Things You Should Know About Shakepay | 2022 Review

What is Shakepay?

Shakepay is a Canadian startup that allows users to buy and sell Bitcoin and Ethereum using a debit or credit card. The company was founded in 2016 by two friends, Jean Amiouny and Paul Girard. Shakepay is one of the simplest and easiest ways to buy and sell cryptocurrencies.

Shakepay offers an API and a web application. The API allows users to connect their credit or debit cards to the Shakepay wallet, and then use it to buy Bitcoin or Ethereum from other users. The web application is the most user-friendly way to buy, and it allows users to create an account and quickly purchase Bitcoin or Ethereum from another Shakepay user.

How it works

how does shakepay work

Shakepay is a Canadian cryptocurrency exchange that allows users to buy and sell bitcoin and ether. The exchange also offers a debit card that can be used to spend cryptocurrencies at point-of-sale terminals. Shakepay was founded in 2016 by two friends, Jean Amiouny and Anthony Di Iorio.

To use Shakepay, you first need to create an account on the website. Once you have created an account, you can add funds to your account by clicking on the “Deposit” button and selecting the currency you want to deposit. You can then buy or sell cryptocurrencies by clicking on the “Exchange” tab.

The Shakepay debit card can be used anywhere Visa or Mastercard are accepted. To use the card, simply swipe it at the point-of-sale terminal and enter your PIN number.

How Shakepay visa works?

In this day and age, it seems like every other person you meet is using a cryptocurrency. Bitcoin, Ethereum, Litecoin, and others are all becoming more mainstream as people learn about the benefits of using them. But what if you don’t want to buy or sell cryptocurrencies? What if you just want to use them for spending money?

That’s where Shakepay comes in. Shakepay is a Canadian company that allows users to spend their cryptocurrencies anywhere Visa is accepted. All you need is a Shakepay card and an internet connection.

Shakepay creates a unique virtual Visa card for each user. You can then use this card to make purchases anywhere Visa is accepted. The best part? Your Shakepay card works just like any other Visa card – there’s no need to worry about complicated crypto-related transactions.

What are shakepay fees?

Shakepay does not charge any fees for buying or selling crypto. Similarly, there are no gas fees during withdrawals which means the minimum withdrawal changes with time to avoid the gas fee.

How does Shakepay make money?

Shakepay makes money via the spread on cryptocurrency trades. A spread is the difference between the purchase and the sale price. For instance, if the price of Bitcoin is $1,100, then Shakepay may sell it for $1,125 and pocket the difference ($25) which is the spread.

Also read: Everything you should know about AppSumo

How to buy Bitcoin?

To buy bitcoin using Shakepay, first ensure you’ve CAD in your account and then follow the steps described below:

  • Log in to your Shakepay account
  • On the main screen, click on the ‘Buy & Sell‘ button
  • Once on the Buy & sell screen, click on the ‘From‘ and then select CAD
  • Click on the “To” button and select Bitcoin (when buying ethereum it’s at this step you should select ‘ethereum’)
  • Enter the amount of CAD you want to sell for bitcoin

How to cash out?

how to cash out from shakepay
Source: Shakepay

To withdraw from Shakepay, follow the steps below;

  • Log into your Shakepay account
  • Ensure you’ve funds in CAD, if not you can sell the crypto for CAD.
  • Click the ‘Send‘ button and then ‘Cash out to my bank’
  • Enter the amount you wish to withdraw through Interac e-transfer.
  • You’ll then receive an email from Shakepay where you’ll be prompted to accept the transfer

After sending the withdrawal request, the funds should be disbursed instantly although sometimes it may longer than expected. You can only withdrawal a maximum of $5,000 via this method. To cash out higher amount than $5,000, wire transfer is the best option.

Who owns the company?

Even though the ownership structure of Shakepay hasn’t been disclosed to the public. Roy Breidi and Jean Amiouny who are the founders of the company can be assumed to have the large ownership of the company.

Why must I verify Shakepay account?

There are several reasons why Shakepay requires verification.

The first reason is security. By verifying accounts, Shakepay can ensure that only authorized users have access to the platform. This helps protect customers from fraud and theft.

The second reason is compliance with financial regulations. Shakepay must comply with anti-money laundering (AML) and know your customer (KYC) regulations in order to operate legally. Verifying accounts helps ensure that users are who they say they are and that their activities comply with legal requirements.

The third reason is transparency. By verifying accounts, Shakepay can provide customers with a higher level of trust and confidence in the service.

Can Shakepay send to MetaMask?

Yes, Shakepay can send to Metamask. You just need to have the Ethereum address of the recipient and the correct amount of funds in your Shakepay account. To initiate the transfer, open the Shakepay app and click “Send” at the top of the screen. Then, select “Metamask” as your destination and input the recipient’s address. Finally, enter the amount you’d like to send and click “Send”.

Which is better Shakepay or Newton?

The video below will help you note the key differences and similarities between the two crypto exchange in Canada.

Why use Shakepay

The use of Shakepay is ideal for a number of reasons.

  • Perhaps the most obvious benefit is that it allows users to conduct transactions without having to disclose their personal information. This is a huge plus for those who value their privacy, as well as for those who are concerned about security.
  • Additionally, Shakepay is incredibly user-friendly; even those who are new to cryptocurrency can easily learn how to use it.
  • Another great thing about Shakepay is that it offers low fees and quick processing times.
  • Finally, Shakepay has a very strong community, which means users can always find support if needed.

Shakepay review: Is it legit?

The company has a good reputation and has been featured in many news articles. Shakepay is registered with FINTRAC, the Canadian financial regulator, and has implemented multiple layers of security to protect user funds.

Overall, it is easy to use, has low fees, and therefore it can be considered a legitimate platform. One of the downside is it can be slow sometimes during Interac transfer.

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