All of our content is written by Canadian crypto experts, not robots. We ensure each article is reviewed and updated regularly. Learn More

Listen

Bitcoin Well vs. Shakepay: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In the fast-paced world of cryptocurrency, two giants emerge in the Canadian landscape: Bitcoin Well and Shakepay. While Bitcoin Well is hailed for its user-friendliness and stringent security, Shakepay distinguishes itself with its innovative features, including a unique referral program and a crypto Visa card.

Description

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

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 only

Bitcoin, Ethereum

Fees

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

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

Pros

  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency
  • 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

  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

Deposit up to $10,000 via Interac daily

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

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

Mobile and Desktop Trading

Both Bitcoin Well and Shakepay extend their offerings to both mobile and desktop platforms. Bitcoin Well boasts a user-friendly interface across devices, ensuring that traders, whether seasoned or beginners, find their way around effortlessly. Shakepay, on the other hand, impresses users with its mobile app, reflected in its 4.6-star rating on the iOS App Store from 18,000 reviews and a 4.5-star rating on Google Play from 12,000 reviews. Their desktop platforms are equally commendable, ensuring that traders have a comprehensive trading experience.

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

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

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

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.

 

Security stands paramount in the crypto world. Bitcoin Well has etched a reputation for its advanced security features, ranging from multi-factor authentication to cold storage solutions. Continuous monitoring further amplifies its commitment to safeguarding user assets. Shakepay, while asserting its security through an insurance policy for digital assets, falls a tad short by not explicitly detailing the percentage of assets held in cold storage. Nonetheless, it incorporates other protective measures such as two-factor authentication, FaceID, and biometrics.

Regulatory Compliance

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

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. 

Navigating the Canadian regulatory waters, both Bitcoin Well and Shakepay adhere to federal standards. Bitcoin Well's commitment to transparency and regulatory adherence has solidified its reputation. Similarly, Shakepay's licensing as a Money Service Business (MSB) by FINTRAC ensures its operations align with Canadian regulations, thereby ensuring user trades are always within legal confines.

Customer support

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

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. 

When glitches arise, timely and effective support is crucial. Bitcoin Well prides itself on its responsive support team, always on standby to assist users with varied queries. Shakepay isn't far behind, boasting an efficient support system evidenced by their claim of responding to support tickets within hours, even on weekends. Both platforms, thus, guarantee a user experience that extends beyond just trading.

Conclusion

Both Bitcoin Well and Shakepay shine in their unique ways in the Canadian crypto exchange landscape. Shakepay, with its beginner-friendly platform and innovative features, definitely offers a fresh perspective to crypto trading. However, Bitcoin Well emerges as the winner. Its unwavering commitment to security, seamless trading experience across devices, and stringent adherence to Canadian regulations make it a slightly more attractive choice for those prioritizing safety and compliance in 2024.

We recommend choosing Bitcoin Well over Shakepay for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitcoin Well 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.