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

Oleg Galeev

Last updated December 27, 2023

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Shakepay and Coinfield, go ahead with Shakepay.

In this comparison, we dive into the key differences and similarities between two prominent Canadian crypto exchanges, Coinfield and Shakepay. Both platforms offer unique features and services, from the extensive cryptocurrency portfolio offered by Coinfield to the innovative ‘ShakingSats’ referral program of Shakepay.

Description

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It is a secure crypto exchange with a robust verification process.

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

While it offers the usual digital currencies such as bitcoinEthereum and Litecoin, it does not offer popular coins such CardanoSolana, or Dogecoin. The full list of coins available are: Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

Bitcoin, Ethereum

Fees

When it comes to fees, CoinField has many. It charges a 2% deposit fee for Interac e-Transfers with a minimum deposit of $100. US dollar wire transfers are free. CoinField charges a 2.5% withdrawal fee using Interac and its maker/taker trading fees are 0.15%/0.25% if your trading volume is less than $50,000 over 30 days. 

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

Pros

  • Secure and compliant exchange
  • CAD Interac e-Transfers available
  • Advanced trading features available
  • Easy-to-use app
  • Accepts many fiat currencies and deposit methods
  • Staking rewards and referral program
  • 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

  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

Only limits at your local financial institution may apply

Deposit up to $10,000 via Interac daily

Methods to buy

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY.

  • Interac e-Transfer
  • Credit/debit where accepted
  • Bank transfer
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA
  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Mobile and Desktop Trading

Both Coinfield and Shakepay offer robust mobile apps and desktop platforms for trading. Coinfield's mobile app garners a 4.3-star rating on the Google Play Store and a 4.3-star rating on the App Store, while Shakepay boasts a 4.5-star rating on the Google Play Store and a 4.6-star rating on the App Store, indicating higher user satisfaction. Both platforms offer sleek, user-friendly desktop interfaces that cater to both beginners and advanced traders, making trading seamless and straightforward.

Coinfield

On the Apple App Store, the CoinField app has a 4.3-star rating with almost 500 reviews. On Google Play it has a 3.4-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's features

Coinfield trading view

Reviewing CoinField's usability from desktop version

Coinfield view with selecting coins

One of the pages on CoinField's app

Coinfield app main screeen

Reviewing CoinField's mobile app interface

App view while trading

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

CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email. 

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.

 

In terms of security, Coinfield takes the lead by providing clearer details about its security practices. Coinfield holds 96% of cryptocurrencies in cold storage and uses advanced security measures like 2FA and AES-256 encrypted wallets. While Shakepay also employs security features such as 2FA, FaceID, and biometrics, it does not provide explicit information about its cold storage or digital asset insurance policy.

Regulatory Compliance

Coinfield used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.

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 Coinfield and Shakepay are compliant with Canadian federal regulations. Coinfield operates under the regulations of FINTRAC and is also registered with the Canadian MSB. Similarly, Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada, adhering to stringent federal standards to ensure safe and legal operations.

Customer support

CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.

Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.

A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.

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. 

Coinfield provides customer support via live chat and email, offering a responsive service but without explicitly mentioning the speed of response. On the other hand, Shakepay promises to answer support tickets within hours, even on weekends, primarily through email, demonstrating a strong commitment to customer service.

Conclusion

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Shakepay and Coinfield, go ahead with Shakepay.

Both Coinfield and Shakepay provide excellent platforms for cryptocurrency trading, but Coinfield takes the crown for a few reasons. It offers a broader range of cryptocurrencies, clear and transparent security measures, advanced trading features, and competitive fees. While Shakepay excels in user-friendliness and unique features, Coinfield's comprehensive offerings make it a more suitable choice for both beginner and experienced traders.

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

If you find that neither Coinfield 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.