How to Buy Crypto on Shakepay in Canada
Shakepay is a pioneering Canadian cryptocurrency exchange and financial technology company, enabling users to buy, sell, and trade Bitcoin and Ethereum with ease. Founded in Montreal, Quebec, Shakepay stands out for its user-friendly platform, catering to both beginners and seasoned investors. Beyond its core exchange services, Shakepay also offers a unique feature that allows users to earn Bitcoin rewards through a Visa debit card, integrating cryptocurrency rewards into everyday transactions. The company prides itself on its commitment to security and transparency, employing robust measures to protect user assets and personal information. With a focus on fostering a vibrant crypto community, Shakepay has quickly become a go-to platform for Canadian crypto enthusiasts, contributing significantly to the broader adoption of digital currencies in Canada.
| Pros | Cons | Fees | Rewards | Est | Link |
|---|---|---|---|---|---|
| User-friendly, good for beginners, offers a Shakepay Visa card with Bitcoin rewards. | Supports only Bitcoin and Ethereum, lacks advanced features. | No direct fees, but charges a spread on buy/sell orders (around 1.75%). | $5 bonus for new sign-ups and trading at least $100, Bitcoin rewards through referrals. | 2015 | Shakepay Website |
How to Buy With Shakepay
- Download the Shakepay App:
- Start by downloading the Shakepay app from the App Store (for iOS devices) or Google Play Store (for Android devices).
- Sign Up and Verify Your Identity:
- Open the app and sign up for an account using your email address and a secure password.
- Follow the on-screen instructions to complete the identity verification process. You’ll need to provide personal information and documents to comply with Canadian regulations.
- Add Funds to Your Shakepay Account:
- After your identity is verified, you can add Canadian dollars (CAD) to your Shakepay account. You can do this by linking your bank account and initiating a fund transfer.
- Buy Cryptocurrency:
- Once you have funds in your Shakepay account, you can purchase cryptocurrency. In the app, go to the “Buy/Sell” section.
- Select the Cryptocurrency and Amount:
- Choose the cryptocurrency you want to buy (typically Bitcoin or Ethereum).
- Enter the amount of cryptocurrency you wish to purchase in CAD or the amount of CAD you want to spend.
- Review and Confirm:
- Double-check the transaction details, including the amount and fees.
- Confirm the purchase, and the cryptocurrency will be credited to your Shakepay wallet.
- Secure Your Wallet:
- It’s important to secure your cryptocurrency wallet. Enable two-factor authentication (2FA) and consider using a hardware wallet for added security.
- Store or Transfer Your Cryptocurrency:
- You can choose to store your cryptocurrency in your Shakepay wallet or transfer it to an external wallet if you prefer additional control.
- Monitor Your Investments:
- Keep an eye on the cryptocurrency market and the value of your investments within the Shakepay app.
Remember that cryptocurrency investments carry risks, and prices can be highly volatile. It’s important to do your own research, only invest what you can afford to lose, and consider seeking financial advice if you are unsure about your investment decisions. Additionally, stay informed about Canadian tax regulations regarding cryptocurrency transactions, as you may be required to report your holdings and transactions for tax purposes.
Rewards and Earning With Shakepay
The Shakepay program, known for its innovative approach to cryptocurrency transactions in Canada, includes a variety of rewards and incentives for its users. Here are a few simple steps to explain the “Shakingsats” program and other rewards offered by Shakepay:
- Shakingsats Program: This is a unique feature of Shakepay that rewards users with free Bitcoin every day. Users simply shake their mobile device with the Shakepay app open to earn a small amount of Bitcoin. The amount can increase with consecutive daily shakes, encouraging daily engagement with the app.
- Referral Program: Shakepay also offers a referral program where both the referrer and the referred friend receive a bonus after the referred friend signs up and meets a specified transaction threshold. This is usually in the form of a cash bonus or a Bitcoin bonus.
- Shakepay Card Rewards: The Shakepay Card, a Visa debit card linked to users’ Shakepay accounts, allows users to earn Bitcoin cashback on everyday purchases. The percentage of cashback may vary based on promotional offers or user levels within the Shakepay program.
- No Fee Transactions: Shakepay promotes the buying and selling of Bitcoin and Ethereum with no fixed transaction fees for its users, making it more accessible for Canadians to trade cryptocurrencies. While there’s no direct fee, the exchange rate may include a spread that serves as a cost.
- Shakepay Change: Some users can round up their purchases to the nearest dollar and automatically buy Bitcoin with the spare change. This feature makes it easy for users to accumulate Bitcoin over time with minimal effort.
- Earn Interest: Shakepay occasionally offers the ability to earn interest on Bitcoin holdings directly through the app, providing an incentive for users to hold their cryptocurrency within Shakepay.
These features collectively make Shakepay an attractive platform for Canadian users to engage with cryptocurrencies, offering both fun and financially beneficial ways to earn and invest in digital currencies.
Fees
Shakepay’s fee structure is designed to be straightforward, aiming to provide users with a clear understanding of any costs associated with using their services. Here’s a breakdown of Shakepay’s fees in a few simple steps:
- No Commission Fees: Shakepay does not charge any commission fees on buying or selling cryptocurrencies, such as Bitcoin and Ethereum. This makes it accessible for users to trade cryptocurrencies without worrying about additional costs per transaction.
- Spread Costs: While Shakepay does not charge direct transaction fees, they earn money through the spread. The spread is the difference between the buy (ask) and sell (bid) price of the cryptocurrency. This means when you buy or sell cryptocurrency on Shakepay, the price includes a small mark-up or mark-down, which is how Shakepay makes money.
- No Deposit or Withdrawal Fees: Shakepay allows users to deposit and withdraw Canadian dollars (CAD) and cryptocurrencies without any fees. Whether you’re transferring money from a bank account or moving cryptocurrencies to or from your Shakepay wallet, there are no direct charges from Shakepay for these transactions.
- Network Fees for Cryptocurrency Withdrawals: When withdrawing cryptocurrencies to an external wallet, users may incur network fees, which are not controlled by Shakepay. These fees go to the miners or validators of the blockchain network to process and confirm transactions. Shakepay does not profit from these fees, and they can vary based on the congestion of the network.
- Shakepay Card Fees: If applicable, the Shakepay Visa Card might have specific fees associated with foreign transactions or ATM withdrawals, but generally, Shakepay aims to keep fees low or non-existent for everyday purchases and rewards users with Bitcoin cashback.
Shakepay’s fee structure is designed to be user-friendly, eliminating many of the common fees associated with financial transactions and cryptocurrency trading, focusing instead on simplicity and accessibility for its users.
[display_xml_feed id=”0″]