Bitbuy and Shakepay are two of Canada’s most popular cryptocurrency trading platforms. They support multiple digital currencies and give retail investors access to trade them.
While cryptocurrencies dominated the airwaves in 2022, it is important to note that they remain a very speculative investment, and you can lose all your money.
This Shakepay vs. Bitbuy comparison covers how they work, their fees, promotional offers, regulation, and more.
Shakepay is a Canadian cryptocurrency platform based in Montreal. It was founded in 2015 and has more than 420,000 users.
Its main features include:
- Coins supported: Bitcoin and Ethereum
- Fees: Free deposits and withdrawals; variable spread on buy and sell trades
- Cold storage: Holds the majority of coins
- Promotion: Get a $5 bonus when you trade at least $100 (referral code Q5USOTB applies automatically)
Shakepay is beginner-friendly and available on iOS and Android devices. After creating an account, you can buy Bitcoin within minutes by funding your account using Interac e-Transfer.
The company is licensed as a Money Service Business (MSB) by the Financial Transactions and Reports Analysis Centre of Canada (#M17065696) and AMF (#904007).
Pros: Apart from the spread in prices, you don’t pay fees to deposit or withdraw funds which is great.
Cons: Shakepay offers a limited selection of digital currencies. If you are looking to trade altcoins or stablecoins, Coinsmart or Bitbuy offers more options.
Get more details in this Shakepay review.
Bitbuy was established in 2016 and is also based in Canada (Toronto).
It qualifies as a full-fledged cryptocurrency exchange, with a one-click platform for beginners and an advanced trading platform for experienced traders.
Its main features include:
- Coins supported: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, Chainlink, Aave, Shiba Inu, Dogecoin, and more (20+ types)
- Fees: Up to 1.50% trading fees; up to 1.50% for deposits and withdrawals; variable fees for crypto withdrawals
- Cold storage: Yes, 95%
Bitbuy is a registered MSB with FINTRAC. After creating an account, you can start trading within minutes when you fund using Interac e-Transfer.
Pros: Bitbuy supports 20+ coins, and its trading fees are competitive.
Cons: Fiat deposits and withdrawals cost up to 1.5% in fees. Get more details in this Bitbuy review.
Bitbuy vs. Shakepay Comparison
Bitbuy and Shakepay have their pros and cons. Here’s how they compare:
|Coins offered||BTC and ETH||BTC, ETH, BCH, LTC, XRP, XLM, AAVE, LINK, and more|
|Trading fees||No specific trading commissions (you pay a price spread)||Up to 1.50%|
|Withdrawals fees||Free||0.50% bank wire; 1.50% Interac e-Transfer, crypto varies|
|Deposit fees||Free||1% bank wire; 1.50% Interac e-Transfer, free crypto deposits|
|Funding options||Interac e-Transfer, electronic fund transfer, wire transfer, cryptocurrency||Bank wire, Interac, cryptocurrency|
|Security||2FA and cold storage||2FA and cold storage|
|Referral bonus||Get a $5 bonus after trading $100||–|
Related: Best Crypto Exchange Sign-up Bonuses.
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.