Does Shakepay charge any fees?
Shakepay is a commission-free service, meaning we don’t charge any fixed fees for executing trades (whether you’re buying or selling crypto), funding your account, or monthly account fees.
We also cover network fees when you move your funds off the platform, such as transferring crypto to a bitcoin address. If you prefer a faster transaction, you have the option to pay the network fee yourself.
This is a major perk for our customers! Most platforms charge fees or commissions for buying, selling, or withdrawing crypto, and these costs can add up fast. With Shakepay, there are no hidden fees, so what you see is what you get. And what you get is more crypto in your pocket!
How does Shakepay make money if there are no commissions?
Shakepay uses a number of popular and reliable crypto trading facilities, called liquidity providers, to buy and sell crypto assets.
When you place an order to buy or sell crypto on Shakepay, our algorithm gathers the current prices for the crypto asset from an aggregator of pricing from liquidity providers. We then apply a spread to this price, which compensates us for the service.
This spread is how we generate revenue from our crypto trading services. It allows us to cover operational costs, maintain the platform, and continue to provide great customer service. Unlike a commission, which is an extra fee added to a transaction, the spread is built into the buy or sell price that you see.
How do we determine the price?
We target a spread ranging from 0.5% to 2.0% over the Benchmark Price, depending on market conditions and liquidity. In the event of adverse market conditions or liquidity constraints, the spread may be increased by up to an additional 1.5%.
Where can I find the buy and sell prices?
You can view the current buy and sell prices on the “Buy & sell” screens in the Shakepay app. To switch between buying and selling, simply tap the dropdown menu at the top of the screen and select the action you'd like to perform, either “buy” or “sell”.
The prices are refreshed every 30 seconds to reflect the latest market data.
Why is the CAD amount I paid for crypto different from the CAD equivalent shown on the main screen?
When you go to purchase crypto with Shakepay, we show you the exact buy price (in Canadian dollars) at that moment. After your purchase, the estimated value of your crypto (also in Canadian dollars) displayed on the home screen may differ from what you paid.
This is because the home screen value of your crypto in Canadian dollars is an estimate based on the average of both our buy and sell prices, giving you a general idea of your crypto’s value in Canadian dollars.
However, when you actually buy or sell crypto with Shakepay, you transact at the specific price shown on the buy or sell page, not at the averaged price displayed on the home screen.
For more details about how we handle pricing, including our spread management, liquidity provider selection, best execution practices, definitions, and more please review our Best Execution Policy.
Related articles: