As required by Canadian regulations Shakepay must ask certain questions of all of our customers. These questions include, asking about your risk tolerance, your knowledge of cryptocurrencies, and your financial situation. Your answers help us to determine if a full Shakepay account is right for you.
Being regulated has a lot of benefits for our customers in terms of trust and security. It means we hold ourselves to a high bar. Please note, you must complete these questions to open or maintain your full account with Shakepay.
How does Shakepay assess my risk and determine if an account is appropriate?
Using a combination of your level of income, your net worth, your investment knowledge, your past investment experience, and your personal tolerance to risk, Shakepay is able to determine if an account is right for you.
What is the benefit of risk profiles?
Meeting these requirements allows us to stay at the forefront of Canadian regulations and requirements so that we can continue to responsibly serve the Canadian market. It also reinforces the security of our platform.
How to complete the risk profile?
To complete your risk profile, you will first need to update the Shakepay app to the latest version.
Once you have the latest version of the app, you can answer the questions for the risk profile this way:
Open the Shakepay app
Click the Settings at the bottom right of your screen
Click the banner at the top of the Settings screen
Here you should be able to answer the questions. This should only take a minute to complete.
Why isn't it appropriate for me to have a crypto Shakepay account?
Based on 1 or more of the answers you provided to the Risk Profile questions Shakepay may have determined that having all of the features of a full Shakepay account was not right for you.
If in the future your circumstances change, you are able to update your answers which may result in an update to the decision of whether a full Shakepay account is right for you.
What account functions are limited if a crypto Shakepay account is not appropriate for me?
If you have an existing account and choose not to answer the questionnaire or if a crypto account is not appropriate for you, you will be unable to buy or deposit crypto using your Shakepay account. You will be able to transact with CAD, use the Shakepay Card and sell or withdraw any existing account balances.
What if I make a mistake when answering the risk profile questions?
If you make a mistake and answer a question incorrectly, please reach out to our support team and let us know you need help updating your risk profile.
You can find more information about our registration on the Ontario Securities Commission website.