This post is primarily for my Canadian brethren! For those who reside in the Great White North, Shakepay is BY FAR the best crypto exchange when it comes to being an on-ramp from FIAT currency to cryptocurrency. Unfortunately it is ONLY available to Canadians and I feel bad for everyone else because I've used many exchanges in the last few years and they blow others out of the water. Today I want to discuss the fundamentals of the exchange and why I appreciate it. As well as how you can use the exchange to generate literally DOLLARS of Bitcoin for free every day in just ten seconds. It honestly astounds me that Shakepay gives away as much as they do and have been doing so reliably for 2 years now. I must say i had a great time writing this one so I hope you guys enjoy it!
So who is ShakePay? They are a FIAT to Crypto Exchange and custodial Bitcoin/Ethereum wallet. Shakepay is available only on mobile devices as an app on Android or IOS. The company launched it's beta in early 2018 and left it later that year. They're based out of Montreal with roughly 20 employees. and I consider them to be the safest it can get when it comes to exchanges in Canada.
- They are licensed and regulated as a Money Service Business in Canada.
- The vast majority of funds are kept in offline, air-gapped, multi-sig, cold wallets.
- All customer information passes through encrypted tunnels as it is sent to them and is stored encrypted in their databases.
You can find more information here should you require it.
Now let's be upfront with the biggest negative of the best exchange. Shakepay only offers the exchange of Bitcoin and Ethereum. This is a huge drawback! Oh how I WISH they offered a wider range of currencies. However this lack of options may be what leads to their largest strength. What they lack in currency options they make up for in speed, and ease of use.
Shakepay strives for a very bold goal for a full-KYC (know your customer) exchange that interacts directly with banks. This bold goal is that they advertise that your first signup and crypto purchase willtake less than 10 minutes. This is pretty astounding in my opinion. I haven't timed myself with other exchanges but I strongly feel that the likes of Coinbase, and Binance did not stand up to these speeds when I signed up for them years ago. That quick for a full-kyc exchange! What that means is they want your personal information or you're not buying, that means PICTURE ID.
So what the heck makes Shakepay so fast? Well I believe it's primarily due to their use of Interac E-Transfer. For Canadians you're likely familiar, Americans less so. E-Transfer is a system whereby you essentially email the exchange your money. In Canada most banks offer E-Transfer where you type in the email address of the person receiving the funds. Along with a security question and secret answer for that person to type in to be allowed to deposit the funds. This way if you send the transfer to the wrong person they don't have the capability to deposit the funds themselves.
ShakePay generates a unique question for you to type in along with a unique security answer for them to fill in to access the funds. You merely email your transfer to them using the information given and you will see the funds deposited in your account within an average of 90 seconds in my experience. And if you don't see your funds within a 5 minutes you know you fat fingered the transaction somehow and can cancel it and attempt again.
ShakePay also accepts Wire Transfers from bank accounts but they can take quite a while and aren't enabled on accounts by default. You must ask customer service to enable them.
Alright so you've heard me sing the praises of ShakePay to you for a bit now. Well this is the PassiveIncome blog and you're wondering how exactly you're supposed to make money with an exchange?
SHAKING SATS. Yeah you heard me. Shake your phone and this cute little fox guy shows up and delivers you your daily dose of SATOSHIS! Generally the deal with Bitcoin faucets is that the amount of Satoshis you earn is miniscule and not often worth your time. Especially if you don't have a LOT of time on your hands. Well ShakePay really knocks the rest out of the park in two ways. Firstly, claiming the Sats takes only about 10 seconds and requires none of the usual "I'm not a Robot" type proving that you're normally expected to do with a faucet.
Secondly, the sheer value is off the charts when you compare it to others. Shaking Sats Rewards.
Click the link if you wish and it will detail the rewards scheme but I'm going to tell you right now. You can shake your phone once a day, and the first day you do you will be rewarded with 2000 Satoshis. Every day in a row you shake your phone this number will increase incrementally for a total of 121 days. After that final day you will be earning a total of 10000 Satoshis every time you take your phone. Let's translate this into "real money" (as my wife says) and see just how much we're talking about. 2000 Satoshis is .25$ CAD. Not bad at all! And blows away any other faucet. Meanwhile after the 121 days you're looking at $1.25 every time you shake your phone! That's insane! Honestly it adds up to hundreds of dollars a year and just blows my mind that this is accessible to everyone.
Okay so now that you know the big secret of Shakepay I want to talk a bit more about the exchange itself. Firstly, customer service is available in app via a typical chat function where you will get to speak with a customer service representative. Unlike some other exchanges the one or two times I've decided to interact with them I have received a response within 24 hours (always the next business day as I generally don't have problems during business hours LOL.
And what's more my experiences are always positive, even though I'm often just asking for free stuff.
One experience I had was after they launched merchandise like T-shirts, hats, and stickers they went on Reddit and told people to message them to get a free package of stuff! All I did was send my address in the chat and I got all of the above items with shipping included! And I actually wear them too, I find that little fox logo really adorable.
Another experience I had with Shakepay customer service about two months ago was one where I had been missing out on Shaking Sats because I had never been referred to the platform. So I went to customer service with a referral code from someone and asked if they could apply it retroactively despite the fact that I joined the exchange in 2018. To my shock they agreed! And I instantly received a $10 bonus (which you receive for being referred and buying $100 CAD in currency) and access to the Shaking Sats feature. Which at the time I asked, I had not realized was so RIDICULOUSLY lucrative.
Man these guys really are Canadian, eh? After all we are known for our politeness.
Okay I know this is a bit of a huge side note but I must tell everyone my "Too-Polite Canadian" Story. I think all of us have one. I'm an electrician and one day while performing my regular duties I was backing up without looking behind me when I bumped into someone. I instinctively said "Oh sorry" immediately like any Canadian would do as I turned around to see that I hadn't bumped into anyone. In fact it was my very own ladder that I had placed there just moments ago. I apologized to an inanimate object.....
Alright I think I got a bit off track there. PASSIVE INCOME. That's right that's what we are here for. So we've discussed Shaking Sats well what else is there? ShakePay has the classic referral program! You can use this to generate yourself a bit of side cash. Now it's not that great for passive income as it only generates you a one time payment of $10 when you refer someone. But there is a LOT of incentive for people to actually sign up due to the $10 they will receive, as well as the Shaking Sats feature. Which definitely makes it easier to get people onboarded. And it's nice that the referral is in the form of a link which makes it easy to share and embed into articles like this one (wink wink).
Alright this is the part where I will generally provide a counter argument and why the platform isn't as good as I've made it sound....
Well. OH! We haven't discussed fees! This is an exchange so of course there are fees! Well, there aren't actually. That's right they don't charge fees on your trades and they make sure to advertise this to you in multiple places. This is somewhat deceitful as while there are not fees they do have a "spread." This is to say the price you see for 1 BTC on Shakepay will always be a little bit higher than you may see on an exchange that does have fees. This is fully by design and is the way Shakepay makes their little bit of dough. For example at a quick glance I'm seeing on unnamed exchange A a BTC price of 12,395 CAD. But when I go to buy BTC on Shakepay I'm seeing a price of $12555 CAD.
Now for someone like me who buys, holds, and never lets go this isn't such a big deal but to swing traders this may be a solid negative.
All in all I am very positive about Shakepay The app is fast, and responsive. The signup process is quick and painless, you will be able to purchase BTC in less than 10 minutes. Albeit a little barebones considering it only supports the top 2 cryptos. Although its seems that this barebones element is by design and it functions as a proper wallet as well which is nice. Shaking Sats is an astoundingly high paying faucet to boot. And let's face it, it is just a faucet. As a Canadian I'm just glad there are still options out there that work and don't lie and perform fake trades or steal my money. Here's looking at you QuadrigaCX, and Coinsquare.....
Oh and if you want to get your free Shaking Sats or just to support me, you can bet every mention of Shakepay in this thing is a referral link! I hope you're all doing wonderful.