Shakepay Alternatives 2022: Top Options for Buying Crypto in Canada

This post may contain affiliate links. Please read this disclosure for more info.

If you want to find the top Shakepay alternatives in Canada, you’ve come to the right place. 

Shakepay is a Canadian company that allows users to buy and sell cryptocurrencies through their mobile app. It uses a simple interface that makes the whole process simple, transparent and intuitive. 

While Shakepay is a great option for Canadians looking to start trading cryptocurrencies, it supports limited digital coins on its platform. Therefore, you may want to consider some Shakepay alternatives when looking for the best crypto trading platforms in Canada.

In this article, we will compare the features of Shakepay with some of the best alternatives available in Canada.

We will also discuss the benefits and drawbacks of each platform so that you can make an informed decision about which one is right for you.

Let’s get started!


Shakepay Overview

Shakepay is one of Canada’s most popular cryptocurrency exchanges. The exchange was founded in 2016 and is based in Montreal, Quebec. 

It has made its name known in the crypto-space by offering speedy and easy crypto trading services and payment solutions.

Shakepay provides a lot of features to make trading cryptocurrencies easier, especially for beginners. 

New users can buy their first bitcoin and Ethereum on the platform in less than 10 minutes by funding their account with Interac e-Transfer. 

In terms of regulation, Shakepay is registered as a Money Service Business with FINTRAC (#M17065696) and Revenu Québec (#904007).

The bulk of the digital currencies on Shakepay are stored in offline/cold storage, with an insurance policy in place for added protection.

Shakepay

Rating 4/5

Beginner-friendly crypto platform

No trading commissions, but spread included in prices

Earn free satoshis daily with ShakingSats

Bitcoin cash back with the Shakepay Card

MIN. OPENING BAL $5 CRYPTOCURRENCIES 2

SIGN-UP BONUS $30 after trading a minimum of $100

Key Features of Shakepay

The following are the key features of Shakepay:

  • Cryptocurrencies: 2
  • Minimum Investment: $5
  • Trading fees: No trading fees
  • Funding options: e-transfer, wire transfer, and Crypto
  • Deposit fees: $0
  • Withdrawal fees: E-transfers and wire transfers are free, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Spread: 2.50%
  • Sign-up bonus: when you sign-up and trade at least $100, you will get a sign-up bonus of $30

Shakepay Pros and Cons

Now that you’ve decided to sign up for Shakepay, it’s time to know the pros and cons of being a Shakepay user.

Pros

Shakepay has several advantages. Here are some of the pros of Shakepay:

  • CAD Deposits and withdrawals are free of charge
  • Instant verification for new users
  • A straightforward, user-friendly platform for trading Bitcoin and Ether
  • Regulated as a Money Service Business with FINTRAC
  • Send money to or from Shakepay for free and instantly using Interac e-Transfer
  • You can transfer your Bitcoin to a non-custodial wallet for free.
  • Shakepay OTC is accessible if you want to buy cryptocurrencies worth more than $200,000, CAD.

Cons

Though Shakepay is one of Canada’s popular digital currency exchanges, but it also comes with some disadvantages.

Here are some of the cons of Shakepay:

  • Limited coin offerings: Only Bitcoin and Ethereum are available
  • Relatively higher spread than some competitors
  • The service is only accessible to those with a Canadian bank account

Shakepay Products

Shakepay currently offers two products: a cryptocurrency trading service and a Prepaid card product

We’ll cover both below:

Crypto Trading

Bitcoin and Ethereum are among the hottest cryptocurrencies in the market, and now with Shakepay, you can trade them commission-free.

It offers some basic trading tools such as limit buys/sells, and an automatic buy feature so you can automatically buy crypto at regular intervals.

Just choose how much you want to buy or sell, and fund free through Interac e-Transfers, or wire transfer. 

Shakepay Card

Shakepay Card, a prepaid Visa Card, works using the Apple Pay and Google Pay systems. This card allows you to make payments in stores, restaurants, or online using your Canadian dollar balance and earn bitcoin as cash back.

With the Shakepay Visa Prepaid Card, you can get up to 2% cashback in bitcoin on your first $5,000 transactions.

Cashback rewards are deposited directly into your Shakepay Bitcoin account, where you can use it like any other bitcoin balance.


Shakepay Alternatives Summary

The table below provides a summary of the best alternatives to Shakepay in Canada.

Crypto PlatformBonusCrypto SupportedMin. Opening
Shakepay$302$5
Wealthsimple Crypto$5038$0
Bitbuy$4015$100
Coinsmart$2016$100
Newton$2560+$0
Netcoins$1011$10
Coinberry$5029$50
NDAX$1031$0
Coinsquare$2010$20

We’ll cover each crypto platform in more detail below.

Best Shakepay Alternatives

There are a few different options available when it comes to Shakepay Alternatives in Canada.

Each of these platforms has their own unique features and benefits and address some of the drawbacks of Shakepay as a crypto platform.

For example, Newton supports a wide variety of cryptocurrencies on its platform and you can get more advanced trading tools from other crypto platforms like Bitbuy and NDAX.

So it is important to understand your needs and what each crypto platform offers before making a decision on the best one for you.

The following are the best Shakepay alternatives:

1. Wealthsimple Crypto

Wealthsimple Crypto is a newer service from Wealthsimple that makes it easy to buy and sell crypto in Canada.

Founded in 2020, the platform offers real-time pricing and uses top-of-the-line security to protect customer funds and information. 

Like Shakepay, the exchange doesn’t charge trading fees, but prices include a 1.5% operational fee to cover operations costs.

It is also a registered Money Services Business (MSB) with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and regulated by OSC.

Key Features of Wealthsimple Crypto

  • Cryptocurrencies: 38
  • Minimum Investment: $1
  • Trading fees: $0, Operations cost of 1.5%
  • Funding options: Crypto and bank account
  • Deposit fees: $0
  • Withdrawal fees: CAD Withdrawals: $0; Crypto: Varies
  • FINTRAC Regulation: Yes
  • Sign-up bonus: You get a sign-up bonus of $50 when you trade up to $150

Learn More: Wealthsimple Crypto Review

2. Bitbuy

Bitbuy is a Canadian cryptocurrency exchange that provides a secure way of buying and selling Bitcoin, Ethereum, and other Cryptocurrencies.

Founded in 2016, Bitbuy has earned the trust of many Canadians by offering a straightforward way to buy crypto.

The platform accepts fiat currency for deposits and withdrawals via e-Transfer. You also have the option of depositing and withdrawing funds by wire transfer.

Unlike Shakepay, Bitbuy platform offers a wide range of digital assets, including Bitcoin, Ethereum, Litecoin and Ripple and more. 

However, Bitbuy charges a trading fee of 0.1%-0.2%. But with its lower spread on quoted prices, your overall cost could still be lower than the ones at Shakepay.

Finally, Bitbuy is regulated as a Money Service Business by FINTRAC and registered with OSC.

Key Features of Bitbuy

  • Cryptocurrencies: 15
  • Minimum Investment: $100
  • Trading fees: 0.1%-0.2%
  • Funding options: e-transfer, wire transfer, and Crypto
  • Deposit fees: 1.50% for e-transfer, 0.50% for wire transfer, while crypto is free
  • Withdrawal fees: 0.50% for e-transfer, 1% for wire transfer, while crypto withdrawal fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: when you sign-up and make your first deposit of $250, you will earn a bonus of $40

Learn More: Bitbuy Review

3. CoinSmart

Coinsmart makes it easy to get started with Bitcoin and other digital currencies. With instant funding options such as wire transfer or Interac e-Transfer, you can begin trading crypto in a matter of minutes.

You can buy crypto directly using CAD. This is an ideal exchange for Canadians who want to invest in cryptocurrency without first converting their money from Canadian dollars.

Coinsmart offers many of the same features as Shakepay and more. It supports the most popular payment methods. However, unlike Shakepay, it has a wide variety of cryptocurrencies.

The exchange was founded in 2018 and is one of the most secure exchanges in Canada. Though Shakepay doesn’t charge trading fees, Coinsmart charges fees at a low rate.

Coinsmart also offers advance trade, OTC trading for larger transactions and cryptocurrency payments for merchants.

Key Features of Coinsmart

  • Cryptocurrencies: 16
  • Minimum Investment: $100
  • Trading fees: 0.20%
  • Funding options: Crypto, e-transfer, wire transfer, and bank account
  • Deposit fees: 0-1.50% for e-transfers, while crypto, wire transfers and bank account are free
  • Withdrawal fees: 1% for wire transfer and bank account, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: You will get a bonus of $20 for your first $100 deposit

Learn More: CoinSmart Referral Code and Review

4. Newton

Newton is among top alternatives to Shakepay that allow you to buy and sell digital currency. It offers one of the best rates on Bitcoin and other cryptocurrencies in Canada. 

It was founded in 2018 and regulated by FINTRAC. Like Shakepay, the app doesn’t charge trading fees (but makes a slight profit on the spread). 

However, unlike Shakepay, Newton currently offers support for 61 different cryptocurrencies, including Bitcoin (BTC) and Ethereum – the highest number in Canada.

CAD deposits and withdrawals can be made through Interac e-Transfer, wire transfer, or bank draft, ensuring fast delivery of funds on the platform.

Key Features of Newton

  • Cryptocurrencies: 60+
  • Minimum Investment: $0
  • Trading fees: $0
  • Funding options: Crypto, e-transfer, wire transfer, and bank account
  • Deposit fees: $0
  • Withdrawal fees: Deposits through e-transfers, wire transfers, and bank accounts are free, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Spread: 0.7%
  • Sign-up bonus: when you sign-up and trade up to $100, you will get a bonus of $25

Learn more about Newton here.

5. Netcoins

Netcoins is a Canadian-owned cryptocurrency exchange that was founded in 2014 and is regulated by FINTRAC as a Money Service Business.

Similar to Shakepay, Netcoins doesn’t charge trading fees. The Netcoins platform is also user-friendly, so it’s easy to use even for beginners.

You can instantly buy crypto through the Netcoins app by funding your account with Interac e-Transfer or wire transfer.

Netcoins keep all customers’ funds in cold storage, so they are never vulnerable to hackers or theft.

Key Features of Netcoins

  • Cryptocurrencies: 11
  • Minimum Investment: $10
  • Trading fees: $0
  • Funding options: e-transfer, wire transfer, and Crypto
  • Deposit fees: $0
  • Withdrawal fees: $0 for CAD withdrawals, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: You will get a sign-up bonus of $10 if you deposit up to $100

6. Coinberry

Coinberry is a Toronto-based crypto brokerage that allows Canadians to buy and sell Bitcoin, Ethereum and other Cryptocurrencies.

It has been around since 2017, and it’s one of the leading platforms in the Canadian market. 

Coinberry is an alternative to Shakepay because it also doesn’t charge trading fees. You can buy and sell Cryptocurrencies free through e-transfer wire transfer.

However, unlike Shakepay, Coinberry offers a vast amount of Cryptocurrencies. The platform supports 29 currencies.

Key Features of Coinberry

  • Cryptocurrencies: 29
  • Minimum Investment: $50
  • Trading fees:$0
  • Funding options: e-transfer, wire transfer, and Crypto
  • Deposit fees: $0
  • Withdrawal fees: E-transfers and wire transfers are free, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: when you sign-up and trade up to $50, you will earn a bonus of $50

Learn More: Coinberry Referral Code and Review

7. NDAX

NDAX is a cryptocurrency exchange that supports Bitcoin, Ethereum, XRP, Litecoin, Stellar, etc. You can fund your NDAX account with Canadian dollars by e-transfer or wire transfer.

It was launched in 2017 and is regulated by FINTRAC as an MSB, which means it follows strict anti-money laundering rules. 

Like Shakepay, NDAX users can make free deposits via e-transfer or bank wire transfer. Trade fees are 0.20%, with no withdrawal fees for e-transfers. 

The vast majority of their users’ cryptocurrency assets are held offline in cold storage to prevent and limit unauthorized access and theft.

Key Features of NDAX

  • Cryptocurrencies: 31
  • Minimum Investment: $0
  • Trading fees: 0.20%
  • Funding options: e-transfer, wire transfer, and Crypto: 
  • Deposit fees: Similar to Shakepay, deposit on NDAX is free
  • Withdrawal fees: Free for e-transfers, $25 for wire transfers, while crypto fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: when you sign-up and deposit your first $100, you will earn a bonus of $10

8. Coinsquare

Coinsquare is a cryptocurrency exchange based in Canada that was founded in 2014. It is one of the Shakepay alternatives for Canadians looking to buy crypto with their bank account. 

You can fund your account using CAD and trade any of the 10 supported cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), XRP, and more.

However, unlike Shakepay, a bank transfer costs 2%, which means you will pay just $2 to fund your account with $100 CAD.

But, you have the option to fund your account using Interac e-Transfer, which is free with Coinsquare.

Key Features of Coinsquare

  • Cryptocurrencies: 10
  • Minimum Investment: $20
  • Trading fees: 0.1%-0.2%
  • Funding options: e-transfer, wire transfer, and Crypto
  • Deposit fees: 2% for wire transfer, while deposit for e-transfer and crypto is free
  • Withdrawal fees: 2% for wire transfer and bank account, e-transfers are free while crypto withdrawal fees vary
  • FINTRAC Regulation: Yes
  • Sign-up bonus: There are no sign-up bonuses available on Coinsquare

9. Foreign Crypto Platforms

This roundup won’t be complete without mentioning some of the foreign Shakepay alternatives.

If you don’t mind investing or trading crypto through a foreign crypto exchange, then you have even more options to choose from.

Many of the foreign platforms easily outshine the Canadian crypto brokerages/exchanges with their features and products.

None of the Canadian crypto platforms covered above offer staking, for example – so you’re limited to just buying and selling.

Some of the top foreign Shakepay alternatives include:

FAQs

Is Shakepay free?

Yes. Shakepay does not charge a fee or commission for purchasing or selling cryptocurrency. The company also covers transaction costs for taking your money off the Shakepay platform. However, quoted prices include a spread to cover their cost and profit.

How long does it take for Shakepay to verify?

Most users are able to verify their identity at sign-up because Shakepay supports instant verification. Where that’s not possible and manual verification is required, Shakepay staff usually verify the documents on the same business day. But, the procedure may take up to 4 days in some cases. 

Is Shakepay a hot wallet?

Shakepay is a crypto trading platform but users may also decide to keep your holdings on its “wallet”. However, the bulk of the crypto holdings on the platform are kept in cold storage and not hot storage to minimize unauthorized access.

Can you transfer Bitcoin from Shakepay to Binance?

Yes, you can transfer your Bitcoin from Shakepay to Binance and other crypto exchanges. Simply transfer the crypto from the Shakepay app to your external wallet.

Is Shakepay safe to hold crypto?

Shakepay is a secure cryptocurrency exchange that uses industry-standard methods to protect users’ accounts and personal information. But consider using your own crypto wallet to keep your crypto safe.


Summary

While the Shakepay app does its job well, other apps in the market can deliver better results depending on your needs.

While the eight platforms discussed above are similar in many ways, each one offers something unique.

Looking for more digital coins to trade, then check out Newton with its 60+ digital currencies and more added every other week.

Want to invest in crypto, stocks, ETFs within the same app? Wealthsimple Crypto is the only choice in Canada. 

And if you’re looking for more trading tools, check out Bitbuy, CoinSmart and NDAX.

Bottom line is – consider your needs in line with the features of each of the platforms and choose the best Shakepay alternative for yourself.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

Leave a Comment