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 beginner and advanced traders.
This Shakepay vs Binance comparison digs into their features, supported cryptocurrencies, trading fees, pros & cons, promotions, and more. We also cover the free $50 bitcoin offer from CoinSmart.
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 $5 cash bonus.
Trade Bitcoin & Ethereum fast
Works for new & advanced traders
1-3% trading fee, free withdrawals
Get a $5 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), offers 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.
Trade hundreds of popular coins
Best for advanced crypto trading tools
Up to 0.10% trading fee
Get a 20% lifetime trading fee discount
Shakepay vs Binance: 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 automatically checking with the credit bureaus to verify your identity within minutes.
Unless the automatic identity check fails, you won’t be required to submit 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.
Shakepay offers three 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.
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.
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.
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 worldwide.
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 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.
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.
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 350+ 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.
Shakepay vs Binance: Pros & Cons
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 beginner and experienced traders.
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 $10 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
|Coins/fiat supported||2; BTC & ETH; CAD as fiat||300+ crypto coins and 50+ fiat currencies|
|Funding options||Interac e-Transfer, Bank wire transfer, and crypto||Bank transfers, crypto deposits, credit/debit card purchases, Cash Balance, and third-party payment 100+ payment methods on the P2P platform.|
|Trading fees||1%-3% Shakepay Spread||0.1%-0.02% Maker fees0.1%-0.04% Taker fees0.5% instant buy/sell fees4.5% on credit/debit card purchases|
|Trading fee discount||Free to trade||25% off if you pay with BNB|
|Withdrawal/deposit fees||Free deposits/withdrawals||0%-2.5% deposit fees0%-3.5 withdrawal feesFlat fee on some currencies|
|Trading platforms||Web and mobile: Basic and Advanced||Web and mobile: Basic|
|Promotions||Get a $10 cash bonus when trading $100+ of BTC or ETH||Get a 45% fee discount when you sign up and pay transaction fees with BNB|
$50 BTC Offer
CoinSmart is one of the best crypto exchanges in Canada. It offers a $50 bonus when you deposit $200 or more.
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
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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.