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ByBit vs Shakepay: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In this comparison, we will evaluate two prominent crypto exchanges in Canada: ByBit and Shakepay. ByBit is known for its advanced trading features and focus on professional traders, while Shakepay offers a user-friendly platform that simplifies cryptocurrency purchases and introduces unique features like the “ShakingSats” referral program and a crypto Visa card. We will analyze their mobile and desktop trading capabilities, security measures, compliance with Canadian regulations, customer support, and conclude with a comparison of their strengths.

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

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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

100+ crypto coins

Bitcoin, Ethereum

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • Free crypto withdrawal 
  • Free account deposit/withdrawal 
  • Trading fee spread: 1.2% - 2.5%

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • 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

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

Deposit up to $10,000 via Interac daily

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • ByBit uses cold storage for assets
  • 2FA
  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Mobile and Desktop Trading

ByBit offers mobile apps for both iOS and Android with positive ratings on the App Store (4.3 stars) and Google Play (4.8 stars).
It offers a beginner-friendly interface and essential trading features for its users. ByBit also offers a good desktop app for cryptocurrency trading, providing advanced charting and order types.
Shakepay also offers mobile apps for iOS and Android, receiving high ratings on the App Store (4.6 stars) and Google Play (4.5 stars).
The platform focuses on simplicity and user-friendliness, prioritizing an easy-to-use interface. Although it may not offer advanced trading features, it delivers a seamless mobile trading experience.
Shakepay's desktop app is not explicitly mentioned in the provided information.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

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

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

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.

 

ByBit employs stringent security measures such as two-factor authentication, cold storage for assets, and robust encryption protocols. However, specific details about the percentage of assets held in cold storage and insurance policies are not mentioned.
Shakepay claims to have digital assets backed by an insurance policy, but the details are not provided. It is licensed as a MSB and regulated by FINTRAC in Canada, ensuring compliance. Similar to ByBit, specific details about offline storage and insurance policies are not explicitly mentioned.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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. 

The provided information does not mention specific Canadian federal organizations monitoring ByBit's compliance. However, it's important to note that ByBit faced regulatory issues with the Ontario Securities Commission (OSC) in the past, paying a fine for selling unlicensed securities in Ontario.

Shakepay is licensed as a MSB and regulated by FINTRAC in Canada. This ensures compliance with Canadian federal regulations. Shakepay is widely regarded as one of the most reliable and secure cryptocurrency exchanges in Canada.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

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. 

ByBit provides customer support via live chat, email, and a comprehensive help center featuring frequently asked questions. However, the available information does not provide specific details regarding the responsiveness and customer satisfaction levels of ByBit's support services.
Shakepay provides customer support through a support section on its website and email. While support tickets are claimed to be answered promptly, there have been mixed reviews and complaints about the lack of support and potential scams unrelated to Shakepay.

Conclusion

In conclusion, while both ByBit and Shakepay offer compelling features that make them strong contenders in the crypto exchange market, ByBit takes a slight lead as the winner. ByBit shines due to its advanced functionalities that cater to both beginner and experienced traders. The platform provides a robust trading infrastructure, an intuitive interface, and a wide selection of cryptocurrencies. Moreover, ByBit's 24/7 customer service, security measures, and impressive liquidity help it stand out.

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

If you find that neither ByBit 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.