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Shakepay vs. Coinbase

To find the best platforms, we tested over 50 apps with Canadian accounts. Read our reviews to find the best crypto exchanges in the country in 2022.

Updated October 2022   |  Affiliate Disclosure

Shakepay and Coinbase are two beginner friendly platforms but with very different fees, features and coins offered. In this comparison, I collected 40+ variables on each app so you can see which one is best for you. If you're a Canadian looking to buy Bitcoin and cryptocurrencies, read on to see my in-depth review.

The Bottom Line

Shakepay is cheaper but only has 2 coins versus 140 on Coinbase. Shakepay had a 1.03% total fee to buy Bitcoin with a 2.26% spread. Coinbase had a 4.54% total fee and a 3.07% spread. Coinbase is one of the most expensive platforms in Canada.

If you just want Bitcoin and Ethereum, Shakepay wins. If you don't mind the higher fees, Coinbase has 140+ coins, beginner and advanced trading, and more features overall.

Summary:

  • Both platforms are beginner-friendly
  • Shakepay is significantly cheaper, Coinbase is one of the most expensive platforms
  • Shakepay has better funding/withdrawals for $CAD
  • Coinbase has 140+ coins, advanced trading and more features overall
Shakepay

About Shakepay

Shakpay is the best beginner crypto exchange in Canada. It's very easy to use, they offer 2 coins (BTC and ETH), a Bitcoin Visa card, free deposit and withdrawals and fair spreads.

Pros & Cons

  • Best platform for beginners. No experience required
  • Free crypto withdrawals and free CAD deposits and withdrawals
  • Free Bitcoin Visa card gives you 1%-2% cash back on all purchases
  • Earn free Bitcoin daily with ShakingSats (shake your phone for free Bitcoin) 
  • Fast verification (get instantly verified in under 10 minutes)
  • Only has 2 coins (BTC and ETH)
  • No advanced features (it's built for beginners only)
  • Less features than Crypto.com
Coinbase

About Coinbase

Coinbase is one of the worlds largest crypto exchanges with 90m registered users. It's very beginner friendly, has 140+ coins and is a publicly traded company which adds a layer of safety.

Pros & Cons

  • Beginner and advanced trading features
  • Great user-interface
  • Great reputation and safety (90m users, $255m insurance, publicly traded, and more)
  • Earn free crypto with "Learn and Earn" feature
  • High spreads and very expensive
  • Confusing fee structure
  • No CAD fiat wallet or trading pairs (only instant purchases with credit/debit)

Overview

How We Tested

To collect this info, we used real, KYC-verified accounts. We then broke it down into 5 categories: Fees, Features, Deposit & Withdrawals, Security and Ease of Use.

RankFi tracks dozens of crypto products. Lean more about our methodology here.

Coins Offered

2 (BTC and ETH)

140+

Total BTC Purchase Fee

1.03%

4.54%

Total BTC Selling Fee

1.21%

5.50%

CAD Trading Pairs?

🚫

CAD Deposit Fees

Free

$0.99 up to 3.84%

Interac e-Transfer?

🚫

Beginner Friendly

Advanced Trading

🚫

BTC Withdrawal Fee

0 BTC (Free)

Dynamic (network fees)

Headquarters

Montreal, Canada

Remote company

💰 Promotion

$30 free when you trade $100

$13 free when you trade $130

Sign Up

Features

Best Features Overall

Cell

✅ Winner

Number of Features

5-10

10+

Coins

2 (BTC and ETH)

140+

Mobile App

Web App

Beginner Trading

Advanced Trading

🚫

Staking

🚫

Lending/Borrowing

🚫

🚫 (Yes, but not available in Canada)

Other Rewards

Crypto Credit Card

✅ (Review)

🚫 (Yes, but not available in Canada)

Margin Trading

🚫

🚫

Futures

🚫

🚫

OTC

Native Token

🚫

✅ (USDC)

Affiliate Program

24/7 Support

🚫

🚫

Sign Up

Fees & Spread

More Information

Both platforms were tested on Mar 2, 2022 at the same time and numbers are subject to change.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Buy Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Sell Reference Price Difference

Best Fees Overall

✅ Winner

Cell

*Total BTC Purchase Fee

1.03%

4.54%

*Total BTC Selling Fee

1.21%

5.50%

CAD Deposit Fee

Free

$0.99 to 3.84%

CAD Withdrawal Fee

Free

$0.99 to 3.84%

Trading Fee

Free

Free

Spread (BTC)

2.26%

3.07%

Ref. Price Difference

Buy: +1.03%

Sell: -1.21%

Buy: +1.54%

Sell: -1.51%

BTC Buy Price

$56,351

$56,635

BTC Sell Price

$55,108

$54,946

Reference Price (Google)

$55,774

$55,774

Sign Up

Deposits & Withdrawals

Best Overall

✅ Winner

Cell

$CAD Funding Options

E-Transfer

Free

Instant


Wire Transfer

Free

1-2 days


Shakepay A Friend

Free

Instant

Credit Card

$0.99 fee up to 3.84% fee

Instant

$CAD Withdrawal Options

E-Transfer

Free

Instant


Wire Transfer

Free

1-2 days


Shakepay A Friend

Free

Instant

PayPal

$0.99 fee up to 3.84% fee

BTC Withdrawal Fee

0 BTC (Free)

Dynamic (network fees)

ETH Withdrawal Fee

0 ETH (Free)

Dynamic (network fees)

Security

Best Security Overall

Cell

✅ Winner

Year Founded

2015

2012

Uses Cold Storage?

FINTRAC Regulated

Insurance Policy

✅ (Coinbase's)

✅ ($255m)

Any Hacks or Incidents?

🚫

✅ (2021)

2FA

Address Whitelisting

🚫

View Login History

🚫

Crypto Withdrawals Allowed

KYC

Publicly Traded

🚫

✅ (COIN)

Headquarters

Montreal, Canada

Remote Company

User Interface

Shakepay

Shakepay App Home
Shakepay App Charts
Shakepay Trading Page

Coinbase

Coinbase Mobile App Home Dashboard
Coinbase Mobile App Charts
Coinbase Mobile App Convert

Shakepay or Coinbase?

Shakepay is better if you want lower fees and better funding methods with Canadian dollars. Coinbase is better if you want 140+ coins but keep in mind, it's one of the most expensive platforms out there.

When To Use Shakepay

  • If you only want to trade Bitcoin or Ethereum
  • If you want a 1% cash back Bitcoin visa
  • If you want lower spreads and fees than Coinbase
  • If you want e-transfers and better funding/withdrawal methods

When To Use Coinbase

  • If you want 140+ coins instead of 2
  • If you want to earn free crypto with the Learn and Earn feature
  • If you want advanced trading and more features overall

Sign Up:

Shakepay

Get $30 free when you trade $100

Coinbase

Get $13 free when you trade $130

🔎 Compare More Crypto Exchanges

Check out the best (and worst) places to buy, sell, trade crypto in Canada

RankFinance

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.


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