Independent broker review · Updated July 27, 2026
Shakepay: beginner-friendly BTC and ETH app for Canadians? My 2026 review
A simple, bilingual Canadian app for buying Bitcoin and Ethereum, with a cashback card but a very narrow asset list.
Our take
My take on Shakepay
Shakepay is a Montreal-based app launched in 2015 that keeps crypto deliberately simple: buy and sell Bitcoin and Ethereum, fund instantly in CAD, and earn bitcoin back on a Visa card. It is registered as a Money Services Business with FINTRAC (CANAFE), a member of CIRO (OCRI) and a member of Payments Canada, which puts it inside Canada's regulated crypto framework.
The strengths are ease of use and price. The interface is friendly and bilingual, Interac deposits and withdrawals are free from as little as $5 CAD, and there is no trading commission, only a spread. The limits are just as clear: the app lists only two coins, there is no staking or self-custody, and some users report account freezes. We list Shakepay as a reference review, not a partner.
Why trust HelloBrokers?
This review is not a copy-paste of Shakepay's marketing page. We tested the platforms, modelled the cost of a typical trade down to the pip, and benchmarked Shakepay against the 4 brokers in our comparison. A broker is judged on verifiable figures, not marketing promises.
The essentials
Shakepay at a glance
Key characteristics, verified on July 27, 2026.
Safety & regulation
Is your money safe?
Shakepay is registered as a Money Services Business with FINTRAC (CANAFE) under #M19232999, is a member of CIRO (OCRI), the Canadian Investment Regulatory Organization, and is a member of Payments Canada. That is a solid Canadian registration base for a crypto app, and it keeps client crypto largely in offline cold storage with partial insurance. Custody is entirely on Shakepay's side: it holds your assets, and there is no self-custody option, so security rests on the platform's controls. Partial insurance is not the same as CIPF (FCPE) protection, which does not extend to crypto holdings. Crypto is not legal tender in Canada, and gains are generally taxable, so you must declare them to the CRA yourself. This is not tax advice.
🔒 HelloBrokers safety score: 3.8 / 5
Fees & spreads
What does it really cost?
Shakepay advertises 0% commission and makes its money on the spread, which runs 0.5% to 2% in normal conditions and can widen to about 3.5% in extreme volatility. Deposits are free, standard crypto withdrawals are free, and only expedited transfers pay network fees. Interac funding starts at just $5 CAD.
For a beginner buying small amounts in CAD, the everyday cost is low and easy to understand. Just watch the spread in volatile markets, since that is where the real cost sits on a 0% commission model.
Instruments & markets covered
Instruments & markets covered
The catalogue is the most limited on our Canadian shortlist: Bitcoin and Ethereum, and nothing else. There is no staking, no lending and no DeFi access, and every wallet is custodial, with no option to move to self-custody within the app.
What Shakepay adds instead is a Visa card that pays up to 1% back in bitcoin on spending, which turns everyday purchases into small, automatic crypto accumulation. It is a two-coin accumulation app with a cashback twist, not a broad trading venue.
What Shakepay offers
Capabilities, in plain terms
Covered, partial or not covered. No spin.
- Spot crypto (custodial) ✓ Yes Bitcoin and Ethereum only
- Self-custody option ✗ No Custodial wallets are mandatory
- Staking, lending, DeFi ✗ No
- Bitcoin-cashback Visa card ✓ Yes Up to 1% back in bitcoin
- CIRO (OCRI) registration ✓ Yes
- CIPF (FCPE) coverage ✗ No Crypto holdings are outside the CIPF scheme
Who this broker is for
Who this broker is for
-
Canadian crypto beginner
A friendly bilingual app, free Interac funding from $5 and a 0% commission model make a first Bitcoin or Ethereum purchase easy.
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Everyday spender wanting crypto rewards
The Visa card pays up to 1% back in bitcoin, turning ordinary spending into small automatic accumulation.
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Investor wanting breadth or self-custody
Poorly served: with only BTC and ETH, no staking and mandatory custodial wallets, a broader regulated exchange such as Bitbuy fits better.
Comparison
Shakepay vs the alternatives
The right choice depends on your profile. Here is how Shakepay stands against the brokers we feature.
① The HelloBrokers ranking
overall score /5 · click to read the review
The verdict
The verdict
Shakepay does the basics well: a clean bilingual app, free CAD funding from $5, a 0% commission model and a bitcoin-cashback Visa card, all inside a CIRO-registered, FINTRAC-registered Canadian setup. For a beginner who only wants Bitcoin and Ethereum, it is genuinely easy to use.
As a reference review we carry no affiliate link. The narrow two-coin list, the absence of staking or self-custody and recurring reports of account freezes are what hold the score down. A Canadian who wants more assets, staking and a stronger record should compare our partner Bitbuy, or Wealthsimple for crypto alongside stocks and ETFs. Our score reflects a simple, low-cost app with real limits.
Our recommended alternatives
Our recommended alternatives
For most retail investors, these partner brokers are a better fit.
-
A CIRO-registered Canadian exchange with 60+ assets, staking and CIPF-style protection, for those who want more than two coins.
See Bitbuy → -
A regulated Canadian platform combining crypto with stocks and ETFs inside registered and non-registered accounts.
See Wealthsimple →
Frequently asked questions
FAQ Shakepay
Is Shakepay reliable?
Yes. Shakepay is a FINTRAC-registered Money Services Business (#M19232999), a member of CIRO (OCRI) and a member of Payments Canada, holding client crypto largely in offline cold storage with partial insurance. Crypto is not CIPF (FCPE) covered.
Why choose Shakepay?
For a simple, bilingual Canadian app to buy Bitcoin and Ethereum with free CAD funding, a 0% commission model and a Visa card that pays up to 1% back in bitcoin.
What are the fees at Shakepay?
There is no trading commission; the cost is a spread of 0.5% to 2% (up to about 3.5% in extreme volatility). Deposits and standard withdrawals are free, and only expedited transfers pay network fees.
Who is Shakepay for?
Canadian beginners who want an easy way to buy Bitcoin and Ethereum, and everyday spenders who want small bitcoin rewards, rather than a broad asset list or self-custody.
Is it easy to withdraw from Shakepay?
Yes. Standard crypto withdrawals and Interac withdrawals are free; only expedited transfers pay network fees. Note that some users report occasional account freezes.
Sources
- FINTRAC (CANAFE) MSB registration — Shakepay, Money Services Business #M19232999
- CIRO (OCRI) membership — Shakepay, CIRO member; member of Payments Canada
- Shakepay fee schedule — shakepay.com, spread, deposit, withdrawal and Visa card terms, consulted 2026
The author of this review
Who wrote this analysis?