Shakepay Review

2021 Shakepay Review: Download Today & Start Shaking

Find out why we think every Canadian Cryptocurrency investor needs to use Shakepay

On the surface, Shakepay may not seem like an essential cryptocurrency application for Canadians. But, diving deeper into the platform will show you that every Canadian should add Shakepay to their crypto app lineup. Not only does Shakepay have a clean user interface, easy-to-use platform, and great referral bonus, it also gives users FREE Bitcoin rewards every single day.

Although experienced crypto investors will see some drawbacks in only using Shakepay without any other apps, I’m confident that you’ll want to download it today after reading our 2021 Shakepay review. As well, Shakepay is one of the best and easiest apps to use for those new to Bitcoin. Scroll down to read all about Shakepay’s features, fees, rewards, and more. Let’s get into it!

Disclaimer: Bitcoinadian is not providing any investment advice or recommendations. We are simply reviewing Canadian platforms for investing in bitcoin and other cryptocurrencies, not encouraging you to do so. Bitcoin and other cryptocurrencies are inherently risky and volatile assets, so only invest in them if your risk tolerance allows it and you are using funds that you are prepared to potentially lose.

Note: This review was updated on April 17, 2021 to include Shakepay’s new reward schedule and signup bonus.

Jump down to read a specific part of our 2021 Shakepay Review:

Shakepay Features

Shakepay Fees

Shakepay Rewards

Shakepay User Experience

Overall Results

Believe me already? Sign up for Shakepay today using my referral link and invest $100 CAD into cryptocurrency to get a $10 signup bonus AND access to their daily rewards program. Here’s the link:

Shakepay Features

Supported Coins

After funding your Shakepay account with Canadian dollars, you can use Shakepay to buy and sell Bitcoin and Ethereum. Having only these two options makes Shakepay an ideal choice for new cryptocurrency users, as it’s easy to get lost in the alt-coin shuffle! More experienced traders, on the other hand, may find its selection a bit limited.

Buying and Selling Crypto

Shakepay offers several order types for buying and selling cryptocurrencies. My experience with their standard market orders are that they are fulfilled quickly (even instantly!). As well, their order process is quite easy to use. Shakepay also offers limit orders. This allows you to set up as many limit buy and sell orders for Bitcoin or Ethereum as you’d like. You can have multiple orders pending at once and it doesn’t tie up your funds, should you wish to use them in other order types. When the price of Bitcoin or Ethereum hits your limit target, the order will execute, as long as you have enough funds in your CAD account to fulfil it.

A newer feature of Shakepay is their recurring buy order. This allows you to set a daily, weekly, or monthly order for Bitcoin or Ethereum. This is an awesome feature if you want to take a dollar-cost averaging strategy with cryptocurrency investing. This kind of strategy helps to neutralize cryptocurrency price fluctuations and allows you to take a more passive approach to investing.

Deposits, Withdrawals, and Transfers

To deposit funds into Shakepay, you can use an Interac E-Transfer, link a bank account to accept wire transfers, or deposit Bitcoin or Ethereum directly using a wallet address. All of these options are completely free to use! Personally I’ve used an E-Transfer every time I’ve funded my Shakepay account and they’ve always come through quickly without an issue.

Similar to depositing, you can withdraw funds from Shakepay in CAD through an Interac E-Transfer or Wire Transfer. You can also send Bitcoin and Ethereum to a wallet address. Once again, Shakepay doesn’t charge a fee for any of these transactions!

Shakepay also has an internal ecosystem for sending and receiving both CAD and cryptocurrency. Using your “Shaketag” (you’ll set this up when you open your account) you can send and receive funds with other Shakepay users. If you’re familiar with the Cash App or Venmo in the United States, this is a very similar feature to what they offer.

Features Score: 8/10

Shakepay Fees

Transaction Fees

As I mentioned above, Shakepay has no fees for deposits, withdrawals, or transfers – for both Canadian dollars and their supported cryptocurrencies. As well, Shakepay has no transaction fees for any of their order types, buying and selling!

Spread Fees

Now you might be thinking, this seems too good to be true. How can Shakepay maintain a sustainable application if they don’t charge any fees? As we outlined in a previous article comparing Shakepay to their competitor Newton, Shakepay earns revenue based off of price spreads. In a nut shell, this means that the price you would pay to buy Bitcoin at Shakepay is higher than both the current market price and the price you could then sell it. A spread-based model is better for users that wish to make more smaller transactions, rather than fewer larger transactions. Those users would benefit from a flat transaction fee.

Using Bitcoin as an example, at a market BTC/CAD price of $56,953 (at the time of writing) Shakepay users can buy Bitcoin at $57,663 and sell it back for $56,196. This means that Shakepay offers a 1.25% spread on buying Bitcoin and a 1.33% spread on selling. So, if you invested $100 CAD, you would get $98.75 CAD of Bitcoin. If you then instantly sold it before the price changes, you would get $97.44 CAD back. This yields an overall total spread of 2.58%.

Although these spread fees are higher than some of their competitors, they more than make up for it with the rewards you can earn for signing up with Shakepay.

Fees Score: 8/10

Shakepay Rewards

Shakepay really performs well in terms of rewards. They have a great signup bonus that is comparable to other Canadian cryptocurrency apps and an awesome daily rewards system that is unlike anything else out there!

Shakepay Referral Signup Bonus

Shakepay is offering new users who signup through our referral link a $10 bonus once they’ve invested $100 in Bitcoin or Ethereum. The best part about their referral system is that they pay the bonus to both the new user and the one who referred them. So, by using my link, you’re supporting me for writing this review, at no cost to you. As well, this means that once you’ve signed up you can start referring your friends and earning even more! Here’s my referral link again:

If you run into any issues receiving your bonus (it usually arrives on the business day after you complete your $100 investment) then keep this code handy: 3RGW80L. You can send that to Shakepay’s customer support team and they will apply the referral to your account.

Looking for a larger signup bonus? Check out our 2021 review of Newton, another Canadian cryptocurrency app that gives new users $25 when they sign up with $100.

Shakepay Daily Bitcoin Rewards

Now, by far the best part about Shakepay is their daily Bitcoin rewards program, referred to as “Shaking Sats”. How #ShakingSats works is once per day, while in the Shakepay app, you literally shake your phone (I kid you not) and they give you a small amount of Bitcoin

Note: Sats refers to Satoshis, the unit that makes up a fractional amount of Bitcoin, they’re the cents to Bitcoin’s dollar, but at a much smaller scale

Every day that you keep this streak going, the amount they give you increases, up to a maximum amount for a 201-day streak. Keep the streak going beyond that and you get the max amount every day!

If you’re interested, you can check out Shakepay’s full Shaking Sats Reward Schedule here.

I did the math on keeping a Shaking Sats streak going for a year. Based on a 365-day streak, you would earn 0.00434 BTC, which is worth $341.44 at today’s BTC/CAD price of $75,215.47. Even better, if you managed to get a year-long streak at the 201-day maximized reward, then you would get 0.00548 BTC, which is worth $411.80! It’s pretty incredible that Shakepay offers these rewards to their users and they more than make up for their higher price spreads than other apps.

Important Note: You can only access the Shaking Sats daily Bitcoin rewards if you have either referred a friend to Shakepay OR signed up through a referral link. Here’s mine as a reminder so you can get shaking today:

Rewards Score: 9/10

Shakepay User Experience

Another great aspect of Shakepay is their overall user experience. In comparison to other Canadian cryptocurrency apps, the Shakepay signup process is one of the fastest and easiest out there. I was able to download the app, walk through the onboarding, and get verified in a matter of minutes. As well, I’ve never had any issues funding my account quickly.

Shakepay’s app is also really well designed. Its simplicity is what makes it so accessible to new and experienced users alike. As well, in my whole time using Shakepay, I’ve never experienced any app crashes or bugs. Plus, the fun extras like Shaking Sats will keep you coming back to it everyday.

I’d also like to shout out the Shakepay customer service team. They are usually very quick to respond and a pleasure to deal with!

User Experience Score: 10/10

Overall Results

Putting everything together, here’s how my scoring for Shakepay turned out:

Features: 8/10

Fees: 8/10

Rewards: 9/10

User Experience: 10/10

Overall: 35/40

This means that they get an overall score of 35/40. Like I said earlier, even if you have other cryptocurrency apps already – or are looking for an app with more coin options – Shakepay deserves a spot in your lineup. You won’t find another Canadian cryptocurrency app that gives you daily Bitcoin rewards – especially one that only requires you to shake your phone!

If you’re ready to get started on your Shake Streak and start earning FREE Bitcoin (plus a nice $10 bonus to start) sign up with our Shakepay Referral link today.

Disclaimer: Bitcoinadian is not providing any investment advice or recommendations. We are simply reviewing Canadian platforms for investing in bitcoin and other cryptocurrencies, not encouraging you to do so. Bitcoin and other cryptocurrencies are inherently risky and volatile assets, so only invest in them if your risk tolerance allows it and you are using funds that you are prepared to potentially lose.