Shakepay vs. Binance: Which one is Best in Canada?
We picked these two exchanges based on their top reputation, ease of use, security, coin offering, and trading features tailored to Canadians, as well as the support of the Canadian Dollar (CAD) for the buying and selling of cryptos seamlessly.
Shakepay is a Montreal-based broker geared to satisfy the needs of crypto newbies. The company offers a fast and intuitive way to trade Bitcoin and Ethereum only.
On the other hand, Binance is a popular crypto exchange that offers low fees and supports a comprehensive range of trading features for crypto and fiat currencies as well as standout features and services and multiple interfaces to accommodate new and advanced traders.
Investors often debate between Shakepay vs. Binance as they wonder which of the two crypto exchanges would better suit trading needs. We have tested both platforms and have conducted extensive research necessary to compare both exchanges.
In this Shakepay vs. Binance article, we compare the two leading crypto exchanges tailored for Canadians. We will discuss their features, fees, supported crypto assets, and more to provide information that will help investors decide which platform suits them best.
Shakepay vs. Binance: Unique Features
Unique Features of Shakepay
Website and Mobile App
Users have access to Shakepay via the web page and free mobile application. Just like the web platform, the Shakepay app can be used to complete transactions and check trading and transaction history. This feature is great because of its simplified interface, which is easy to navigate.
This platform enables Shakepay account holders to buy, sell, and transfer crypto in the fastest way, at the same time offering day-to-day competitive values.
This feature has been functional since December 2020. With this feature, users can set a specific price to sell or buy Bitcoin or Ethereum.
Shakepay offers investors and traders price alert notifications on Bitcoin and Ethereum so they never miss out on market opportunities.
ShakePay Free visa card BTC Rewards
This platform allows traders to earn 1% in free Bitcoin as cash back rewards when they use the Shakepay Visa Prepaid Card to pay for goods and services globally. The free BTC will be automatically credited to their wallet, which can be converted to cash.
Even better, users will also get an additional 1% on the first $5,000 deposited to the Bitcoin Balance of users Shakepay account.
Refer a Friend Bonus
Shakepay has a ‘refer to friends’ feature that lets users earn bonuses easily. For every referral, users get a 10% off every amount used by friends. To get a referral link, go to the account setting.
Unique Features of Binance
Binance allows users to choose either an external wallet or a hardware wallet to hold their cryptocurrencies and local currencies on the exchange.
Like Shakepay, Binance offers a compatible web, desktop, and free mobile application. The mobile application is available on Android and iOS.
Supported by TradingView, traders in several Canadian provinces can easily access a large selection of advanced features like chart indicators to generate a comprehensive trading analysis.
Binance offers a learning section for crypto beginners to educate themselves about crypto projects. Compressive articles that help users navigate the platform and learn how to buy different types of cryptos are available.
Binance provides a wide range of platforms and features to buy crypto, sell, trade, and transfer coins and tokens. These platforms include; Basic, Classic, Advanced, Margin trading, Over-The-Counter (OTC), and Peer-to-Peer (P2P).
Binance incorporates Futures trading for users to leverage and earn profits. A Future is a derivative contract agreement to buy or sell a particular asset or commodity at a set date and price in the future. Investors and traders can speculate and place bets on several underlying securities, from commodities to stocks and foreign exchange. If the price of an asset or commodity scales up and trades above the original set-out contract price expiration, then profit would be made.
Traders on Binance can access Futures trading via Coin and USDT Futures, as well as Leveraged Coin products.
One of Binance advanced features is the Launchpad. Traders are granted access to crypto launches to stay one step ahead in the crypto market. The launchpad enables traders to review new projects, and whitepapers and start staking early.
Binance offers users a plethora of institution-grade analyses and reports of trades, transactions, history, and many more.
Traders can earn passive income for holding and staking cryptos assets. Binance also offers secured crypto loan services to users.
Binance Visa Card
Binance users can utilise the Binance Visa Card to convert and pay for services with crypto globally.
Instant Deposits and Withdrawals
Binance enables fast and seamless deposits and withdrawals transfer of all supported cryptocurrency assets and fiat currencies.
Shakepay vs. Binance: Cryptocurrencies Available
Shakepay offers access to a limited range of coins. Currently, users can use CAD as fiat currency and trade Bitcoin and Ethereum through the platform.
Binance supports 350+ cryptocurrencies, a range of stablecoins, and 50+ fiat currencies.
Traders in Canada can buy and sell Bitcoin and other top cryptocurrencies like Ethereum, XRP, Litecoin, BNB, Tron, Cosmos, Bitcoin Cash, and many more on Binance. Traders can choose to store these crypto assets on the Binance chain wallet or opt for an external wallet. Users can use a hardware wallet due to its encryption and security.
Shakepay vs. Binance: Can You Buy and Sell NFTs?
Non-fungible tokens (NFTs) market has recorded billions of dollars in trade, and it keeps growing due to its proliferation across several industries like music, sports, film, gaming, and entertainment. This has made many crypto exchanges in the industry integrate the NFT marketplace to serve creative users.
However, the Shakepay crypto exchange doesn’t support NFT. Users cannot buy or sell NFTs on the platform, at least not yet.
On the other hand, Binance, the largest and most popular exchange, offers utility integrations like the NFT marketplace.
This marketplace enables users to create and trade popular and newly-minted NFTs seamlessly.
Shakepay vs. Binance: Fees
There are no trading fees on Shakepay. Canadians on this platform are not charged trading fees Shakepay to buy and sell Bitcoin or deposit and withdraw profits. Users also enjoy free withdrawals at any time without incurring any extra cost.
However, a standard spread fee ranges from 1% to 3%. This spread fee is applied to the ‘bid ask price’. The term ‘bid’ refers to a price a buyer will pay to buy a set number of crypto at a given time. The term ‘ask’ refers to the lowest price a seller will accept to sell the crypto. In most cases, the bid price is always lower than the asking price. On Shakepay, the bid ask price is initiated when a buy or sell order is initiated on the platform.
Binance makes use of a Maker-Taker trading fees model.
Maker trading fees are set between 0.1% – 0.02%, while Taker trading fees are set between 0.1% – 0.04%. Trading fees decrease (to a 25% discount) whenever users trade via the Binance coin – BNB coin. Deposit and withdrawal fees on this platform vary based on the type of cryptocurrency and deposit/withdrawal funding options used. Credit/debit card purchases are the highest, with a fee of 4.5%.
Shakepay vs. Binance: Payment Methods
Shakepay offers users three funding options, namely, Bank wire transfer (initiated from Bank accounts), Interac e-Transfer, and BTC/ETH crypto deposits from external exchanges or hardware wallets. These funding options are quick and reliable to transfer fiat.
Binance also supports several funding options to transfer money, including bank account wire transfers, credit/debit cards, digital currency/crypto deposits, and peer-to-peer payment (P2P).
Shakepay vs. Binance: Security
Shakepay vs. Binance debate is incomplete without considering the measures taken to prevent fraud and theft. Both platforms offer great security features to keep users’ data and crypto assets secure at all times.
Major security features of Shakepay include two-factor authentication, cold storage backed by Shakepay insurance policy, an email confirmation of fiat and crypto withdrawals, limited login attempts, encryption, secure document storage, and bank custody for fiat currency.
Binance’s major security features include two-factor authentication, withdrawal address management, security notifications to keep your account safe, anti-phishing codes, cold storage, and over 1 billion insurance policy funds.
Shakepay vs. Binance: Earn/Staking Rewards
Staking is a feature that allows crypto investors to deposit cryptocurrencies on their preferred platform and earn interest/rewards to grow their crypto holdings without trading them.
Shakepay doesn’t support staking, so users won’t be able to stake or earn interest on BTC/ETH.
Binance supports staking through its innovative ‘Binance Earn’ incorporation. On Binance Earn, users can lock and stake up to 88 cryptocurrencies, including BTC, ETH, USDT, BNB (Binance coin), AAVE, SAND, and many more. Users can leverage this feature and earn money passively.
Shakepay vs. Binance: Usability
Investors and traders need to consider user interfaces when choosing a cryptocurrency exchange, as this will determine how smooth their trading experience will be.
Shakepay integrates a simple and intuitive web and free mobile app interface, which makes it easy to navigate and suitable for users new to crypto trading. Users can create their accounts on the Shakepay app quickly, and traders will be able to purchase and transfer their first cryptocurrency with a few clicks.
Similarly, Binance has multiple interfaces that are geared toward experienced traders due to its vast range of advanced trading tools. Crypto trading newbies might find navigating the Binance complex intimidating at the first trial before adapting to its interface with continuous use.
Shakepay vs. Binance: Customer Service
Trading the cryptocurrency market can be complex, and users are often stuck with challenges. One of the features of a good crypto exchange is that its users can be guided by the platform’s support team for free whenever they’re met with little hassles.
Shakepay’s customer support integration is excellent. Canada-based queries regarding the app functionality, prices, or any other inquiry will be met with a speedy solution. The platform also has a ‘Live Chat’ feature to guide users in real-time and a Frequently Asked Questions (FAQs) section for more information.
Binance also offers excellent customer service options to Canadians at no cost. These service options are:
- Submit a ticket: Users in Canada can choose to submit a ticket by filling out a form on the Binance website and receiving fast email assistance.
- Binance Twitter HelpDesk: Users can contact the Binance Twitter account (@BinanceHelpDesk) for support.
- Chatbox: Lastly, users can access Binance Chatbox at the bottom right corner of the support screen page on the Binance website.
Conclusion: Final Verdict
Shakepay and Binance are two leading cryptocurrency exchanges that tend to Canadians. Choosing the best exchange depends on your trading and investment needs.
Although Shakepay only supports BTC and ETH, it seamlessly accommodates crypto beginners due to its intuitive interface and low spread fees. On the other hand, Binance is often considered unlimited due to the large selection of cryptocurrencies, low trading fees, stellar functionalities, and provision of advanced crypto trading features to well-experienced users.
Shakepay vs. Binance: Verdict
In terms of our overall Shakepay vs. Binance comparison, Binance stands out as the clear winner with its stellar range of coin offerings, trading functionalities, earn and yield farming integration and three-functional customer support system.
Most frequent questions and answers
Investors and traders can withdraw their Canadian dollar (CAD) from their Shakepay account using a quick e-Transfer. Log in to the platform, click on the ‘Send’ tab on the main screen, and select ‘Interac E-transfer. Once done, investors must fill in the empty field with the amount they wish to cash out and click on ‘Send’.
Shakepay offers support for the Ethereum network to send and receive ETH and send out network fees. The same process is done in terms of BTC as this platform also supports the Bitcoin network.
Shakepay is a hassle-free platform to trade on. The primary goal of this platform is to make crypto trading easy. To make this work, Shakepay does not charge trading fees and offers stellar functionalities including an innovative trading mobile app, price alerts notification, instant buy and sell, limit orders, referral rewards, and its excellent crypto cash-back rewards debit card. All these integrations make this platform trusted by Canadians.
Jean Amiony founded Shakepay in 2015 after seeing a need for crypto traders and investors based in Canada to access the market with low fees and have more streamlined control over their assets.
According to the Canada Revenue Agency (CRA), possession of crypto assets on Shakepay does not require traders to pay taxes. However, selling, gifting, or making crypto purchases will have tax consequences. If users trade Bitcoin, gift, or make payments for goods and services via Bitcoin, they will be subjected to taxes. To always be on the right path, Shakepay suggests users contact a tax advisor regularly.
We always try to provide the most accurate information available, and make sure our team follow through.
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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.