Shakepay vs Coinbase: Features, Fees and Security
Shakepay vs. Coinbase: Verdict
Our pick as the overall winner is Coinbase.
Shakepay vs Coinbase: Unique Features
Unique Features of Shakepay
This feature connects a Shakepay user’s bank debit and credit card to Shakepay and rounds up every purchase made from the card to the nearest dollar. The leftover change is then automatically used to trade Bitcoin.
The purchased Bitcoin will be added to the user’s Shakepay wallet and the user can sell the coins or transfer them to an external Bitcoin wallet. Since Shakepay has an exchange, it does not need to outsource the purchase to another exchange.
Shakepay Visa Card
The Shakepay Visa Card is a prepaid card that enables Shakepay users to spend their Canadian dollar balance anywhere Visa cards are accepted. Users are required to top up their Shakepay account with CAD for them to be able to pay from their Shakepay dollar account using the card. Users who shop with the Shakepay card earn 1% in free Bitcoin.
Unique Features of Coinbase
Coinbase Earn features a learning hub equipped with beginner guides covering different coins and uses of cryptocurrencies that enables Coinbase users to be well-equipped with the necessary knowledge of the crypto market. Coinbase Earn also gives users crypto market updates, as well as, recommendations on more useful resources.
Users who learn through Coinbase Earn, watch short videos, and take quizzes about specific altcoins are rewarded with a small amount of that altcoin. The users can convert the altcoin to Bitcoin or Ethereum and sell them.
Coinbase Wallet Extension
The Coinbase Card is a Visa debit card that allows users to pay for goods and services directly from their Coinbase account. The card is accepted anywhere Visa cards are accepted worldwide.
Coinbase cardholders earn free crypto rewards when they use the card to pay for goods and services.
Shakepay vs Coinbase: Cryptocurrencies Available
Cryptocurrencies Available on Shakepay
Shakepay only supports Ethereum and Bitcoin.
Cryptocurrencies Available on Coinbase
Coinbase supports over 150 cryptocurrencies including ETH, BTC, USDC, ADA, MATIC, USDT, AVAX, SOL, BNB, etc.
Shakepay vs Coinbase: Can You Buy and Sell NFTs on Coinbase?
Yes, you can buy and sell NFTs on Coinbase via the Coinbase NFT platform. To buy NFTs head over to Coinbase and create a Coinbase Wallet if you don’t already have one, follow all the on-screen instructions like choosing a Coinbase Wallet username and securely storing your recovery phrase.
Next, you’ll need to buy and send Ethereum to the Coinbase Wallet. Once that’s done, you’ll be able to purchase NFT within the app by tapping the (+) Buy button on the Assets tab. To list NFTs for sale, check here.
Shakepay vs Coinbase: Fees
Shakepay is a commission-free cryptocurrency exchange. This means that Shakepay does not charge commissions or transaction fees when you buy or sell crypto on the platform. Shakepay also covers all transaction fees (network fees) when you move your Bitcoin, for example, off the platform to another Bitcoin address.
Coinbase utilizes a taker and maker fee model that’s based on pricing tiers:
Pricing Tier: $0 – $10K
- Taker Fee: 0.60%
- Maker Fee: 0.40%
Pricing Tier: $10K – $50K
- Taker Fee: 0.40%
- Maker Fee: 0.25%
Pricing Tier: $50K – $100K
- Taker Fee: 0.25%
- Maker Fee: 0.15%
Pricing Tier: $100K – $1M
- Taker Fee: 0.20%
- Maker Fee: 0.10%
Pricing Tier: $1M – $15M
- Taker Fee: 0.18%
- Maker Fee:0.08%
Pricing Tier: $15M – $75M
- Taker Fee: 0.16%
- Maker Fee: 0.06%
Pricing Tier: $75M – $250M
- Taker Fee: 0.12%
- Maker Fee: 0.03%
Pricing Tier: $250M – $400M
- Taker Fee: 0.08%
- Maker Fee: 0.00%
Pricing Tier: $400M+
- Taker Fee: 0.05%
- Maker Fee: 0.00%
- Taker Fee: 0.001%
- Maker Fee: 0.00%
Fiat Deposit and Withdrawal Fees
- Deposit Fee: Free
- Withdrawal Fee: Free
- Deposit Fee: USD 10
- Withdrawal Fee: USD 25
- Deposit Fee: EUR 0.15
- Withdrawal Fee: EUR 0.15
- Deposit Fee: Free
- Withdrawal Fee: £1
Shakepay vs Coinbase: Payment Methods
Shakepay Payment Methods
Shakepay offers 4 payment methods which include Interac e-Transfer, wire transfer, Shakepay a friend, and cryptocurrency deposits. Wire transfer is the only payment method with a long duration (1-2 working days), e-transfer reflects in minutes. The maximum limits for Interac e-Transfer, wire transfer, cryptocurrency, and Shakepay a friend, are $10,000, no maximum, no maximum, and $999 respectively.
Coinbase Payment Methods
Coinbase offers 2 payment methods for Canadian users; Debit cards and PayPal for e-transfers. All payment methods are instant.
Shakepay vs Coinbase: Security
Shakepay keeps users’ assets safe through various security features including HTTPS encryption and 2-Factor authentication. Users are also alerted of suspicious activities on their accounts via email or SMS. Email confirmations are required for withdrawals.
Almost all the digital assets on Shakepay are held in cold storage wallets. The funds are also insured.
Coinbase holds about 98% of its user’s digital assets in cold storage. Also, customers’ data and sensitive data on servers are stored offline. The data is secured using AES-256 encryption and are copied into FIOS 140 hardware and paper backups.
Coinbase User’s account balances have up to $250,000 in FDIC-backed insurance.
All private keys are AES-256 encrypted. All accounts are also protected with a password and two-factor authentication.
Shakepay vs Coinbase: Earn/Staking Rewards
Shakepay Earn/Staking Rewards
The cryptocurrency exchange enables you to earn Bitcoin rewards via the Shakepay Earn program. The program rewards users on the first $1,000 they hold on Shakepay. Users can earn 4% APR on the first $1,000 of their CAD balance. Shakepay Earn calculates rewards daily and pays out every week. Also, your funds are never taken out of your account or locked up. You can spend, withdraw, or convert it to crypto whenever you choose.
Coinbase: Earn/Staking Rewards
The Coinbase trading platform offers staking rewards via the Coinbase Earn platform, which allows users to earn up to 5.75% APY on their crypto. You can earn on as little as $1 in crypto. The Earn platform also allows you to discover, view, and manage crypto assets eligible to earn rewards all from the Earn Center, as well as, choose various ways to earn like DeFi yield or staking. There are also no lock-up periods imposed by the crypto exchange. However, DeFi yield is only available to users outside the United States.
Shakepay vs Coinbase: Usability
Shakepay offers a basic intuitive user interface targeted at newbie crypto investors. The outcome is that the crypto exchange does not support the advanced trading tools that pro trader expect from such crypto exchanges. Also, Shakepay only offers 2 cryptocurrencies Ethereum and Bitcoin in its trading platform.
Just like Shakepay, Coinbase offers a beginner-friendly platform, but with a lot more user-friendly interface and functions. For example, users can buy crypto instantly using a debit card. There’s also the option of upgrading to Coinbase Pro for more advanced trading features than the basic buy and sell.
Shakepay vs Coinbase: Customer Service
Shakepay Customer Service
Shakepay users can contact the support team through the support chat which is available on the website and the app. There is also a help center where users can find answers to frequently asked questions. The support team can also be reached through their social media handles on Instagram, Facebook, YouTube, Discord, Twitter, and Reddit.
Information on their website shows that Shakepay does not offer customer support over the phone. The platform also does not have ticket submission or email support.
Coinbase Customer Service
Coinbase users can contact the support team by submitting a ticket through Coinbase Support.
Coinbase also offers social media and phone support. There is also a FAQ page with answers to the Coinbase frequently asked questions. However, there have been complaints of negligence in their customer service.
Conclusion: Final Verdict
Shakepay excels in fees as the platform is completely commission-free, however, the crypto exchange only offers 2 cryptocurrencies. It also only supports CAD as fiat currency. This puts Shakepay at the disadvantage when compared to Coinbase which offers more than 150 cryptocurrencies, faster payment methods, supports 70+ nations and offers an advanced trading platform for professional traders. Both platforms do not support margin trading or futures trading.
If you can ignore the transaction fees, Coinbase is the clear winner here.
Most frequent questions and answers
- Go to your holdings section
- Pick the crypto you are withdrawing
- Complete your withdrawal request by inputting the account of crypto to be withdrawn and your Binance wallet address
Yes, Binance is legal in Canada except in Ontario.
Binance is the world’s largest crypto exchange that holds a product suite that includes the biggest digital asset exchange.
Yes, you can buy BCH on the Binance exchange.
Yes, Bitbuy is a legitimate and regulated platform.
Yes, Bitbuy is regulated.
It is safer to keep crypto in cold storage.
Cold Storage simply means storing your digital assets offline.