Shakepay

Shakepay is a Canadian financial app that allows users to buy and sell Bitcoin and Ethereum with extreme ease. It is famous for its "ShakingSats" feature: users can physically shake their phone once a day to earn free Bitcoin (satoshis). This gamified loyalty rewards program has created a massive, dedicated community.

Beyond trading, Shakepay offers a Visa Prepaid Card that rewards users with Bitcoin cashback on every purchase. The platform covers gas fees for withdrawals, making it one of the cheapest ways to move crypto to cold storage. It is a legitimate Money Service Business (MSB) regulated by FINTRAC and AMF in Quebec.

Frequently Asked Questions

1. What is ShakingSats?

ShakingSats is a daily reward feature where you open the app and shake your phone to earn free Bitcoin. To unlock this feature, you must be referred by an existing user. The amount you earn increases for every consecutive day you shake, known as a streak.

2. specific trading fees?

Shakepay operates on a "commission-free" model, meaning they do not charge a separate transaction fee. Instead, they make money on the spread, which is the difference between the price they buy at and the price they sell to you (typically 1-2%).

3. specific Visa card?

Yes, the Shakepay Card is a prepaid Visa card that allows you to spend your Canadian dollar balance at any merchant. You earn up to 2% cashback in Bitcoin on your purchases, settled directly to your wallet.

4. Are withdrawals free?

Yes, Shakepay covers the mining (gas) fees when you withdraw Bitcoin or Ethereum to an external wallet. This is a significant benefit given that Ethereum gas fees can sometimes be very high.

5. Is it regulated?

Yes, Shakepay is registered as a Money Service Business (MSB) with FINTRAC in Canada. They also work with regulated custodians to secure cold storage assets and have obtained a license from the AMF in Quebec.