Verified: Shakepay's Domain Name Was Registered In 2013 And Is A Virtual Currency Exchange Located In Canada.
The Company Was Officially Established In 2015 And Is Regulated By Canada (FINTRAC), But It Has Been Verified That The Regulation Has Expired And Is Invalid. Therefore, The Company Is Currently In A State Of No Effective Supervision. Traders Are Advised To Pay Attention To Risks To Prevent Damage To Their Funds.
According To The Company's Official Website:
A Key Feature Of Shakepay Is Its User-friendly Trading Platform. Users Can Conveniently Trade Through The Shakepay Web Platform Or Using The Shakepay Mobile App. Shakepay Also Offers Seamless Deposit And Withdrawal Options Through Interac E-Transfer ®, Telegraphic Transfer, Bitcoin, Ethereum, And Shakepay.
When It Comes To Educational Resources, Shakepay Offers Frequently Asked Questions (FAQs), Charts, And Blog Posts To Help Users Understand And Navigate The World Of Virtual Currency Trading. Customer Support Is Available Through Online Chat And Social Media, Ensuring Users Have Access To Assistance When They Need It.
Overall, Shakepay Provides A Convenient Platform For Individuals In Canada To Trade Virtual Currencies. The Company Is Dedicated To User Support And Educational Resources, Making It Unique In The Rapidly Growing Virtual Currency Trading Market.
Note: Shakepay, As A Broker, Has No Effective Regulation, Which Means That Clients' Investments May Not Be Adequately Protected. Due To The Lack Of A Regulator To Hold The Company Accountable, The Lack Of Regulation Increases The Risk Of Potential Financial Losses.
If Investing In An Unregulated Broker, There Is A Good Chance That They Will Run Away With Your Hard-earned Money Without Any Recourse. Therefore, Investors Must Be Extremely Cautious And Remind Everyone To Stay Away From These Unregulated As Much As Possible When Choosing A Broker.
Pros And Cons
There Are Several Advantages To Using Shakepay As A Virtual Currency Exchange. Firstly, Shakepay Offers A User-friendly Trading Experience Through Its Web Platform And Mobile App. This Makes It Convenient For Users To Access And Trade Cryptocurrencies Anytime, Anywhere.
Furthermore, Shakepay Offers Seamless Deposit And Withdrawal Options Through Interac E-Transfer ®, Telegraphic Transfer, Bitcoin, Ethereum, And Shakepay, Ensuring That Users Can Easily Transfer Funds Between Their Shakepay Accounts.
Another Shakepay Strength Is Its Commitment To User Support And Educational Resources. The Platform Offers FAQs, Charts, And Blog Posts To Help Users Understand And Navigate The Virtual Currency Trading Market.
In Addition, Shakepay Provides Customer Support Through Online Chat And A Range Of Social Media, Ensuring That Users Can Get Help When They Need It.
On The Other Hand, Shakepay Does Have Some Limitations. A Significant Drawback Is That Shakepay Does Not Offer Leveraged Trading. This Means That Users Cannot Leverage To Potentially Increase Their Profits Or Losses.
In Addition, Shakepay Has A Relatively Small Variety Of Cryptocurrencies. Compared To Some Other Exchanges, It Currently Only Offers Bitcoin (BTC) And Ethereum (ETH).
And The Company Is Currently Operating Without Effective Supervision, Which May Lead To Concerns Among Traders At Large.
To Sum Up, Shakepay Offers A User-friendly Trading Experience With Seamless Deposit And Withdrawal Options. Its Commitment To Educational Resources And Customer Support Sets It Apart In The Market. However, The Lack Of Leveraged Trading And Limited Cryptocurrency Scope And The Absence Of Effective Regulation May Be Detrimental To Certain Users.
Security
Shakepay Ensures The Protection And Accessibility Of Users' Funds In A Number Of Ways.
The Digital Currency Is Primarily Held In The Form Of An Offline Cold Storage Wallet, With A Provider That Works With The New York Department Of Financial Services That Holds SOC 1 Type II And SOC 2 Type II Certifications.
An Additional Insurance Policy Covers Potential Damages, Theft, And Loss Of Private Keys Associated With These Cold Storage Wallets.
Transaction Authorization Requires Multi-party Approval To Provide An Additional Layer Of Security.
Shakepay Also Keeps Users' Funds Separate, Keeping Canadian Dollars In Separate Canadian Bank Accounts And Digital Currencies In Separate Cold Storage Wallets.
A Strict Whitelist Limits Transactions From Cold Wallets To Approved Addresses, Preventing Unauthorized Withdrawals.
In Terms Of Account Security, Shakepay Strengthens Customer Protection By Using HTTPS For Connection Encryption, 2FA For Account Security, Device Locking, Email Confirmation, Limiting The Number Of Login Attempts, And Account Notifications.
Personal Data Is Also Secure, Stored With 256-bit AES Encryption, Compliant With Privacy Laws And Secure File Storage.
Cold Storage, Most Digital Currencies Are Stored Offline
Insurance Policy, Digital Currencies Are Held In Cold Storage
Multi-party Approval, Authorized Transactions Are Required
Segregated Accounts, User Funds Are Stored Separately From Shakepay Funds
Strict Whitelist, Only Transactions From Cold Wallets To Approved Addresses Are Allowed
HTTPS Encryption, All Connections Between The Application And The Server Use
Two-factor Authentication, Default Enabled
Device Lock For All Accounts, Access To The Shakepay App Is Protected Through Biometric Options Or PIN Codes
Email Confirmation, Digital Currency Withdrawals Are Required Confirm
Account Notifications, Send Notifications To Alert Users Of Account Activity
Rate Limits, Limit Login Attempts And Interactions To Prevent Security Bugs
Personal Data Encryption, All Personal Data Is Encrypted With 256-bit AES
Securely Store Files, Set Initiators/approvers For Sensitive Data Shared With Shakepay
Complies With Privacy Laws, Complies With Canadian PIPEDA And Quebec Private Information Protection Act
However, No System Is Immune To Risk. Users Should Exercise Caution When Trading Virtual Currencies, Use Strong Passwords, Enable Two-factor Authentication, And Monitor Account Activity.
Available Cryptocurrencies
Shakepay Provides Traders With A Streamlined Platform For Trading Two Of The Most Popular And Widely Accepted Cryptocurrencies - Bitcoin (BTC) And Ethereum (ETH). Users Can Actively Participate In The Vibrant And Lucrative Cryptocurrency Market By Buying, Selling, And Trading These Cryptocurrencies Directly On The Shakepay Platform
Both Bitcoin And Ethereum Have Made A Significant Impact In The Field Of Cryptography And Have Continued To Excel Over The Years. Shakepay Enables Users To Take Advantage Of The Financial Opportunities These Cryptocurrencies Offer, From Taking Advantage Of Market Price Fluctuations To Diversifying Their Portfolios.
Shakepay Offers The Shakepay App On Multiple Platforms.
Through The Network, Users Can Conveniently And Quickly Access And Manage Their Transactions From Any Desktop Or Laptop.
For Users Who Prefer To Trade Anytime, Anywhere, Shakepay Has Tailored Specialized Apps For IOS And Android Devices.
These Apps Simplify The Process Of Managing Cryptocurrencies And Make The Process User-friendly On Any Type Of Device Or Operating System. The App's Cross-platform Availability Ensures That Users Can Trade, Monitor, And Manage Their Digital Assets Anytime, Anywhere.
Buy Cryptocurrency
1. Log In To Your Shakepay App
2. On The Home Screen, Tap The "Buy And Sell" Button On The Navigation Bar.
How To Buy Cryptocurrency
Alternatively, Tap The Cryptocurrency You Wish To Buy Or Sell From The Home Screen.
3. Enter The Amount You Want To Sell Canadian Dollars For Cryptocurrency
4. Click "View Order"
5. Click "Buy Bitcoin" Or "Buy Ethereum"
Before Completing Your Purchase, Make Sure You Have Canadian Dollars In Your Shakepay Wallet.
Open An Account
The Registration Process For Shakepay Is Simple And Straightforward, Requiring Only Six Simple Steps To Complete.
1. First Visit The Shakepay Website Or Download The Shakepay Mobile App From The App Store Or Google Play Store.
2. Click On The "Start" Button And Enter Your Email Address And Password To Create An Account.
3. Verify Your Email Address By Clicking On The Verification Link Sent To Your Inbox.
4. Once Your Account And Authentication Are Successful, You Can Start Depositing Funds And Making Cryptocurrency Transactions On Shakepay.
Fees
Shakepay Operates On The Basis Of Having A Favorable Cost Structure, Making It Easy To Use. The Platform Stands Out By Not Charging Commission Fees, Making It An Economical Choice For Users Seeking To Make Cryptocurrency Transactions.
Shakepay Further Promises To Provide An Affordable Service To Pay For Gas Fees For Its Users. Gas Fees Are A Transaction Cost In The Ethereum Network That Can Add Considerable Fees.
As Such, Shakepay's Payments Provide Users With An Important Burden Relief. However, It Is Important To Note That The Minimum Withdrawal Amount May Be Adjusted In Response To Changes In Gas Fees For The Network. Shakepay Generates Revenue Through Price Differences (i.e. Spreads) Between Buy And Sell Orders.
This Transparent And User-centric Approach To Fees Allows Users To Maximize Their Investment Without Having To Worry About Exorbitant Transaction Costs.
Deposits & Withdrawals
Shakepay Operates On A Commission-free Model, Which Means There Are No Direct Fees For Depositing, Trading, Or Withdrawing Funds. In Addition, Shakepay Also Bears The Fees Associated With Cryptocurrency Withdrawal Transactions.
The Best Way For Shakepay Users To Transfer Money Is Through Interac, The Canadian Interbank Network. Deposits Made With Interac Will Usually Show Up Within Minutes In Your Shakepay Account. Interac Transfers Have A Lower Minimum Deposit Amount Of CAD5 Dollars, While The Maximum Limit Is CAD $10,000.
For Telegraphic Transfers, Processing Time May Take 1-2 Business Days, With A Minimum Deposit Requirement Of CAD $10,000.
When It Comes To Bitcoin And Ethereum Transfers, The Processing Time Is Approximately 20 Minutes, With No Specific Minimum Or Maximum Limit. However, The Transfer Duration May Vary Due To Network Congestion. Shakepay Does Not Charge Any Fees For Transfers Of Cryptocurrency Or Fiat Currency.
Users Can Also Use Shakespay To Send Cash Or Cryptocurrency To Friends. The Processing Time Is Instant And It Is As Free As Other Methods.
Educational Resources
The Platform Offers FAQs, Blog Posts, And Charts Covering All Aspects Of Virtual Currency Trading, Including Trading Strategies, Technical Analysis, And Market Trends. These Resources Help Users Better Understand The Virtual Currency Trading Market.
Additionally, Shakepay Does Not Currently Offer Webinars Or Community Support Platforms Such As Forums Or Social Media Groups. However, Users Can Contact The Shakepay Team Directly For Customer Support Via Email And Live Chat. The Team Will Assist Users With Any Questions Or Concerns Regarding The Platform Or Virtual Currency Trading.
