Shakepay vs Binance: Which One is the Better Crypto Platform in Canada?

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Wondering which one is the better crypto platform between Shakepay vs Binance, then this post is for you.

Cryptocurrency exchanges are the go-to place for investors and traders wanting to buy, sell, or exchange cryptocurrencies. If you’re interested in buying, selling, or trading cryptocurrency but don’t know where to start, this article is for you. 

In this Shakepay vs Binance article, I’ll compare two of the leading cryptocurrency exchanges for Canadians. We’ll take a look at their features, fees, and more to help you decide which is the best crypto exchange for your needs.

Keep reading for my comparison of the two exchanges including the good and bad so that you can make an informed decision.


Shakepay vs Binance: Overview 

The following table summarizes the key features of Shakepay vs Binance:

FeaturesShakepayBinance
Available Coins2300+
Funding OptionsCrypto, e-transfer, and wire transferCrypto deposit, credit/debit card, and more
Trading FeesNo trading feesTrading fees begin at 0.1%
Deposit Fees$00%-2.5%
Withdrawal FeesFreeFiat & Crypto Withdrawal fees vary
Bonus$30 cash bonusUp to 45% free rebate
Learn MoreVisit ShakepayVisit Binance

Shakepay Overview

Shakepay is a Canadian-based cryptocurrency exchange that allows users to easily buy, sell bitcoin and Ethereum. The platform has been operational since 2015. It has its headquarters in Montreal, Quebec.

Shakepay makes it easy for consumers to buy and sell bitcoin quickly by moving money from their bank account using e-transfer. 

It provides several features to make trading cryptocurrencies easier, especially for beginners. The app is available on Android, and iOS.

Whether you’re an experienced trader or totally new to crypto, Shakepay is for everyone.

As an added security measure, the company uses cold storage to hold the majority of its assets offline. Shakepay is also registered as a Money Service Business with FINTRAC.

Learn more: Shakepay Review


Binance Overview

Binance is a non-Canadian cryptocurrency exchange that has grown in popularity amongst Canadians due to its large selection of cryptocurrencies, low trading fees, and advanced crypto trading features. 

The exchange was established by Changpeng Zhao in 2017. Binance is available in almost every country worldwide. However, in Canada, it is currently unavailable for Ontario residents.

Binance is one of the best cryptocurrency exchanges available for crypto traders looking for a platform with advanced features. 

Like Shakepay, Binance offers users the ability to easily buy and sell cryptocurrency from their smartphone or desktop computer.

The platform supports over 300 coins and over 50 fiat currencies. Binance also has its native token, BNB (Binance Coin), which users can hold to reduce their trading fees by up to 25%.

Binance is not registered as an exchange or marketplace in Canada and does not directly support CAD deposits or withdrawals directly from bank accounts. However, you can fund your account using credit cards or its P2P platform.

Learn more: Binance Review


Shakepay vs Binance: Key Features Comparison

Now, let’s compare Shakepay’s key features to that of Binance. This comparison will outline the key differences between these two exchanges to help you decide which one is best for you.

Shakepay vs Binance: Available Coins

Shakepay offers users access to a limited range of coins. Currently, you can only buy and sell Bitcoin and Ethereum through the platform. Binance, on the other hand, offers over 300 different coins and over 50 fiat currencies.

If you are interested in investing in other coins, Binance will be a better option for you as it has a wider selection of cryptocurrencies – more than any offered by the Canadian crypto platforms.

Shakepay vs Binance: User-Friendly

Shakepay has a simple and intuitive interface, which makes it easy to use even for complete beginners to the crypto world or trading in general. Once registered, you’ll be able to buy your first crypto with a few clicks. 

Binance also has a nice and clean interface, but it’s more complex than Shakepay, so beginners might find it overwhelming and intimidating at first.

If you just want to exchange your cash for Bitcoin or Ethereum without dealing with other advanced features, you will have no trouble doing that on Shakepay. 

Shakepay vs Binance: Funding Options

Both platforms offer a range of funding options, but Shakepay has a better offering for Canadians. 

Shakepay allows users to fund their accounts through e-transfer transfers and wire transfers. Users can also fund by depositing cryptocurrency into their account, which can then be converted into Canadian dollars to buy another crypto.

However, Binance offers limited CAD funding options that are cost-effective for Canadians. The best option is usually to buy crypto on a Canadian platform using Interac e-transfer, then deposit the crypto into Binance.

Shakepay vs Binance: Trading Fees

Shakepay doesn’t charge trading fees, but it has an in-built spread fee of a little above 2% applied on the bid-ask price when you buy or sell digital currency. 

On Binance, you pay a cryptocurrency trading fee of between 0.1 percent and 0.2 percent per trade, and this fee is lower if you trade using Binance Coin (BNB).

Overall, Binance is a better platform for people that trade a lot. Funding your Binance account may be an hassle, but it’ll save you more money over time compared to Shakepay.

Shakepay vs Binance: Deposit Fees

Deposit fees are the charges a cryptocurrency exchange levies on its clients for depositing money into their accounts.

However, Shakepay does not charge a fee for both fiat currency or crypto deposits. Both Interac e-transfer and wire transfers are free.

Binance on the other hand charges deposit fees that range from 0%-2.5%.

Shakepay vs Binance: Withdrawal Fees

Shakepay has a 0% withdrawal fee for e-transfers, wire transfers and covers the network fees for crypto withdrawals.

For Binance, there are 0%-3.5% withdrawal fees. Some currencies have flat fees, while others have a percentage fee based on the amount you withdraw.

Shakepay vs Binance: Bonus

Both Shakepay and Binance offer a sign-up bonus to new users. You can get $30 when you create an account with Shakepay and trade at least $100.

With Binance, you can get a lifetime commission rebate of 45% plus the chance to earn several rewards (up to $100) when you use a qualified Binance referral code.


Shakepay vs Binance Pros and Cons

Shakepay and Binance are both good options if you are buying Bitcoin in Canada, but it really comes down to what features matter most to you. Both of these exchanges have pros and cons, which we break down below.

Pros

Shakepay shook up the exchange business by offering commission-free Bitcoin and Ethereum trading. You don’t pay any extra fees for withdrawing or depositing currencies, and your account gets verified in minutes. 

Therefore, if you’re looking to get started with just Bitcoin and Ethereum, it’s a great fit. 

Binance, on the other hand, wins top marks with its vast number of cryptocurrencies available to trade (300+), and its support for over 50 fiat currencies. 

More trading pairs mean more opportunities to make money from market fluctuations. Its advanced trading tools are another advantage.

Cons

The most obvious disadvantage of Shakepay is that you can only trade 2 cryptocurrencies (Bitcoin and Ethereum).

Binance on the other hand is unavailable to the residents of Ontario. It also charges trading fees, but it is lower than the spread included in Shakepay’s price quotes.


Shakepay vs Binance: The Winner

So which is the best crypto exchange? The truth is, there isn’t a single best cryptocurrency exchange. The best crypto exchange depends on your needs. 

If you’re new to crypto trading, then we recommend registering with Shakepay. It offers an easy-to-use interface, low fees, and a great support team. 

But if you need access to more advanced trading tools such as margin trading, more altcoins, and lower fees for large traders, then Binance could be the better option for you.


FAQs

Is Shakepay safe to use?

Shakepay is one of the most secure cryptocurrency platforms in Canada presently.
The exchange uses cold storage to hold the bulk of the crypto assets on its platform with an additional insurance policy in place. Shakepay is also registered FINTRAC as a Money Service Business.

Can you transfer from Shakepay to Binance?

Yes, you can transfer your crypto from Shakepay to Binance. Simply login to your Shakepay app, initiate a crypto withdrawal to your Binance wallet or an external wallet and deposit to Binance.

Should I keep my crypto in Shakepay?

Yes, you can keep your crypto on Shakepay. However, it is best to use your own hardware wallet for better security.

Is Binance allowed in Canada?

Yes, Binance operates in Canada legally. However, it is supported in Ontario.


Final Thoughts

Ultimately, both Shakepay and Binance are good crypto platforms that will serve you well for your cryptocurrency trading needs. 

Which one is right for you? That’s up to you! But if you want the best chance of profiting from cryptocurrency over the long-term, I think Binance is the better choice. 

If you just want to get your feet wet with crypto trading, then Shakepay is a great place to trade Bitcoin and Ethereum in Canada.

Either way though, both have their benefits and shortcomings so comparing them side by side will help choose the perfect exchange for your needs.

I hope this review has helped you narrow down the choice between Shakepay vs Binance. Regardless of which exchange you go with, you can sign-up through our referral link to earn some sign-up bonuses.

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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.

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