Shakepay Vs Wealthsimple Crypto: Which One Is Best For You?

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If you’re looking for a comprehensive Shakepay vs Wealthsimple Crypto comparison, you’ve come to the right place. 

When it comes to cryptocurrency trading platforms, there are a lot of different options available to Canadians. If you’re looking for a simple and easy way to get started with crypto, Shakepay and Wealthsimple Crypto are two great choices.

In this Shakepay vs Wealthsimple Crypto article, we will cover everything from their features and supported cryptocurrencies, to fees and how they’re regulated. 

By the end of the post, you will have a clear idea of which platform is the best for you!


Shakepay Vs Wealthsimple Crypto: Overview

FeaturesShakepayWealthsimple Crypto
Supported Cryptocurrencies250+
Minimum Investment$5$1
User-FriendlyYesYes
Funding Optionse-transfers, wire transfers, and cryptoDirect deposit and Crypto
Trading FeesZero trading feesZero trading fees
Spread2.22%3.14%
Deposit FeesZero deposit feesZero deposit fees
Withdrawal FeesFree e-transfers and wire transfers, while crypto fees varyThere are no withdrawal fees for CAD Withdrawals: Crypto Vary
FINTRAC RegulationYesYes
OSC RegisteredNoYes
BonusWhen you sign-up and trade up to $100, you will get a sign-up bonus of $30.When you sign-up and trade up to $150, you get a sign-up bonus of $25

Shakepay Overview

Shakepay is a Canadian-based cryptocurrency exchange that was founded in 2015. Shakepay allows users to buy and sell Bitcoin and Ethereum fast using CAD. 

They have a user-friendly mobile app that makes it easy to buy and sell cryptocurrencies on the go even for beginners. Because of this, Shakepay has grown its user base to more than 900,000 and it is a popular choice for Canadians.

In addition to crypto trading, Shakepay also allows its users to pay for goods and services online using the Shakepay Card, a prepaid card that rewards cardholders with bitcoin cashback.

Shakepay users, or Shakers, can also send CAD, Bitcoin, or Ether to themselves through the app using their Shaketags, the unique user ID used on the platform.

There is also the ShakingSats feature that allows users to earn free satoshis daily by logging into the Shakepay app and shaking their phones!

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


Wealthsimple Crypto Overview

Wealthsimple Crypto is the cryptocurrency trading app from  Wealthsimple, a leading online investment platform in Canada. It is available to all Canadians and it allows users to buy and sell Bitcoin, Ethereum, and several other digital coins.

Wealthsimple Crypto is one of the simplest ways to get started with buying cryptocurrency because it allows you to do so within its Wealthsimple Trade app. So you can buy crypto within the same app where you buy stocks and ETFs.

Like Shakepay, the Wealthsimple Crypto app is very intuitive and user-friendly. Getting started and buying your crypto is very quick and easy even as a total beginner.

Wealthsimple is regulated as an MSB by FINTRAC and it is also one of a few crypto-asset dealers registered with the Ontario Securities Commission.

Check here for a full Wealthsimple Crypto Review.


Shakepay vs Wealthsimple Crypto: Key Features Compared

Both Shakepay and Wealthsimple Crypto are great cryptocurrency platforms that offer a variety of features. They both differ in key areas like fees, available cryptocurrencies, ease of use, and more.

To help you determine which one is ideal for you, let’s compare Shakepay with Wealthsimple Crypto using their key features.

Shakepay vs Wealthsimple Crypto: Supported Cryptocurrencies

Shakepay offers a very limited list of supported cryptocurrencies. It currently only supports two crypto coins: Bitcoin and Ethereum.

In contrast, you can build a more diversified crypto portfolio with Wealthsimple Crypto because it allows you to buy and sell supported cryptocurrencies using Canadian dollars (CAD). At the time of writing, it supports 50+ cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Solana, Litecoin and more.

Therefore if you are looking for more choices in the currencies you can trade or invest in, Wealthsimple Crypto is the best option. But if you are just getting started with investing in crypto and want to invest in Bitcoin and Ethereum, Shakepay could be your best choice.

Shakepay vs Wealthsimple Crypto: Minimum Investment

For a beginner investor, the minimum investment amount may be a significant factor when choosing a platform.

Compared to other crypto platforms, Shakepay and Wealthsimple Crypto both have a low minimum investment amount requirement.

Shakepay and Wealthsimple Crypto’s low minimum investment amounts make them friendly to new investors who want to dip their toes into the crypto space with little money.

While both platforms are reasonable with their minimum investment amount and you can start your crypto investing journey with either of them, Wealthsimple Crypto offers the lowest minimum investment amount.

Wealthsimple Crypto offers a minimum investment amount of $1. On the other hand, Shakepay’s minimum is $5 since that is the minimum you can deposit using Interac e-transfer on the platform.

If you’re looking to trade crypto with a small budget and don’t have much experience in crypto trading, either Wealthsimple Crypto or Shakepay are good crypto platforms.

Shakepay vs Wealthsimple Crypto: User-Friendly

The easiest way to invest in cryptocurrency is through a user-friendly platform. Wealthsimple Crypto and Shakepay are particularly good options thanks to their simple and intuitive interfaces and user-friendliness.

Even a beginner can easily navigate their website or app, so you don’t have to be an expert crypto trader or investor to get started.

With Shakepay for example, you can buy your first bitcoin or Ether with just a few clicks once you’re signed into the app.

Shakepay vs Wealthsimple Crypto: Funding Options

Both platforms offer a few options to fund your accounts with fiat or crypto. While both allow you to fund your account through crypto deposits, Shakepay has more options than Wealthsimple Crypto when depositing fiat money.

Shakepay offers e-transfer and wire transfer. On the other hand, Wealthsimple Crypto only offers direct deposits through a linked bank account that can take 2-3 days to become available to trade. 

But you can take advantage of the instant deposit feature at Wealthsimple to get access to $1,500 instantly every 3 business days. For deposits above $1,500, you’ll have to wait for 5 business days before you can invest it.

With Shakepay, you can deposit up to $10,000 using e-transfer and get access to it almost immediately. So if you want faster access to your funds and more deposit options, Shakepay beats Wealthsimple Crypto.

Shakepay vs Wealthsimple Crypto: Fees

Trading Fees

Both Shakepay and Wealthsimple Crypto are commission-free crypto platforms. If you want to buy cryptocurrencies, you don’t have to worry about paying trading fees.

However, Both Shakepay and Wealthsimple Crypto make their money through spreads. 

Shakepay has a spread of about 2.22% (Mar 1, 2022) that applies to prices quoted on its platform. That means you can expect to pay a spread of 1%-1.25% on each buy and sell on its platform.

On the other hand, Wealthsimple Crypto charges a 3.14% spread – or 1.5% on every buy and sell transaction that goes through their platform.

Spread

Shakepay and Wealthsimple Crypto are both brokerages and not exchanges, this means they buy cryptocurrency from others and resell with some markup. 

You can only buy and sell crypto through them, but in some sense, they’re just gateways between fiat and crypto, with some spread to cover the cost of running their operations.

The spread is the difference between the buy and sell price of a cryptocurrency. 

For example, if Bitcoin has a bid price of $10,000 and an asking price of $10,100, the spread is $100. 

So even though there are no separate trading fees to pay, Shakepay and Wealthsimple Crypto make their money by adding these spreads to the price of cryptocurrencies on their platforms.

The following table shows the Shakepay and Wealthsimple Crypto’s spread as of March 2, 2022.

ShakepayWealthsimple Crypto
Ask/Buy56,36956,634
Sell/Bid55,13454,909
Ref. Price55,79055,790
Buy Spread1.04%1.51%
Sell Spread-1.18%-1.58%
Total2.22%3.14%

Note: The price and spread information above were taken at a point in time. The spreads will usually vary but this gives you an idea of what you can expect on each platform.

From the table above, Shakepay has a lower spread and is a more cost-effective way to invest in cryptocurrency in Canada compared to Wealthsimple Crypto.

So if you want to buy some Bitcoin or Ethereum, Shakepay is the cheaper option. 

Deposit Fees

Shakepay and Wealthsimple Crypto have a similar approach when it comes to deposit fees.

Both platforms don’t charge deposit fees, making them more attractive than other platforms with as high as 1.5% deposit fees. This means you can deposit funds into your account through the platforms for free. 

But of course, your financial institution may charge you some fees for Interac e-transfer or any of the deposit methods.

Withdrawal Fees

Shakepay has no withdrawal fees for e-transfers and wire transfers. It also covers the fees for bitcoin and Ether withdrawals.

Similarly, Wealthsimple Crypto does not charge withdrawal fees for CAD Withdrawals, but crypto withdrawal fees vary depending on the coin. You’ll be shown an estimate of the network fees when you try to make a withdrawal. 

There are also limitations on the minimum crypto you can withdraw. For Bitcoin, you can withdraw 0.0005 BTC and 0.0001 BTC on Wealthsimple Crypto and Shakepay respectively.

For Ether, it is 0.005 ETH and 0.1 ETH on Wealthsimple Crypto and Shakepay respectively.

Shakepay vs Wealthsimple Crypto: FINTRAC Regulation

Any financial institution that deals with money in Canada is required to register as an MSB with the Financial Transactions and Reports Analysis Centre (FINTRAC).

Both platforms are regulated as money services businesses by FINTRAC as MSB members, so they have to comply with strict anti-money laundering (AML) and know your customer (KYC) regulations. 

In addition, Wealthsimple Crypto is registered with Ontario Securities Commission as an exempt dealer – the first crypto platform to be registered with the securities regulator.

Shakepay vs Wealthsimple Crypto: Sign-Up Bonus

Just like most crypto trading platforms, both Shakepay and Wealthsimple Crypto offer sign-up bonuses but in different amounts and with different requirements. 

When you sign-up on Shakepay and trade at least $100, you will get a sign-up bonus of $30. On the other hand, when you create an account on Wealthsimple Crypto and trade up to $150, you will earn a bonus of $25.

If you’re looking for a higher welcome bonus, Wealthsimple Crypto is the better crypto trading platform and has one of the highest sign-up bonuses among the Canadian crypto platforms.


Shakepay vs Wealthsimple Crypto: Summary

Both companies offer competitive prices when purchasing crypto and are fully licensed in Canada. They both also provide a relatively quick process for buying and selling cryptocurrency.

However, each offers distinct benefits over the other. Let’s examine both company’s strengths and weaknesses to help you decide which of them is the best option for you.

Strengths

Both Shakepay and Wealthsimple Crypto don’t charge trading fees. However, they both have relatively higher spreads. In terms of spread, Shakepay has an advantage over Wealthsimple Crypto because it charges a lower spread.

The most obvious advantage that Wealthsimple Crypto has over Shakepay is its support for several digital currencies.  If you’re planning to trade a lot in Canada, Wealthsimple Crypto might be a better choice.

Drawbacks

Shakepay doesn’t provide support for other cryptocurrencies besides Bitcoin and Ethereum. This is a disadvantage for users who want to trade altcoins like Litecoin and XRP. 

As a result, Shakepay isn’t the best choice for those looking to diversify their portfolio by investing in highly speculative assets aside from the two most popular ones.

Wealthsimple Crypto, on the other hand, supports several Cryptocurrencies but its spread is higher.


Shakepay vs Wealthsimple Crypto: The Overall Best

Wealthsimple and Shakepay are both excellent cryptocurrency trading platforms with a lot to offer Canadian crypto enthusiasts. 

But which platform is better? Let’s summarize some of the points we’ve covered above.

Both platforms are highly secure, easy to use, and offer you a reliable way to buy and sell crypto in Canada. 

All in all, I would say that both exchanges have their pros and cons but are fairly similar in terms of overall value. 

Like I mentioned earlier, Wealthsimple Crypto offers more cryptocurrencies than Shakepay. So if you are interested in buying more than just Bitcoin then Wealthsimple Crypto might be a better option for you.

On the other hand, if you want to keep things simple by trading only in Bitcoin or Ethereum or want access to a bitcoin cash back card, then Shakepay is the perfect platform for you. 


FAQs

What crypto does Shakepay support?

Shakepay supports the two most popular Cryptocurrencies: Bitcoin and Ethereum. Through its mobile app, you can buy and sell the two coins easily.

Is Shakepay better than Wealthsimple?

Even though both platforms charge no fees for deposits and withdrawals, Wealthsimple Crypto charges a higher spread that is higher than 3%. Whereas, Shakepay charges between 2 – 2.5%, which is lower. Shakepay seems to be the most cost-effective option for purchasing Bitcoin and Ethereum.

Is Wealthsimple good to buy crypto?

Yes. It is safe to use Wealthsimple Crypto. Gemini Custody is the custodian of the coins on this platform. FINTRAC also regulates the platform as an MSB and it is registered with OSC.

Do you get taxed on ShakePay?

Taxes are not required for Cryptocurrency ownership, according to the Canada Revenue Agency (CRA). However, there may be tax ramifications if you give, sell, or use cryptocurrencies to make a transaction.

Can I withdraw crypto from Wealthsimple?

Yes. It is possible to withdraw your cryptocurrency from your Wealthsimple Crypto wallet to another one.


Conclusion

Both Wealthsimple Crypto and Shakepay offer viable solutions for those looking to enter into the crypto investment space. But which one is right for you? 

While both platforms have obvious advantages and disadvantages, it’s up to you to decide which platform best suits your needs.

If you want access to more cryptocurrencies to trade, go with Wealthsimple Crypto over Shakepay. But if you’re happy with trading just the 2 top crypto coins, then Shakepay is the better crypto platform.

I hope this Wealthsimple Crypto vs Shakepay review helps you make the best decision. If so, let me know which platform you will be using in the future. 

And if you think I missed a major feature or need to add something, feel free to drop a line in the comments and let us know.

Related: Shakepay vs Newton.

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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