Shakepay

Navigating the world of cryptocurrency exchanges can be tricky, especially when you're looking for options specific to your country. As a Canadian crypto enthusiast, I've been keeping tabs on various platforms, and Shakepay has certainly made its mark on the Canadian crypto landscape.

The Canadian Bitcoin Gateway: What Makes Shakepay Different

Shakepay emerged in 2015 as a Canada-focused cryptocurrency exchange, exclusively available to Canadian residents. Unlike global exchanges that try to be everything to everyone, Shakepay has taken a more focused approach. They've built a streamlined platform that specializes in just two cryptocurrencies: Bitcoin and Ethereum.

I remember when I first started exploring crypto and felt overwhelmed by platforms offering dozens of coins I'd never heard of. There's something refreshing about Shakepay's simplicity—sometimes less really is more, especially for beginners.

According to CryptoVantage, this specialized focus allows Shakepay to offer a clean, user-friendly experience without the complexity of navigating countless altcoins. It's like walking into a specialty shop rather than a massive department store—you might have fewer options, but the experience is often more pleasant.

Getting Started: Funding and Security

One thing that stands out about Shakepay is how it caters specifically to Canadian banking methods. The platform supports Canadian dollar (CAD) transactions primarily through Interac e-Transfer, making it seamless to move money between your bank account and the exchange.

Security-wise, Shakepay isn't messing around. They're registered as a Money Service Business with FINTRAC (Canada's financial intelligence unit) and made history in 2025 by becoming the first Québec-based crypto platform to join CIRO as an investment dealer, according to BetaKit.

Like any exchange handling your money, Shakepay requires KYC verification. You'll need to provide government ID and proof of address to get fully verified, as noted in Maple Money's review. I know some crypto purists find this annoying, but let's be honest—it's standard procedure for legitimate financial services these days.

Beyond Simple Trading: Shakepay's Extra Features

The platform has evolved beyond basic crypto trading. In late 2023, Shakepay introduced several new features that caught my attention.

Their Visa prepaid card offers up to 2% Bitcoin cashback on purchases, bringing crypto rewards into everyday spending. This isn't just a gimmick—it's actually pretty clever. You're essentially dollar-cost averaging into Bitcoin just by buying groceries or filling up your car.

Shakepay also launched a feature called "Shakepaid" in 2023, which rewards users with Bitcoin on deposits over $100 CAD, according to Fintech.ca. It's like getting a signup bonus, but for deposits.

Perhaps the most interesting feature is Shakepay Change, which rounds up your debit card purchases and converts the spare change into Bitcoin. I've been using a similar feature with traditional investing apps for years, and applying this concept to Bitcoin accumulation is brilliant for passive investing.

The Fee Structure: What They Don't Tell You Upfront

Here's where things get a bit murky. Shakepay proudly advertises "no fees," but that's not the full story. Instead of explicit transaction fees, they charge hidden fees through spreads, typically between 0.5-2% according to CryptoVantage.

I tested this myself last month when buying some ETH, and noticed I was paying about 2.7% more than the market rate. Not terrible, but definitely higher than some competitors. One user on YouTube calculated a similar spread of around 3%, which adds up on larger transactions.

That said, Shakepay does cover withdrawal fees, which is a huge plus considering how expensive Bitcoin network fees can get.

User Experiences and Community

By 2025, Shakepay has processed over $7 billion CAD in transactions and serves over 1.3 million users, according to Marqeta. That's pretty impressive for a platform limited to Canadian users and just two cryptocurrencies!

The "shake" feature has become something of a phenomenon among users. One long-term user reported earning $570 in Bitcoin just from daily "shaking" rewards over 1000+ days. I thought this sounded like a gimmick until my friend showed me his accumulation from consistent daily shaking—it's not life-changing money, but free Bitcoin is free Bitcoin.

Another user highlighted how Shakepay helps avoid currency conversion fees faced on international platforms like Coinbase—a real consideration for Canadian traders.

Limitations and Criticisms

Let's not sugarcoat it—Shakepay isn't perfect. The biggest criticism by far is its limited cryptocurrency selection. Only offering Bitcoin and Ethereum in 2025 feels restrictive when other Canadian exchanges support dozens of altcoins, as noted by Crypto Rank.

Another significant limitation is that users don't hold their cryptocurrencies directly—assets are custodied by Shakepay. While this makes things simpler for beginners, it does contradict the "not your keys, not your coins" ethos many crypto enthusiasts live by.

For large traders, Shakepay does offer OTC trading services for transactions exceeding $200,000 CAD, but even then, the spread fees might make other platforms more attractive for high-volume trading.

Security Considerations

So far, Shakepay has maintained a clean security record with no reported hacking incidents as of 2025, according to CryptoVantage. They implement two-factor authentication and cold storage security measures to protect user funds.

Their partnership with Marqeta for card issuing and maintenance of tier-1 insurance coverage adds additional layers of protection. Plus, Shakepay's registration with all Canadian provincial securities regulators as a restricted dealer indicates compliance with domestic regulations.

Is Shakepay Right for You?

If you're a Canadian looking for a simple, regulated way to start buying Bitcoin or Ethereum, Shakepay fits the bill nicely. The mobile app supports features like price alerts and recurring purchases, making it particularly appealing to beginners, according to O Crypto Canada.

However, if you're interested in trading a wider range of cryptocurrencies or want lower trading fees, you might want to explore alternatives. Advanced users in video reviews suggest platforms like NDAX and Kraken Pro offer more competitive fee structures.

Shakepay has carved out a solid niche in Canada's crypto landscape by prioritizing simplicity, security, and Canada-specific features. It may not be the cheapest option, but sometimes paying a bit more for convenience, regulatory clarity, and a well-designed user experience is worth it.