In the ever-growing world of cryptocurrency, Shakepay is one of many options for Canadians to get their hands on some coins.
But in a topic similarly plagued with scams, you may find yourself wondering – “is Shakepay safe for me to use?“
Let’s take a closer look at Shakepay and its safety features.
Is Shakepay safe?
So the question you’ve been waiting for – is Shakepay safe for you to use?
The short answer is yes, it’s one of the more trustworthy crypto exchanges and wallets available.
But the long answer is always maybe, especially when considering investing in the very volatile world of crypto. Only ever invest money in crypto that you can afford to lose, since huge losses are not uncommon in that market.
But you’ve heard that before. Let’s step back and look at the safety features that exist on the crypto service itself.
Your account and personal info security features
Shakepay has many security features in place when it comes to your personal information as well as your account itself:
- 2-factor authentication,
- device lock,
- email confirmations of withdrawals,
- account notifications,
- rate limiting on login attempts and other interactions,
- encryption in transit and at rest,
- privacy law compliance, and
- secure document storage.
The company is regulated by both FINTRAC and Revenu Quebec.
Security features in place for your money and crypto
But what about your crypto? What features does Shakepay have in place to keep your coins safe and sound? Here’s a look:
- majority of crypto is stored in cold storage (i.e. offline),
- cold storage coins are insured,
- multiple people need to approve all transactions,
- accounts are segregated,
- there’s no fractional reserve, and
- all transactions are restricted to a whitelist.
Hopefully the above will help you sleep at night…
What is Shakepay?
But let’s take it back a step.
Shakepay is a Canadian crypto exchange, which means you’re able to buy and sell crypto coins (similar to an online broker). There are some slight differences that may interest more seasoned investors.
Because you can also store your coins on the platform, Shakepay also acts as a crypto wallet. This allows you to buy, sell, and store your coins in one place.
Currently Shakepay only supports 2 cryptocurrencies:
- Bitcoin
- Ethereum.
How does Shakepay work?
Though platforms like Shakepay are often referred to as exchanges, they describe themselves as more of a marketplace.
This is because you aren’t buying and selling directly from users. Instead, Shakepay themselves buys large amounts of coins and sells it to users directly. When you sell your coins on the platform, it’s also Shakepay that is buying them.
From a user perspective, all you have to do is load your account with money and specify the amount of crypto you want to buy. You can fund your account via Interac e-Transfer or wire transfer and cash out the same way.
There are also options to withdraw and deposit crypto coins directly, as well as transferring crypto or cash between users.
Shakepay fees
While Shakepay transactions are commission free, you do need to worry about the spread. This is the difference between what Shakepay bought the coins for and how much they’re selling it for – this essentially means the fees are baked into the price.
You don’t need to worry about funding or withdrawal fees on Shakepay’s side either, as all methods are fee-free. Just keep in mind that your bank may charge you for Interac e-Transfers or wire transfers, depending on your account.
So is Shakepay safe enough for you to take the plunge?
While the Shakepay platform is safe, you may still have some reservations about crypto investment in general.
Please use your better judgement when investing in crypto (and other highly volatile stocks and investments vehicles).
Do you find Shakepay a good platform? Let us know in the comments below!
FAQ
Is Shakepay legit?
Yes, Shakepay is a legit cryptocurrency exchange platform that’s regulated by FINTRAC and Revenu Quebec.
Is Shakepay safe?
Though investing in cryptocurrency comes with a lot of warnings, the Shakepay platform itself employs many safety features in order to keep your money and investments safe. These features include cold wallet storage, strict whitelisting of transactions, 2-factor authentication, and more.
What Shakepay fees should I look out for?
While Shakepay doesn’t charge any extra commission on transactions, it’s important to know that the fees are actually baked into the price via the spread. You also don’t have to worry about funding or withdrawal fees, but keep in mind your bank may have other plans, depending on your account.
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