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. You also learn how to get a $50 BTC bonus from CoinSmart.
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.
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.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
2. Wealthsimple Crypto
If you want to trade 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 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 depositing $200 or more within 30 days of account opening.
Learn more in this review.
The Newton crypto brokerage supports several coins and is a great Shakepay alternative if you want 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 2.20%.
Newton uses institutional-grade storage for your coins, and you can also transfer your assets to a hardware wallet.
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 1.50%, and fiat withdrawals and deposits cost up to 1.50%.
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%.
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
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
- $5 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 ETH, Shakepay works well, and you get a $5 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
Crypto exchanges like CoinSmart, Bitbuy, or NDAX can be used in place of Shakepay.
Can I send bitcoin through Shakepay? Yes, you can send bitcoin and Ethereum through Shakepay to other exchanges or your personal cold wallet.
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? 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.