Shakepay and Wealthsimple Crypto are cryptocurrency trading platforms designed with beginners in mind. While both fintech companies offer free deposits and withdrawals, you pay a price spread of up to 2%.
Based on my spot check, Shakepay is cheaper for buying Bitcoin. It also allows you to withdraw your digital assets to an external wallet.
On the other hand, Wealthsimple Crypto was cheaper for buying Ethereum, and it offers opportunities to diversify your holdings by offering 50+ coins.
The Shakepay vs Wealthsimple Crypto comparison covers how they work, fees you can expect to pay, security, promotional offers, and more.
Shakepay
Shakepay was launched in 2015 and has been used by more than 900,000 Canadians to buy and sell $6 billion worth of crypto since then.
The platform is not a full-fledged cryptocurrency exchange in that it offers digital currencies for sale directly to customers from its own holdings.
Also, you can only trade Bitcoin and Ethereum.
Shakepay is a licensed Money Service Business under FINTRAC and AMF regulation, and it operates across Canada.
To begin trading, sign up and fund your account using either Interac e-Transfer, wire transfer, or crypto.
Platform: Web interface and mobile apps (iOS and Android).
Fees: Price spread; free deposits and withdrawals.
Promotion: Get a $5 bonus when you open an account and trade at least $100.
Security: Cold storage and 2-factor authentication.
Shakepay allows users to move their digital assets offline so they can enjoy additional security using a cold wallet like Ledger and Trezor.
A downside is that you can only buy and sell Bitcoin and Ethereum. Learn more in this detailed review.
Wealthsimple Crypto
Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc., an affiliate of Wealthsimple, Canada’s top online wealth management company.
This regulated platform is accessible via the same app you can use to trade stocks and ETFs (Wealthsimple Trade).
Unlike Shakepay, Wealthsimple Crypto offers 50+ coins, including Bitcoin, Cardano, Ethereum, Dogecoin, Stellar, Uniswap, SushiSwap, Polkadot, Polygon, Filecoin, and several others.
To begin trading, sign up and fund your account using direct account transfers, by linking a bank account or debit card, and via deposits from an external wallet.
Platform: Web interface and mobile apps (iOS and Android).
Fees: Price spread (up to 2%), free deposits, and withdrawals.
Promotion: Get a $25 cash bonus when you open an account and deposit at least $200 within 30 days of account opening.
Security: Cold storage and 2-factor authentication.
Learn more in the review.
Shakepay vs Wealthsimple Comparison
The table below shows how both platforms compare on key features:
| Features | Shakepay | Wealthsimple Crypto |
| Coins offered | BTC and ETH | BTC, ETH, AAVE, ADA, LINK, CRV, MANA, DOGE, FTM, FIL, KNC, & several others |
| Trading fee | Price spread (varies up to 3%) | Price spread (up to 2%) |
| Withdrawals & deposits | Free | Free |
| Funding | Interac e-Transfer, EFT, wire transfer, crypto | Bank account transfer, debit card, crypto deposits |
| Platforms | Web and smartphone apps | Web and smartphone apps |
| Security | Cold storage and 2FA | Cold storage and 2FA |
| CIPF/CDIC coverage | No | No |
| Regulation | FINTRAC/AMF | FINTRAC, Canadian Securities Administrators’ Regulatory Sandbox |
| Promotion | Get $10 after trading $100 | Get $25 after depositing $200 |
| Visit Shakepay | Visit Wealthsimple |
Conclusion
Shakepay and Wealthsimple Crypto work well for beginners.
If you want to get your hands on different types of cryptocurrencies, Wealthsimple Crypto is the clear winner, as it offers 50+ popular coins.
If you want access to advanced trading tools, a full-fledged cryptocurrency exchange like CoinSmart, NDAX, or Binance may work better.
Related:
- What is Bitcoin?
- What is Bitcoin Cash?
- How To Buy Cardano
- How To Buy Dogecoin
- Best Crypto Exchange Promotions
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.
