Bitbuy vs. Shakepay: What Works Better For Canadians?

Oleg Galeev

6 months ago

Bitbuy vs. Shakepay with Canadian flag background

Bitbuy and Shakepay offer Canadians a simple and fast way to purchase cryptocurrency. If you’re looking for a cryptocurrency exchange for Canadians that offers a quick way to buy crypto with Canadian dollars, then Bitbuy and Shakepay are two of the best options. Which one is better? At OCryptoCanada, we did some extensive research to see how these two Canadian crypto exchanges compare.  Check our Bitbuy vs. Shakepay comparison below.

Description

Bitbuy was founded in 2016 and offers Canadians the opportunity to buy seven cryptocurrencies. It has a robust mobile app for trading on the go, and an Express platform for beginners and a Pro platform for more experienced traders looking for advanced order types and charting.  

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

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI) and Polygon (MATIC)

Bitcoin, Ethereum

Fees

  • 1.5% CAD deposit and withdrawal fees
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee
  • Free crypto withdrawal 
  • Free account deposit/withdrawal 
  • Trading fee spread: 1.2% - 2.5%

Pros

  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • 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

Cons

  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum withdrawal

Deposit up to $10,000 via Interac daily

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • 95% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Bitbuy vs. Shakepay: Mobile and Desktop Trading

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 desktop interface

Shakepay desktop interface

Shakepay mobile app screenshot

Shakepay app interface

Shakepay app while trading

Shakepay app interface while trading

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. Clearly, its Android app needs some work with reviewers stating it has bugs that prevent them from logging in, verifying their account or claiming customer support is poor. 

Much like its desktop counterpart, however, the iOS app is easy to use and offers a clean interface. There is live charting including volume and order book data, simple funding options, a profile tab with your referral details, and the app uses biometrics for security. Bitbuy’s Express Trade is great for beginners or anyone seeking a quick market trade. Its Pro Trade platform is suitable for more experienced traders wanting advanced order types and more market data. 

Express Trade

Express trade view for Bitbuy

Pro Trade

Express trade on Bitbuy app

 

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitbuy app interface while trading

Bitbuy vs. Shakepay: Security

Shakepay and Bitbuy hold users’ funds in cold storage, though Shakepay does not publicize the percentage, Bitbuy states that 95% of its digital assets are stored in cold storage. Cold storage is the most secure way to hold cryptocurrency and by keeping digital assets offline, Shakepay and Bitbuy reduce the risk of losing your funds from hackers. Shakepay has existed since 2015 and Bitbuy since 2016, and so far, neither has been hacked. Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details. Bitbuy states that it has a 1:1 Bitcoin insurance policy with Knox, meaning users can have peace of mind knowing their holdings are covered. 

Shakepay and Bitbuy offer 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. Bitbuy requires you to confirm via email any time you sign in with a new device. 

While you won’t hold the private keys to your wallet when keeping your cryptocurrency in your Shakepay wallet, you can withdraw your funds to your personal wallet, for example, a Ledger hardware wallet, to keep your crypto secure. 

Bitbuy vs. Shakepay: Regulatory compliance

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

Bitbuy vs. Shakepay: Customer support

Shakepay and Bitbuy offer helpful FAQs and access to customer support via their website. Bitbuy customers can email support, submit a ticket on its website, or contact support via the app. Shakepay customers can contact support through the app or website. 

Conclusion

Both Shakepay and Bitbuy offer an easy and convenient way for Canadians to purchase cryptocurrency. While ShakePay only offers Bitcoin and Ethereum, unlike other beginner-friendly platforms such as Wealthsimple, Shakepay allows you to withdraw your crypto to a private wallet. With its near-instant free deposits, Shakepay is the best choice if you’re looking to only purchase Bitcoin or Ethereum as cheaply as possible.

Bitbuy is a more comprehensive platform than Shakepay. It is more transparent than Shakepay about its security and insurance, and it also offers more cryptocurrencies. Though it has higher fees, these fees are not unreasonable or different from most cryptocurrency exchanges. Bitbuy works best for traders with a little bit of experience, who want a more accessible customer support team and more transparency about its security and insurance. Check more on their website.