What is the risk profile for?
As required by Canadian regulations, Shakepay must ask all customers certain questions about their risk tolerance, knowledge of cryptocurrencies, and financial situation. Your responses help us determine whether a full Shakepay account is suitable for you.
Being a regulated platform offers many benefits, such as increased trust and security. We adhere to high standards, and it's important to note that you must complete these questions to open or maintain a full Shakepay account.
How does Shakepay assess my risk and account suitability?
We evaluate your responses based on your income, net worth, investment knowledge, past investment experience, and risk tolerance. This assessment helps us determine if a full Shakepay account is appropriate for you.
Please note that these questions are required by our compliance obligations with securities regulators. Shakepay does not rent or sell your personal information. For more details, please refer to our Privacy Policy.
What are the benefits of risk profiles?
Risk profiles help us meet Canadian regulatory requirements and maintain a secure platform. They allow us to responsibly serve the Canadian market while ensuring the safety of our customers.
How do I complete the risk profile using the Shakepay app?
Ensure your Shakepay app us updated to the latest version
Once you have updated your app, click on the banner saying “Complete your risk profile” and complete the questions.
Once you are done, this information will be updated into your account and you should be able to perform all actions as intended!
I need to complete my risk profile questionnaire but I don't have access to a mobile device or the Shakepay app to complete it
If you don't have access to a mobile device or the app to complete your risk profile, you can also complete it through our chat option on the Shakepay website! Here's how:
Open the Shakepay website: https://shakepay.com/signin
Sign in with your shaketag (username) and password.
Click the blue bubble at the bottom right of the screen.
Click Send us a message.
5. Once you are connected to the chat, please inform our Customer Support Team that you need to be sent the risk profile questionnaire via the chat and we will be able to able to generate the questionnaire for you!
Why might a full Shakepay account not be right for me?
Based on one or more of your answers to the Risk Profile questions, Shakepay may determine that a full account isn't suitable for you. If your circumstances change in the future, you can update your responses, which may affect this decision.
What functions are limited if a full account is not appropriate?
If you don’t answer the questionnaire or if Shakepay determines a full account isn't appropriate for you, you won’t be able to buy or deposit crypto. However, you will still be able to transact with CAD, use the Shakepay Card, and sell or withdraw existing balances.
What if I make a mistake on the risk profile?
If you make a mistake while answering the questions, please contact our Customer Support team for assistance in updating your risk profile.
More information about Shakepay's registration
For more information about our registration, visit the Ontario Securities Commission website.
If you have any questions or concerns, or have any issues completing your risk profile questionnaire, please do not hesitate to contact our Customer Support Team!