How to Buy Bitcoin on Shakepay App

Introduction
Shakepay is a popular Canadian cryptocurrency exchange that allows users to buy, sell, and store Bitcoin easily. With its user-friendly interface and fast transactions, Shakepay is an excellent choice for both beginners and experienced traders. In this guide, we'll walk you through the step-by-step process of buying Bitcoin on the Shakepay app, including setting up your account, depositing funds, and executing your first purchase.

Step 1: Setting Up Your Shakepay Account
Before you can buy Bitcoin on Shakepay, you need to create an account. Here's how to get started:

1. Download the Shakepay App: The app is available for both iOS and Android devices. Search for "Shakepay" in your app store and download the app.
2. Sign Up: Open the app and click on "Sign Up." You'll need to provide your email address, create a password, and agree to the terms and conditions.
3. Verify Your Email: Check your email for a verification link from Shakepay. Click the link to verify your email address.
4. Complete Identity Verification: To comply with Canadian regulations, Shakepay requires you to verify your identity. You will need to provide a government-issued ID, such as a driver’s license or passport, and take a selfie for facial recognition. This process usually takes a few minutes to complete.

Step 2: Adding Funds to Your Shakepay Account
After setting up your account, the next step is to deposit funds that you can use to buy Bitcoin. Shakepay offers multiple options for depositing Canadian dollars (CAD).

1. Interac e-Transfer: This is the most popular method due to its speed and ease. To deposit via Interac e-Transfer:
   • Click on "Add Funds" in the app.
   • Choose "Interac e-Transfer" as your deposit method.
   • Follow the on-screen instructions to complete the transfer. Shakepay usually processes e-Transfers within minutes.
2. Wire Transfer: For larger deposits, you can use a wire transfer. This method may take a few business days, and your bank may charge a fee.
3. Cryptocurrency Deposit: If you already own Bitcoin or Ethereum, you can deposit them directly into your Shakepay wallet by selecting the "Crypto" option and following the deposit instructions.

Step 3: Buying Bitcoin on Shakepay
Once your account is funded, you can proceed to buy Bitcoin. Here's how:

1. Go to the Buy/Sell Screen: On the main dashboard, tap "Buy & Sell."
2. Select Bitcoin: Choose Bitcoin (BTC) from the list of available cryptocurrencies.
3. Enter the Amount: Specify how much CAD you want to spend or how much Bitcoin you want to buy. Shakepay will automatically calculate the equivalent amount.
4. Review the Transaction: Before confirming, review the exchange rate, transaction fees (if any), and the total amount of Bitcoin you will receive.
5. Confirm the Purchase: Tap "Confirm" to complete your purchase. Your Bitcoin will instantly be credited to your Shakepay wallet.

Step 4: Storing and Securing Your Bitcoin
After purchasing Bitcoin, it’s important to store it securely. Shakepay provides a built-in wallet, but for added security, consider transferring your Bitcoin to a hardware wallet.

1. Using Shakepay’s Wallet: Shakepay’s wallet is convenient for quick access and transactions, but it’s considered a "hot wallet," meaning it’s connected to the internet and potentially vulnerable to cyberattacks.
2. Transfer to a Hardware Wallet: For long-term storage, use a hardware wallet like Ledger or Trezor. These devices store your Bitcoin offline, offering superior security. To transfer Bitcoin:
   • Go to your Shakepay wallet and select "Send."
   • Enter the recipient address (your hardware wallet’s address) and the amount you wish to transfer.
   • Confirm the transaction.

Fees and Limits
Shakepay is known for having competitive fees, but it’s essential to understand what costs you may incur:

1. No Trading Fees: Shakepay does not charge fees for buying or selling Bitcoin; however, the price you see includes a spread, which is a small markup on the market rate.
2. Withdrawal Fees: There are no fees for withdrawing CAD via Interac e-Transfer. Bitcoin withdrawals are subject to standard blockchain fees, which vary based on network congestion.
3. Limits: Shakepay has daily and monthly limits depending on your account verification level. Ensure you check your account settings to see the specific limits applicable to you.

Additional Features of Shakepay

1. Shakepay Card: The Shakepay Visa Prepaid Card allows you to spend your crypto balance at any merchant that accepts Visa. You can earn Bitcoin cashback on your purchases, making it a great way to earn additional Bitcoin on everyday spending.
2. ShakingSats: Shakepay rewards users with free Bitcoin every day when they open the app and shake their phone. The longer you use this feature consecutively, the more Bitcoin you earn.
3. Referral Program: Shakepay offers a referral program where you and your friends can earn bonuses when they sign up and complete their first trade.

Security Tips for Shakepay Users

1. Enable Two-Factor Authentication (2FA): Always activate 2FA on your Shakepay account for an added layer of security.
2. Beware of Phishing Scams: Be cautious of unsolicited messages claiming to be from Shakepay. Always double-check URLs and never share your account credentials.
3. Use Strong, Unique Passwords: Avoid using the same password across multiple platforms. Consider using a password manager to generate and store secure passwords.

Conclusion
Buying Bitcoin on Shakepay is a straightforward process designed with user experience in mind. By following these steps, you can quickly get started with cryptocurrency investing. Remember to take the necessary security precautions to protect your digital assets. Whether you're a beginner or a seasoned investor, Shakepay offers a seamless and reliable way to buy Bitcoin in Canada.

Table: Comparison of Deposit Methods on Shakepay

Deposit Method	Speed	Fees	Notes
Interac e-Transfer	Minutes	Free	Most popular, quick processing.
Wire Transfer	1-3 Business Days	Varies by bank	Suitable for larger amounts.
Crypto Deposit	Instant	Blockchain fees	For existing crypto holders.