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CoinSmart vs Shakepay 2023: Fees, Coins, Pros, and Cons

CoinSmart and Shakepay are among the best crypto exchanges in Canada.

CoinSmart is reputed for its instant account verification, same-day deposits, low trading fees, and 24/7 responsive customer support.

Shakepay offers commission-free trading and doesn’t charge any extra deposit/withdrawal fees for fiat and crypto but instead allows users to trade with in-built spreads.

In this post, I compare the two crypto trading platforms side by side so that you can choose the one that fits your trading needs.

CoinSmart vs Shakepay: Top Features Compared

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $30 bonus when you trade $100

Account Funding Methods

CoinSmart offers multiple fund transfer methods, including Interac e-Transfer, bank wire, credit/debit cards, Electronic Funds Transfer, and crypto deposits.

Shakepay account funding methods include Interac e-Transfer, wire transfer, and BTC/ETH deposits.

Supported Cryptocurrencies

CoinSmart supports a wider selection of about 16 cryptocurrencies, while Shakepay supports only Bitcoin and Ethereum.

CoinSmart supports 3 fiat currencies, including CAD, USD, and EURO, while Shakepay supports only CAD.

Fees

These crypto trading platforms vary in their trading fees and other administrative fees.

CoinSmart fees

CoinSmart fees stand at 0.2% for single trades and 0.3% for double trades. You’ll also incur deposit/withdrawal fees on the platform.

Fiat deposit/withdrawal fees on the platform range from 0%-1.5% depending on the transfer method and amount and up to 6% for credit card deposits.

CoinSmart crypto withdrawal fees vary by coin. For instance, the fee is 0.00025 BTC for Bitcoin, 0.003 ETH for Ethereum, and 0.001 LTC for Litecoin.

Shakepay fees

Shakepay is a commission-free trading platform. That means you won’t pay any extra dime when trading Bitcoin and Ethereum on the platform, and deposits/withdrawals are free for all transfer methods.

To make money, Shakepay applies an in-built spread fee so that there is a difference between the price at which you can buy and sell crypto on the platform.

Trading Platforms

CoinSmart offers a more advanced trading platform with multiple interfaces to meet different traders’ needs, while Shakepay offers only a basic web interface and the Shakepay mobile app.

CoinSmart trading platforms include:

  • SmartTrade: Allows beginners to buy crypto with a single click.
  • Advanced Trade: Offers real-time charting and market orders like limit and stop loss orders to experienced traders.
  • OTC desk: CS Premium features an OTC desk to enable professional traders to fill large orders of $25,000 and above.
  • CoinSmart crypto app: A mobile app for iOS and Android to access your account 24/7 and trade on the go.

Thus, CoinSmart is great for both beginners and experienced traders, while Shakepay is great for users looking to buy BTC and ETH with CAD in a single click.

Crypto Payments

CoinSmart offers SmartPay Invoicing to enable businesses to accept crypto payments. It comes with an auto-sell feature that converts your crypto to fiat in real-time and wires the funds to your accounts so that you don’t suffer losses occasioned by price volatility.

Shakepay doesn’t support crypto payments for businesses but offers a crypto Visa card to enable you to spend your Shakepay CAD balance hassle-free online and in-store anywhere in the world where Visa is accepted and get 1% in Bitcoin cashback.

Customer Support

CoinSmart offers 24/7 responsive customer support via phone, live chat, email, and a comprehensive FAQ  support page, and you can be sure to get your issues resolved within minutes.

Shakepay offers customer support via a FAQ support page, and in-app or web chat. They don’t offer phone support, and it may take hours to get your issues resolved.

Availability

Shakepay is only available in Canada, while CoinSmart is available in Canada and several other countries, including Austria, Germany, Belgium, France, Italy, Norway, Spain, Netherlands, and others.

Is CoinSmart Safe?

CoinSmart is a safe crypto exchange in Canada that’s FINTRAC registered and fully regulated by the Ontario Securities Commission (OSC).

To secure users’ funds, CoinSmart employs the following security measures:

  • 95% offline, cold storage of digital assets
  • Crypto insurance up to $100 million
  • 2FA to ensure safe and secure log-in
  • A member of the anti-money laundering group TRUST

Plus, CoinSmart is the only publicly-traded crypto exchange in Canada, which gives you the confidence of investing with an exchange with scrutinized, clean financial dealings.

Is Shakepay Safe?

Shakepay is a safe and secure MSB that’s registered and licensed by FINTRAC and Revenu Québec to offer crypto services in Canada.

The platform employs industry-leading security measures to secure users’ funds, including:

  • Offline, cold storage of digital assets
  • Insurance policy to cover assets against theft, private key loss, and other damages
  • Strict whitelisting and multi-party approvals of transactions to prevent unauthorized withdrawals from its cold storage reserves.
  • Segregated accounts to separate user funds from its operational capital and avoid cases of fractional reserves.
  • Provides proof of reserves & security report, which can be viewed from their website
  • Top account security measures, including 2FA, data encryption, biometric device lock, email & SMS account notifications, and withdrawal confirmations.

CoinSmart Pros and Cons

Pros

  • Instant account verification and same-day deposits
  • A wider crypto list of 15+ coins
  • 24/7, responsive customer support
  • Assets are insured up to $100 million
  • Competitive trading fees
  • Multiple trading platforms to accommodate different users

Cons

  • Levies deposit/withdrawal fees of 1%-1.5%
  • A fee of 6% for debit/credit card deposits

Shakepay Pros and Cons

Pros

  • Commission-free trading
  • A great place to buy BTC and ETH with a single click
  • Industry-leading security features

Cons

  • Limited coin offering
  • A basic cryptocurrency brokerage that’s only great for beginners
  • Customer support needs improvement
  • Only available in Canada
  • Hidden spread fees can get expensive

CoinSmart vs Shakepay Summary

FeatureCoinSmartShakepay
Automatic KYC verificationYesYes
Fund transfer methodsInterac e-Transfer, bank wire, credit/debit cards, Electronic Funds Transfer, and crypto depositsInterac e-Transfer, wire transfer, and BTC/ETH deposits
Supported coins162
Trading fees0.2% and 0.3%Up to 3% in-built spreads
Deposit/withdrawal fees1%-1.5%Free
Trading platformsBasic and advancedBasic
Crypto paymentsYesNo
Crypto cardNoYes
Customer supportPhone, live chat, email, FAQFAQ, in-app, and web chat
Sign up bonusGet $50 when you deposit $200 or moreGet $10 if you buy $100 of BTC or ETH

Related: Netcoins vs Wealthsimple Crypto.

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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