Shakepay vs Coinbase | Best Crypto Exchange For Canadians?
Jack Moreau
Feb 2024
8 min read
Fact checked
Shakepay vs Coinbase: In this comparison, we delve into the key aspects of both exchanges to assist you in making an informed decision. From examining their KYC requirements, country availability, product offerings, trading fees, deposit methods, and more, we help you determine which exchange suits you best!
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 Coinbase are two well-known cryptocurrency exchanges that cater to different markets and user demographics.
While Shakepay focuses exclusively on the Canadian market, Coinbase is a leading US-based exchange with a global presence.
Shakepay was founded in 2015 by Jean Amiouny and Roy Breidi and is a Montreal-based technology company that provides financial applications for building wealth.
With over 1,000,000 Canadians served during its 8 years in operation, Shakepay has established itself as a trusted platform in the Canadian crypto market.
Shakepay exchange
Shakepay is a beginner-friendly exchange exclusively for Canadian citizens who want to buy and sell Bitcoin and Ethereum.
It is registered as a Money Services Business (MSB) in Canada and has the necessary licenses to operate in all Canadian provinces and territories.
Shakepay's user-friendly interface and focus on simplicity make it an attractive option for users new to cryptocurrency trading.
The exchange offers a limited range of cryptocurrencies, including Bitcoin and Ethereum, but its primary strength lies in its accessibility and ease of use.
Shakepay's mobile app, available on both Android and iOS, has been downloaded over 100,000 times, reflecting its popularity among Canadian users.
Shakepay app
Coinbase was founded earlier than Shakepay in 2012 by Brian Armstrong and Fred Ehrsa, and is an exchange based in the United States known for its user-friendly interface, security, and regulatory compliance.
Coinbase exchange
With over 100 million users mainly based in the US and Europe, Coinbase is one of the biggest exchanges in the world. The platform supports a range of over 200 cryptocurrencies including BTC, ETH, SOL, XRP, ATOM, ADA, DOGE, USDC and many others.
Coinbase offers a variety of services such as spot trading, recurring buys, staking, custody solutions and it's homegrown NFT platform.
Coinbase caters to both retail and institutional investors with its advanced trading platform, Coinbase Pro, which offers additional features and lower fees.
The Coinbase mobile app, available on both Android and iOS, has been downloaded by 10 million users and has a rating of 4.1 stars based on over 750,000 reviews.
Coinbase app
Shakepay vs Coinbase KYC Requirements
Signing up for Shakepay is a quite easy as all you need to do is select a username, enter your email address, and create a password.
Once you've verified your email, you'll need to provide a Canadian phone number and verify it as well.
With these steps completed, your Shakepay account will be open and ready to go. However, it's important to highlight that Shakepay requires KYC (Know Your Customer) verification for all users.
NDAX KYC Requirements
This means that you'll need to provide personal information, submit a valid government ID, and be a Canadian citizen. Unfortunately, if you're not a Canadian citizen, you won't be able to complete the KYC process and use Shakepay's services.
On the other hand, Coinbase offers a slightly different signup process. It only takes about a minute to complete as you'll need to provide full name, email and a password.
Coinbase signup
Once you've provided all the required details, your Coinbase account will be up and running. Similar to Shakepay, KYC verification is mandatory on Coinbase.
This means that you'll need to go through a verification process that takes a few minutes to submit personal information such as full name, country of residence and a valid government ID.
Shakepay vs Coinbase Crypto Products
Shakepay offers a very basic exchange platform that is designed specifically for beginner crypto investors based in Canada. The exchange focuses on simplicity and ease of use, offering support for only two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Shakepay interface
Shakepay does not have an order book but instead provides a simple buy and sell functionality that allows users to purchase Bitcoin or Ethereum with CAD. The user experience on Shakepay is very beginner-friendly, with a clean and easy-to-navigate interface.
The exchange has done a good job of keeping things simple but for most users, they will find it too basic as it only offers buy and sell functionality for two cryptocurrencies.
Shakepay buy and sell BTC
Coinbase offers users a much wider range of features and services than Shakepay. Coinbase is known for its beginner-friendly approach and provides a seamless trading experience.
Coinbase Products
The exchange offers spot trading allowing users to buy and sell over 240 popular cryptocurrencies like Bitcoin and Ethereum.
Coinbase Spot Trading
In addition to spot trading, Coinbase offers lending and borrowing options for users who want to earn interest or get loans using their digital assets.
Coinbase Borrow
Coinbase also provides staking services for cryptocurrencies like Ethereum (ETH), Solana (SOL), Cardano (ADA), Tezos (XTZ), Polkadot (DOT), and Cosmos (ATOM).
Coinbase Staking
For those that prefer to earn interest on US Dollars, users can also earn 5% on their USDC by simply holding this stablecoin in their Coinbase account.
Coinbase Earn
The exchange has its own non-custodial Web 3 wallet and a Coinbase Visa Card, which allows users to spend cryptocurrencies and earn cashback.
Coinbase Visa Card
Coinbase recently introduced its own NFT marketplace to meet the increasing demand for digital art and collectibles where users can buy and sell NFTs on Ethereum, Polygon and Base.
Coinbase NFT
The exchange also offers a "Learn and Earn" program that encourages users to learn about cryptocurrencies and rewards them with digital assets.
Coinbase Learn & Earn
Coinbase provides a great user experience with a beginner-friendly and easy-to-navigate website, although some users have reported occasional connection issues.
Coinbase Interface
In terms of liquidity, Coinbase consistently ranks in the top five with daily spot trading volumes frequently exceeding $2-3 billion.
Coinbase Trading Volume
In summary, Shakepay focuses on simplicity and is mostly suited for absolute beginners in Canada while Coinbase provides a more comprehensive platform with a wide range of services.
When it comes to trading fees, Shakepay operates as a local retail store for buying and selling cryptocurrencies.
They earn their money by taking a commission of the spread between the buy and sell price. Now, here's the catch, that spread fee charged by Shakepay can be up to a hefty 2%. Compared to other exchanges, this is quite a steep price to pay for basic buying and selling of cryptocurrencies.
Coinbase also provides an opportunity to lower your trading fees if your monthly trade volumes exceed $10,000. That's definitely an incentive for traders looking to save some bucks.
On Shakepay Canadians can deposit CAD into using two methods: Interac e-Transfer and Wire Transfer. Both deposit methods are free of charge, meaning users do not have to pay any fees to deposit funds into their Shakepay accounts.
Shakepay Fiat Deposit Methods
Interac e-Transfers are the faster option with funds arriving within minutes while Wire Transfers may take up to 2 business days for the funds to arrive.
Coinbase supports three fiat currencies in USD, EUR, and GBP. Fiat deposits on Coinbase can be made via ACH, Wire (USD), SEPA (EUR), and Swift (GBP).
Coinbase Fiat Deposit Methods
ACH deposits are free of charge, meaning users can deposit funds into their Coinbase accounts without any fees. Wire deposits have a $10 USD fee and SEPA deposits have a fee of 0.15 EUR. Swift deposits, like ACH deposits, are free of charge.
Shakepay, this platform allows users to withdraw their CAD using either Interac e-Transfer or basic Wire transfer.
These withdrawals are completely free of charge. If you opt for Interac e-Transfer, you'll enjoy the benefit of instant transactions with a maximum limit of $10,000. On the other hand, Wire transfers have no upper limit but take 1-2 working days to arrive.
Shakepay Withdrawal Fees
In addition to fiat withdrawals, Shakepay covers the fees for Bitcoin and Ethereum withdrawals, making it even more convenient for users to access their cryptocurrencies without any extra cost.
Now, let's talk about Coinbase which offers multiple fiat withdrawal methods such as ACH, Wire, SEPA, and Swift, catering to different regions and currencies.
ACH withdrawals are free while Wire withdrawals come with a $25 USD fee. For SEPA withdrawals, users are charged a fee of 0.15 EUR, and Swift withdrawals have a fee of 1 GBP.
Coinbase Withdrawal Fees
Moving on to fees associated with withdrawing specific cryptocurrencies on, Coinbase charges a withdrawal fee of 0.00001 BTC for Bitcoin withdrawals, 0.0035 ETH for Ethereum withdrawals, 0.01 SOL for Solana withdrawals, and 3.55 USDT for ERC-20 USDT withdrawals.
In conclusion, Shakepay is a beginner-friendly exchange that focuses exclusively on the Canadian market. With its user-friendly interface and emphasis on simplicity, it caters to Canadian citizens who want to buy and sell Bitcoin or Ethereum.
Coinbase on the other hand is the much more versatile and diverse exchange compared to Shakepay. It offers a wide range of features and services, including spot trading, lending and borrowing, staking, an NFT marketplace, and educational programs.
Coinbase caters to both retail and institutional investors, providing a comprehensive platform with high liquidity. When comparing the signup process and KYC requirements, Shakepay and Coinbase both require KYC with the difference being that Shakepay is only available to Canadians.
Coinbase is also the cheaper exchange as Shakepay charges a commission-based spread fee of up to 2% versus the spot maker and taker fees of 0.40% and 0.60% respectively charged by Coinbase.
Overall, this is an easy battle for Coinbase that is the much better exchange overall compared to the very limited Shakepay!
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.
