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Easy-to-use interface, full integration with popular wallets & exchanges, and quick results. Anyone who needs to prepare crypto taxes can use Crypto.com Tax at no cost. No matter how many transactions have you made in the past year, we will calculate the tax for you at no additional cost. API (read-only) and CSV import are supported for most popular exchanges/wallets.
- This includes the $30 sign-up bonus, free Satoshis through the ShakingSats feature and Bitcoin cash back when you make purchases with the Shakepay prepaid Visa card.
- Set up limit buys/sells or recurring bitcoin purchases.
- Tap on “Verify” in the email content to complete the registration process.
- The major downside of the broker lies in its limited number of coins which means it may not be suitable for intermediate to advanced investors or those looking to trade multiple coins.
Shakepay allows you to set automatic buying rules to purchase crypto every day, week or month. Send money to your friends on Shakepay within seconds! To help you streamline purchases, you can set rules on Shakepay to have the app automatically buy Bitcoin or Ethereum at the frequency you want.
Their customer service is really bad…
RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment. For Canadians looking to automatically convert CAD into Bitcoin or Ethereum, Shakepay offers a convenient recurring order feature.
Users can also receive free bitcoins by participating in Shakepay’s novel incentive scheme. On Shakepay, you can open a personal or a business account, or both. If you’re unsure which one would be the best fit for you, here’s how the business account differs from the regular trading account. You can make money on Shakepay just like on any other trading platform in Canada.
How To Buy Bitcoin 101
CipherBlade dug deep into Shakepay’s financials and operations and performed criminal background checks on all of its employees, and they didn’t find anything suspicious. Essentially, CipherBlade is confident that Shakepay is doing everything by the books and that there’s no cause for concern. Although the platform bids itself as commission-free, it’s worth pointing out that it has a high bid-ask spread rate between 2.5 to 3%, which is huge.
AFFILIATE DISCLAIMER– We earn from qualifying purchases. We send in customer questions via multiple channels to measure helpfulness and response time. We research social media mentions on Reddit, Twitter, and app store ratings over the last year to aggregate a reputation rating. Simple-to-use app UI/UX – Simple and easy-to-use app to buy and sell Bitcoin with Interac e-Transfer. They also maintain and are responsive to support questions through their social media channels.
This means crypto holdings on its platform are covered in case of theft, damages or private keys loss. Shakepay is a Canadian crypto money service business where customers can easily buy and sell bitcoin and Ethereum on their desktop or through the Shakepay app. This crypto service also offers a Shakepay Visa card, a great way to earn crypto rewards for everyday purchases. Read our review to learn all you need to know about Shakepay and how this crypto service can affect your purchasing. All things considered, though, Shakepay is a secure platform. The majority of their users’ coins are held in cold storage and protected by a comprehensive insurance policy.
Overall, Shakepay is ideal for casual Bitcoin customer – or for anyone that is interested in owning some Bitcoin. I am a big fan of this asset class, as it’s inherently inflation-resistant since there is a fixed supply of Bitcoin. This provides some nice balance to other fiat-based assets you may be investing it. Shakepay has enough digital currencies and fiat to cover the balances of our customers.
Shakepay Review: Core Features
The interface is so user-friendly that even newbie Bitcoin investors can start trading. The best part of signing up on Shakepay is you get a $30 bonus. Shakepay profits from the spread, which is the difference between the price at which they sell you Bitcoin and the price at which they purchase Bitcoin. The Shakepay fees are among the lowest in the business. What’s more, there are no withdrawal or deposit fees to worry about – they are absolutely free. Essentially, all you need to start trading on Shakepay is the will to do so.
Quickly fund or withdraw money using Interac e-Transfer. It is best practice to not leave your funds on an exchange and to transfer your crypto to your own wallet. It has lower spread fees than Shakepay, and lots of altcoins to buy and sell. https://forex-reviews.org/ Free Withdraw Fees – Shakepay covers the network fees when sending crypto to your wallet. Yes, the Shakepay Prepaid Visa Card is eligible for use at any online store or e-commerce transaction that supports Apple Pay or Google Pay.
However, Shakepay only supports Bitcoin and Ethereum, and has extremely high bid-ask spreads (around2.5% – 3%), making Shakepay one of the most expensive crypto exchanges in Canada. One of the most striking features is the reward program, which allows you to earn bitcoins just by shaking your phone. However, because this exchange only offers BTC and ETH, it may push cryptocurrency traders who prefer broader trading alternatives away and onto other crypto trading platforms.
Also, Shakepay announced they have over 1 Billion Canadians on the platform. And they have also started a waitlist where you can get a pre-paid credit card through their platform and earn free Bitcoin as reward instead of cashback like a traditional credit card. The digital currencies held in hot and cold wallets are unlikely to be compromised. Shakepay hired a security firm to independently review our procedures for storing funds and processing transactions. Shakepay really drops the ball when it comes to fees.
What Integrates with Shakepay?
Easily sync your data to Koinly and get a complete picture of all your trading activity. Easily track your crypto assets & taxes View your total holdings and portfolio growth over time – across all your wallets and accounts – along with your tax liabilities. Easily find and fix issues with your transactions Say goodbye to absurd gains and inaccurate tax reports.
Set up alerts and analyze your portfolio to get real-time insight. Get a market overview and track coins in your watchlist. Just a few clicks and you can file your crypto taxes! Accointing offers an intuitive dashboard that is available on both mobile and desktop. It allows you to track your transactions and performance in real-time, with an amazing user experience. We make it easy to connect your wallets and exchanges via API or CSV.
Shakepay does not have any API, so the user will need to download your CSV files from their website and upload them. Yes, FINTRAC and the AMF are in charge of regulating Shakepay Inc, which means Shakepay is legit. Although shakepay review Shakepay’s headquarter is in Montreal, Quebec, the company is permitted to operate in all Canadian provinces and territories. Users can view their complete trading transaction history using any of the methods.
However, before the card can be processed, they will be required to provide additional information, identity documents, and a selfie video for verification. As stated earlier, the Shakepay card can be used anywhere Apple Pay and Google are supported and in stores that accept prepaid Visa cards in Canada and beyond. After carefully walking through all of its services for this Shakepay review, we believe Shakepay is an excellent beginner on-ramp to crypto. Cardholders can shop worldwide (with a 3% foreign transaction fee) and pay via Apple Pay or Google Pay with no annual fees or credit checks. You can store or cash out your rewards at any time and easily load your Shakepay Canadian dollar balance with the Interac e-Transfer.
CipherBlade conducted a third-party audit of Shakepay’s Proof of Reserves and Security Report. Shakepay is one of the only exchanges that stayed working consistently through the market ups and downs in the last year. Many exchanges had issues handling the influx of new customers and funding accounts at peak times. Shakepay is a Montreal-based company that has over 50 employees. Shakepay makes buying and selling crypto through their Android, and iOS apps a fast and easy experience.
However, how much you make on Shakepay depends on your trading knowledge and trade volumes. Like Shakepay, Netcoins is also registered and regulated as a Money Service Business by FINTRAC. However, Netcoins supports 30+ coins and allows you to hold both CAD and USD in your account.