Shakepay vs Bitbuy: Which Is The Better Crypto Platform?

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The popularity of cryptocurrency has continued to grow steadily, with more people getting interested in making money by trading or investing in Bitcoin Ethereum, and other Cryptocurrencies. 

Several crypto platforms have sprung up to meet the increasing demand for a place to buy and sell digital coins in Canada. If you’re looking for a fast, secure and easy-to-use platform for buying, and selling cryptocurrencies in Canada, you’ll want to consider Shakepay and Bitbuy.

These two crypto platforms are some of the overall best apps for buying cryptocurrencies in Canada. There are some similarities between the two platforms but there are also several areas where they differ.. 

From their pricing and fee structure to the number of cryptocurrencies supported, Shakepay and Bitbuy offer very different services to their users.

In this article, we’ll take a look at Shakepay vs Bitbuy covering their services, fees and capabilities so that you can decide which one is right for you.

Let’s get started!


Shakepay Overview

Shakepay is a popular cryptocurrency app for Canadians. It was launched in 2015 and has been growing steadily.

With more than 900, 000 users today, Shakepay is one of the largest crypto platforms in Canada with its headquarters in Montreal, Quebec.

Shakepay is regulated by FINTRAC as a Money Services Business (MSB) in Canada. It is also registered with Revenu Québec.

The Shakepay platform allows users to buy and sell Bitcoin (BTC) and Ether (ETH) instantly, with no deposit fees or withdrawal fees. 

As a result, it has gained a good reputation for its ease of use, speed and zero fees. 

But the Shakepay platform is quite limited in terms of its support for crypto trading because it only supports Bitcoin and Ethereum for now.

Shakepay takes security seriously with full protection to ensure the safety of your account on the platform. 

It keeps the bulk of its users’ crypto holdings offline in cold storage wallets so that they are safe from potential hackers. In addition, the cold wallets are covered by an insurance policy for more security.

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

Bitbuy Overview

Bitbuy is currently one of the most popular cryptocurrency exchanges in Canada. It is a reliable platform that offers several payment methods for Canadians to buy crypto.

Since its inception in 2016, Bitbuy has consistently provided Canadians with a dependable and trustworthy platform to buy and sell their cryptocurrencies. 

Whether you are a first-time investor or have experience trading crypto, Bitbuy offers one of the best user-friendly platforms in Canada.

Bitbuy is also registered with FINTRAC as a Money Service Business. This means it complies with all Canadian anti-money laundering laws. 

It is also one of a handful of crypto exchanges that are registered with OSC as a restricted dealer and marketplace.

bitbuy key features

Unlike Shakepay which doesn’t charge trading fees, Bitbuy charges a trading fee of 0.1%-0.2%. However, Bitbuy has a much lower spread as we’ll see in subsequent sections below.

Furthermore, unlike Shakepay, the Bitbuy platform supports several Cryptocurrencies including Ethereum and Bitcoin.

Learn more in this detailed Bitbuy Review.


Shakepay vs Bitbuy: Summary

The table below summarizes the key features of Shakepay and Bitbuy. We’ll cover the differences and similarities in detail below

Key FeaturesShakepayBitbuy
Coins Supported225
Minimum Investment$5$100
Beginner-FriendlyYesYes
Funding optionsE-transfer, wire transfer, and cryptoE-transfer, wire transfer, and crypto
Trading feesNo trading fees0.1%-0.2%
Deposit fees$01.50% for e-transfer, 0.50% for wire transfer. Crypto is free
Withdrawal feesE-transfers and wire transfers are free. Crypto fees vary1.50% for e-transfer, 1% for wire transfer. Crypto withdrawal fees vary
FINTRAC RegulationYesYes
Spread (Mar 1, 2022)2.22%0.46%
Sign-up bonusSign up and trade at least $100 for a $30 bonusSign up and deposit at least $250 for a $40 bonus

Shakepay vs Bitbuy: Key Features Compared

Now it’s time to compare Shakepay’s key features to that of Bitbuy to help you decide on which one is better for your needs. 

Shakepay vs Bitbuy: Number of Supported Coins

A very obvious difference between Shakepay vs Bitbuy is the number of crypto assets supported on the platforms.

Shakepay only supports Bitcoin and Ethereum trading on its platform – a pretty low number compared to the number available on other Canadian crypto platforms.

On the other hand, Bitbuy supports more cryptocurrencies – 25 different coins at the time of writing this comparison.

What does this mean for you?

Well, if your primary interest is just to trade Bitcoin and Ethereum, the 2 largest cryptocurrencies by market cap, then Shakepay is a great option with its low fees. 

But if you are looking to build a more diversified crypto portfolio or want to trade more coins, then Shakepay falls short.

Bitbuy offers more choice and it is the better option with support for 25 cryptocurrencies such as Bitcoin, Ripple, Litecoin, Bitcoin Cash, Ethereum Dogecoin, etc. 

Shakepay vs Bitbuy: Minimum Investment

If you’re new to the world of cryptocurrency, it is important to start investing with smaller amounts till you’re comfortable and gain enough experience and knowledge.

Both Shakepay and Bitbuy have minimum amounts you can deposit into your account using one of their funding options. But these amounts are different.

With Shakepay, the minimum investment amount using Interac e-transfer is  $5, while Bitbuy has a minimum deposit amount of $100. 

Therefore, Shakepay is the better option for new investors with little money to invest since they can start with as little as $5.

The Bitbuy minimum investment requirement is still quite low and reasonable for most users, but Shakepay has a slight advantage here.

However, there are no minimums for crypto deposits. You can deposit as much or as little crypto into both platforms for free.

Shakepay vs Bitbuy: Beginner Friendly

One of the challenges with cryptocurrency platforms, especially the full-fledged exchanges like Binance, is that they can be a little complicated and difficult to navigate for beginners. 

But Shakepay and Bitbuy are two options that aim to make the process as easy as possible.

Both Shakepay and Bitbuy have an easy-to-use interface that is beginner-friendly, easy to navigate and start buying and selling cryptocurrencies.

For example, Shakepay lets you buy your first bitcoin in a few clicks once you’re signed into the app. And it offers an instant verification feature so you can sign up and start trading in just a few minutes.

Whether you’re a crypto newbie or a seasoned crypto user, you will find these two exchanges easy to use.

Shakepay vs Bitbuy: Trading Fees

Shakepay does not charge trading fees for both crypto buys and sells on its platform. Bitbuy, on the other hand, charges a trading fee of 0.20% for Express trade, or 0.1%/0.2% maker/taker fees.

But commission-free crypto platforms usually make their money in other ways. For Shakepay, it’s through spreads.

At first glance, Shakepay looks like the cheaper platform to buy crypto between the 2, but that is not necessarily correct as you’ll see below.

Shakepay vs Bitbuy: Spread

Spread is the difference between the Sell price (Bid) and Buy price (Ask) quoted by a broker or exchange. 

It can be expressed in absolute terms, e.g. as several pips or as a percentage of the value, and it can be calculated based on the current price or an average price over time.

As at March 1, 2022, Shakepay has a spread of 2.22% on its Bitcoin price quotes, while Bitbuy prices have a spread of just 0.46%. See the details in the table below:

ShakepayBitbuy
Buy/Ask56,36955,930
Sell/Bid55,13455,671
Ref. Price (Google)55,79055,790
Buy Spread1.04%0.25%
Sell Spread-1.18%-0.21%
Total Spread2.22%0.46%

Part of the reason for the big disparity between the 2 platforms is how they’re set up or operate. 

Shakepay is a crypto broker that buys crypto from some users and sells it to others. It makes its profit from the spread on the quoted prices. The spread, usually 1%-1.25%, goes toward covering their business costs and making some profit.

On the other hand, Bitbuy is an exchange. That means, when you buy or sell on the Bitbuy exchange, you’re dealing with other customers or a liquidity provider and not Bitbuy directly.

And with a low spread of about 0.50%, buying crypto on Bitbuy will be cheaper than buying on Shakepay even after adding the Bitbuy 0.20% trading fees to the equation.

However, Bitbuy charges 1.50% for account funding using e-transfers. So your first purchase will be more expensive but the cost drops if you trade using the same capital over time.

But if you’ll be funding your account regularly to buy crypto and hold, then Shakepay is cheaper.

To summarize:

  • Shakepay is cheaper if you’ll just be funding your account to invest in crypto. Your deposits are free but you pay a 1$-1.25% spread.
  • Bitbuy is cheaper if you’ll be trading a lot with your deposited funds. Yes, you’ll be out by the 1.5% deposit fees, but you’ll come out on top after the second or third trade compared to Shakepay.

Overall, you can expect tighter spreads from Bitbuy and other crypto exchanges in Canada. Therefore, if you’re looking for the cheapest option, Bitbuy is the better choice in this matchup.

Shakepay vs Bitbuy: Funding Options

In terms of funding options, both platforms have the same options. You can fund your Shakepay and Bitbuy account using E-transfer, wire transfer, and crypto.

The processing time for wire-transfers is similar and follows the standard 2-3 business days.

Deposits using e-transfers are almost instant on both Bitbuy and Shakepay. E-transfer withdrawals are also instant with Shakepay but it takes up to 24 hours with Bitbuy.

Shakepay vs Bitbuy: Deposit Fees

Shakepay has several advantages over Bitbuy when it comes to fees. For instance, Shakepay doesn’t charge any deposit fees at all no matter how you decide to pay.

Bitbuy on the other hand charges a deposit fee of 1.50% for e-transfers, and 0.50% for wire transfers.

These fees quickly add up and make the platform very expensive if you want instant account funding.

Shakepay vs Bitbuy: Withdrawal Fees

Shakepay offers free withdrawals for all e-transfer and wire transfers. Crypto withdrawals are also free with Shakepay covering the miner fees and gas fees for Bitcoin and Ether respectively.

Bitbuy, on the other hand, has fixed fees of 1.50% for e-transfers, 1% for wire transfer while crypto withdrawal varies.

Shakepay vs Bitbuy: FINTRAC Regulation

Both platforms are registered with FINTRAC as a Money Service Business. The meaning of this is that both companies are obligated to comply with regulations set out by the agency.

FINTRAC is a Canadian federal agency that regulates businesses and individuals that provide money services. 

The purpose of this regulation is to ensure that these businesses and individuals comply with anti-money laundering and anti-terrorist financing legislation.

In addition, Bitbuy is a registered crypto asset platform with the Ontario Securities Commission.

Shakepay vs Bitbuy: Sign-up Bonus

Sign-up or Welcome bonuses are a great way to earn extra crypto or cash as you start trading. 

Both Shakepay and Bitbuy offer signup bonuses but they differ in terms of the amount, terms, and conditions.

When you create an account with Bitbuy and deposit up to $250, you will earn a bonus of $40. This is only available for new users and only if your first deposit is at least $250. 

With Shakepay, you also get a sign-up bonus of $30 when you create an account and trade at least $100. 

The Bitbuy welcome bonus is higher than Shakepay’s but the requirements are more stringent. But if you’re planning to start trading with at least $250, then Bitbuy is more attractive.


Shakepay vs Bitbuy Pros and Cons

While Shakepay and Bitbuy offer a variety of services, each one has its advantages over the other.

Let’s go through the pros and cons of each crypto platform to see how they compare.

Pros 

Shakepay offers a more affordable and convenient way to buy bitcoin or Ether in Canada. One significant advantage it has over Bitbuy is that it does not charge any deposit or withdrawal fees.

The spread on quoted prices is the only fee that you will incur through Shakepay. So the price you see on the app is what you get.

While Shakepay has no trading fees, Bitbuy is still the preferable crypto platform for people that trade often due to its lower spread or for those looking to trade more coins.

In addition, Bitbuy’s advanced charting tools are a plus for experienced crypto traders.

Cons

Using Shakepay is a cost-effective way to buy crypto, but its offering is quite limited for advanced traders as it only offers Bitcoin and Ethereum. 

Bitbuy, on the other hand, does offer a variety of altcoins but charges fees on almost all its transactions.


Shakepay vs Bitbuy: Overall Best

Finally, the overall winner of this comparison is… it is depends on your needs.

Well, let’s get down to it. Both platforms are great choices, it really comes down to what you are looking for. 

Shakepay and Bitbuy are both super reliable and trustworthy platforms, so on that level, both of them are worthy of the title. 

The two platforms have different strengths: Shakepay offers the most transparent and simple pricing with a lower minimum investment amount.

However, Bitbuy offers more options for those looking for lower spreads, more cryptocurrencies to trade, professional tools and more.

If you are looking for a user-friendly and cost-effective platform for buying and selling Bitcoin and Ethereum, then Shakepay is the better option. 

But if you are looking for a platform with more tools and features for intermediate to expert crypto traders, then Bitbuy might be the right choice for you.

RELATED: Shakepay vs Newton


FAQs

Is Shakepay good for trading?

Shakepay is one of the most cost-effective Canadian crypto trading platforms. You can trade Bitcoin and Ethereum on Shakepay at no cost. However, it is better suited for buy and hold. With its higher spread, Shakepay is not suitable for trading.

Is Shakepay secure?

Yes. Shakepay uses different security measures to secure users’ personal information. It uses 2FA to secure all accounts. Shakepay also uses HTTPS to secure the connections between its server and users.

Can I use Shakepay outside of Canada?

For now, Shakepay is only available to Canadians. You’ll need to provide some Canadian ID and proof of address during the verification stage.

Are Bitbuy fees high?

Bitbuy’s deposit and withdrawals fees are higher than Shakepay and other crypto trading platforms. However, it makes up for this with a lower spread on prices.

Does BitBuy work in Ontario?

Yes, Bitbuy operates in Ontario and it is registered with the Ontario Securities Commission as the first Canadian registered marketplace for crypto assets. 


Conclusion

So, which of the two platforms do you prefer? As you can see, both platforms bring different things to the table. 

While each one offers unique features, the best choice for you will ultimately depend on your personal preference. 

Hopefully, this article has helped you narrow down those options, so you can be sure to find a solution that fits your needs.

Whatever you decide, rest assured that Shakepay and Bitbuy will have you covered if you are looking to buy Bitcoin and Ethereum in Canada.

So whenever you’re ready to start, be sure to take advantage of these great services to start trading cryptocurrency. Just remember that cryptocurrencies are highly volatile and you should only invest an amount you’re willing to lose.

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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