Shakepay is one of Canada's most popular cryptocurrency apps, known for its extreme simplicity and its fun "ShakingSats" feature. Unlike full-featured exchanges, Shakepay focuses on making it as easy as possible to buy Bitcoin and Ethereum with Canadian dollars. This review covers how Shakepay works, its fees, security, and whether it is the right choice for you in 2025.
Shakepay launched in 2015 and is headquartered in Montreal, Quebec. It is a FINTRAC-registered Money Services Business and operates legally across Canada. Unlike traditional exchanges with order books and trading pairs, Shakepay functions more like a crypto brokerage: you tell it how much you want to buy, and it gives you a quoted price. There is no bid/ask spread to navigate.
Shakepay supports only two cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH). This narrow focus keeps the app simple and easy to understand — which is by design.
Shakepay advertises "zero fees," but this is technically misleading. The platform makes money by charging a spread — the difference between the market price and the price you actually pay. The spread is typically 1.5% to 2.5% on purchases. This means if Bitcoin is trading at $50,000 on global markets, you might pay $51,000–$51,250 on Shakepay.
This is not unusual — many beginner-friendly apps use the spread model. But active traders and large buyers would be better off using a lower-fee platform like NDAX or Bitbuy Pro.
ShakingSats is Shakepay's most distinctive feature. Every day, users can shake their phone (or tap a button on the web) to earn a small amount of free Bitcoin. The amount is tiny — starting at a few satoshis per day — but it increases the longer you shake consecutively. It is primarily a user engagement feature but has earned genuine goodwill among the user base.
Note: ShakingSats rewards are taxable in Canada. The CRA treats free Bitcoin received as income at the fair market value at the time of receipt.
Shakepay accepts deposits via Interac e-Transfer from any Canadian bank account. Deposits are typically credited within minutes during business hours. There are no deposit fees from Shakepay (your bank may have its own e-Transfer limits or fees).
CAD withdrawals back to your bank account are also processed by Interac e-Transfer. Withdrawals are generally processed within 1-2 business days. Shakepay also allows direct Bitcoin and Ethereum withdrawals to external wallets.
Shakepay stores the majority of customer funds in cold storage. The app requires two-factor authentication via SMS or an authenticator app. Shakepay has maintained a strong security record without major breaches since its founding.
One feature worth noting: Shakepay allows users to send Bitcoin directly to other Shakepay users via a unique username link, similar to Venmo but for BTC. This is a convenient but taxable transaction if used for payments.
Shakepay is registered with FINTRAC as a Money Services Business. It conducts KYC verification for all accounts, requiring a government-issued ID and facial recognition. Verification typically takes a few minutes to a few hours.
Shakepay has been developing a prepaid Visa card that allows users to spend Bitcoin and earn Bitcoin cashback on purchases. This product has been in development and beta testing — check Shakepay's website for current availability in your province.
Important tax note: Using a Shakepay card to spend Bitcoin constitutes a taxable disposition under CRA rules. Each purchase is a crypto disposal that may trigger capital gains or losses.
Shakepay provides a transaction history download from the account settings. The export includes all buy, sell, send, receive, and ShakingSats transactions with CAD values. This can be imported into crypto tax software for CRA-compliant reporting.
Shakepay is ideal for:
If you plan to trade frequently, buy large amounts, or want access to a wide range of cryptocurrencies, you will be better served by NDAX, Bitbuy, or Newton.
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