For many Canadians, Shakepay is their go-to exchange for buying cryptocurrency. In this article, I will go through some pros, cons, and special tidbits (timbits?) that I've noticed in my time using the app so far.
- Shakepay offers a feature known as 'Shakin' Sats'. This feature is only available to users who download the app and join using a referral code (you can use my code to sign up and start earning here). By shaking your phone once a day, users earn a progressively higher amount of satoshis per day. For example, today I reached a 113 day streak - which earned me 800 satoshis (roughly $0.66 CAD OR $0.52 USD). At $0.66 a day, that's $240 worth of Bitcoin for FREE each year. However, keep in mind you earn progressively more satoshis each day you shake. Coupled with potential future Bitcoin growth, earning over $500 worth of Bitcoin per year is not out of the question.
- My deposits on the app have been very fast. I choose to deposit with e-transfer and the longest I've had to wait is about 10 minutes. Most deposits arrive within 5 minutes. Your earned Bitcoin is also instantly available to transfer to cold storage/elsewhere.
- Shakepay also offers $30 free to anyone who signs up and deposits at least $100 (if you signed up using a referral code). Both the person who signed up and the referrer receive the bonus. This can then be used to purchase either Bitcoin or Ether.
- One of the major cons of Shakepay is that they only offer two cryptocurrencies to purchase - Bitcoin and Ether. While this isn't a massive issue to me (as I use other apps to purchase alt-coins) - some users may not like the limited selection of cryptocurrencies available.
- Shakepay also makes their money off of spread. Compared to other exchanges, their spread may be a little high for some. For me, their free transfers help make up for this - but this is definitely something to keep in mind if using the app.
- Shakepay is currently only available for Canadians - so unfortunately those from other countries are not able to download the app just yet.
- Shakepay is also in the process of offering a credit card to its users. While not currently released, users can join a waitlist to be offered the chance to sign up when it is available. If I were to guess, I would assume it will be a pre-paid credit card which offers a certain amount of Bitcoin as a reward for using the card. If I end up getting the card, I will try to remember to come back here to update this section for you all too!
If Shakepay and their Shakin' Sats feature sounds like something you're interested in, please use my referral code here to sign up. You do not need to deposit any money to begin earning free Bitcoin.
**If you are interested in the social side of crypto and blockchain technology, please follow my blog here. I follow back anyone who follows me!**
**Interested in earning more free Bitcoin too? Check out my review of Ember Fund here and sign up using my referral code to start stackin' sats today!**