Top 8 Shakepay Alternatives For Canadians

  • by

Shakepay is a very popular digital currency exchange (DCE) in Canada for due reason. It is easy to buy Bitcoin and Ethereum through its system, and also you don’t need to pay fees when trading currencies.

Even though it is an appealing exchange for beginners, one can soon see why looking for alternatives can be a good idea.

Supporting only two currencies is too basic nowadays, as every time there is a new cryptocurrency getting created, and mining and staking have become very accessible.

Because of the limitations of Shakepay, we will talk about alternatives you can find in Canada in this article.

There are plenty of great DCEs for Canadian citizens, both international* and national, so we will survey them and help you decide which one you can trust to buy your coins as well as use to stake or trade.

*Even though “international” gives a sense of being available everywhere, it is important we remember that not all DCEs are available everywhere, as well as some coins.

So, making sure that an international DCE is available in your country is essential. That’s why we will review international DCEs here along with Canadian options.

CoinSmart

To start our list, we are looking at a somewhat recent DCE called CoinSmart. Is it trustworthy? It surely is, according to both user and expert reviews you can find online.

CoinSmart is a genuinely Canadian DCE that promises to make crypto easy for everyone, as it is possible to read on the site: “Crypto was hard, CoinSmart made it easy”.

The question, then, is: is it truly easy?

CoinSmart, just like any other wallet and exchange out there right now, offers you a browser and an app version to check your coins, make transactions, etc.

It is very intuitive to use, but if you have any doubts, there is plenty of knowledge available for you to find within the site.

If you have difficulty going through any operation, you might find the how-to on CoinSmart’s YouTube channel.

Currently, CoinSmart supports only a few coins, but for some users, it might be more than enough:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ripple
  • Tether
  • Bitcoin Cash
  • Stella
  • Cardano
  • QCAD
  • EOS
  • NEO

As for fees:

  • Trading fees: 0.20% for single trade / 0.30% for double trade
  • Funding: 0 to 6% (depends on the method)
  • Withdrawal: 1%

Crypto Withdrawal Fees:

  • BTC: 0.0005
  • ETC: 0.015
  • LTC: 0.001
  • XRP: 0.002
  • USDT: 10.00
  • BCH: 0.0001
  • ADA: 0.30
  • NEO: 0.00
  • EOS: 0.0005
  • XLM: 0.00003

Pros

  • Instant verification for new clients
  • Deposits credited on same day
  • Great platform for both newbies and experts
  • 24/7 support
  • Competitive trading fees
  • Referral program

Cons

  • Funding can only be done in CAD
  • Funding with fiat money can take up to 5 days

Read 5 Best Mining Pools To Join From Canada.

Newton

Newton is a local exchange that is awesome for Canadian citizens. For one, the platform promises not to charge any fees to users.

It is common to see this feature on Canadian exchanges, after all dealing with only a national market makes monetary matters easier.

This platform is pretty active in expanding its horizons. If you check any review from many months ago, you will see an outdated list of the supported coins on Newton.

To know which coins the platform sells, buys and trades, you have to go to Newton’s main page and scroll down until you see the full list of supported cryptocurrencies.

Pros

  • User-friendly for beginners
  • No fees
  • Transparency regarding how the platform makes money
  • Cold storage for digital assets
  • Referral program is available

Cons

  • Only CAD is accepted for fiat funding
  • Price spreads can go over 0,70%

Bitbuy

Even though the name might give the impression that Bitbuy only supports Bitcoin, it in fact supports a few bit more cryptocurrencies.

Bitbuy is a very renowned cryptocurrency exchange in Canada, and you can find plenty of users online who already used it so that you can talk to them about personals experiences if you want. In any case, it is a safe service for any Canadian.

Cryptocurrencies supported by Bitbuy:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Ripple
  • Stellar
  • Bitcoin Cash
  • EOS
  • Chainlink
  • AAVE

The fees on Bitbuy:

  • Trading fees: 0.2% (Express Trade), Pro Trade 0.1% (Maker) and 0.2 % (Taker)
  • Funding: 1.5% (Interac e-Transfer), 0.5% (Wire transfer)

Withdrawal fees for each cryptocurrency:

  • BTC: 0.00025
  • ETC: 0.01
  • LTC: 0.02
  • BCH: 0.001
  • XLM: 0.02
  • XRP: 0.02
  • EOS: 0.02

Pros

  • It is quick to setup your account
  • User-friendly app
  • Fast deposit times
  • 95% cold storage policy
  • Insurance for Bitcoin balances through Knox Custody
  • Referral program
  • One of the best exchanges selling BTC in Canada

Cons

  • Only accepts CAD
  • Limited deposit options

Read Bitbuy Vs Wealthsimple

Satstreet

Satstreet is a Canadian OTC (over the counter) exchange that focuses on selling huge quantities of cryptocurrencies to individuals and companies.

To be sure, it is no use opening an account at Satstreet unless you are buying at least $25K in Bitcoin.

Since Satstreet focuses only on these huge transactions, it can also offer some of the lowest fees in the market. It is a win-win scenario for everyone involved.

Users from other countries can also register into Satstreet, but they need to pay in CAD.

Moreover, Satstreet also offers executive consulting to help companies better understand how to properly invest in crypto.

There is no info about Satstreet’s fees available since it sells only in bulk quantities. You have to contact the service to learn the fees to the amount of BTC you want to buy.

Pros

  • Promises low fees
  • Great for buying huge amounts of Bitcoin

Cons

  • Only sells in huge quantities
  • Only deals with Bitcoin and CAD

Netcoins

Netcoins is a Canada-based digital currency exchange you can use to buy, trade, and manage your coins with ease.

Its fees are very, very low, making the service highly attractive to Canadian users.

Some recent reviews online will tell you that Netcoins has no app. However, they just released it and it looks crisp.

As you can imagine, the number of cryptocurrencies supported by the service is not very high, however, they are enough for users that are just starting or need only trade the few options offered:

  • Bitcoin
  • Ether
  • Tether
  • Ripple
  • Litecoin
  • Bitcoin Cash
  • QCAD

Fees:

  • Funding fees: 0%
  • Trading fees: 0,5%
  • Cash withdrawal fees: 0%

Crypto withdrawal fees:

  • 0.0005 BTC
  • 0.005 ETH
  • 20 USDT
  • 0.02 XRP
  • 0.02 LTC
  • 0.001 BCH
  • 0 QCAD

Pros

  • User-friendly
  • Fast verification
  • Price alerts
  • Great customer support
  • Owned by a publicly-traded company
  • CAD and USD are available
  • Credit card purchases are available

Cons

  • Support to few coins

NDAX

NDAX (National Digital Asset Exchange) is one of the most popular Canadian exchanges.

It supports a few more coins than most DCEs based in the country and also offers low fees for customers, thus making the service highly attractive both for beginners and veterans in the crypto world.

Verification is instant on this platform, so you can create an account and immediately transfer your funds from another DCE or start buying new coins to stake or buy products online.

Larger traders can get access to a special service within NDAX that helps them get the most profit.

Coins supported by NDAX are:

  • Bitcoin
  • Ethereum
  • XRP
  • Litecoin
  • EOS
  • Dogecoin
  • USDT
  • LINK
  • Stellar
  • Cardano
  • Uniswap
  • Matic
  • Compound
  • Aave

Fees are claimed to be very low on NDAX, so let’s check out:

  • Trading fees: 0.20%
  • Funding: No fees
  • Withdrawal: $25CAD if you withdraw fiat money through deposit or ETF

Pros

  • 10$ welcome bonus after your first funding
  • Premium service for large traders
  • 95-98% of digital assets in cold storage
  • 2FA is mandatory

Cons

  • The only fiat currency accepted is CAD

Binance

As already mentioned, we would be recommending international DCEs as well. It just happens that Binance is one of the biggest and also best exchanges for crypto owners.

That applies if you are Canadian or wherever other places in the world.

Binance supports numerous cryptocurrencies and also offers plenty of exciting tools that you can’t find on competitors.

They also make trading very simple. Even fees are at a great level, so there isn’t much reason not to go with Binance.

This exchange supports over 200 coins, so we will not list all of them here. Sure enough, all the main coins are available, such as Bitcoin and Ether.

Read How to Transfer from Shakepay To Binance.

Fees:

  • Purchase: 2,24%
  • Spread: 0,03%
  • Trading fees: 0.05% – 0.10%
  • Funding: 2%
  • Withdrawal: 0.0005 BTC

Pros

  • Low fees
  • Available worldwide
  • Support to an immense array of cryptocurrencies
  • Many tools beyond simply buying and trading

Cons

  • No built-in digital wallet

Coinbase

Founded in 2012, Coinbase had a strong acceleration in mid-2017, when it gained more than 10 million users in less than 6 months.

Coinbase has the merit of facilitating access to the purchase of cryptocurrencies in several countries, including Canada.

In the future, considering that its main objective is to create an open financial system, it is natural that it will continue to look for simpler ways to globalize this market.

In some countries, for example, for payment purposes, the Coinbase Card is already being offered.

One thing is certain: this platform is aware of opportunities and has grown in services since it was launched in 2012.

Coinbase is currently already a reference for beginners in the cryptocurrency market, and tools such as Coinbase Pro make it a very valid solution for more experienced traders as well.

This exchange offers more than 40 cryptocurrencies, including BTC, ETH, LTC, LINK, BCH, XLM, UNI, AAVE, EOS, XTZ, DAI, and so on.

Read Coinbase Vs. Wealthsimple for Canadians.

Fees:

  • Spread: 1,20%
  • Trading: $0,99 – 3,99%
  • Withdrawal: Network fees
  • Funding: same as trading

Pros

  • Access to more than 50 cryptocurrencies
  • You don’t need much to fund your account
  • If the website is hacked, your crypto is still secured
  • Highly trustable

Cons

  • Fees can go higher than other options

Final Thoughts

Canadians have a lot of possibilities when choosing which cryptocurrency exchange to go with.

There are many DCEs in the country which are exclusive to Canadians only, while other excellent options are worldwide.

It all depends on your goals, like paying fewer fees or having access to a large number of coins to trade, stake, etc.

If all you want is accessibility, the best DCE seems to be Binance, as it is trustworthy and allows you to invest in, literally, hundreds of coins.