How to Buy Bitcoin on Shakepay

Buying Bitcoin on Shakepay is a straightforward process that is ideal for both beginners and experienced cryptocurrency enthusiasts. Shakepay is a Canadian-based platform that offers users a simple and quick way to purchase Bitcoin and Ethereum using Canadian dollars. In this article, we will guide you through the steps of buying Bitcoin on Shakepay, from setting up your account to making your first purchase. We will also highlight some tips and best practices to ensure a smooth and secure transaction.

Step 1: Create a Shakepay Account

To get started, you need to create a Shakepay account. Follow these steps:

1. Download the Shakepay App: Shakepay is available for both iOS and Android devices. You can download it from the Apple App Store or Google Play Store.
2. Sign Up: Open the app and sign up using your email address. You will need to create a strong password.
3. Verify Your Identity: Shakepay requires identity verification to comply with Canadian regulations. You will need to provide a government-issued ID (such as a driver’s license or passport) and take a selfie for verification purposes. The process is usually quick, and you will be notified once your account is verified.

Step 2: Fund Your Shakepay Account

Once your account is set up and verified, the next step is to fund your Shakepay account. There are a few methods to deposit funds:

1. Interac e-Transfer: This is the most popular method for Canadians. You can send money to your Shakepay account directly from your bank account using Interac e-Transfer. The funds typically arrive within minutes.
2. Wire Transfer: For larger amounts, you can opt for a wire transfer. This method may take a few business days to complete.
3. Crypto Deposits: If you already have Bitcoin or Ethereum in another wallet, you can transfer it to your Shakepay wallet.

Step 3: Buy Bitcoin on Shakepay

With funds in your account, you’re now ready to buy Bitcoin on Shakepay:

1. Go to the Buy/Sell Tab: Open the Shakepay app and navigate to the “Buy/Sell” tab.
2. Select Bitcoin: Choose Bitcoin as the cryptocurrency you want to purchase.
3. Enter the Amount: Input the amount of Canadian dollars you want to spend or the amount of Bitcoin you wish to buy.
4. Review and Confirm: Double-check the details of your purchase, including the exchange rate and any fees. Once satisfied, confirm the transaction.

Pro Tip: Shakepay allows you to set a price alert, so you can be notified when Bitcoin reaches your desired price level.

Step 4: Store or Withdraw Your Bitcoin

After purchasing Bitcoin, you can choose to store it in your Shakepay wallet or withdraw it to an external wallet. Here’s how:

1. Storing on Shakepay: Keeping your Bitcoin in your Shakepay wallet is convenient if you plan to make frequent trades or if the amount is small. Shakepay uses top-tier security measures, including cold storage and insurance, to protect your funds.
2. Withdrawing to an External Wallet: For better security, especially for larger amounts, you might prefer to withdraw your Bitcoin to a personal wallet. Go to the “Send” tab, enter the wallet address you wish to send your Bitcoin to, and confirm the transaction.

Tip: Always double-check the wallet address before sending Bitcoin, as cryptocurrency transactions are irreversible.

Step 5: Track Your Investment

Shakepay makes it easy to track the value of your Bitcoin investment. The app provides real-time updates on the value of your holdings, and you can also view your transaction history at any time.

Additional Features of Shakepay

Shakepay offers some additional features that make the platform even more appealing:

1. Shakepay Card: Shakepay offers a Visa prepaid card that allows you to spend your cryptocurrency anywhere Visa is accepted. You can convert your Bitcoin to Canadian dollars instantly and use it to make purchases.
2. Shake Your Phone: A fun feature of Shakepay is the “Shake” reward program. By shaking your phone every day, you can earn small amounts of Bitcoin (referred to as “Sats”).
3. Referral Program: Shakepay has a referral program that allows you to earn extra cash or Bitcoin by inviting friends to the platform.

Conclusion

Buying Bitcoin on Shakepay is a user-friendly process, especially for Canadians who are new to the world of cryptocurrency. By following the steps outlined above, you can quickly and safely purchase Bitcoin and start building your digital asset portfolio. Remember to keep security in mind by using strong passwords, enabling two-factor authentication, and considering the use of a hardware wallet for long-term storage.

Happy trading!