Shakepay vs Binance | Who Has Best Trading & Lowest Fees
Jack Moreau
Feb 2024
8 min read
Fact checked
Shakepay vs Binance: In this comprehensive comparison, we delve into various aspects of both platforms. Our analysis includes factors such as KYC verification requirements, geographical availability, range of products, transaction fees, deposit options, and much more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Shakepay and Binance are two popular cryptocurrency exchanges that cater to different demographics and offer unique features to their users.
Shakepay is a Montreal-based exchange that was founded in 2015 by Jean Amiouny and Roy Breidi. It is a beginner-friendly platform that is exclusively available to Canadian citizens.
Shakepay is registered as a Money Services Business (MSB) in Canada and operates in all Canadian provinces and territories. The exchange has served over 1,000,000 Canadians during its 8 years in operation.
Shakepay's goal is to provide financial applications for building wealth, and it focuses on making it easy for Canadians to buy and sell Bitcoin and Ethereum
On the other hand, Binance is one of the largest and most popular cryptocurrency exchanges in the world. It was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd.
With over 6,000 employees, Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking and more.
The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is known for being the most liquid exchange globally. Binance has a massive user base of over 150 million users worldwide and is available in over 180 countries.
In terms of user experience, Shakepay is known for its user-friendly interface, making it easy for beginners to navigate and trade cryptocurrencies. The Shakepay app has been downloaded over 100,000 times and is available on both Android and iOS platforms.
Binance, on the other hand, has a larger user base and offers its services through the Binance Android app, which has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Shakepay vs Binance KYC Requirements
When it comes to signing up for Shakepay, the process is quite straightforward and user-friendly. All you need to do is select a username, provide your email address, and create a password.
Once you've completed these steps, you'll receive a verification email to confirm your email address. After verifying your email, you'll be prompted to provide a Canadian phone number and verify it as well.
This additional step ensures that Shakepay is accessible only to Canadian residents. Once you've successfully completed these verification steps, your account will be opened, and you can move on to the KYC (Know Your Customer) process.
KYC is mandatory for all Shakepay users, and no buying or selling can occur without having a verified account. During the KYC verification process, you'll need to provide personal information, submit a valid government ID, and confirm your Canadian citizenship.
Users that are not a Canadian citizen will not be able to complete the KYC process and, as a result, won't be able to use Shakepay's services.
On the other hand, Binance offers a slightly different signup process. Creating a Binance account takes less than a minute, and during the initial signup, you'll only need to provide your email and password.
However, in order to begin trading on Binance, users must verify their account through the KYC process. This means submitting all the required information and documents for verification, such as your country of residence, address, and government ID.
KYC is required by Binance and users cannot trade before completing the verification process. The KYC verification process on Binance can vary in duration, taking as short as 15 minutes or up to 1 business day in some cases.
Note that while only Canadians can use Shakepay, Binance is not available in Canada at the time of writing.
Shakepay vs Binance Crypto Products
Shakepay and Binance are two cryptocurrency exchanges that offer different products and services to their users. Shakepay is a basic exchange designed for beginner crypto investors based in Canada.
It focuses on simplicity and ease of use, offering support for only two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Shakepay does not have an orderbook but instead provides a simple buy and sell functionality that allows users to purchase Bitcoin or Ethereum with Canadian dollars (CAD).
The user experience on Shakepay is very beginner-friendly, and the exchange has done a good job of keeping things simple.
However, some users may find Shakepay's limited range of cryptocurrencies and services to be too basic for their needs
On the other hand, Binance has firmly established itself as the largest with a staggering user base exceeding 150 million.
It stands out for its comprehensive range of products tailored to crypto novices to seasoned traders and institutional clients.
Both its website and mobile applications offer an intuitive experience that guides even crypto newcomers with ease.
At the heart of Binance's offerings is its popular spot trading platform with support for over 350 cryptocurrencies including BTC, ETH, SOL, and many others.
For those inclined towards margin trading, Binance extends leverage options ranging from 3-10X depending on the cryptocurrency. Additionally, it caters to beginners with a plethora of trading bot strategies such as spot, DCA, and auto-invest.
Binance also offers sophisticated products like perpetual contracts and options with up to 125X leverage.
This includes hundreds of USD-Margined futures contracts, ideal for those looking to counterbalance crypto volatility with stablecoin settlements like USDT or BUSD.
Coin-margined futures contracts add another layer, offering settlements directly in cryptocurrencies.
For those that prefer to trade Options, Binance offers built-in leverage for hedging strategies with key assets like BTC, ETH, and BNB, and over 700 contracts.
Beyond its trading capabilities, Binance is a powerhouse in terms of liquidity. It leads the pack with over $60 billion in 24-hour trading volume, ensuring that large-scale trades can be executed smoothly with minimal spreads.
Its trading system is enriched with advanced charting tools and varied order types, enhancing both technical analysis and risk management.
For those that want to earn on their digital assets, the Binance Earn section offers products for staking, savings, and liquidity farming.
The Binance Launchpad introduces a more speculative investment avenue, offering early access to emerging token projects that are just launching.
In the NFT space, Binance has made significant strides by catering to retail users with a dedicated section for trading NFTs on major blockchains like Bitcoin, Ethereum, and BNB.
It also addresses the needs of large-scale traders through its OTC Trading service, facilitating large transactions in a discreet and secure environment.
Its acquisition and continuous enhancement of Trust Wallet further offers a non-custodial DeFi experience for users that prefer that.
Security is paramount at Binance as evidenced by its Secure Asset Fund for Users (SAFU) and the implementation of proof of reserves, ensuring clients can verify the integrity of their assets.
Shakepay, the local retail store for buying and selling cryptocurrencies, offers a unique approach to trading fees. Instead of charging a fixed fee or a percentage, Shakepay takes a commission of the spread between the buy and sell price.
While this may seem convenient for some users, especially those who are new to trading and prefer a simple buying and selling process, it's important to note that Shakepay charges a rather steep spread fee of up to 2%.
This means that users may end up paying significantly more than the market value when buying or selling cryptocurrencies through Shakepay.
Moving on to the trading fees offered by Binance, they charge a spot maker fee of 0.1% and a spot taker fee of 0.10%, which is quite competitive compared to other exchanges.
Binance also offers a range of options for users to lower their trading fees If monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
For futures maker orders, the fee is only 0.02%, while for futures taker orders, it's 0.04%. This makes Binance a favorable choice for traders who are interested in futures markets as well.
Shakepay and Binance are both cryptocurrency exchanges that offer various deposit methods. Starting with Shakepay, Canadians have the option to deposit their Canadian Dollars (CAD) into Shakepay using either Interac e-Transfer or Wire Transfer.
Both deposit methods are free of charge, which is a great advantage. Interac e-Transfer deposits are processed almost instantly, allowing users to have their funds available within minutes.
On the other hand, Wire Transfers may take up to 2 business days for the funds to arrive in the Shakepay account. Additionally, Shakepay also allows users to deposit Bitcoin (BTC) and Ethereum (ETH) free of charge, providing more flexibility for crypto deposits.
Moving on to Binance, it supports a wide range of fiat currencies including USD, EUR, AUD, GBP, and many others. Binance offers multiple deposit methods for fiat currencies.
Users can deposit funds through bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash.
It is worth noting that deposit fees vary depending on the method chosen. If users deposit with Visa or Mastercard, they will incur a 1.8% fee. Bank transfers via SEPA come with a 1 EUR fee, and deposits made through Advcash account have a 1.5% fee
When it comes to withdrawing funds from exchanges, Shakepay and Binance offer different methods and fees for their users.
Starting with Shakepay, users have the flexibility to withdraw their funds in various ways. For those wanting to withdraw their AUD, Shakepay provides the option of using either Interac e-Transfer or basic Wire transfer, both of which are free of charge.
Interac e-Transfer offers instant transfers with a maximum limit of $10,000, while Wire transfers have no upper limit but may take 1-2 working days to arrive. Shakepay also covers the fees for Bitcoin and Ethereum withdrawals, making it convenient and cost-effective for users to retrieve their cryptocurrencies.
On the other hand, Binance offers multiple methods for withdrawing fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard. For SEPA withdrawals, there is a fixed fee of 1 EUR, while bank withdrawals with many other fiat currencies are free of charge.
In terms of cryptocurrency withdrawals, both Shakepay and Binance have different fees depending on the blockchain.
Binance charges a fee of 0.0002 BTC for Bitcoin withdrawals, 0.000768 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 6 USDT for ERC-20 USDT withdrawals.
Shakepay vs Binance: Is Shakepay better than Binance?
In conclusion, Shakepay is a beginner-friendly platform exclusively available to Canadian citizens and focuses on making it easy for Canadians to buy and sell Bitcoin and Ethereum.
Binance, on the other hand, is one of the largest and most popular exchanges globally, offering a comprehensive suite of trading and financial services with a wide selection of cryptocurrencies.
Availability-wise, Shakepay is only accessible to Canadian citizens, while Binance is available in 186 countries, giving Binance a clear advantage in terms of global reach and accessibility.
In terms of user experience, Shakepay is known for its user-friendly interface, making it easy for beginners to navigate and trade cryptocurrencies. Binance, on the other hand, offers a more advanced trading platform for both retail and institutional investors, making it a preferred choice for experienced traders.
Security-wise, both exchanges prioritize the safety of user funds and comply with regulatory requirements. Shakepay is registered as a Money Services Business in Canada, ensuring compliance with Canadian regulations.
When it comes to trading fees, Shakepay charges a spread fee of up to 2% between the buy and sell price. Binance, on the other hand, offers competitive fees for spot trading of only 0.1% for makers and takers.
In terms of deposit methods, Shakepay offers free deposit options for Canadian dollars and allows free crypto deposits, catering to the needs of Canadian users. Binance, on the other hand, supports a wider range of fiat currencies and provides various deposit methods, although some of them come with associated fees.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.