Top Shakepay Alternatives in 2022: Features, Pros, Cons & Fees

Shakepay is a legit Canadian cryptocurrency trading site and app that has been around since 2015.

It has its own crypto card and more than 900,000 clients.

While this platform is well rated, it only supports bitcoin and Ethereum, which means a Shakepay alternative is needed to buy other coins

This review covers the best Shakepay alternatives in Canada, including their top features, pros, cons, and fees.

Best Shakepay Alternatives in Canada

The following Shakepay competitors give you access to various digital assets.

Some are crypto brokerages which means you are buying directly from the platform, while others are crypto exchanges with streaming price quotes and deep liquidity.

1. CoinSmart

CoinSmart is the top Shakepay alternative for Canadians who want access to multiple coins, fiat currency, and advanced trading features.

It is a publicly-traded company on the NEO Exchange and operates in Canada and Europe.

You can open a CoinSmart account within minutes and easily fund your account using Interac e-Transfer, bank wire, debit or credit cards, and SEPA.

The trading fee on this platform is one of the lowest in Canada at 0.20%. Some deposits are free and crypto withdrawal fees vary per coin.

CoinSmart stores your digital assets in cold storage.

You can get a $50 bonus here when you deposit $200 in your new account.

2. Coinberry

Like Shakepay, Coinberry is not a crypto exchange, but a broker.

It is registered with the Ontario Securities Commission (OSC) and the Financial Transactions and Reports Analysis Centre of Canada.

Coinberry supports 29 coins including less popular tokens like Maker, The Sandbox, Synthetix, ZCash, Enjin Coin, Fantom, and The Graph.

You don’t pay a fee when you deposit or withdraw Canadian dollars. If you buy or sell crypto, the trading fee (price spread) is up to 2.50%.

New clients get a $30 bonus after trading at least $50 in crypto.

Learn more in this review.

3. Wealthsimple Crypto

If you want to trade both stocks and crypto, Wealthsimple Crypto and its corresponding Trade app may be for you.

This platform supports 50+ coins, and you can deposit fiat using electronic funds to transfer. You can also deposit and transfer out some crypto assets.

Wealthsimple Crypto is one of the best crypto apps in Canada.

While there are no fees for deposits and withdrawals (fiat), you pay a trading fee from 1.50% to 2%.

New clients get a cash bonus after funding with $150 or more within 30 days of account opening.

Learn more in this review.

4. Newton

The Newton crypto brokerage supports several coins and is a great Shakepay alternative if you’d like to buy and sell altcoins.

Available on iOS, Android, and via a web interface, Newton is a great crypto trading platform for beginners.

There are no fees to deposit and withdraw fiat; however, trading fees are up to 0.70%.

Newton uses institutional-grade storage for your coins, and you can also transfer your assets to a hardware wallet.

New clients get a $25 bonus after trading $100 worth of cryptocurrency.

Learn more in this review.

5. Bitbuy

Bitbuy is one of the largest crypto exchanges in Canada and a great alternative to Shakepay.

Using Bitbuy, you can buy and sell 20+ coins and fund your account using Interac e-Transfer, bank wire, or crypto deposits.

Bitbuy Pro offers a live order book and large traders can take advantage of the OTC desk for better pricing.

Trading fees on Bitbuy are up to 0.20%, and fiat withdrawals and deposits cost up to 1.50%.

When you open an account and deposit an initial $250, you get a $40 bonus.

Learn more in this review.

Top Shakepay Alternatives

What To Look For in a Shakepay Alternative

The best crypto exchanges in Canada offer competitive trading fees or tight spreads, multiple coins, good security, and they are registered with the Canadian government.

You should also watch out for:

  • Good customer support – preferably 24/7
  • Cold storage of a majority of coins
  • Mobile apps
  • Reputation

Pros of Shakepay Canada

The benefits you get when using Shakepay include:

  • Easy way to buy Bitcoin and Ethereum
  • Instant account verification
  • Regulated platform
  • Move assets in and out easily
  • Free cash deposits and withdrawals
  • $30 welcome bonus

Cons of Shakepay Canada

While this is a top trading platform, it has some downsides:

  • Only supports bitcoin and Ethereum trading
  • High in-built trading fees of up to 3%
  • Sign up bonus requires crypto trades worth at least $100

Shakepay Alternatives: Conclusion

If you only plan on trading BTC and ETC, Shakepay works well and you get a $30 cash bonus after trading $100 or more.

For a Shakepay alternative that offers several coins and has advanced trading tools and features, my top choice is CoinSmart.

Shakepay Alternative FAQs

What can I use instead of Shakepay?

Crypto exchanges like CoinSmart, Bitbuy, or NDAX can be used in place of Shakepay.

Can I send bitcoin through Shakepay?

Can I send bitcoin through Shakepay? Yes, you can send bitcoin and Ethereum through Shakepay to other exchanges or your personal cold wallet.

Is Shakepay the best in Canada?

Shakepay is definitely one of the top crypto trading apps in Canada, and one of only a few with its own crypto credit card.

Does Shakepay give you free bitcoin?

Does Shakepay give you free bitcoin? Yes, you can earn free bitcoin on Shakepay by shaking your phone while the app is open.

Related: Coinberry vs. Shakepay.

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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