Shakepay Review 2026: Canada's Bitcoin-First Exchange
Shakepay keeps its coin list deliberately small - Bitcoin, Ether, and USDC, full stop - and has quietly become one of the most heavily regulated crypto platforms in Canada. Here is what that trade-off actually gets you.
By the CryptoNorth Team
What Is Shakepay?
Shakepay is a Montreal-based crypto platform founded in 2015, built around a simple pitch: make buying Bitcoin as easy as e-transferring a friend, and skip the sprawling coin lists competitors chase. Rather than expanding into hundreds of tokens, Shakepay has spent the last few years going deep on Canadian financial infrastructure instead - becoming the first crypto-native company to join Payments Canada and earning a full investment dealer registration with the Canadian Investment Regulatory Organization (CIRO) on January 8, 2025.[1][4]
That regulatory track is a genuine differentiator. CIRO is the same self-regulatory organization that oversees bank-affiliated investment dealers, and membership subjects Shakepay to a level of oversight most crypto platforms - Canadian or otherwise - simply don't carry.
Regulatory Standing: More Than Just FINTRAC
Every legitimate Canadian exchange registers with FINTRAC as a Money Services Business - that's table stakes. Shakepay has gone further on two fronts most competitors haven't matched:
Cash held with Shakepay is eligible for up to $1,000,000 CAD in coverage through the Canadian Investor Protection Fund (CIPF) - the same fund that protects investors at traditional brokerages.[1]
The first crypto-native company admitted to Payments Canada, joining only Questrade and Wealthsimple among non-bank members - giving Shakepay direct access to Canada's core payment rails, including the incoming Real-Time Rail.[4]
Important nuance: CIPF coverage applies to CAD cash balances, not to crypto assets themselves - crypto held on any exchange, Shakepay included, is not CDIC or CIPF insured against a platform-level loss of the crypto itself.
Shakepay's Fees, Explained
Shakepay advertises itself as commission-free, and technically it is - there's no separate trading fee line item. Instead, Shakepay builds its revenue into the buy/sell price itself through a spread.[3]
Shakepay targets a spread in this range depending on market conditions and liquidity, and states the spread may widen by up to an additional 1.5% during volatile conditions. Prices refresh every 30 seconds in the app. There's no separate maker/taker structure to think about - the spread is the fee, whatever the size of your trade.[3]
Both deposits and withdrawals, $5-$10,000 per transaction.
$10,000 minimum, no maximum. Your own bank may still charge a sending fee.
Deposits of BTC, ETH, and USDC are always free.[2]
The Coin Selection Trade-Off
This is the single biggest limitation to understand before signing up. Shakepay natively supports exactly three assets: Bitcoin, Ether, and USDC. Popular coins like Solana, Dogecoin, and Bitcoin Cash are not supported for trading or custody at all.[7]
Shakepay's Auto-swap feature can automatically convert some eligible ERC-20 tokens (like USDT, SHIB, and DAI) into CAD, USD, BTC, or ETH if they land in your account by mistake - but that's a safety net, not a feature to plan around. If you hold a diverse portfolio, you'll need a second exchange like Kraken or Crypto.com alongside Shakepay.[7]
Features: Rewards, the Card, and Bitcoin-Backed Loans
Where Shakepay makes up for its narrow coin list is in Canada-specific product features you won't find on most global exchanges:
A gamified daily reward - shake your phone once a day for free satoshis. Requires being part of a referral relationship and a verified account. Daily rewards scale with your account tier (10 to 500 sats) and build on a streak that resets if you miss a day.[8]
A free, virtual-only prepaid Visa that pays cashback directly in Bitcoin - up to 1.5% depending on account tier, plus a 3% boost on the first $3,000 spent within 90 days of activation. Canada-only, works with Apple Pay and Google Pay, but ATM withdrawals are capped at $500 per transaction and $1,000 per day.
Launched April 21, 2026 following exemptive relief from Quebec's AMF, this lets Canadian residents borrow $100 to $50,000 CAD against their Bitcoin without selling it - avoiding a taxable disposition. Interest runs 9.5% APR with no origination or early-repayment fees, funds arrive within minutes, and collateral sits with third-party custodians. Margin calls trigger at 80% loan-to-value, with liquidation possible at 90% LTV plus a 3% processing fee - so this is a tool for confident, not casual, borrowers.[5]
Referral Program
New users who sign up after March 7, 2024 and complete identity verification, fund their account in CAD, and purchase at least $100 of BTC or ETH earn $20 CAD, matched by $20 for whoever referred them - credited within about a day of meeting the criteria. Users who signed up before that date are grandfathered into an older $5-$30 tiered structure.[6]
Pros and Cons
Frequently Asked Questions
Yes. Shakepay is FINTRAC-registered and, since January 2025, is also a CIRO-regulated investment dealer - the same self-regulatory body overseeing bank-affiliated brokerages. CAD cash balances are eligible for up to $1,000,000 in CIPF coverage. Crypto itself is never CDIC or CIPF insured, on Shakepay or any exchange.
Shakepay has deliberately kept its asset list narrow to focus resources on regulatory compliance and Canadian payment infrastructure rather than rapid coin listings. If you want a wide selection of altcoins, pair Shakepay with a broader exchange like Kraken or Crypto.com.
There is no separate trading commission, but Shakepay builds a 0.5% to 2.0% spread into its buy and sell prices (up to an extra 1.5% in volatile conditions). It is a real cost - it just does not appear as a line-item fee.
Launched in April 2026 under an AMF exemptive relief, it lets verified Canadian residents borrow $100 to $50,000 CAD against their Bitcoin at 9.5% APR without selling it. Margin calls start at 80% loan-to-value and liquidation can occur at 90% LTV, so it carries real risk if Bitcoin's price drops sharply.
This review is for informational purposes only and is not financial advice. Spreads, lending terms, supported assets, and regulatory status change - always confirm current details directly with Shakepay before signing up or borrowing. Some links on this page may be affiliate links.
See how Shakepay compares
Every platform we list is registered with FINTRAC. Provincial securities authorization varies by platform — we show it per exchange. Compare fees, coins, and provincial availability side by side.