Shakepay is one of the most popular cryptocurrency exchanges in Canada that provides users with an easy-to-use platform to trade crypto.
However, with the limited number of cryptocurrencies supported by the exchange, some users are looking for alternatives to Shakepay.
If you’re a Canadian looking for an alternative to Shakepay, there are several options available, each with its advantages and disadvantages.
In this blog post, we’ll take a look at some of the best Shakepay alternatives for trading crypto.
We will look at the pros and cons of each platform to help you figure out which is the best fit for your crypto trading.
Whether you’re looking for more features, more variety of digital coins, or simply a different platform, one of these alternatives is sure to suit your needs.
So let’s dip in!
Table of Contents
Shakepay Overview
Shakepay is a Montreal-based cryptocurrency exchange that was founded in 2016.
The platform offers a convenient and easy way to trade cryptocurrencies and provides a variety of features that make it an attractive option for new and experienced traders alike.
Using Interac e-Transfer and wire transfers, you can fund your Shakepay account in a few minutes to buy your first bitcoin or Ethereum.
In addition to being one of the easiest exchanges to use, Shakepay is also one of the most popular cryptocurrency exchanges in Canada.
Shakepay is also registered by FINTRAC as a Money Service Business, which means that it is subject to strict anti-money laundering regulations.
As a result, Shakepay is a safe and reliable platform for buying and selling cryptocurrencies.
Features of Shakepay
Shakepay is a cryptocurrency exchange that comes with some unique features that you should be aware of.
Let’s look at some of the key features of Shakepay below:
- Number of Cryptocurrencies: 2
- Minimum investment amount: $5
- Funding options: Crypto, e-transfer and wire transfer
- Trading fees: No trading fees
- Withdrawal fees: There are no withdrawal fees for E-transfers and wire transfers. The withdrawal fees for crypto vary
- Deposit fees: No deposit fees
- Spread: 2.50%
- Welcome bonus: If you create a Shakepay account and trade a minimum of $100, you will earn a welcome bonus of $10
- Regulation: The exchange is regulated by FINTRAC as a Money Service Business
Products Offered by Shakepay
Now let’s look at the products that are offered by Shakepay. The main product offered by Shakepay is crypto trading services.
Apart from the secured trading platform that Shakepay offers its users, it also offers a prepaid Visa card.
Crypto Trading Service
Shakepay offers Canadians an easy-to-use platform to trade two of the major types of digital currencies (Bitcoin and Ethereum).
The best part is that you can trade the two cryptocurrencies without paying trading, deposit or withdrawal fees.
To fund your Shakepay trading account, you have the option of funding your account through wire transfers, and Interac e-Transfers. You can also fund your account using crypto.
When you open a Shakepay crypto trading account you will get a welcome bonus of $10. All you have to do is make your first trade of up to $100.
Shakepay Card
The Shakepay Card is a prepaid Visa card that is acceptable anywhere Visa cards are accepted worldwide.
When you use the Shakepay Card to make payments, you can earn cash back in Bitcoin.
You can use the card at restaurants and in stores. You can also use it to make online purchases.
When you use the card to shop at a Visa merchant, you will earn a 1% Bitcoin cash back.
Also, when you spend your first $5,000 on the card, you will get 1% cash back in Bitcoin.
The best thing about this card is that it doesn’t have annual fees. Also, a credit check is not required to qualify for the card.
You can set up Two-factor authentication on your Shakepay card to suspend transactions whenever you lose your card.
Also, you can use the cash back rewards you earn on the card like any other bitcoin balance in your Shakepay Bitcoin account.
Best Shakepay Alternatives
Shakepay is one of the best cryptocurrency exchanges in Canada. You can trade crypto on the platform without paying any trading fees.
While Shakepay is a great crypto exchange, it supports a limited number of cryptocurrencies. You can only trade Bitcoin and Ethereum.
If you are looking for a crypto exchange that supports a wide range of coins, there are several options available for you.
That being said, each of these platforms has its advantages and disadvantages. As a result, it is essential to understand each platform before making your decision.
Here are some of the best Shakepay alternatives available in Canada:
1. Coinsquare
If you’re a Canadian looking for a crypto exchange that supports more than just two cryptocurrencies, Coinsquare is a great option.
Founded in 2014, Coinsquare is one of the most popular cryptocurrency exchanges in Canada.
Just like Shakepay, Coinsquare offers a user-friendly platform with a variety of features, making it a great option for both experienced traders and beginner traders.
While Shakepay only supports two cryptocurrencies, with Coinsquare, you can trade up to 10 different cryptocurrencies, including Bitcoin, Ethereum and Litecoin.
In addition, Coinsquare is dedicated to providing a safe and secure platform for its users.
However, one downside of Coinsquare is that it charges several fees while Shakepay doesn’t have many fees apart from the spread.
For example, while Shakepay doesn’t charge any deposit fees, Coinsquare charges a 1.5% fee for direct bank deposits and Wire transfers.
Also, Shakepay offers its new customers a welcome bonus of $10 but Coinsquare doesn’t offer any welcome bonus to its new customers.
Nevertheless, if you are looking for a Shakepay alternative, Coinsquare is worth checking out.
2. CoinSmart
CoinSmart is one of the best Shakepay alternatives for those looking for a secure and reliable cryptocurrency exchange. The exchange was launched in 2018 and is headquartered in Toronto, Canada.
CoinSmart has a mobile app that allows users to buy, sell, and trade cryptocurrencies. The app is available for both Android and iOS devices.
Both Shakepay and CoinSmart offer their new users a welcome bonus. Shakepay offers a welcome bonus of $10 when you trade with a minimum of $100.
CoinSmart on the other hand offers its new users a welcome bonus of up to $20 when they deposit their first $100.
However, unlike Shakepay which supports only two cryptocurrencies, CoinSmart supports up to 16 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
But when it comes to fees Shakepay has an edge over CoinSmart. The only fee you pay at Shakepay is spread.
CoinSmart, on the other hand, charges fees for almost every transaction. The exchange charges trading fees, deposit and withdrawal fees. It also charges a spread fee of 1.38%.
If you want to trade just Bitcoin and Ethereum, Shakepay is a good exchange but if you are looking for a wider range of cryptocurrencies, CoinSmart may be a better option for you.
3. Bitbuy
Bitbuy is a Canadian exchange that aims to provide a simple and secure way to buy and sell several cryptocurrencies.
The exchange was launched in 2016 and has since then built a reputation as a reliable and user-friendly crypto trading platform.
With its strong security features and commitment to customer service, Bitbuy is a great option for Canadians looking to trade more than just Bitcoin and Ethereum.
Bitbuy offers you a platform to trade up to 25 cryptocurrencies while Shakepay only allows you to trade Bitcoin and Ethereum.
However, while Shakepay doesn’t charge trading, deposit or withdrawal fees, Bitbuy charges trading and withdrawal fees of up to 1.5%.
But when it comes to spreads, Bitbuy is a better option. While Shakepay has a spread fee of up to 2.50%, Bitbuy has a lower spread of 0.79%.
Also, both platforms offer a welcome bonus but Bitbuy offers a higher bonus. With Bitbuy you can get a welcome bonus of up to $20 while Shakepay offers a welcome bonus of just $10.
Although Bitbuy offers a higher welcome bonus, the requirement to earn that bonus is also higher.
To get the Bitbuy welcome bonus, you must make a deposit of up to $250. However, you only need to trade a minimum of $100 to enjoy the Shakepay welcome offer.
4. Newton
Newton is one of the most popular cryptocurrency exchanges that offers Canadians an easy-to-use platform to trade crypto.
The exchange was launched in 2018 and it offers some similar features to that of Shakepay.
Just like Shakepay, you can buy and sell your crypto on Newton without paying trading, deposit and withdrawal fees. The only fee you pay on the platform is spread.
Also, both Newton and Shakepay offer a welcome bonus. When you sign up for Newton you will get a welcome offer of $25. But before you get the bonus, you must trade a minimum of $100 just like Shakepay.
Although Newton offers similar features to Shakepay, the platform is a better option when it comes to the number of supported cryptocurrencies.
While you can only trade Bitcoin and Ethereum on Shakepay, you can trade over 70 different cryptocurrencies on Newton.
Therefore, if you’re looking for an alternative to Shakepay that offers a wider range of options, then Newton is worth considering.
5. NDAX
When looking for the best Shakepay alternative, NDAX is another great option that is worth looking at.
The exchange was established in 2017 to offer Canadians an easy-to-use platform to trade crypto.
NDAX offers the same welcome bonus as Shakepay. When you open a trading account on the platform and trade a minimum of $100, you will earn a welcome offer of $10.
However, Shakepay only supports two digital currencies while with NDAX you can trade over 30 different types of cryptocurrencies.
But in terms of fees, Shakepay is a better option. When you trade Bitcoin and Ethereum on Shakepay, you won’t pay any other fees apart from the spread.
NDAX, on the other hand, charges a trading fee of 0.20%. The exchange also charges a withdrawal fee of $4.99 on wire transfers and bank direct withdrawals.
6. Coinberry
Coinberry is another great option for those looking for a Shakepay alternative, as it is a secure and easy-to-use platform.
It is also one of the most affordable options on the market. Just like Shakepay, Coinberry doesn’t charge any fees apart from the spread.
Also, Coinberry offers you the same funding options that Shakepay offers. You can fund your Coinberry account through wire transfers, E-transfers and crypto.
Furthermore, both Coinberry and Shakepay are regulated by FINTRAC as Money Services Business (MSB). This means they follow strict anti-money laundering rules.
However, when it comes to the number of supported cryptocurrencies, Coinberry is a better option. You can trade over 30 different types of cryptocurrencies on Coinberry.
Also, Coinberry offers its new users a welcome bonus of up to $30. This is way higher than the welcome bonus you can get on Shakepay.
And the best part is that, while you need to trade a minimum of $100 to get the Shakepay welcome bonus of $10, you only need to trade a minimum of $50 to get the Coinberry welcome bonus.
All of these features make Coinberry a better option for you if you are looking for a Shakepay alternative in Canada.
7. Wealthsimple Crypto
Wealthsimple is a trusted name in the world of online investing, and its crypto trading platform is a great option for buying and selling Bitcoin, Ethereum, and other popular coins.
The exchange is one of the most user-friendly platforms available, and its intuitive interface makes buying and selling crypto a breeze.
Similar to Shakepay, Wealthsimple Crypto doesn’t have trading fees, or deposit and withdrawal fees. However, Wealthsimple Crypto charges an operational fee of 1.5%.
In terms of the number of supported cryptocurrencies, Wealthsimple Crypto is a better option than Shakepay. You can trade over 50 different digital currencies at Wealthsimple Crypto.
Also, Wealthsimple Crypto offers a welcome bonus to its new users. However, the welcome bonus Wealthsimple Crypto offers is higher than Shakepay.
When you open a Wealthsimple Crypto account and trade a minimum of $150, you will get a welcome bonus of $25.
So if you’re looking for a simple and secure cryptocurrency platform that offers a wide range of coins, Wealthsimple Crypto is worth checking out.
How to Choose the Best Shakepay Alternative
When it comes to choosing the best Shakepay alternative, there are a few things you should keep in mind.
First, take a look at the fees charged by the exchange. Not all exchanges charge the same fees, so it’s important to compare the different options and choose the one that offers the best value for money.
Another important factor to consider is the number of supported cryptocurrencies. If you want to be able to trade a wide range of digital assets, then you’ll need to choose an exchange that supports a large selection of coins.
The third thing to look at is the welcome bonus. Some exchanges offer new users a sign-up bonus to encourage them to trade on their platform.
Finally, security is another key consideration. All of the Shakepay alternatives discussed here are regulated by FINTRAC as a Money Services Business (MSB) so you don’t have to worry about security.
However, it is also a good idea to choose an exchange that offers two-factor authentication and cold storage for your digital assets.
By taking all of these factors into account, you can be sure that you’ll find the best Shakepay alternative for your needs.
READ ALSO: Best 2021 Crypto Wallet
Final Thoughts
If you are looking for an easy way to invest in cryptocurrencies, Shakepay is one of the best options.
While Shakepay offers a free and easy way to buy and sell digital coins, you only have access to two coins (Bitcoin and Ethereum) presently.
Fortunately, there are several other great platforms that take the hassle out of buying and selling Bitcoin, Ethereum, and other digital assets.
To help narrow down your search, we have discussed seven popular cryptocurrency exchanges that support a wider range of digital currencies.
Each of the seven platforms discussed above has something unique to offer, even though they are similar in some ways.
All you have to do is look at the above list of Shakepay alternatives and choose one that best suits your crypto trading needs.
