Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Shakepay vs NDAX: Features, Pros & Cons

    Shakepay Review
    3.5
    3.5/5

    Read Disclaimer

    NDAX-comparison
    3.5
    3.5/5

    Shakepay and NDAX are two of the best crypto exchanges built for Canadians, however, when compared which platform wins? In this article, we compare crypto exchanges in-depth and present our conclusions by performing extensive research and using both crypto exchanges exhaustively.

    Shakepay vs. NDAX: Verdict

    Our pick is NDAX. The National Digital Asset Exchange offers more crypto trading functions to both beginners and advanced traders.

    Shakepay Logo

    Pros

    Cons

    ndax logo

    Pros

    Cons

    Shakepay vs NDAX: Unique Features

    Unique Features of Shakepay

    Shakepay Card

    Shakepay Credit Card

    The Shakepay card is a prepaid Visa card that enables Shakepay customers to spend directly from their Shakepay CAD account balance. Users can earn 1% in Bitcoin cashback on every purchase using the card. Users can also earn an extra 1% on the first $5000.

    The Shakepay Visa card is accepted anywhere Visa cards are accepted worldwide both online and in-store. The card is also compatible with Google Pay and Apple Pay.

    Recurring Buy

    Shakepay’s Recurring Buy is a feature that enables Shakepay users to set aside funds for programmed crypto trading. The user can set automatic buying rules to trade Bitcoin, for example, daily, weekly, or monthly.

    With Recurring Buy, the user can set the amount in CAD they wish to spend on the crypto purchase and the frequency. The Recurring Buy feature can be accessed from the Shakepay app. Once the user sets the terms of the recurring buy and confirms it, the recurring buy will be set live. In subsequent days, weeks, or months, the order will happen on the crypto exchange at the exact time it was first initiated.

    Recurring Buy is not available outside Canada. But if a user sets recurring buy while still in Canada, it will go through even if the user leaves Canada. Recurring Buy orders can be canceled whenever the user wishes to.

    Shakepay OTC Trading

    Shakepay’s over-the-counter trading is designed for customers who wish to trade over $50,000 on the crypto exchange. The Shakepay’s OTC desk prevents price increases when trading on marketplace exchanges, prevents slippage, and minimizes counterparty risk. It also offers personalized services to customers who are eligible for this feature. Other features include a low trading fee, instant verification, fast funding options, in-app customer support, price alerts, etc.

    Unique Features of Binance

    NDAX Wealth

    ndax wealth

    NDAX Wealth is an over-the-counter trading desk designed for NDAX customers that are looking to trade $200,000 or more. Prospective NDAX wealth customers can contact or book a meeting with an NDAX account executive via the OTC desk email invest@ndax.io.

    NDAX wealth customers have access to advanced features such as a large selection of crypto assets, competitive execution fees, same-day settlements, and a deep liquidity pool.

    The users also get personalized service that allows them to trade at high volumes without price slippage. As well as access to expert traders who will guide them on how to make profitable trades.

    NDAX Affiliate Program

    NDAX has a tiered affiliate program that rewards affiliates for referring new users to the platform.

    The program is open to everyone that has an NDAX account and is not limited to just active traders.

    The first tier of affiliates is known as Avid. Any user who refers between 10 users monthly is in this tier. Referrals in this category receive $10 while the affiliates receive $10. The referrals also receive a 10% commission on the trading fee on all trading activities done by the affiliate within 1 year. The maximum sum of this is $1,000.

    The next level of affiliates is known as Ambassadors. These refer to about 11 to 20 users monthly. The affiliate receives $10, while the referral receives $15. As with the first tier, the Referrals receive a 10% commission on all trading fees generated by the affiliate.

    The third tier is made up of users who refer 21+ users monthly. Users in the third tier are known as partners. Referrals in this tier get $25, as well as, 10% on all their affiliates’ trading fees. The affiliates receive $10.

    Winner in Unique Features

    Shakepay wins in unique features. It has various features that give its customers a good trading experience and enables them to earn free crypto rewards with their crypto account.

    Shakepay vs NDAX: Cryptocurrencies Available

    Cryptocurrencies Available on Shakepay

    Shakepay only supports 2 cryptocurrencies; Bitcoin and Ethereum.

    Cryptocurrencies Available on NDAX

    NDAX supports over 30 cryptocurrencies including ETH, USDC, MATIC, SHIB, AXS, MANA, XLM, LINK, EOS, DOGE, LTC, XRP, ADA, etc.

    Winner in Crypto Availability

    NDAX is the winner in crypto availability. It supports more cryptocurrencies than Shakepay, which just allows customers to trade Bitcoin and Ethereum.

    Shakepay vs NDAX: Fees

    Shakepay Fees

    Known as the commission-free cryptocurrency exchange, Shakepay does not charge users any form of fees for its crypto trading apps, deposits, or withdrawals. The exchange even covers gas and miner fees for Bitcoin and Ethereum withdrawals. That said, it doesn’t cover bank wire transfer charges for either withdrawals or deposits.

    NDAX Fees

    NDAX Deposit Fees

    NDAX charges the same fee (0.2%) for buying and selling crypto. They also have a fee calculator on the platform that shows users exactly how much they’ll be charged for purchasing or selling crypto.

    NDAX does not charge deposit fees for all its 4 payment methods. However, the exchange charges users a flat CAD 4.99 fee for all withdrawals.

    NDAX also has staking fees which are 12% of the total generated rewards.

    Winner in Fees

    Shakepay wins in fees as the exchange is commission-free.

    Shakepay vs NDAX: Payment Methods

    Shakepay Payment Methods

    Shakepay has 4 payment methods:

    Interac e-Transfer

    • Free
    • Funds reflect in minutes
    • MIN: $5
    • MAX: $10,000

    Wire transfers

    • Free
    • 1-2 working days
    • MIN:$10,000
    • MAX: No max

    Crypto Deposits for Bitcoin and Ethereum

    • Free
    • 2 confirmations in approximately 20 minutes
    • No min
    • No Max

    Shakepay a friend

    • Free
    • Instant
    • No min
    • MAX: $999

    NDAX Payment Methods

    The exchange offers 4 payment methods:

    Interac e-Transfer

    • 0-30 minutes
    • No min/max
    • Free

    Wire Transfer

    • 0-1 business day
    • No min/max
    • Free

    Bank Draft

    • 0-1 business day
    • No min/max
    • Free

    NDAX also offers an instant crypto feature that allows users to request, send, and gift funds to other NDAX users. This payment method is instant. You can also fund your account using cryptocurrency.

    Winner in Fees

    NDAX wins in payment methods because the exchange creators feature more options than Shakepay.

    Shakepay vs NDAX: Security

    Shakepay Security

    Shakepay Security Features

    Shakepay holds the majority of its digital assets in cold storage. The assets stored in cold storage are also insured against loss and damage.

    Transactions from the cold storage are only to whitelisted addresses. The cold storage providers hold both SOC 1 Type I and SOC 2 Type II certifications.

    Users’ data and passwords are hashed and encrypted before being stored.

    Shakepay users’ accounts are also protected with two-factor authentication. The Shakepay app is protected with a PIN or pattern code, Face ID, and biometric unlock.

    All withdrawals from Shakepay accounts must be confirmed via email. If there is any suspicious activity on any account, Shakepay will alert the account holder via SMS, push notification, or email.

    NDAX Security

    NDAX holds a SOC2 Type II certification and secures a huge percentage of its digital assets in cold storage provided by Ledger Vault. It also holds millions of dollars in insurance cover for different incidences like internal theft, general business liability, fraud, hardware security module malfunction, or both hot and cold wallets.

    Users’ accounts are protected with 2-FA. Changes to account information are not effected until the account holder meets the strict requirements set by the NDAX team. This is to ensure that the changes are not being made by a hacker.

    Withdrawals and deposits are only approved for accounts with an active two-factor authentication. All withdrawals must also be approved by email.

    Winner in Security

    NDAX wins in security as it has more insurance coverage over different incidences.

    Shakepay vs NDAX: Earn/Staking Rewards

    Shakepay Earn

    Shakepay Earn enables users to receive Bitcoin rewards (up to 4% APR) on their first CAD 1,000 held on the platform. Rewards are calculated every day and paid out weekly. There’s also the opportunity to increase the APR by 8% when you join their wait-list program.

    NDAX Staking

    NDAX offers users staking rewards on 5 digital assets including Cardano, MATIC, Polkadot, The Graph, and Ether. The exchange offers up to 12% APY on Polkadot. That said, NDAX has very high staking fees when you compare crypto exchanges (up to 20% on total rewards).

    Winner in Earn/Staking

    NDAX wins here as it offers higher staking rewards than Shakepay, which offers 4% APR on held funds. Plus, NDAX offers staking on 5 cryptocurrencies while Shakepay offers APR in Bitcoin on the user's fiat balance.

    Shakepay vs NDAX: Usability

    Shakepay Usability

    This exchange is very easy to use and offers a seamless experience for beginner crypto traders. Its use case is for simple buy and sell orders on Bitcoin and Ethereum.

    NDAX Usability

    NDAX offers 30+ cryptocurrencies and a standard trading terminal, an OTC trading service, and an API. Also, transactions are fast on the platform and all crypto transactions are executed instantly.

    Winner in Usability

    NDAX wins in usability as it offers more useful products to traders beyond buying and selling.

    Shakepay vs NDAX: Customer Service

    Shakepay Customer Service

    Shakepay customers can contact the support team via the chat feature on the website and app. Shakepay does not offer customer support over the phone.

    There is also a help center with answers to frequently asked questions about using the platform.

    NDAX Customer Service

    The NDAX customer support team can be contacted via phone, email, or live chat. There is also a fully equipped support center that provides users with answers and guides on how to resolve various account-related issues.

    Winner in Customer Service

    NDAX wins in customer service as it offers more support channels.

    Conclusion: Final Verdict

    Though both Shakepay and NDAX provide their customers with stand-out features, the best exchange out of the two in our opinion is NDAX. The exchange has a lot more to offer beginner and expert traders such as staking rewards, more cryptocurrencies to buy and sell, etc. Shakepay, on the other hand, offers just 2 digital assets and a basic buy-and-sell function.

    Overall Winner

    Overall Winner: NDAX with a 3.5/5

    FAQ

    Most frequent questions and answers

    Yes, NDAX reports to the Canada Revenue Agency (CRA).

    NDAX charges 0.20% on all buys and sells.

    Jean Amiouny is the founder of Shakepay.

    Here are several ways to avoid paying taxes: hold your crypto, offset your gains with losses, change your tax rate, or buy crypto in an IRA.

    You could be fined up to $50,000.

    Yes, NDAX is legal and regulated in Canada.

    NDAX does not offer tax reports but you can download your NDAX transaction history to build one.

    NDAX generates revenue with fees and commissions.

    No, the exchange only supports Ethereum and Bitcoin.

    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. 

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