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Shakepay vs NDAX Comparison for 2023: $50 Bonus

Shakepay and NDAX are among the best crypto trading platforms in Canada. 

This Shakepay vs. NDAX comparison covers their top features, supported cryptocurrencies, trading fees, trading platforms, promotions, and more so that you can make an informed decision when choosing between the two.

What is Shakepay?

Shakepay is an online crypto brokerage platform based in Montreal. It was launched in 2015 and offers commission-free Bitcoin and Ethereum trading.

Since then, the platform has seen over $7 billion worth of crypto traded by 1 million Canadians. 

The platform puts itself forward as the easiest place for Canadians to trade Bitcoin and has recently raised $44M to “usher in the Bitcoin Golden Age.”

So, if you want to trade Bitcoin and Ethereum without trading fees, Shakepay is a great place to look. 

It also offers one of the best crypto trading apps. The Shakepay app has a star rating of 4.6/5 on Google Play and 4.5/5 on the App Store.

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 NDAX?

Based in Calgary, the National Digital Asset Exchange (NDAX) is a Canadian crypto exchange founded in 2018. 

It allows Canadian residents to trade up to 30 cryptocurrencies and has some of the lowest fees in the Canadian crypto space.

Its intuitive interface is built to make crypto trading simple, easy and secure for beginners while still offering advanced features and trading tools for experienced traders.

There’s also NDAX Wealth, a deep liquidity pool that offers OTC trading services to professional, high-volume traders.

NDAX Crypto Exchange

ndax

Trade several popular coins

Access to one-click trades and advanced tools

0.20% trading fee

No referral bonus

Shakepay vs NDAX: Top Features

Instant Verification

Both Shakepay and NDAX offer instant account verification. 

Shakepay runs an automatic identity check to verify your identity by making a soft credit pull on the credit bureaus’ database, so you don’t have to submit your ID or selfie unless the identity check fails.

NDAX offers Instant ID verification, and you’ll be required to upload a valid government-issued ID and a selfie to enter the verification process. 

Either way, the process doesn’t take more than a day on both platforms, and in the best-case scenario, your account will be ready for trading in minutes.

Funding Options

Both Shakepay and NDAX offer several funding options. You can fund your Shakepay wallet through Interac e-Transfer, Bank wire transfer, and ETH/BTC deposits. Interac-eTransfer and crypto deposits are almost instant, but wire transfers may take 1-2 business days.

NDAX funding options include Interac e-Transfer, bank wire, bank draft, and crypto. Crypto deposits occur instantly, while an Interac e-Transfer posts within 30 minutes. A Wire Transfer and Bank draft may take 0-1 business day.

Recurring Buy Feature

Shakepay and NDAX offer recurring buys to allow automatic crypto purchases with a predefined schedule (e.g. daily, weekly, monthly). It’s a dollar-cost-averaging method that saves you time and money.

Trading Platforms

Shakepay and NDAX are accessible via web interfaces and mobile crypto trading apps.

However, NDAX offers a more advanced trading platform with advanced order types and TradeView charting tools.

There’s also NDAX Wealth, a liquidity pool that supports OTC high-volume trades.

Crypto Card

Shakepay offers a crypto Visa Card that you can use to shop wherever Visa is accepted and earn Bitcoin cash back on all purchases. 

NDAX doesn’t offer a crypto card.

Security

Both Shakepay and NDAX are regulated and registered as Money Service Businesses (MSB) in Canada by FINTRAC. 

Coins are stored offline in cold storage, while fiat deposits are held with top Canadian financial institutions.

Plus, both platforms employ data encryption and 2-factor authentication measures to keep your custodial wallet secure.

Related: CoinSmart vs Shakepay.

Shakepay vs NDAX: Supported Cryptocurrencies

Shakepay only offers Bitcoin and Ethereum.

NDAX supports 30+ cryptocurrencies, including Bitcoin, Tether, Ether, Cardano, XRP, Shiba Inu, Fantom, Polkadot, Decentraland, MATIC, Terra,  Solana, Dogecoin, Litecoin, among others.

Shakepay vs NDAX: Trading Fees

NDAX has a flat trading fee of 0.20% on trades. You won’t incur any fees to deposit fiat, but there’s a flat wire transfer and bank draft withdrawal fee of $4.99.

Shakepay offers commission-free trading and doesn’t charge deposit/withdrawal fees.

To make money, Shakepay charges an in-build spread fee of 1%-3% between the bid and ask price when you buy and sell crypto.

Shakepay vs NDAX: Pros and Cons

Pros

Shakepay’s top advantages include automatic instant verification, free deposits/withdrawals, and a simple, easy-to-use, beginner-friendly interface to buy and sell Bitcoin and Ethereum within minutes.

NDAX does well with its competitive trading fees, free deposits, a wider selection of cryptocurrencies, and advanced trading features/charting tools.

Cons

Shakepay’s main downside is that it allows only Bitcoin and Ethereum trading. It is not a fully-fledged crypto exchange and doesn’t offer advanced trading features. Plus, Shakepay spreads can get quite expensive.

NDAX does not offer free withdrawals.

Shakepay vs NDAX: Promotions and Invites

Shakepay offers a sign-up bonus when you open a new account and trade $100 (or more).

To earn a $50 welcome bonus at a crypto exchange, you can look at CoinSmart, the top crypto trading platform in Canada.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

Related:

Shakepay vs NDAX: Table Breakdown

ShakepayNDAX
Crypto coins offered230+
Trading fees1%-3% bid-ask spread fee0.20% flat fee
Fiat deposit feesFreeFree
Withdrawal feeFree$4.99 flat fee
Funding optionsInterac e-Transfer, wire transfer, electronic fund transfer, and cryptoInterac e-Transfer, bank wire, bank draft, and crypto
SecurityCold storage, 2FACold storage, 2FA
Sign-up bonusGet a $30 bonus when you deposit and trade $100+n/a
Referral ProgramGet $30 each if your invites trade $100+ n/a

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.

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

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 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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