Shakepay vs Coinberry: Compare Crypto Brokerages in Canada 2022

Shakepay and Coinberry are among the best crypto trading platforms in Canada for beginners.

Both platforms offer commission-free trading and beginner-friendly web interfaces and mobile crypto trading apps to allow crypto newbies to buy and sell digital assets with a single click.

So, which one should you choose?

This Shakepay vs Coinberry comparison walks you through their top features, pros & cons, supported cryptocurrencies, trading fees, and more so that you can choose the one that fits your needs.

What is Shakepay?

Based in Montreal, Shakepay is one of the best crypto brokerage platforms in Canada that was founded in 2015.

 It’s fully registered and licensed by FINTRAC and Revenu Quebec to offer crypto services throughout Canada.

This crypto broker makes crypto trading easy and cost-effective by offering a simple, easy-to-use interface to allow Canadians to trade Bitcoin and Ethereum commission-free, and with no extra deposit/withdrawal fees.

Since its launch, over 900,000 Canadians have traded more than $6B+ in digital assets on the platform.

Shakepay offers instant account verification, and it only takes about 10 minutes to create a Shakepay account and start trading.

If you sign up and trade $100+ worth of crypto, you get a $30 sign up 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

Shakepay Top Features

  • An easy-to-use platform to trade Bitcoin and Ethereum with a single click.
  • Commission-free trading, with no extra deposit/withdrawal fees.
  • Instant account verification to get your account setup in under 10 minutes.
  • Fund your Shakepay wallet via Interac e-Transfer, bank wire transfer, or BTC/ETH deposits
  • Shakepay app to trade and monitor your wallet on the go.
  • Shakepay Visa Card to spend your crypto balance hassle-free and earn 1% in Bitcoin cashback on purchases.
  • Top security via cold storage of digital assets backed by Shakepay insurance policy.
  • A safe platform that’s licensed by FINTRAC to operate in Canada.

Shakepay Pros and Cons

Pros: An easy-to-use, commission-free trading platform, hence great for beginners.

Cons: Shakepay only supports Bitcoin and Ethereum and doesn’t offer advanced crypto trading features and charting tools, which is a turnoff for experienced traders.

Though you won’t pay extra fees, you’ll incur an in-build Shakepay spread of 1%-3% applied to the bid-ask price.

Shakepay vs Coinberry

What is Coinberry?

Coinberry is one of the best crypto exchanges in Canada that was founded in 2017 and is a FINTRAC & OSC-registered MSB that’s fully PIPEDA compliant.

The platform offers a trusted, easy-to-use web and mobile interface to allow Canadians to trade about 29 cryptocurrencies commission-free and doesn’t charge extra fees for fiat deposits/withdrawals or crypto deposits.

Coinberry offers instant account verification, and once you fill out your details, it only takes about 1 minute to have your account set up and start trading.

If you sign up and trade at least $50, you earn a $30 cash bonus. Here’s our Coinberry review with more details.

Coinberry Top features

  • Trade up to 29 cryptocurrencies
  • Offers commission-free trading, with no extra CAD deposit/withdrawal fees
  • Simple, easy-to-use web and mobile interface for beginners to buy crypto with a single click
  • Coinberry iOS and Android app to trade on the go
  • Multiple ways to fund your Coinberry wallet and purchase crypto, including Interac e-Transfer, bank wire, and crypto deposits.
  • Easily send and receive crypto payments/donations via Coinberry Pay
  • A crypto learning portal to hone your knowledge of digital assets.
  • A fully registered MSB that’s trusted by Canadian municipalities to facilitate tax payment with crypto in some towns.

Coinberry Pros and Cons

Pros: Coinberry supports a wider selection of cryptocurrencies and offers an easy-to-use interface for newbies to trade with a single click.

Cons: Doesn’t offer advanced trading features and charting tools for seasoned traders. And, Coinberry price spread fees may run up to 2%.

Shakepay vs Coinberry: Supported cryptocurrencies

Coinberry supports more crypto coins than Shakepay, which is great for beginners looking for a wider selection of digital assets.

Shakepay supports only Bitcoin and Ethereum. Coinberry supports up to 29 cryptocurrencies.

Below is the Coinberry crypto-list:

BitcoinCurve DaoEnjin Coin
EthereumBasic Attention TokenFantom
CompoundAave Token The Graph
Yearn.financeBalancerShiba Inu
DogecoinAxie Infinity Maker
Synthetix Kyber Network Polygon
UniswapThe SandboxTerra
Chainlink Cardano ZCash
PolkadotDecentralandBitcoin Cash
LitecoinStellar  

Shakepay vs Coinberry: Trading Fees

Both Shakepay and Coinberry offer commission-free trading and don’t charge any extra deposit/withdrawal fees for fiat and crypto deposits.

Instead, the two platforms apply an in-built spread fee between the bid-ask price when you trade crypto on the platforms.

Shakepay spread ranges between 1% to 3% at any given time. Though the spread fee is somehow high, it may be worth it as you won’t pay any extra deposit/withdrawal fees for fiat and crypto.

Coinberry spread fee ranges from 0% to 2.5%. There are no Coinberry deposit/withdrawal fees for fiat. Crypto deposits are free, but there’s a Coinberry crypto withdrawal fee that varies by Coin.

Shakepay vs Coinberry: Best for

Both Coinberry and Shakepay offer simple, easy-to-use web and mobile interfaces, and charge no extra trading commission.

Thus, they are great for Canadians looking to buy crypto easily and quickly with a single click.

Both platforms don’t offer advanced trading features, charting tools, or crypto services, and experienced traders may have to look into alternatives like Binance, NDAX, Coinbase, KuCoin, and others.

Shakepay vs Coinberry: Breakdown

FeatureShakepayCoinberry
Supported CoinsOnly BTC and ETHUp to 29, including BTC, ETH, ADA, MANA, SAND, UNI, DOGE, DOT, and more.
Trading feesIn-build Shakepay spread fee of 1%-3%In-built Coinberry spread fee of 0%-2.5%
Funding optionsInterac e-Transfer, Bank Wire, BTC/ETH depositsInterac e-Transfer, Bank wire, debit/credit card purchases, crypto deposits
Deposit/withdrawal fees$0$0 for fiat/ crypto deposits. Crypto withdrawal fees vary by coin
Crypto cardYesNo
Security2FA, Cold storage, insurance2FA, cold storage, insurance
Instant account verificationYesYes
Sign up bonusTrade at least $100 to get a $30 cash bonusTrade at least $50 to get a $30 cash bonus

Related:

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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