Netcoins vs Shakepay 2022: Compare Crypto Exchanges in Canada

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by Enoch Omololu, MSc (Econ)

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Netcoins and Shakepay are among the best cryptocurrency brokerages in Canada, and both offer user-friendly interfaces that work well for beginners.

Shakepay supports only BTC and ETH trading, while Netcoins offers 20+ cryptocurrencies.

In this Netcoins vs Shakepay comparison, I compare their top features so that you can make an informed choice between the two.

What is Netcoins?

Netcoins is a cryptocurrency brokerage platform in Canada that’s owned by BIGG Digital Assets, a public company that trades on the CSE under the ticker BIGG.

It was founded in 2014 and is a FINTRAC-registered MSB based in Vancouver.

The platform provides a simple, easy-to-use interface to onboard crypto beginners and allows them to easily and quickly trade 20+ cryptocurrencies with as little as $10.

Its top features include free deposits/withdrawals, automated KYC verification, fiat-to-crypto purchases with CAD & USD, and Netcoins Pay, a prepaid Visa card that allows you to spend your crypto and earn 3% cash back in Bitcoin.

Read our full Netcoins review or sign up here and get a $60 reward when you trade $100 worth of cryptocurrency.

What is Shakepay?

Shakepay is a Montreal-based crypto brokerage that was founded in 2015. It’s a fully registered and regulated crypto broker licensed by FINTRAC and Revenue Quebec to offer crypto services across all Canadian provinces and territories.

The platform offers a simple, easy-to-use interface and allows Canadians to trade Bitcoin and Ethereum commission-free with in-built spreads.

Shakepay’s top features include instant account verification, free deposits/withdrawals, fee-free trading, a crypto Visa card, and the Shakepay crypto apps to trade on the go.

Read our complete Shakepay review or sign up via this referral link and buy $100+ of BTC or ETH to get a $30 cash bonus.

Netcoins vs Shakepay: Top Features Compared

KYC and Account Verification

Both Shakepay and Netcoins offer instant account verification by running an automatic identity check to verify users.

Thus, it takes only minutes to get verified and start trading unless the automatic check fails.

If the identity check fails, you’ll be required to submit identification documents, proof of address, and a selfie photo to get verified manually.

Funding Options

Both Shakepay and Netcoins allow you to fund your wallet via:

  • Interac e-Transfers
  • Bank wire
  • Crypto deposits

Crypto Service Offerings

Shakepay and Netcoins are not fully-fledged crypto exchanges. They are cryptocurrency brokerages and offer limited crypto services.

Basically, these platforms allow you to buy, sell, and cash out your crypto earnings to your bank account.

They also offer crypto Visa cards to allow users to seamlessly spend their crypto balance and earn crypto rewards.

Coins Supported

Shakepay supports only Bitcoin and Ethereum, while Netcoins offers a wider crypto list of 20+ cryptocurrencies, including Bitcoin, Ethereum, Avalanche, Litecoin, Bitcoin Cash, Ripple, Algorand, Stellar Lumens, Shiba Inu, Dogecoin, Fantom, EOS, and others.

Netcoins vs Shakepay

Trading Fees

Shakepay allows users to trade with in-build spreads without the need to pay any extra dime, while Netcoins assess a flat fee on all trades.

Shakepay fees

Shakepay offers commission-free trading and doesn’t charge any extra deposit/withdrawal fees for fiat.

To make money, the platform applies a Shakepay spread fee of 1%-3% between the bid-ask price on buy/sell transactions.

Netcoins fees

Netcoins charges a flat fee of 0.5% on all trades and doesn’t charge fiat deposit or withdrawal fees.

Crypto Trading Platforms

Both crypto brokerages offer basic web interfaces and mobile apps and don’t support advanced trading features, or charting tools.

That said, the Netcoins trading platform offers limit orders that allow users to buy/sell at predetermined prices, and price alerts to keep them in the loop with big moves.

Crypto Visa Cards

The Shakepay Visa crypto card allows users to spend their wallet balance seamlessly and earn 1% in bitcoin cashback on every purchase.

Netcoins also offers Netcoins Pay, a prepaid Visa card that allows you to spend your crypto and earn 3% bitcoin back for the first 3 months and 1% back after.

Availability

Both Shakepay and Netcoins are only available in Canada, so only Canadians can access their crypto trading service.

Netcoins vs Shakepay: Pros and cons

Pros

Shakepay does well with its beginner-friendly interface for BTC and ETH trading, commission-free trading with no extra fees, the Shakepay crypto card, and a generous sign-up bonus of $30.

Netcoins‘ top advantages include a wider crypto list, the ability to buy crypto with CAD and USD, a user-friendly interface for crypto newbies, and low fees compared to Shakepay spreads.

Cons

Shakepay has expensive spreads of 1%-3% and supports only BTC and ETH.

Both brokerages share common downsides, including limited trading features/charting tools, and are limited only to Canadians.

Is Netcoins Safe?

Netcoins uses 2FA to protect your account. Its other features include:

  • Mandatory KYC to ensure transparency
  • Fully regulated and registered with CAS and BCSC
  • A FINTRAC-registered MSB
  • Leverages forensic tools BitRank & QLUE for extra safeguard
  • Owned by a publicly traded company, BIGG Digital Assets

Is Shakepay Safe?

Shakepay is a FINTRAC and Revenue Quebec registered and licensed MSB and employs several security measures to protect user funds, including cold storage backed by insurance, bank custody for fiat, and 2FA.

That said, no crypto exchange or broker is 100% secure, and you should consider locking your digital coins in an external wallet. Both Netcoins and Shakepay allow you to transfer your coins.

Netcoins vs Shakepay: Best For

Both Shakepay and Netcoins offer basic trading features, hence they are great for crypto beginners.

Shakepay works well for crypto traders seeking to invest in Bitcoin and Ethereum. Netcoins work well for crypto newbies who want to access more coins than just BTC and ETH.

Netcoins vs Shakepay: Sign Up Bonus

Shakepay offers a $30 cash bonus if you create an account and trade $100+.

As of this writing, Netcoins offers a $60 reward to new users who sign up and trade $100+ worth of crypto.

Netcoins vs Shakepay: Summary

FeatureNetcoinsShakepay
Coins supported20+Only BTC and ETH
Funding methodsBank wire, Interac e-Transfer, crypto depositsInterac e-Transfer, bank wire, crypto deposits
Deposit/withdrawal fees$0$0
Trading fees0.5%1%-3% spreads
Security2FA2FA, cold storage, bank custody, insurance
Sign up bonus$60 bonus if you trade $100+$30 cash bonus if you trade 100+

Related: Newton vs Coinbase

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

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Enoch Omololu

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 has a passion for helping others win with their personal 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, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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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