Shakepay now offers the ability to buy or sell US Dollars! You can buy US Dollars from your CAD balance or sell US Dollars for CAD. US Dollars are also directly linked to our new product: USDC. Read more about USDC in our dedicated USDC FAQ.
How to buy US Dollars on my Shakepay account?
Click the Buy/Sell button on the home screen.
Click the Cash button in the Receive section and select USD to convert to that currency.
Input the amount you want to exchange or tap one of the quick action buttons.
Tap Review Order to review the details.
Tap the blue confirmation button at the bottom of the screen to finalize your exchange.
How to sell US Dollars on my Shakepay account?
Click the Buy/Sell button on the home screen.
Click the Cash button in the Pay section.
Select USD in the Select asset menu.
Click the Bitcoin button in the Receive section and select Cash to convert to CAD.
Input the amount you want to exchange or tap one of the quick action buttons.
Tap Review Order to review the details.
Tap the blue confirmation button at the bottom of the screen to finalize your exchange.
Frequently asked questions
What can I do with my US Dollars balance?
With your US Dollars balance, you can now send USDC to an external wallet or send US dollars to a friend using the Shakepay a Friend feature. Please also check out our USDC FAQ.
Can I deposit US Dollars into Shakepay?
You can’t currently fund your Shakepay account by sending USD directly. However, if you send USDC, it will automatically be converted to USD at a 1:1 rate and added to your USD balance.
Can I send an US Dollars wire transfer to or from Shakepay?
We don’t currently support sending or receiving USD wire transfers, but we’re always exploring new features. Stay tuned!
Can I send US Dollars with e-Transfer to/from Shakepay?
The Interac network only supports e-Transfers in CAD so we are unable to offer USD e-Transfers at this time.
I tried sending an US Dollars SAF to my friend but it says the recipient doesn’t support it.
If you tried sending US Dollars while using the Shakepay a friend feature but you are getting a “recipient doesn’t support it” message, please ask your friend to update their app to the latest version and attempt sending again.
Do volume discounts apply when completing a market order above $100,000 when using my USD balance to buy BTC or ETH?
Yes, we apply volume discounts when you complete a market order of at least $100,000 when buying or selling BTC or ETH from your US dollars balance. You can read more about volume discounts here,
Do I pay any fees when converting from CAD to USD and from USD to CAD?
Shakepay is a commission-free service. This means we do not charge a commission for buying or selling crypto, buying or selling US Dollars, or funding and withdrawing from your account. Instead, we set the price at which you can buy or sell crypto and US Dollars, which includes a small difference, to cover our costs. The difference represents our profit margin (or revenue). You can find more info about this in our FAQ (How Shakepay makes money) and in our Best Execution Policy.
Can I use my US Dollars balance towards my card USD purchases?
At this time, you can only use the funds in your CAD cash balance towards any card purchases.