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Shakepay vs. Gate.io: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

Shakepay and Gate.io are both cryptocurrency exchanges, but they cater to different user demographics. Shakepay is a Canadian-based exchange that focuses on simplicity and user-friendly features, making it ideal for beginners. On the other hand, Gate.io is a global exchange with a wide range of altcoins and advanced trading options, attracting more experienced traders.

Description

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.

Launched in 2013, Gate.io is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. However, Canada is on the list of disallowed countries under Gate.io terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Bitget instead or checking our list of the best crypto exchanges in Canada

Coins

Bitcoin, Ethereum

1000+

Fees

  • Free crypto withdrawal 
  • Free account deposit/withdrawal 
  • Trading fee spread: 1.2% - 2.5%
  • Free crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments

Pros

  • 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
  • Thousands of altcoins available to trade
  • Advanced trading features and tools
  • Unique features
  • Comprehensive help and data available
  • Low trading fees
  • Get additional benefits by holding GateToken
  • OTC Desk
  • NFT marketplace

Cons

  • Fairly high spread
  • Users do not hold private keys within Shakepay 
  • Only two cryptocurrencies are available
  • Not allowed in Canada
  • CAD bank accounts not supported
  • Must use third-party for card purchases
  • Some trading options not available to Canadians
  • Not beginner-friendly
  • Bad app reviews

Account Limits

Deposit up to $10,000 via Interac daily

No major limits

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer
  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

Security

  • Assets are held in cold storage (percentage unknown)
  • Users can withdraw crypto to private wallets
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Shakepay provides a simple and intuitive mobile app, with high ratings on both the App Store and Google Play. Its desktop platform offers basic features, making it suitable for beginners. Gate.io, however, has a mobile app with mixed reviews and a desktop platform that is more complex and geared towards experienced traders.

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

Gate.io App

Gate.io’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app. Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. 

Gate.io desktop app interface

Gate.io desktop app interface

Screenshot of “big data” market tracker on Gate.io

Gate.io data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Gate.io mobile interface

Security Compliance

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.

 

Gate.io is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges. Gate.io utilizes hot and cold storage to keep customer funds safe. On its website, Gate.io says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulationsThey can block your account at any time.

Both Shakepay and Gate.io prioritize security. Shakepay holds customer assets in cold storage, offers two-factor authentication, and is fully regulated in Canada. Gate.io is also regarded as a reputable exchange, with a focus on security measures such as hot and cold storage. However, Gate.io's disallowed countries list and potential account blocking raise concerns.

Regulatory Compliance

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. 

Gate.io is not compliant crypto exchange in Canada.

Shakepay is fully compliant in Canada and operates under Canadian regulations. It is registered as a Money Service Business with FINTRAC, ensuring compliance with federal laws. Gate.io, on the other hand, is not recommended for Canadian users as it is listed as a disallowed country, and there is a possibility of account blocking.

Customer support

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. 

There is a helpful help centre and blog on the Gate.io website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, Gate.io has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond. 

Shakepay is known for its responsive customer support, with prompt ticket responses and live chat available. Gate.io, however, has received negative reviews regarding customer support, with complaints about slow or unresponsive service and withdrawal issues.

Conclusion

Both Shakepay and Gate.io have their strengths and weaknesses. However, considering the limitations and potential risks associated with Gate.io for Canadian users, Shakepay emerges as the preferred option. Shakepay offers a user-friendly experience, strong compliance with Canadian regulations, excellent customer support, and a focus on the Canadian market.

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

If you find that neither Shakepay nor Gate.io 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.