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Binance vs. Shakepay: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

Binance and Shakepay are two distinct platforms offering cryptocurrency trading services in Canada. While Binance is a globally renowned exchange known for its extensive range of cryptocurrency offerings and advanced trading features, Shakepay is a Canadian-based platform lauded for its simplicity and unique offerings such as Bitcoin cashback on Visa card transactions. These differences highlight the contrasting approaches the two platforms have taken to cater to their respective user bases.

Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Shakepay.

Description

Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types. Binance stopped operating in Canada in July 2022.

Shakepay is an easy way for Canadians to buy Bitcoin and Ethereum. Offering fast and free account deposits, Shakepay allows Canadians to sign up and buy crypto in minutes. Shakepay has 600,000+ users.

Coins

400+ including BTC, ETH, XRP, DOGE, USDT

Bitcoin, Ethereum

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

  • Free crypto withdrawal 
  • Free account deposit/withdrawal 
  • Trading fee spread: 1.2% - 2.5%

Pros

  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Assets stored in cold storage
  • User-friendly
  • Interac e-Transfer available
  • Funding your account takes minutes not hours
  • Can transfer coins to a private wallet
  • Free to deposit/withdraw
  • Set up automatic recurring buys
  • Referral program gives you free Bitcoin every day Crypto visa card with Bitcoin cashback

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

N/A

Deposit up to $10,000 via Interac daily

Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Mobile and Desktop Trading

Binance provides a robust trading experience across both mobile and desktop platforms. The Binance mobile app has a 4.4-star rating on Google Play and a 4.7-star rating on the App Store, with users often praising its comprehensive features and user-friendly interface. Just like its mobile counterpart, the desktop platform of Binance is packed with features that are designed to meet the needs of both beginner and seasoned traders.

Shakepay also offers a beginner-friendly interface on its mobile app, which holds a 4.5-star rating from 12,000 ratings on Google Play and a 4.6-star rating from 18,000 ratings on the App Store. The desktop platform of Shakepay is built for ease-of-use, ensuring that users can effortlessly navigate the interface and execute cryptocurrency transactions.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

Shakepay

Shakepay offers a simple and beginner-friendly way to purchase Bitcoin and Ethereum via its desktop platform or its mobile app. Shakepay’s app is available on both the Apple App Store and Google Play. The app has a 4.5-star rating with 12,000 ratings on the App Store and a 4.6-star rating with 7,000 ratings on Google Play. 

Shakepay’s app is incredibly simple to use, just like its desktop platform. Since it is a beginner-friendly crypto exchange, there aren’t many features that will confuse you. It offers a simple and clean interface with basic charting for Bitcoin and Ethereum. Funding your account and purchasing crypto is easy with just a few clicks. 

Shakepay main screen on desktop app

Shakepay desktop interface

Shakepay mobile app screenshot

Shakepay app interface

Shakepay app while trading

Shakepay app interface while trading

Security Compliance

Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.

As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.

Shakepay hold users’ funds in cold storage, though they do not publicize the percentage. Shakepay has existed since 2015, and so far, never has been hacked.

Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details. 

Shakepay also offers two-factor authentication (2FA) for their customers, so you can be sure no one else is accessing your account. With Shakepay, you will also need to confirm via email when withdrawing funds. If you set up 2FA for your email account, you can be pretty sure no unauthorized person is withdrawing funds from your account.

 

Binance utilizes a layered and clustered system structure, supplementing user protection with its Secure Assets Fund for Users (SAFU) for enhanced security. It uses advanced security technologies like two-factor authentication (2FA), biometric recognition, and AI-driven behavior analysis to safeguard user accounts. Shakepay claims that digital assets are backed by an insurance policy, although no further details are provided. The platform also bolsters security by providing options for two-factor authentication (2FA), FaceID, and biometric confirmation to hinder unauthorized access. Despite this, the lack of clarity regarding the percentage of assets held in cold storage (offline) might be a concern for some users.

Regulatory Compliance

Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type. 

Shakepay is regulated as a Money Service Business (MSB) by FINTRAC. Shakepay is based in Montreal and is allowed to operate in every Canadian province. 

Both Binance and Shakepay are registered with FINTRAC and comply with the relevant Canadian federal regulations.
As a global cryptocurrency exchange, Binance follows international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, including compliance with the US Bank Secrecy Act and the recommendations of the Financial Action Task Force (FATF). These regulations are aimed at preventing illegal activities and ensuring the security of its users.
The Ontario Securities Commission (OSC) made a public statement in June 2021 stating that Binance was not authorized to conduct business in the province. The statement also advised investors to exercise caution when dealing with Binance or any other crypto exchange that is not registered with the OSC. Binance subsequently announced that it would no longer offer services to Ontario-based users, citing the regulatory uncertainty in the province as the reason.
Overall, both Binance and Shakepay comply with the relevant regulations and are considered safe and trustworthy cryptocurrency exchanges in Canada.

Customer support

Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.

Shakepay offers chat support, helpful FAQs and access to customer support via their website.

Shakepay claims it has “customer service that cares.” It offers a useful support section on its website that can answer some of the most common questions and you can contact support via email at [email protected]. Shakepay claims that support tickets can be answered within hours, even on weekends. We reached out to the support team via email to see how quickly they would respond. We received a reply the next day, less than 24 hours later. 

Binance provides customer service round the clock with an array of support options including a live chat feature and an extensive help center. It also has a virtual assistant chat box and a support ticket system to address user queries and concerns.

Shakepay claims to have responsive customer service, with a support ticket system that responds to queries within hours, even on weekends. The exchange also offers a useful FAQ section on its website to assist with common inquiries.

Conclusion

Both Binance and Shakepay are excellent platforms for cryptocurrency trading, each with its own unique strengths. Shakepay's simplicity and its unique features like Bitcoin cashback on Visa card transactions make it an appealing option for those new to the crypto space. However, Binance, with its extensive cryptocurrency offerings, advanced trading features, robust security measures, and comprehensive customer support, offers a more rounded experience for both novice and experienced traders. Therefore, in this comparison, Binance emerges as the winner.

Initially, we recommended choosing Binance over Shakepay for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Shakepay.

If you find that neither Binance nor Shakepay meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.