Shakepay vs NDAX: Features, Pros & Cons
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 vs NDAX: Unique Features
Unique Features of Shakepay
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.
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
Unique Features of Binance
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 email@example.com.
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.
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.
Shakepay vs NDAX: 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 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.
Shakepay vs NDAX: Payment Methods
Shakepay Payment Methods
Shakepay has 4 payment methods:
- Funds reflect in minutes
- MIN: $5
- MAX: $10,000
- 1-2 working days
- MAX: No max
Crypto Deposits for Bitcoin and Ethereum
- 2 confirmations in approximately 20 minutes
- No min
- No Max
Shakepay a friend
- No min
- MAX: $999
NDAX Payment Methods
The exchange offers 4 payment methods:
- 0-30 minutes
- No min/max
- 0-1 business day
- No min/max
- 0-1 business day
- No min/max
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.
Shakepay vs NDAX: Security
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 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.
Shakepay vs NDAX: Earn/Staking Rewards
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 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).
Shakepay vs NDAX: 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 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.
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.
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: NDAX with a 3.5/5
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.