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Shakepay vs. Bitbuy 2023 – Crypto Trading Platforms in Canada

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.

In addition to the two platforms mentioned above, other cryptocurrency trading apps I have reviewed include NDAX, Wealthsimple Crypto, and Coinsquare.

This Shakepay vs. Bitbuy comparison covers how they work, their fees, promotional offers, regulation, and more.

Shakepay Overview

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 Overview

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:

Crypto PlatformShakepayBitbuy
Coins offeredBTC and ETHBTC, ETH, BCH, LTC, XRP, XLM, AAVE, LINK, and more
Trading feesNo specific trading commissions (you pay a price spread)Up to 1.50%
Withdrawals feesFree0.50% bank wire; 1.50% Interac e-Transfer, crypto varies
Deposit feesFree1% bank wire; 1.50% Interac e-Transfer, free crypto deposits
Funding optionsInterac e-Transfer, electronic fund transfer, wire transfer, cryptocurrencyBank wire, Interac, cryptocurrency
Security2FA and cold storage2FA and cold storage
CDIC/CIPF protectionNoNo
Referral bonusGet a $5 bonus after trading $100
Learn moreVisitVisit

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.

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Get access to advanced trading tools.

Access nearly 70 crypto assets with one-click trading + $20 bonus

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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