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
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
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
Overview
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 & SpreadBoth platforms were tested on Mar 2, 2022 at the same time and numbers are subject to change.
| ||
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
Coinbase
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:
Get $30 free when you trade $100
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
