Bitbuy vs Shakepay Crypto Exchange Comparison
Making Crypto Simple
Bitbuy and Shakepay are two of the most reliable choices available if you are searching for a crypto exchange tailored to Canadians’ needs. These trading platforms provide a straightforward method of purchasing cryptocurrency using Canadian dollars.
But how exactly does one choose the better platform, and is there a truly superior option? Keep reading to find out how these two Canadian cryptocurrency exchanges stack up against one another.
- A FINTRAC and OSC-compliant platform;
- Suitable for beginners and experienced traders;
- No crypto deposit fees;
- Limit orders on your buy and sell trades;
- Facilitates high-volume trading through its Private Wealth functionality (formerly the OTC desk);
- Safekeeping 95% of client funds in offline cold storage;
- Offers a BitGo insurance policy for your crypto assets.
- No staking functionality;
- Costly Instant Buy fees;
- Supports only CAD as fiat currency;
- No OTC desk;
- High deposit and withdrawal fees;
- A limited number of available digital currencies and trading instruments;
- Only available to crypto traders living in Canada.
- A FINTRAC-regulated Money Service Business (MSB);
- An innovative and fun option to earn free bitcoins;
- Referral program for an additional passive income;
- Android and iOS supported app;
- Provides cold storage (offline hardware wallets) of funds and insurance policy.
- Supports only two cryptocurrencies (BTC and ETH);
- Modest trading options;
- Supports only CAD as a fiat currency;
- Available only to Canadian traders.
Bitbuy vs Shakepay – How It All Started?
Bitbuy, launched in 2016, is widely regarded as Canada’s premier cryptocurrency exchange. Bitbuy was established in 2016 to make buying and selling Bitcoin and other digital currencies easy, safe, and quick for anyone. Regarding safety, it’s worth mentioning that the government of Canada oversees the exchange, ensuring that it conforms with all of the applicable financial legislation that is specific to the country.
In addition, this cryptocurrency exchange, which has its headquarters in Toronto, Ontario, is universally perceived as being the most reliable and trustworthy of all those operating in Canada. The platform facilitates fast and secure transactions involving a wide range of popular digital currencies in exchange for the Canadian dollar (CAD).
Bitbuy also offers strong banking agreements that allow for safe fiat-to-crypto conversions and some of the most qualified and dedicated customer service personnel in the business.
Founded in Montreal in 2015, Shakepay is a fintech services provider specializing in creating software for use in the financial sector. Here, you’ll find a straightforward real-time interface for buying and selling cryptocurrency. You can also effortlessly send cryptocurrencies to your contacts, earn extra money in bitcoins, etc.
Aside from buying and selling Bitcoin (BTC) and Ethereum (ETH), Canadians can instantly and securely move their cryptocurrency holdings to their bank account using this platform without any fee for the service. However, the most exciting aspect of Shakepay is its incentive scheme, which lets you earn satoshis just by shaking your mobile phone.
Only residents of Canada are eligible to use this service, though. So, if you have a Canadian residence, feel free to consider yourself lucky to have access to one of the industry’s most amusing (and rewarding) crypto apps.
Bitbuy vs Shakepay: The Crypto Exchanges Comparison
To gain a whole picture of the two exchanges’ strengths and limitations, it is best to compare them side by side. Here’s how Bitbuy stacks up against Shakepay from my perspective.
Opening an Account
Bitbuy.com employs an automated identity verification procedure that you must pass before opening a trading account with the exchange.
To get started with Bitbuy, you’ll need to fill out a form with your details before proceeding to the next steps of establishing your account, which includes verifying your email and phone number. Please note that you might be asked to provide additional proof of identity, such as a government-issued photo ID, bank balance, or evidence of residency.
If, on the other hand, you want to register for an individual trading account on Shakepay, you can do so by using either the online platform or the exchange’s mobile app. Either way, you will be able to access your account promptly. The registration process is fast and easy. Simply pick your username, provide your details, respond to the confirmation email, enter a valid phone number for SMS verification, and you’re good to launch your newly established Shakepay account.
To balance the scales, both marketplaces mandate the KYC/AML user verification protocols as FINTRAC-registered cryptocurrency trading platforms.
With Bitbuy, traders have access to a safe and user-friendly trading environment. On Bitbuy, you can buy and sell cryptocurrencies using four trading venues: the over-the-counter (OTC) desk, the Pro Trade, crypto wallets, or the Express Trade market.
This platform is a convenient venue for Canadian customers, whether they are crypto trading newbies or seasoned pros, to quickly and easily purchase some of the most popular coins and swap them for their local fiat currency, the Canadian dollar (CAD).
In addition, the Bitbuy exchange provides support for two distinct marketplaces: one geared towards newcomers that includes streamlined trading tools, Bitbuy Lite, and another one designed for advanced traders and known as Bitbuy Pro. This latter platform consists of a real-time order book and more complex financial instruments.
Unlike Bitbuy, which focuses on swapping cryptos, Shakepay is more about providing you with passive income options. For one, sharing your unique referral code or Shakepay’s website address via email, a blog post, or a mobile app are great ways to spread the word about Shakepay and earn 30 CAD through the platform’s Referral Program.
If you’re interested in Bitcoin cashback bonuses, you might consider inviting others to use the Shakepay Card. To access the referral link, go to Shakepay’s card page and look for the Boost Your Rewards banner.
Last but not least, there is another entertaining method for traders who are constantly on the run making bitcoins. Shakepay’s software engineers figured it would be a good idea to design an app that you would shake to make a satoshi upon each login and then have those ShakingSats sent to your Shakepay account. And they were absolutely correct in their assessment.
Even though Bitbuy only supports a small subset of cryptocurrencies, they are some of the most liquid options available on the market. This platform supports Bitcoin (BTC), Bitcoin Cash (BCH), EOS (EOS), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Aave (AAVE), Litecoin (LTC), Cardano (ADA), Stellar Lumens (XLM), Chainlink (LINK), and Ripple (XRP), among the total of 15 altcoins.
While there aren’t many digital currencies to choose from on this exchange, Bitbuy is continually introducing new ones. Hence, always look for the most up-to-date listing of Bitbuy’s supported digital assets.
In contrast, Shakepay only supports Bitcoin (BTC) and Ethereum (ETH), the two most liquid cryptocurrencies on the market. Shakepay’s decision to back these two particular crypto initiatives is based on the fact that both coins are incredibly profitable and hold a high resale value.
The executives of this Canadian exchange decided to list only BTC and ETH to ensure that the platform’s fluidity is not hindered in any way, which I think is a brilliant strategic move considering Shakepay’s mode of operation.
Cryptocurrencies, bank transfers, and Interac e-Transfers are several deposit options available to Bitbuy customers. Take into consideration that Bitbuy will only allow you to fill your account with Canadian dollars (CAD) or cryptocurrency.
When it comes to Shakepay, the exchange offers free deposits and withdrawals via Interac e-Transfer® payment provider or wire transfer. Compared to the instant processing time of an Interac e-Transfer, the typical processing time for a bank wire transfer is one business day. On the downside, you can’t use a credit card or debit card to pay with Shakepay.
Trading Fees and Limits
If you want to conduct a standard cryptocurrency exchange through Bitbuy, you will be subject to a fee of 0.2% for each transaction. Note that the fiat-crypto swaps, fiat currency deposits, and all withdrawals incur separate fees and easily add up to your total.
Furthermore, the maker/taker fee model is used to determine the trading costs of experienced cryptocurrency investors. According to this structure, market makers are levied 0.1% of the trade, while liquidity takers are charged a fee of 0.2% per trade. A steal of a deal if you ask me.
However, there’s a caveat to this deal. You see, Bitbuy will charge you an extra 1.5% if you utilize the Interac e-Transfers service, on top of the already low fees associated with trading cryptos through this platform. It’s clear that investors choose this deposit method because of the quick processing time (often within a couple of hours), but you shouldn’t let haste get the better of you and make waste instead of a lucrative trade in the end.
On the other hand, the fact that Shakepay requires no fees beyond the amount you put into trades is one of its most remarkable features. As a registered Shakepay user, you won’t have to pay any trading costs anything to use the platform’s services.
Never forget, though, the economic theory that there’s no such thing as free lunch. Here’s the catch. Buying or selling digital assets on Shakepay is free; that’s true. However, the platform does charge a variable price spread that can add up to 3% of the asset’s value.
How Safe Are Bitbuy and Shakepay?
Regarding safety, I believe both of these markets have adequate safeguards in place. Bitbuy and Shakepay keep their clients’ assets in cold storage and strictly adhere to the KYC/AML user authentication protocols. In this regard, Bitbuy discloses that 95% of the funds deposited on the platform are kept in cold storage, whereas Shakepay does not provide this information.
Cold storage is, so far, one of the safest methods for storing cryptocurrencies, and both Shakepay and Bitbuy use it to store digital assets offline, which minimizes the possibility of your funds being seized by cybercriminals. In addition, Shakepay and Bitbuy have been operational since 2015 and 2016, respectively, without a single instance of hacking.
Moreover, both of these services facilitate the 2FA protocol, thus guaranteeing that only you have access to your account. Withdrawals from Shakepay require email verification, much like those from other services, so if you enable two-factor authentication on your email account, you can be sure that no one is taking money out of your account without your permission. Similarly, if you access your Bitbuy account from a different device, you will be asked to validate your login credentials through email.
As far as customer service goes, Bitbuy has a stellar reputation. Help with cryptocurrency trading questions is available around the clock from the exchange’s staff of trained professionals. Support is available via phone and electronic mail, making this exchange highly flexible to your communication preferences.
Bitbuy also provides a comprehensive educational and instructional resource centre and the Bitbuy Blog for those interested in learning more about digital currencies and blockchain technology.
Back to Shakepay, feel free to use the in-app chat to quickly reach out to the helpful folks at this exchange’s support centre if you’re having trouble. First, remember to input your Shakepay ID (i.e. Shaketag) and password. Then, you can start a conversation with the bot by selecting it from Shakepay’s website or mobile app’s menu.
Additionally, Shakepay has a sizable social media footprint. As a result, you can contact the exchange’s support team via any social media outlets, including Twitter, Instagram, Discord, Facebook, YouTube, or Reddit.
The Bitbuy mobile app is the best option for market participants who need support reconciling their busy schedules with their crypto ventures. The trading activities executed using this app are completed in minutes and protected by state-of-the-art safety features.
In addition, this software replicates the full functionality of the desktop version of the Bitbuy exchange, including its trading and portfolio monitoring functionalities.
Whether you’re using a desktop computer or Bitbuy’s mobile app, buying BTC or ETH with Shakepay is an effortless process. In my experience, the app version of Shakepay is just as intuitive to use as the exchange’s desktop version. There aren’t too many bells and whistles to get in the way of a new user’s experience, making this cryptocurrency exchange ideal for those just starting in the crypto world who prefer to trade on the go.
Furthermore, the Shakepay app has a clean design and easy access to Bitcoin and Ethereum market statistics and supports every (Canadian) trader’s favourite Shaking Sats feature. With this app, purchasing cryptocurrency and depositing money to your account is as simple as tapping a few function keys, but collecting free sats is even simpler. Take my word for it.
Bitbuy and Shakepay vs Other Exchanges
If you’re still having difficulty deciding between these two options, I’m here to offer you some additional guidance and alternative trading platforms. Binance and Coinbase are two of the most widely used global platforms, but before you give in to the hype and commit to them, it’s worth checking out some of the top Canadian exchanges.
Newton, like Shakepay, is a reliable and safe Canadian exchange that doesn’t provide much beyond the standard cryptocurrency swaps. As a result, the simplified nature of trading on this platform makes it suitable for novice traders. Regarding costs, Newton’s trading fees are somewhere between those of Bitbuy (slightly higher than the rest of its peers) and those of Shakepay (which are zero).
In my book, Newton’s more comprehensive selection of supported coins is its top-selling feature compared to these two platforms. And if you really want to have your pick of the litter when it comes to the number of supported cryptocurrencies, I’d throw in the NDAX market as well, with more than 30 coins to trade. But out of these options, I would suggest Bitbuy as the best choice for you if you are interested in employing more advanced trading instruments.
Traders in Canada have access to Wealthsimple, another reputable crypto exchange that complies with all applicable laws and standards. This Toronto-based brokerage, like Bitbuy and Shakepay, insures customer funds, but in terms of cryptocurrency availability and trading features, it’s more comparable to Bitbuy than the other two, as it offers more sophisticated trading options.
If you’re looking to buy and sell stocks or exchange-traded funds (ETFs), though, Wealthsimple offers a more sophisticated trading platform than Shakepay and Bitbuy.
On the flip side, Wealthsimple comes out on top in this comparison as the most expensive trading platform out of the three options, charging a fee of between 1.5% and 2% for each executed deal. That’s quite a bit, you’d agree.
For the crypto traders in Canada, both Shakepay and Bitbuy make buying cryptocurrencies simple and easy while providing an enjoyable user experience through their safe and regulated platforms.
Even though Shakepay supports only Bitcoin and Ethereum, it is easily the most engaging crypto site where you can become a collector of satoshis in a genuinely amusing fashion – just by shaking your phone. Therefore, if you’re solely interested in buying Bitcoin or Ethereum at the most affordable price and obtaining some free bitcoins along the way, Shakepay is the best option due to its virtually instant and fee-free deposits.
When compared to Shakepay, Bitbuy is the more feature-rich platform I suggest as a choice if you value diversity. I certainly appreciated the expanded selection of cryptocurrency options and trading instruments available on Bitbuy, in contrast to the modest (but entertaining!) offer on Shakepay.
Finally, Bitbuy is on par with other markets for buying and selling cryptocurrencies regarding fees. This is true even though trading costs are a tad higher, primarily due to your chosen payment method.