Shakepay vs Coinbase 2022: Compare Crypto Exchanges in Canada

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by Enoch Omololu

Updated

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Shakepay and Coinbase are among the best crypto trading apps and platforms available to Canadians.

Shakepay offers a simple web and mobile interface to buy and sell Bitcoin/Ethereum, while Coinbase offers basic and advanced platforms for beginners and seasoned investors to trade a wide selection of cryptocurrencies.

This Shakepay vs. Coinbase comparison digs into their top features, supported cryptocurrencies, trading fees, pros & cons, and more so that you can choose the one that fits your crypto investing needs.

What is Shakepay?

Shakepay is a top cryptocurrency broker based in Montreal and is one of the best crypto trading platforms in Canada founded in 2015.

It’s a great platform for Canadians to trade Bitcoin and Ethereum with no extra trading fees or deposit/withdrawal fees, and it only takes about 10 minutes to sign up and start trading.

If you verify your account and trade $100+ worth of BTC or ETH, you get a $30 cash bonus.

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 Coinbase?

Coinbase is the second-largest crypto exchange by trading volume and is one of the best crypto exchanges in Canada for beginners and pros founded in 2012.

It stands out as one of the oldest, well-established, crypto trading platforms where Canadians can trade 150+ cryptocurrencies.

In April 2021, Coinbase went public and now trades on the Nasdaq exchanges under the ticker COIN.

Shakepay vs Coinbase: Top Features

Verification process

Shakepay offers instant account verification through an automatic identity check with the credit bureaus, and you won’t be required to upload identity documents unless the check fails. The whole process takes under 10 minutes.

Coinbase offers manual ID verification, and you’ll be required to upload your identity documents, including your government-issued ID, a selfie photo of your face, and other details. It may take hours to days to get your document reviewed and verified on Coinbase.

Supported funding options

You can fund your Shakepay wallet via Interac e-Transfer, bank wire transfer, and BTC/ETH deposits from an external wallet.

Coinbase-supported funding methods include ACH transfer, wire transfer, and crypt deposits. It also supports Google Pay, Apple Pay, and debit/credit card purchases.

Shakepay vs Coinbase

Recurring buy feature

Both Shakepay and Coinbase offer recurring buys to allow you to automate your crypto purchases with a predetermined schedule, say daily, weekly, or monthly.

This dollar cost averaging method comes in handy to help time-strapped investors save time and money.

Crypto services offered

Coinbase offers more crypto services than Shakepay. Shakepay only facilitates crypto purchases and crypto spending via the Shakepay Visa card.

Coinbase offers crypto trading, a crypto Visa card, crypto loans using Bitcoin as collateral, a self-hosted crypto wallet, and Coinbase Earn to learn and earn crypto.

Trading platforms

Shakepay offers a basic platform and does not support advanced trading features or charting tools.

Coinbase offers both the standard Coinbase interface for beginners and Coinbase Pro for advanced trading.

Crypto Visa card

Both Shakepay and Coinbase offer crypto Visa cards to allow you to spend your crypto balances hassle-free online and in-store.

The Shakepay Visa card earns you 1% Bitcoin cash back on purchases.

Coinbase Visa card allows you to spend your crypto anywhere Visa is accepted worldwide and earn up to 4% crypto rewards (not available in Canada).

Security

Shakepay offers cold storage backed by a Shakpay insurance policy, bank custody for fiat, 2FA, and the ability to transfer your crypto assets to external wallets.

Coinbase offers up to 98% cold storage, crypto insurance for the 2% of assets held online, up to $250,00 FDIC insurance for cash balances held in U.S  banks, and 2FA.

Shakepay vs Coinbase: Supported Cryptocurrencies

Shakepay supports Bitcoin and Ethereum purchases, and only offers CAD as fiat.

Coinbase supports 150+ crypto coins, and several fiat currencies, including GBP, EUR, USD, CAD, and more

Shakepay vs Coinbase: Trading Fees

Shakepay doesn’t charge trading fees or deposit and withdrawal fees. Instead, you incur an in-built Shakepay spread of 1% to 3% applied on bid-ask prices when you buy and sell BTC/ETH on the platform.

Fees can get quite complex and expensive on Coinbase depending on the platform you use.

The standard Coinbase platform levies a fee of $0.99-$2.99 on crypto purchases of $10-$200, and 1.49% to 3.99% on purchases above $200 depending on the purchase method used. There is also a spread of 0.5% on trades.

Fees are lower on Coinbase Pro, with maker fees starting at 0.5%, then decreasing to 0%, and taker fees coming in between $0.5% to 0.04% based on your 30-day trading volume.

Coinbase ACH transfers are free, but there is a fee of $10 for incoming wires and $25 for outgoing wires.

Shakepay vs Coinbase: Pros & Cons

Pros

Shakepay’s top advantage is that it offers instant, automatic account verification, commission-free trading with no deposit/withdrawal fees, and a beginner-friendly interface to buy BTC/ETH in under 10 minutes.

Coinbase wins out with its wide selection of 150+ cryptocurrencies and two different interfaces to accommodate beginner and pro traders.

Cons

Shakepay’s downside is that it only offers BTC and ETH and doesn’t offer advanced trading features and charting tools. Shakepay spreads also run up to 3%, which is quite expensive.

The standard Coinbase platform has an expensive fee structure that’s difficult to understand, and you’ll have to use Coinbase Pro to enjoy lower fees.

Promotions

Shakepay offers a $30 sign-up bonus if you create an account and trade $100 or more.

Here are other crypto promotions you can take advantage of in Canada.

Shakepay vs Coinbase: Best for

Shakepay is great for beginners looking for a simple interface to buy and sell Bitcoin and Ethereum.

Coinbase is great for both newbies and seasoned crypto investors who want to trade many crypto coins in Canada and beyond.

Shakepay vs Coinbase: Breakdown

 ShakepayCoinbase
Supported crypto coinsBTC and ETH; CAD as fiat100+ coins
Funding optionsInterac e-Transfer, Bank wire transfer, and cryptoACH transfer, wire transfer, crypt deposits, debit/credit cards, Google Pay, Apple Pay.
Trading fees1%-3% Shakepay spread$0.99-$2.99 on purchases of $10-$200; 1.49%-3.99% on purchases above $200; Maker-taker fees start at 0.5% on Coinbase Pro.
Deposit/withdrawal feeFreeACH transfers are free. $10 for incoming wires and $25 for outgoing wires.
Verification processAutomatic and instantManual, and may take hours to days
Trading platformsBasic web and mobile interfaceBasic/advanced web and mobile platforms.
PromotionsGet a $30 cash bonus if you trade $100+

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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.

Shakepay vs Coinbase 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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