Bitbuy vs Shakepay: Security, Fees and Deposit
Bitbuy vs Shakepay, which is the best cryptocurrency exchange for Canadians?
To come up with our conclusions for this article we carried out exhaustive research and got first-hand experience with both platforms.
Bitbuy vs. Shakepay: Verdict
Our pick in this direct comparison is Bitbuy as the exchange offers more cryptocurrencies, caters to both beginner and expert traders, and is easier to use.
Bitbuy vs Shakepay: Unique Features
Unique Features of Bitbuy
Bitbuy Corporate accounts are designed for businesses that want to add Bitcoin to their Corporate treasury. Services offered to businesses with Bitbuy’s Corporate accounts include onboarding, trade execution, funding and custody, personalized reporting, and accounts control.
Businesses that are eligible for Bitbuy’s Corporate accounts include family trusts, family offices, professional medical corporations, law firms, accounting firms, commercial accounts, and professional real estate corporations.
Every Business with Bitbuy’s Corporate accounts is given a dedicated account manager that guides them and helps them to manage their personal finance. They also have access to accounting and tax advisory firms that specialize in cryptocurrency.
Bitbuy Pro Trade is a feature that grants users access to an advanced trading interface and allows experienced traders to trade with professional tools.
The Pro Trade crypto platform grants these users access to limit and market orders, market depth charts, order status and history, live order book, and trading view charts. They also have access to live market and trading statistics. With the advanced interface, they can use the “Break out” screen feature to easily access their favorite screens.
Pro Trade offers 15 trading pairs. This includes Bitcoin Cash/Bitcoin, Litecoin/Bitcoin, Ethereum/Bitcoin, Bitcoin/CAD, Bitcoin Cash/CAD etc.
Express Trade is designed for new users or beginners who are looking for an easy-to-use interface.
This feature allows users to quickly set up a Bitbuy account and trade digital assets on the crypto platform using certain features. Users can easily buy and sell all the digital assets available on Bitbuy using Canadian dollars.
Unique Features of Shakepay
The Shakepay card is a Visa debit card that can be used to shop anywhere Visa cards are accepted worldwide. Cardholders earn 1% free Bitcoin to their Shakepay account when they shop with the card.
The card is available to all Shakepay users. No credit checks are required and no annual fees are charged.
The card is secured with two-factor authentication. Cardholders can also instantly suspend their cards or contact the support team if their card is compromised.
Shakepay ShakingSats is a secret Shakepay promo that gives users free Bitcoin daily for shaking their phones. Users who shake their phones with the Shakepay app open are rewarded with free Bitcoin. The more days in a row you shake your phone, the longer the reward streaks and the more BTC you will earn.
ShakingSats is only available to users who signed up with a Shakepay referral code or referred a user to Shakepay.
To activate ShakingSats, you will need to sign up with a referral link, verify your account, deposit a minimum of $100CAD into your account and buy ETH or BTC. Once you do this you can start shaking your phone and winning free rewards.
This feature allows Shakepay users to set automatic buying rules to purchase crypto assets daily, weekly, or monthly. Users who wish to use this feature must have the required amount of CAD in their Shakepay CAD balance.
The buy order is executed at the exact time the user creates it. This means that if you created a daily buy order at 10 am, the order will happen every day at 10 am.
Recurring buy orders cannot be set outside of Canada, but if a user sets the order before leaving the country, the order will go through.
Bitbuy vs Shakepay: Crypto Availability
Cryptocurrencies Available on Bitbuy
Bitbuy supports 25 cryptocurrencies, this includes BTC, ETH, APE, MATIC, SOL, CRV, COMP, SUSHI, FTM, BAT, EOS, AAVE, MKR, SAND, AXS, LTC, UNI, XLM, LINK, BCH, MANA, DOT, DOGE, USDC, and ADA.
Cryptocurrencies Available on Shakepay
Shakepay only supports 2 cryptocurrencies: Bitcoin and Ethereum.
Bitbuy vs Shakepay: Fees
Bitbuy does not charge deposit fees for all its payment methods excluding its credit card deposits for which its processor, Simplex, charges users a flat fee of 6.25%. The platform, however, charges withdrawal fees.
For its trading fees, Bitbuy uses a tiered structure for both Express trade and Pro trade. Bitbuy’s tiered trading fees structure uses a maker-and-taker fee model that’s dependent on trading volume as listed below.
- Trading volume: $5m+
- Maker fee: 0%
- Taker fee: 0.10%
- Trading volume: $1m – $5m
- Maker fee: 0.15%
- Taker fee: 0.25%
- Trading volume: $250k – $1m
- Maker fee: 0.50%
- Taker fee: 0.75%
- Trading volume: < $250k
- Maker fee: 1.50%
- Taker fee: 1.50%
User fee tiers are based on their total trading volume in the past 90 days and are calculated at the end of each month to be applied to the present month.
Bitbuy vs Shakepay: Payment Methods
Bitbuy Payment Methods
This cryptocurrency exchange offers 4 payment methods including credit card, crypto, wire transfer, and Interac e-transfer. The only instant option is Interac e-transfer and credit card which is processed by Simplex.
Shakepay Payment Methods
Shakepay offers 4 payment methods which include wire transfer, Interac e-transfer, crypto, and Shakepay a friend. All transfer methods (Shakepay a friend and Interac e-transfer) are near instant, except bank wire which takes 1 to 2 days, and crypto which is dependent on block confirmations (approximately 20 minutes).
Bitbuy vs Shakepay: Security
All cloud providers that secure Bitbuy servers are FIP 140-2, SOC, and ISO compliant. It is the first Canadian registered marketplace for cryptocurrencies. It is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada.
Bitbuy conducts routine financial audits, as well as, monthly security and transaction reporting audits. This audit is done by trusted third parties. It also conducts daily and weekly reviews of suspicious activities.
95% of its crypto assets are kept offline in cold storage. Bitbuy also uses a wallet developed by its team where users can store digital assets, this eliminates the need for reliance on third parties for custodial wallet services.
Bitbuy separates its cold and hot wallets from the network. This is to ensure that both the user’s digital assets and the network are safe.
Users’ accounts are protected by two-factor authentication.
Shakepay holds the majority of its digital currencies in cold storage offline. The customers’ Canadian dollars are held in segregated Canadian bank accounts.
The currencies held in cold storage are insured against theft, private key loss, and damages. Also, the2 founders of Shakepay cannot make withdrawals from the cold storage. Every withdrawal is approved by multiple people. Also, every withdrawal from the cold wallets is to only whitelisted addresses approved by Shakepay.
All connections between the app and server use HTTPS. Users’ passwords are hashed, while personal data isencrypted before they are stored. All accounts must also be secured by two-factor authentication. The Shakepay app is secured with a biometric unlock pattern or PIN code and Face ID.
Email confirmations are required for all withdrawals from users’ accounts. Users are also updated via push notification, email, or SMS of every activity on their account. Login attempts are limited to prevent brute-force attacks.
All personal data are stored using 256-bit AES encryption and all documents submitted for verification are archived after 30 days, after which a manager’s approval will be required for retrieval.
Bitbuy vs Shakepay: Usability
Bitbuy offers 2 trading platforms; Express and Pro. The Express trading platform is built for beginners and has a very basic design. All users need to do is pick the digital assets they want to buy, input the specific amount, and hit the purchase button. This is the best option for beginner crypto traders who are just getting started in the crypto world.
The Pro trading interface is built for advanced traders who need order books, advanced orders, charts, market trade history windows, and other expert trading tools. This platform enables users to execute trades more accurately and have better control over their trades. That said, inexperienced users may find the Pro trade interface overwhelming. Bitbuy also offers an OTC trading desk that business clients and large-volume crypto traders ( over CAD 25,000 trades) can use to execute their trades.
All of Bitbuy’s trading platforms are accessible via internet browsers or their mobile app.
Shakepay offers both a desktop and mobile app trading platform. Both platforms are targeted at beginners and have a sleek design that’s seamless to navigate for complete newbies. Users can buy and sell Ethereum and Bitcoin in just a few clicks. Account creation is instantaneous and most times will just take 10 minutes to have everything set to buy crypto.
Shakepay doesn’t support any type of advanced orders so it won’t cut it for expert crypto investors.
Bitbuy vs Shakepay: Customer Service
Bitbuy Customer Service
Bitbuy offers real human support via email 24/7 to customers who need the help of the support team. Customers can also reach the support team via their contact phone number or through their social media handles on Twitter, Facebook, and LinkedIn.
Just like most crypto exchanges, Bitbuy also has a FAQ section that provides answers to recurring questions about the platform.
Shakepay Customer Service
Shakepay offers customer support via the support chat on the website and app. There is also a help center that is equipped with articles containing useful information needed to use the platform seamlessly.
Information on their website shows that they do not offer customer support over the phone. Users who lose their Shakepay card can, however, call the customer service number displayed on their page to cancel or block the card.
Conclusion: Final Verdict
Shakepay only offers 2 cryptocurrencies – Bitcoin and Ethereum. It also only caters to beginner users who want to execute simple buy and sell orders. This limits the exchange’s functionality and potential clients. Bitbuy, on the other hand, caters to both advanced and beginner crypto traders and offers over 23 cryptocurrency options. This puts Bitbuy in the win when compared with Shakepay.
The overall winner is Bitbuy with a 3.5/5 score.
Most frequent questions and answers
Yes, in our opinion Bitbuy is better than Shakepay in several ways. First, Bitbuy supports more cryptocurrencies (23+) than Shakepay, which offers just Bitcoin and Ethereum. Second, Bitbuy through its 2 platforms can cater to both newbie and advanced users. Shakepay, unfortunately, only caters to complete beginner traders who just want to execute simple buy and sell orders.
Bitbuy is a great platform for Canadians who are searching for a fast and easy way to buy, sell, and trade cryptocurrency either using advanced tools or basic buy-and-sell orders. The exchange also charges the industry average fees per trade.
Shakepay only offers 2 cryptocurrencies, other cryptocurrency exchanges like Coinsquare, Coinberry, and Bitbuy offer more options and make it simple to purchase crypto using CAD.
Shakepay only supports Bitcoin and Ethereum. So you cannot get Shiba Inu ($SHIB) or any other digital currency on Shakepay.
Bitbuy was the first company to be regulated as a marketplace in Canada. The crypto exchange is also registered with FINTRAC as a Money Services Business within the Virtual Asset Service Provider category.
Bitbuy is a regulated crypto exchange in Canada and the platform stores users’ funds in cold storage for safekeeping. The platform has also been in operation since 2016 as one of Canada’s biggest exchanges by trading volume. Bitbuy has also served over 400,000 Canadians and has overseen more than $5 billion in crypto trading. The exchange is also approved by the Canadian Securities Administrators and the Ontario Securities Commission.
Bitbuy does not support Shiba Inu at the moment. The platform only supports 23+ coins at the moment.
Yes, Bitbuy has a hot wallet available for both its mobile and web apps
Bitbuy has a different platform for both advanced and beginner-friendly crypto investors. So all types of crypto investors can use the platform to execute their trades
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.