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

Oleg Galeev

Last updated December 27, 2023

In the ever-evolving world of cryptocurrency, two platforms stand out for Canadian traders in 2024: Bitget and Shakepay. While Bitget appeals to experienced traders with its extensive altcoin offerings and advanced tools, Shakepay simplifies the crypto journey, especially for newcomers.

Description

Bitget is a cryptocurrency exchange for skilled users that offers thousand of altcoins for Canadians (and people all over the world) to trade.

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

Over 1000 major coins and altcoins

Bitcoin, Ethereum

Fees

Trading fees on Bitget are low at just 0.1%, but can be lower if you pay fees with their token BGB.

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

Pros

  • Low trading fees
  • Hundreds of altcoins
  • Advanced features
  • Simple KYC process
  • 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
  • Confusing for beginners
  • No CAD deposits and withdrawals
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

No major limits

Deposit up to $10,000 via Interac daily

Methods to buy

  • Credit or debit card
  • P2P platform
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • 2FA
  • Anti-phishing code
  • $300 million insurance for lost assets
  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Mobile and Desktop Trading

Bitget, aiming at a more seasoned audience, provides intricate charting and order book data both on its desktop platform and mobile app. These tools are particularly beneficial for traders seeking in-depth analytics. The mobile app has garnered substantial praise, securing a 4.4-star rating on the App Store and a 4.6 on Google Play. On the other hand, Shakepay offers a clean, user-friendly interface on its desktop and mobile platforms. This simplicity is mirrored in its high app ratings, boasting 4.6 stars on the App Store and 4.6 stars on Google Play.

Bitget

The Bitget platform can be confusing for beginners since there is advanced charting and order book data. Bitget’s mobile app has a 4.4-star rating on the Apple App Store and a 4.6-star rating on Google Play

Trading crypto on Bitget from Canada

Bitget desktop view (trading screen)

Depositing money to Bitget

Bitget depositing screen

Bitget mobile app main screenshot

Bitget mobile app main screen

Bitget mobile app screenshot

Bitget mobile app (coins)

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

Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.

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.

 

Bitget prioritizes user security with two-factor authentication, email alerts for unusual activity, and an anti-phishing feature. Furthermore, they have emergency insurance coverage up to $300 million to ensure user assets are safeguarded. Shakepay also underscores security, but its lack of clarity regarding offline storage and specifics of its insurance policy raises eyebrows. However, it does offer two-factor authentication, FaceID, and biometrics to fortify account access.

Regulatory Compliance

Not regulated by Canadian financial institutions. 

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 exchanges abide by Canada's federal regulations concerning digital assets. Shakepay is explicitly licensed as a Money Service Business (MSB) by FINTRAC and observes all requisite regulations, positioning itself as one of Canada's most compliant exchanges. While Bitget's compliance in Canada is inferred from its broad user base and operations, precise details regarding its licensure are not distinctly mentioned.

Customer support

Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out. 

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. 

Bitget's support, as reflected by its 1,8-star rating on Trustpilot, leaves room for improvement, with numerous users finding it lacking. Shakepay, conversely, emphasizes its customer-centric approach, offering prompt email support, even on weekends. However, its 1.9-star rating on Trustpilot indicates a disparity between user expectations and the support they receive.

Conclusion

Both Bitget and Shakepay bring valuable offerings to Canada's crypto table. Shakepay, with its ease of use and unique features like "ShakingSats", is well-suited for beginners. However, when evaluating the breadth of features, advanced trading tools, altcoin variety, and the overall platform robustness, Bitget emerges as the preferable choice for 2024.

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

If you find that neither Bitget 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.