Does Shakepay charge any fees?
Shakepay operates as a commission-free platform, meaning we don’t charge any commission for buying or selling cryptocurrency.
We also cover the transaction fees when you move your funds off the platform (for example, transferring to a Bitcoin address).
This is a fantastic benefit for our users! On most platforms, you’d pay fees or commissions to buy, sell, or transfer crypto, which can add up quickly. With Shakepay, there are no hidden fees—what you see is what you get, and that means more crypto in your pocket!
For more details on fees and timelines, click here.
How does Shakepay make money if there are no commissions?
Shakepay isn’t a marketplace where customers trade with each other. Instead, we function like a retail store, directly buying and selling digital currencies (such as Bitcoin and Ethereum) to our customers.
When you buy Bitcoin on Shakepay, you're purchasing it from us directly, and when you sell Bitcoin, we buy it from you.
We make money by setting the price at which you can buy or sell cryptocurrencies on Shakepay.
At any given time, there’s a small difference between the buying and selling prices, and we capture this difference (the spread) as revenue to cover our operational costs, maintain our platform, and provide excellent customer service.
How do we determine the price?
When a customer wants to buy or sell crypto, our system fetches the current market prices from our liquidity providers. We then apply a spread to determine Shakepay's price, which is presented to the customer. If the customer agrees to the price, the transaction is completed. The prices are refreshed every 30 seconds based on updated market data.
Where can I find the buy and sell prices?
You can view the current buy and sell prices on the "Buy & Sell" screen in the Shakepay app. Simply toggle between buying and selling by switching the 'From' currency between dollars and Bitcoin.
Why is the CAD amount I paid for crypto different from the CAD equivalent shown on the main screen?
When you go to the "Buy & Sell" page, the price displayed is the current buying price. After purchasing, the CAD equivalent shown on the main page may be slightly lower than what you paid. This is because the value displayed on the main screen is an average of Shakepay's buying and selling prices. This average gives you a rough estimate of your crypto’s worth in CAD.
When buying or selling crypto, you're using the exact buying or selling price displayed on the "Buy & Sell" page, not the average price shown on the main screen.
If you have any questions regarding our fees / spread, limits and timelines, or for any account related concerns, please reach out to our Customer Support Team and we will be happy to help!
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