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Shakepay vs. Wealthsimple Crypto 2023

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 28 coins.

The Shakepay vs Wealthsimple Crypto comparison covers how they work, fees you can expect to pay, security, promotional offers, and more.


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 $30 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 $150 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:

FeaturesShakepayWealthsimple Crypto
Coins offeredBTC and ETHBTC, ETH, AAVE, ADA, LINK, CRV, MANA, DOGE, FTM, FIL, KNC, & several others
Trading feePrice spread (varies up to 3%)Price spread (up to 2%)
Withdrawals & depositsFreeFree
FundingInterac e-Transfer, EFT, wire transfer, cryptoBank account transfer, debit card, crypto deposits
PlatformsWeb and smartphone appsWeb and smartphone apps
SecurityCold storage and 2FACold storage and 2FA
CIPF/CDIC coverageNoNo
RegulationFINTRAC/AMFFINTRAC, Canadian Securities Administrators’ Regulatory Sandbox
PromotionGet $30 after trading $100Get $25 after depositing $150
Visit ShakepayVisit Wealthsimple


Shakepay and Wealthsimple Crypto work well for beginners.

If you are looking 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.


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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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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