What is Shakepay?
ShakePay is a Canadian cryptocurrency exchange, e-wallet provider and Bitcoin debit card issuer. The card itself is entirely new and was only rolled out in early 2016. It paid off to be slightly late to the party, however. Shakepay could not only offer Bitcoin debit cards to their customers but also a mobile app that worked like Apple Pay. Unfortunately, ShakePay was one of the companies that were tied to Wavecrest. This meant that they had to withdraw all their cards in early 2018. ShakePay made a come-back just one month after their broken partnership with Wavecrest had blown over.
Shakepay Bitcoin Debit Card Review
The first thing to note about Shakepay is that it’s only available for users in Canada. You will be required to provide some details to verify who you are to use Shakepay.
The verification process is quick. You need to provide your name, birthdate, and address. The process will be longer should they for any reason not be able to identify you with these details. You may be required to provide proof of address in the form of a utility bill, or a passport and driving license. Although Shakepay doesn’t advertise a separate business account, you can join them as a business. That may require you to take additional verification steps, however.
Shakepay has recently added Ether as a cryptocurrency you’re able to use with your card. The only other cryptocurrency available is Bitcoin, and you can only convert them to Canadian dollars. It’s not possible to exchange Bitcoin for Ether, or vice versa. That makes Shakepay more restrictive than most other Bitcoin debit card providers. It’s possible to send all three currencies to other Shakepay users via the app.
Trading with ShakePay Bitcoin debit card
The company doesn’t currently offer any advances trading options, but the existing ones are ok. The app allows you to manage your wallet and made the trades you need to make. The interface is clean and straightforward, which makes it easy to use. You’ll also be able to view your transaction history, which is practical for accounting purposes.
Sending and receiving money with ShakePay
You’re able to both send and receive money with your ShakePay Bitcoin debit card. You can load the card by using bank transfer, and you can withdraw money to your bank as well. You can also load Bitcoin and Ether onto your card the usual way. Just enter or scan the relevant address.
Advantages of the ShakePay bitcoin debit card
The verification process is both quick and easy. Similarly, it’s fast and convenient to send money to other ShakePay users. It’s also practical that you can withdraw your funds to your bank account. There are no fees associated with deposits or withdrawals. Finally, you don’t pay mining fees, because ShakePay covers them.
Disadvantages of the ShakePay bitcoin debit card
Although deposits and withdrawals are free, transactions aren’t –and they’re quite expensive.
ShakePay Bitcoin debit card transaction fees
The transaction fee for SpectroCard is 1.75%, which is higher than most of their competition. You don’t pay any fees for deposits, withdrawals, or monthly use, however. No other card issuer will cover the Bitcoin transaction fee either, which is very lovely. Gas fees for Ether withdrawals are also covered by Shakepay.