrencies – Bitcoin and Ethereum – which you can buy, sell, and store. In addition to their website, Shakepay is also available as an app for iOS and Android. Currently, Shakepay only supports Bitcoin and Ethereum, and they have no plans on adding any additional currencies. If you want to have access to Altcoins, then unfortunately you won’t have that option with Shakepay.
Capterra directories list all vendors—not just those that pay us—so that you can make the best-informed purchase decision possible. Despite her formal background in linguistics, Maja has shakepay review always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange.
Said traders have to contact them directly for more information as they do not spell out this application on their website. With coins in your wallet you are free to make transfers to other Shakepay users for whatever reason. You can buy and sell coins as an investor focused on long-term returns or you can trade more like a FOREX currency trader. Using Shakepay is as simple as using a mobile app to make electronic payments.
Shakepay is a Canadian-based mobile app and platform that lets Canadians buy and sell Ethereum and Bitcoin with the speed of light. The platform generates a profit on this practice by setting the buy and sell price of all digital assets. Shakepay accounts are easy to set up; users can create an account and purchase BTC within minutes.
Shakepay keeps some assets in hot storage to use for everyday liquidity and the rest is kept in cold storage. 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. Shakepay claims that support tickets can be answered within hours, even on weekends. We reached out to the support team via email to see how quickly they would respond.
Crypto
There are no confusing advanced features such as different order types, advanced charting, or order books. The vast majority of cryptocurrencies kept at Shakepay are kept in cold storage wallets and are covered by an insurance policy. Regulators have completed a review of some of the filings and are currently https://forex-review.net/ reviewing the remainder of the filings received. Newton does not charge commission fees but makes money on the spread, much like Shakepay. The biggest thing differentiating the two companies is that with Newton, you can trade over 25 currencies, one of, if not the highest total for a Canadian crypto exchange.
This makes Shakepay unique to many other exchanges in Canada because most will charge you a withdrawal fee. 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.
What crypto assets are supported
This is a handy feature as you don’t have to constantly keep an eye on the price fluctuations. It can take 1 to 2 business days for the funds to appear in your account. Wire transfers must be sent from your personal Canadian bank account, which may charge you a fee. Shakepay will provide you with their account details for the transfer, and they recommend sending a copy of your confirmation to them to speed up the process. Newton is a cryptocurrency brokerage offering 70 coins for trading. Like Shakepay, it does not charge a trading fee; however, it has a price spread of up to 2.5%.
It offers a simple and easy-to-use platform for buying and selling cryptocurrencies. One of the key features of Shakepay is that it allows you to buy and sell cryptocurrencies without going through a third party. Users can add funds or deposit cryptocurrency after completing the application and verification processes.
- Limit orders is a Shakepay app feature that enables you to buy or sell BTC and ETH at a predetermined price.
- Users will need to download the Shakepay app to take advantage of the ShakingSats rewards.
- This platform supports 30 coins and offers advanced trading tools for experienced traders.
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Both of these platforms are really user-friendly, even for those who are new to the world of cryptocurrency trading. Coinbase has a simple and user-friendly interface, making it a great choice for those new to the crypto world. The brokerage service is also quite straightforward, allowing users to buy and sell cryptocurrencies with just a few clicks. Understanding that many users are new to crypto and Shakepay as a company, Shakepay also commissioned an independent review of their business to verify their claims. Their Proof of Reserves & Security Report is available to the public for review, meaning you can see exactly what security processes are in place.
Shakepay Disadvantages
Due to the fact that the website only supports market orders and limit orders, you won’t have access to any other sorts of sophisticated orders. On the other hand, the platform’s straightforward design is a double-edged sword. In order to create an account, customers will have to provide a working phone number as a prerequisite. The verification procedure includes keeping the Know-Your-Customer information up to date. “I’ve accepted already that maybe the money is gone, but I really need that money back,” Fairburn said.
Shakepay supports Interac e-Transfer, wire transfer, Bitcoin, and Ethereum. All deposits and withdrawals are free, and the processing times are fast. Coinbase’s platform is better suited for more experienced traders who need access to advanced features and tools. Shakepay’s platform is more suitable for beginner traders who just want to buy and sell cryptocurrencies without all the bells and whistles. For example, Coinbase offers a “Convert” feature that allows users to convert one cryptocurrency to another without creating a new order. Coinbase also provides “Post-trade reporting” that gives users an overview of their trade activity.
Supported Currencies
After some time, centralized exchanges started charging crazy fees to their users. Shakepay is licenced as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada. As a result, Shakepay is one of the most secure and safe crypto exchanges in Canada.
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. Shakepay was launched in 2015 in Montreal and has served more than 600,000 Canadians. It states on its home page that you can own your first Bitcoin in just 10 minutes, which is pretty quick if true. Of course, you’ll need your account verified in order to do so. The most innovative part about Shakepay is its referral program.