Shakepay vs Binance 2022: Compare Crypto Exchanges in Canada

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by Enoch Omololu

Updated

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Shakepay and Binance are among the top cryptocurrency platforms available to Canadian crypto investors and traders.

Shakepay is a crypto broker offering an easy and quick way to trade Bitcoin and Ethereum.

Binance is an international, complex, fully-fledged cryptocurrency exchange that supports a wide selection of crypto and fiat currencies and multiple user interfaces to accommodate both beginner and advanced traders.

This Shakepay vs Binance comparison digs into their features, supported cryptocurrencies, trading fees, pros & cons, promotions, and more.

What is Shakepay?

Shakepay is a Montreal-based cryptocurrency brokerage platform founded in 2015.

It enables Canadians to easily and quickly trade Bitcoin and Ethereum commission-free and doesn’t charge fiat/crypto deposit or withdrawal fees. That’s great for cost-conscious traders who want to maximize their gains.

Shakepay is only available in Canada, hence a great platform for Canadians who want to trade Bitcoin and Ethereum.

If you sign up and trade $100+ of Bitcoin or Ethereum, you get a $30 cash bonus.

Learn more in this Shakepay review.

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

What is Binance?

Binance was founded in 2017 by Changpeng Zhao and has grown to become the largest cryptocurrency exchange in the world by trading volume.

It is a complex crypto exchange that supports advanced crypto trading features, including TradeView charting tools, crypto staking, P2P trading, margin and futures trading, crypto loans, Binance Visa Card, and more.

Binance offers over 300+ crypto coins and more than 50+ fiat currencies, and it’s reputed for its lowest trading fees and faster processing time.

Its native utility token, Binance Coin (BNB), is used to offer discounted trading fees on the Binance network. You can also buy and sell BNB coins on Binance and other exchanges.

The platform is available worldwide, hence great for anyone who wants to trade a wide selection of cryptocurrencies at rock-bottom prices.

If you sign up through our referral link, you get a 20% discount on fees or up to a 45% discount when you pay transaction fees using Binance Coin.

Note that Binance suspended operations in Ontario last year and you can’t use the platform if you reside in Ontario.

Learn more in this Binance review.

Shakepay VS Binance

Shakepay vs Biance: Top Features

Instant account verification

Both Shakepay and Binance follow KYC and AML rules, and you must verify your identity to join.

Shakepay offers instant account verification by running an automatic check with the credit bureaus to verify your identity within minutes.

Unless the automatic identity check fails, you won’t be required to submit any identification documents.

Binance offers manual verification, and you’ll be required to upload the front/back of your government-issued photo ID, selfie video, recent bank statement or utility bill, and any other required documents.

The verification process takes hours to several days. You’ll receive a notification on whether you have passed or failed the verification process. You can try up to 10 times a day.

Funding options

Shakepay offers 3 funding options namely, Interac e-Transfer, Bank wire transfer, and BTC/ETH deposits from an external wallet.

Binance supports many funding options, including bank transfers, crypto deposits, credit/debit card purchases, Cash Balance, and third-party payment via Simplex, Banxa, and Paxos.

The P2P platform supports bank transfers and 100+ payment options depending on your country.

Recurring buy feature

Both Shakepay and Binance offer the Recurring Buy feature.

Instead of buying crypto manually over time or in one lump sum, you set automatic purchases to allow the platform to buy crypto on your behalf on a predetermined schedule, say weekly, bi-weekly or monthly.

This dollar-cost-averaging method helps time-strapped investors save time & money and hedge against market risks.

Crypto staking

Staking allows you to deposit your crypto assets with your exchange and earn staking rewards to grow your crypto holdings without directly trading cryptocurrencies.

Shakepay doesn’t support crypto staking, so you won’t be able to earn interest on your ETH/BTC holdings.

Binance Earn supports 88 Locked Staking products, including  SAND, TVK, CTK, ACA, STX, and more, and 13 DeFi Staking products, including DYDX, AAVE, BNB, USDT, BUSD, ETH, BTC, DAI, and others.

Trading platforms

Shakepay is simply a crypto broker that offers a simple web interface and mobile app to buy and sell BTC and ETH. It doesn’t offer advanced trading tools.

Binance, on the other hand, is a complex cryptocurrency exchange that offers many trading platforms and advanced charting tools and order types to cater to new and seasoned crypto traders.

Different Binance trading interfaces include Buy Crypto, Convert, Classic, Advanced, Margin, P2P, Binance Futures, Strategy Trading, Swap Farming, and NFT marketplace.

The Binance mobile crypto trading app is also far more advanced than the Shakepay app.

Crypto card

Both Shakepay and Binance offer Crypto Visa Cards to help you spend your crypto holding hassle-free online and in-store.

The Shakepay Visa Card is available to Shakepay customers in all Canadian provinces and territories.

Once you get it, you can shop with your Shakepay crypto balance anywhere Visa is accepted around the world.

You earn 1% Bitcoin cash back on purchases. The card is still in beta, and you’ll have to join a waitlist to get it.

The Binance Visa card is available to its customers worldwide and allows you to spend your crypto holdings worldwide at more than 60 million merchants.

The card is completely free and doesn’t carry administrative or processing fees.

You get up to 8% cash back on eligible purchases made with your Binance Visa card.

Security

Both Shakepay and Binance do their best to keep your crypto assets secure.

Top Shakepay security measures include cold storage backed by a Shakepay issued insurance policy, Bank custody for fiat currencies, and 2-factor authentication to prevent unauthorized access to your account.

Binance top security features include Cold storage, 2-factor authentication, anti-phishing codes, whitelisting devices, withdrawal address management, and security advice/alerts to help you increase the security of your custodial wallet.

Both Shakepay and Binance also allow you to transfer and lock your assets into an external software or hardware wallet where you have total control over your private keys.

Shakepay vs Binance: Supported Cryptocurrencies

Shakepay supports only two cryptocurrencies and one fiat currency: Bitcoin, Ethereum, and CAD.

Binance supports 300+ cryptocurrencies, 50+ fiat currencies, and a range of stablecoins.

Top Binance-supported cryptocurrencies include Bitcoin, Ethereum, Ripple, Binance Coin, Litecoin, Bitcoin Cash, Tether, Paxos Standard, Cosmos, Basic Attention Token, Stellar Lumens, Tron, and several more.

Shakepay vs Binance: Trading Fees

Shakepay doesn’t charge trading fees or deposit/withdrawal fees. You trade and withdraw your profits without any extra cost.

However, you’ll incur an in-build Shakepay spread fee of 1%-3% applied on the bid-ask price when you buy and sell crypto on the platform.

Binance uses a Maker-Taker fee structure.

Maker fees range between 0.1%-0.02%, while Taker fees range from 0.1%-0.04% based on your VIP level, which is determined by your BNB holdings and 30-day trading volume. You get a 25% discount on trading fees if you pay fees with BNB coins.

Binance deposit/withdrawal fees vary based on currency and method used. You can expect to pay a fee of 0-3.5%, and a fixed amount for some currencies. Credit/debit card purchases have the highest fee at 4.5%.

Shakepay vs Binance: Pros & Cons

Pros

Shakepay’s top advantage is that it offers commission-free trading, instant account verification, and no extra deposit/ withdrawal fees. Apart from the Shakepay spread, you won’t incur any extra charges.

Binance wins out with its large array of 300+ cryptocurrencies and 50+ fiat currencies, crypto staking to earn rewards, low fees, multiple trading platforms, advanced charting tools & order types to accommodate both beginner and experienced traders.

Cons

Shakepay’s downside is that it doesn’t offer advanced trading tools and only offers BTC and ETH.

Binance has run into past regulatory issues in some countries, and it is not available to Ontario residents in Canada.

Shakepay vs Binance: Promotions

Shakepay offers a $30 cash bonus if you trade $100+ worth of BTC and ETH.

With Binance, you get up to a 45% commission discount if you sign up via our referral link.

Shakepay vs Binance: Best for

Shakepay is great for Canadians who want to trade Bitcoin and Ethereum.

Binance is available worldwide and is great for anyone who wants to trade a large selection of top cryptocurrencies and less known altcoins and stablecoins at the lowest fees in the crypto space.

Note that Binance is not available to residents of Ontario.

Shakepay vs Binance: Table Breakdown

 ShakepayBinance
Coins/fiat supported2; BTC & ETH; CAD as fiat300+ crypto coins and 50+ fiat currencies
Funding optionsInterac e-Transfer, Bank wire transfer, and cryptoBank transfers, crypto deposits, credit/debit card purchases, Cash Balance, and third-party payment 100+ payment methods on the P2P platform.
Trading fees1%-3% Shakepay Spread0.1%-0.02% Maker fees0.1%-0.04% Taker fees0.5% instant buy/sell fees4.5% on credit/debit card purchases
Trading fee discountFree to trade25% off if you pay with BNB
Withdrawal/deposit feesFree deposits/withdrawals0%-2.5% deposit fees0%-3.5 withdrawal feesFlat fee on some currencies
Trading platformsWeb and mobile: Basic and AdvancedWeb and mobile: Basic
Verification processInstantManual
PromotionsGet a $30 cash bonus when trading $100+ of BTC or ETHGet a 45% fee discount when you sign up and pay transaction fees with BNB

Related reading:

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.

Shakepay vs Binance 2022: Compare Crypto Exchanges in Canada

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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