Shakepay Vs. Coinberry: Which is best for Canadians?
This article compares Shakepay vs. Coinberry to know which exchange is best for Canadians. To come up with our findings and the overall winner we carried out extensive research considering factors like security, trading fees and cryptocurrency availability. We also had a first-hand experience with both platforms.
Shakepay vs. Coinberry: Verdict
Our pick is Coinberry as the platform offers more features to crypto traders and is a lot more beginner friendly.
Shakepay vs. Coinberry: Unique Features
Unique Features of Shakepay
ShakingSats is a secret promo run by Shakepay where users are given free Satoshi daily for shaking their phone. Satoshi or SATS are the smallest denomination of Bitcoin. 100 million Satoshis make one Bitcoin. ShakingSats is only available to Shakepay customers that signed up with the platform through a referral code or have referred a friend to the platform.
The users will also need to verify their account and deposit at least 100 CAD into their Shakepay account. Also, the user is required to buy ETH or BTC with the deposited funds. Once this is done, they can start shaking to earn free Satoshis.
Users are required to open the Shakepay App before shaking their phones. They can send their earnings to their BTC wallet or cash out in fiat. Rewards are given every 24 hours. The number of days in a row a user shakes his phone to earn SATS is known as shaking streaks. So the longer the streak, the higher the free reward.
This Shakepay feature enables customers to set automatic buying rules to purchase crypto daily, weekly, or monthly. Shakepay users can access this feature through the app.
Once the user selects which cryptocurrency to activate the feature for, they will need to set the amount of CAD they wish to spend to buy the crypto and the preferred frequency. For a recurring buy to happen, the user must have the required amount of CAD in their Shakepay CAD balance.
Recurring orders are executed at the exact time they were initiated. This means if the order was initiated at 2 pm, it will be repeated every day at that time.
Unique Features of Coinberry
This Bitcoin payment feature allows merchants, individuals, municipalities, and charities to accept Bitcoin donations, tips, and cryptocurrency payments.
Every Coinberry account has a unique Coinberry link. That enables them to receive crypto payments from other crypto trading platforms. Cryptocurrencies received through Coinberry Pay are automatically converted to CAD and transferred to the recipient’s bank account. This enables the users to avoid price volatility and other associated risks.
Coinberry Pay users have access to tax reposting and easy accounting tools, as well as, 24/7 access on the Web, Android, and iOS. They can also send invoices via SMS or email.
Coinberry Autopilot is a feature that allows Coinberry users to implement a dollar-cost-averaging investment strategy that results in more consistent returns and hedges against price fluctuations.
With Autopilot, Coinberry users can trade digital assets without having to deal with price changes and volatility in the crypto space. Users can plan their crypto investments and set up recurring investments.
The dollar cost averaging strategy enabled users to make small crypto purchases daily, weekly, or monthly regardless of the price. The spread of this purchase over a time frame gives the buyer a hedge against price fluctuations thereby reducing the risk of losses that could result if the digital assets were bought in one large lump.
Shakepay vs. Coinberry: Cryptocurrencies Available
Shakepay only supports 2 cryptocurrencies; Bitcoin and Ethereum.
Coinberry supports over 35 cryptocurrencies. This includes BTC, ETH, AAVE, ADA, ALGO, AVAX, AXS, BAL, BAT, BCH, ATOM, COMP, CRV, DOGE, DOT, FTM, ENJ, GRT, LINK, LTC, etc.
Shakepay vs. Coinberry: Fees
Known as the commission-free cryptocurrency exchange, Shakepay does not charge users commissions for buying or selling digital assets on their mobile devices or desktops using the platform. That said, users are still susceptible to banking fees if they opt for the bank wire transfer payment option. Also, for outgoing crypto transfers, Shakepay covers the user’s miner fees (gas fees).
Like Shakepay, Coinberry does not charge CAD deposit or withdrawal fees. But the crypto exchange charges between 0% and 2.5% in trading fees.
Shakepay vs. Coinberry: Payment Methods
Shakepay offers 4 payment methods: Interac e-transfer, wire transfer, crypto deposit, and Shakepay a friend. Interac e-transfer has a maximum limit of $10,000, wire transfer has no max deposit limit, crypto deposit has no max limit, and Shakepay offers a max limit of $999. Each payment method has varying transfer timeframes.
Interac e-transfer can take up to an hour to reflect in your bank account, bank wire can take you up to 2 working days, while crypto and Shakepay a friend are usually under 20 minutes.
Some of Shakepay’s payment methods have minimums. Interac e-transfer, for example, has a minimum of $5, wire transfer has a minimum of $10,000, and crypto deposits have varying minimums depending on if you’re sending Ethereum or Bitcoin.
Coinberry offers only 2 fiat payment methods which include Interac e-transfer and bank wire. It also allows users to deposit as little as 50 CAD to start. Both of these methods do not charge fees for deposits or withdrawals.
Shakepay vs. Coinberry: Security
Shakepay Security Features
A huge percentage of Shakepay’s digital currencies are stored offline. The cold storage provider used by Shakepay holds SOC1 Type II and SOC2 Type II certifications. The assets are also insured against damage and loss. Accessing the assets in cold storage requires multi-party approvals. Transactions from the cold wallets are only to approved whitelisted addresses.
Shakepay also holds its customer’s money separately from that of the company. Customers’ funds are held in segregated Canadian bank accounts.
All Shakepay accounts are secured by Two-factor authentication. Users’ passwords are hashed and personal data are encrypted before being stored. Withdrawals from Shakepay accounts must be confirmed via email. Account holders will also be notified via email, SMS, or push notifications ID if there is any activity in their account.
The Shakepay app is secured with Biometric unlock, Face ID, PIN, or pattern code. Login attempts to accounts are limited to prevent credential stuffing.
Coinberry Security Features
Coinberry is registered with FINTRAC as a Money Service Business. It stores most of its crypto assets in cold storage provided by Gemini.
Coinberry accounts are protected by two-factor authentication. Account holders can also activate the biometrics login feature on their accounts to boost security.
Shakepay vs. Coinberry: Earn/Staking Rewards
Shakepay Earn enables users to earn Bitcoin rewards on their first $1000 held on the cryptocurrency exchange. The program offers up to 4% APR on this initial CAD 1000 balance. Shakepay calculates all rewards daily on users’ lowest balance and pays out every week.
The Coinberry Earn program allows users to earn affiliate commissions for sending users to the platform.
Shakepay vs. Coinberry: Usability
Shakepay allows users to access the platform via their desktop and mobile app. Both platforms make it quick and easy to buy Bitcoin or Ethereum with a few clicks. You can also easily access all needed options from the left of your screen if you’re on the desktop or under the screen if you’re using the app.
Coinberry comes in both a desktop platform and a mobile app. So to start using it you’ll need to download either. The platform’s interface is a bit more complex than Shakepay’s and you’ll need to use menu buttons to get to certain screens. But this comes with additional benefits as you can set price alerts and gain access to charts. You can even set autopilot purchases to buy crypto.
Shakepay vs. Coinberry: Customer Service
Shakepay customers can contact the support team via the support chat feature on the website and the app. They can also be reached via their social media pages on Facebook, Twitter, Discord, Reddit, Instagram, and YouTube. Shakepay does not provide customer support via email or over the phone.
Shakepay also has a well-equipped support center with blogs and answers to frequently asked questions.
Customers can contact the Coinberry support team via email, phone call, or the live chat feature on their page.
There is also a support center on the website with a FAQ section that provides detailed answers to commonly asked questions about the platform.
Conclusion: Final Verdict
Shakepay is one of the best crypto trading platforms for newbies in the industry. However, it falls short when considering more advanced users who want more crypto options and a platform with features that will aid better-informed trading. Coinberry succeeds in being able to cater to both experienced and beginner traders. It offers more crypto options, better features, a transparent trading fee structure, and is regulated as well.
Coinberry is the winner in this Shakepay vs. Coinberry comparison.
Most frequent questions and answers
Coinberry, Coinbase, and Binance are examples of crypto exchanges better than Shakepay. Also, hardware wallets are safer than hot wallets like Shakepay.
Coinbase is better as it is more established and offers more functions than the Shakepay digital currency exchange.
You can only buy Bitcoin and Ethereum on Shakepay.
Yes, you can withdraw your CAD deposit or crypto balance.
Currently, Coinbase is termed the safest cryptocurrency exchange to buy crypto by volume.
Through a cryptocurrency exchange that supports a local payment method.
Yes, Bitbuy offers more crypto options and trading features than Shakepay. However, Shakepay is cheaper in terms of fees.
No, Shakepay does not affect your credit score.
No, you cannot buy Solana on Shakepay.
Yes, you can sell Ethereum on Shakepay.
No, Shakepay is for Canadian users.
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.