Is Shakepay safe? Our 2026 review

Shakepay is a Canadian app for buying Bitcoin and Ethereum. It’s one of the simplest ways in, and on the regulatory side it’s among the most tightly supervised platforms in the country.

Shakepay’s registration

Shakepay’s website says it “is a member of the Canadian Investment Regulatory Organization (CIRO) and is registered as an Investment Dealer with the Autorité des Marchés Financiers (AMF) and the securities regulatory authorities in all Canadian provinces and territories.” The regulators’ register lists Shakepay Inc. as an investment dealer, with its latest decision dated 8 January 2025.

Investment dealer status is the higher of the two types of registration for crypto platforms in Canada. It puts Shakepay under the same national rulebook as firms that sell stocks and funds. You can compare it with the other platforms on our registered list.

How Shakepay holds your crypto

Shakepay’s security page says it works with “a cold storage provider regulated under the NYDFS”, New York’s financial regulator, which holds SOC 1 Type II and SOC 2 Type II certifications. It doesn’t name the provider. It also says it holds an insurance policy on crypto in cold storage that “covers most damages, theft, and loss of private keys.”

Shakepay says US dollar balances are protected up to $1 million by CIPF. That applies to cash, not crypto. Crypto held on any Canadian platform generally isn’t covered by CIPF.

Fees and limits

Shakepay’s fee page lists no fee for any funding method:

• Interac e-Transfer, in and out: no fee, from $5 to $10,000.
• Wire transfer, in and out: no fee, from $10,000, taking 1 to 2 working days. Your bank may charge its own fee.

Shakepay makes its money from a spread, the gap between its price and the market price, and it doesn’t publish the size of that spread. Recurring buys are the exception: Shakepay says they have “zero fees or spread.”

Sending crypto to an outside wallet carries no fee at normal speed, which takes around 12 hours. Faster withdrawals, in about 10 minutes, cost a fee.

What you can buy

Shakepay supports Bitcoin, Ethereum and USDC. If you send it another token on the Ethereum network, it can convert it automatically for a fee of 1.5% into Bitcoin, or 2% into anything else. If you want other coins, you’ll need a different platform.

Frequently asked questions

Is Shakepay legit?

Yes. Shakepay is registered with Canada’s securities regulators as an investment dealer and is a member of CIRO. It’s also registered with FINTRAC, Canada’s anti-money-laundering agency.

Is my crypto insured on Shakepay?

Shakepay says its insurance policy covers crypto in cold storage against most damage, theft and loss of private keys. That’s a private policy, not a government scheme. Your crypto isn’t covered by CIPF, and the price of crypto can still fall.

How much does Shakepay charge?

Funding and Interac withdrawals carry no fee. Trades include a spread that Shakepay doesn’t publish, so compare the price you’re shown with the market price before you buy. Our comparison of registered exchanges shows how other platforms price their trades.

Sources

Checked 6 November 2026.

• Shakepay, homepage and regulatory notice
• Shakepay, fees
• Shakepay, security
• Shakepay, Bitcoin and crypto pages
• Shakepay Help, unsupported coins and networks
• New Brunswick Financial and Consumer Services Commission, registered crypto asset trading platforms