Shakepay Review: A Comprehensive Look at Canada’s Popular Cryptocurrency Exchange
Introduction: As the popularity of cryptocurrencies continues to rise, finding a reliable and user-friendly exchange becomes crucial for traders and investors. Shakepay is a prominent Canadian cryptocurrency exchange that offers a seamless platform for buying, selling, and holding Bitcoin and Ethereum. With its competitive fees, fast transactions, and user-friendly interface, Shakepay has garnered a solid reputation in the Canadian crypto market. In this comprehensive blog post, we will explore the features, benefits, limitations, security measures, and customer support of Shakepay to help you make an informed decision.
Table of Contents
Pros: Why Choose Shakepay
Low Fees:
One of Shakepay’s standout features is its low fee structure. Unlike many exchanges that charge commissions on transactions, Shakepay does not impose any additional fees for buying or selling cryptocurrencies. Instead, they make money through the spread, which is the difference between the buy and sell prices. While spreads exist, Shakepay ensures that they are typically minimal, enabling users to enjoy cost-effective transactions.
Fast Deposits and Withdrawals:
Shakepay streamlines the deposit and withdrawal process by supporting e-transfers. This means that users can quickly deposit funds into their Shakepay accounts, usually within minutes. Withdrawals are also processed promptly, typically within 24 hours, allowing users to access their funds efficiently.
User-Friendly Interface:
Shakepay is renowned for its user-friendly interface, making it an excellent choice for both beginners and experienced traders. The platform’s well-designed and intuitive app offers a seamless experience, allowing users to navigate through the features and execute transactions with ease. Shakepay simplifies the complex world of cryptocurrencies, making it accessible to a wider audience.
ShakeStreak Rewards Program:
To provide additional value to its users, Shakepay offers a unique rewards program called ShakeStreak. By simply shaking your phone daily, you can earn 0.00001 BTC. Over the course of a week, this can accumulate to 0.0001 BTC, equivalent to approximately $5 worth of Bitcoin. The ShakeStreak program provides an exciting incentive for users to engage with the platform and potentially earn free cryptocurrency.
Cons: Considerations to Keep in Mind
Limited Selection of Cryptocurrencies:
While Shakepay is renowned for its ease of use, it currently supports only Bitcoin and Ethereum. If you are interested in trading or investing in other cryptocurrencies, such as altcoins or niche tokens, you will need to use a different exchange that offers a more extensive selection.
No Margin Trading:
Shakepay does not currently offer margin trading, which may disappoint experienced traders who seek to leverage their positions. Margin trading allows users to borrow funds to amplify their trading power. However, for those who are primarily focused on buying, selling, and holding Bitcoin and Ethereum, Shakepay’s lack of margin trading may not be a significant drawback.
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Additional Details: Security and Customer Support
Security Measures:
Shakepay prioritizes the security of user funds by implementing robust measures. Customer funds are held 1:1 in cold storage, meaning that they are not lent out and are always available for withdrawal. Additionally, Shakepay is SOC 2 Type 2 compliant, a rigorous security certification that demonstrates their commitment to protecting user assets and data.
Responsive Customer Support:
Shakepay understands the importance of reliable customer support. Their responsive team is available 24/7 to assist users with any inquiries or issues that may arise. Whether through email, phone, or live chat, Shakepay aims to provide timely and effective support to ensure a positive user experience.
Conclusion:
In the ever-evolving world of cryptocurrencies, Shakepay has emerged as a prominent player in the Canadian market. With its user-friendly interface, low fees, fast transactions, and commitment to security, Shakepay offers a reliable platform for Canadians to buy, sell, and hold Bitcoin and Ethereum. While its limited selection of cryptocurrencies and the absence of margin trading may not cater to all trading preferences, Shakepay’s focus on simplicity, accessibility, and customer satisfaction has earned it a solid reputation.
For those seeking an easy-to-use platform, Shakepay provides an intuitive interface that caters to both beginners and experienced traders. Its low fee structure, which avoids commissions and primarily relies on spreads, ensures cost-effective transactions. Moreover, Shakepay’s support for e-transfers facilitates swift deposits and withdrawals, allowing users to access their funds with ease and efficiency.
The ShakeStreak rewards program adds an extra layer of excitement and potential value for users. By simply shaking their phones, users can accumulate free Bitcoin over time. This unique initiative demonstrates Shakepay’s commitment to engaging its users and fostering a sense of community.
While Shakepay’s limited selection of cryptocurrencies may be a drawback for those interested in trading a wide range of digital assets, its focus on Bitcoin and Ethereum aligns well with those seeking exposure to the most established and widely recognized cryptocurrencies in the market.
Security is a paramount concern when it comes to cryptocurrency exchanges, and Shakepay takes this seriously. With their 1:1 cold storage approach and SOC 2 Type 2 compliance, users can have confidence in the safety of their funds and personal information.
In addition, Shakepay’s responsive customer support team is available round the clock to address any concerns or inquiries. This level of support further enhances the overall user experience and provides peace of mind to users who may encounter any issues along the way.
As with any investment decision, it is important to conduct thorough research, evaluate individual needs and risk tolerance, and seek professional advice when necessary. Cryptocurrency investments carry inherent risks, and it is vital to approach them with caution and a well-informed strategy.
In conclusion, Shakepay offers a reliable and user-friendly platform for Canadians looking to enter the world of cryptocurrencies. Its intuitive interface, low fees, fast transactions, and commitment to security make it a compelling choice for those interested in buying, selling, and holding Bitcoin and Ethereum. While the limited selection of cryptocurrencies may not suit all traders, Shakepay’s dedication to simplicity, accessibility, and customer satisfaction makes it a standout option in the Canadian crypto market.
Disclaimer: Cryptocurrency investments involve risks, and individuals should carefully consider their own circumstances and consult with professionals before making any investment decisions. The information provided in this blog post is based on research up until September 2021, and users should verify the current details and user reviews before engaging with Shakepay or any cryptocurrency exchange.
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