What is Shakepay?
ShakePay is a Canadian cryptocurrency exchange, e-wallet company, and Bitcoin debit card provider. Shakepay not only offers Bitcoin debit cards to their clients but also a mobile app that functions similar to Apple Pay. The company was among the many card issuers that worked with WaveCrest. However, they made a come-back in just one month after their partnership ended.
The very first thing to note about the card is that it’s only available for users in Canada. You will need to provide some details to validate who you are to use Shakepay. Unfortunately, the card and app are not available for anyone else. In this review, we’ll go through what makes this Canadian Bitcoin card special, and what some of the drawbacks of it are.
The procedure will be longer must they for any reason not be able to recognize you with these details. You may be asked to offer evidence of where you live. This proof can be in the shape of an energy bill, or a passport and driving license. Shakepay does not offer a separate business service. If you do have a business, however, you can still use their services like private individuals.
The company has recently added Ether (ETH) as a cryptocurrency you’re able to load on to your card. The only other cryptocurrency supported by the card is Bitcoin (BTC). You can only exchange them for Canadian dollars. It’s not possible to exchange Bitcoin for Ether, or vice versa. That makes this card more restrictive than the majority of other Bitcoin debit card companies. It’s possible to send all 3 currencies to other Shakepay users via the app.
Trading with ShakePay card
The app enables you to manage your wallet and made the trades you need to make. You’ll likewise be able to view your transaction history, which is practical for accounting and bookkeeping. The exchange is built into the app and is very easy and straightforward to use.
Sending and getting money with ShakePay
You can load up the card by using bank transfer, and you can withdraw cash from ATMs all over Canada. You can also load Bitcoin and Ether onto your card the normal way.
Benefits of the ShakePay card
It’s fast and practical to send money to other ShakePay users. You do not pay mining charges, because the company covers them. That is one of the biggest benefits of this card because the vast majority of other card providers do not cover the Bitcoin miner’s fee.
Disadvantages of the ShakePay card
Deposits and withdrawals are free, but in-store transactions aren’t. And they’re rather pricey. That is a bit of a let-down for ShakePay’s users, who may want to shop around for better deals.
ShakePay transaction costs
No other card provider will cover the Bitcoin transaction fee, which is very nice of the company. Gas charges for Ether withdrawals are also covered by the company. However, using the card comes at a significant cost, which is something you should account for before you order the card.