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Crypto.com vs. Shakepay: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

We are comparing two key players in the crypto exchange market, Crypto.com and Shakepay, both offering a suite of services tailored to the needs of crypto enthusiasts. While Crypto.com has a broader global reach with a multitude of cryptocurrencies on offer, Shakepay, primarily serving Canadians, boasts simplicity and a unique “ShakingSats” program to engage its users.

Description

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

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

150+

Bitcoin, Ethereum

Fees

  • Free deposits
  • Variable Withdrawal fees
  • Send crypto to other crypto.com users for free
  • 0.04 to 0.4% maker/taker fees
  • Free crypto withdrawal 
  • Free account deposit/withdrawal 
  • Trading fee spread: 1.2% - 2.5%

Pros

  • Wide range of coins available
  • Suitable for beginners and pro traders
  • Interac e-Transfer available
  • Deposits take up to one day to process
  • Visa cards
  • Staking
  • NFT marketplace
  • 20+ fiat currencies supported
  • Free deposits
  • 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 crypto education articles
  • Poor customer service
  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available

Account Limits

Low

Deposit up to $10,000 via Interac daily

Methods to buy

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

Security

  • 100% coins held in cold storage
  • Ledger Vault partnership
  • Multi-factor authentication
  • Mandatory whitelisting of withdrawal addresses
  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets

Mobile and Desktop Trading

Both Crypto.com and Shakepay have user-friendly mobile applications. Crypto.com's app, holding a 4.5-star rating on Google Play Store and a 4.5-star rating on Apple App Store, offers robust features and an intuitive interface. Shakepay's app, on the other hand, keeps things simple and beginner-friendly, reflected in its high ratings on both platforms (4.5 on Google Play and 4.6 on Apple App Store). Desktop versions of both platforms also offer a user-friendly experience, with Crypto.com providing more advanced trading options compared to the simpler Shakepay interface.

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types. 

Crypto.com advanced trading view

Advanced Desktop Trade

List of coins available for trading on Crypto.com desktop app

List of coins

Crypto.com app interface

Crypto.com app interface

Crypto com app while trading

Crypto.com app interface 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

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

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.

 

Crypto.com is renowned for its robust security measures, with 100% of its user's cryptocurrencies stored in offline cold storage. On the other hand, Shakepay's approach to security is also commendable, though specifics about its cold storage practice or the details of its insurance policy aren't readily available. Both platforms offer two-factor authentication to secure user accounts further.

Regulatory Compliance

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

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. 

Crypto.com is fully compliant with Canadian regulations and Shakepay is licensed as a Money Service Business (MSB) by FINTRAC, making them both fully regulated in Canada. This ensures that both platforms adhere to the high standards set by Canadian federal organizations.

Customer support

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

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. 

Crypto.com offers 24/7 live chat support to its clients. Shakepay's customer support, although primarily through email, claims to answer tickets within hours, including on weekends. It's important to note, however, that some users have expressed dissatisfaction with Shakepay's customer service according to its Trustpilot reviews.

Conclusion

While both exchanges offer a good range of services, Crypto.com emerges as the more versatile choice for Canadians due to its vast offering of cryptocurrencies, advanced trading features, transparency in security practices, and reliable customer support.

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

If you find that neither Crypto.com 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.