Cryptocurrency trading has become increasingly popular over the past few years. As the market continues to grow, more and more people are looking for ways to get involved. This guide will compare two of the most popular crypto exchanges: Coinbase and Shakepay.
We will look at how these two platforms compare in terms of fees, funding options, supported currencies, and other features. We will also highlight some of their key pros and cons so that you can decide which platform is right for you. Before we get to the Coinbase vs. Shakepay analogy, let’s briefly overview these two companies.
About Shakepay
Shakepay is a Canadian crypto exchange that was founded in 2015. It offers a simple and easy-to-use platform for buying and selling cryptocurrencies. One of the key features of Shakepay is that it allows you to buy and sell cryptocurrencies without going through a third party.
Although Shakepay doesn’t feature a wallet, you can easily connect your wallet to the platform and start trading. It also has a mobile app so that you can trade on the go. The app is available on iOS and Android and offers all the same features as the desktop platform.
A user-friendly platform is just one of Shakepay’s many advantages. The exchange also offers a Visa card with lots of great benefits. The card comes with a lucrative reward program through which you can earn 1% cashback in bitcoin to your Shakepay account whenever you shop with any Visa merchant.
Shakepay is a great option if you’re looking for a simple and easy-to-use solution to buy/sell cryptocurrencies. It’s a commission-free exchange with an excellent rewards program and a dedicated mobile app.
About Coinbase
Coinbase is one of the most popular cryptocurrency exchanges in Canada and it supports more than 150 cryptocurrencies. Users can freely trade Bitcoin, Ethereum, Dogecoin, Cardano, Solana, Shiba Inu, and other popular digital assets on this platform. Additional Coinbase advantages are its availability in more than a hundred countries and its educational resources.
Coinbase, headquartered in San Francisco, California, has been operational since 2012 and counts over 98 million verified customers. Coinbase is considered one of the industry’s most reliable exchanges in terms of security. The platform stores 98% of its digital assets offline in cold storage.
Coinbase offers two main services: a brokerage service and a trading platform. The brokerage service allows users to buy and sell cryptocurrencies at the current market price. The Coinbase trading platform, on the other hand, is designed for more advanced users and allows you to trade cryptocurrencies using limit orders, stop-limit orders, and margin trading.
Coinbase has a simple and user-friendly interface, making it a great choice for those new to the crypto world. The brokerage service is also quite straightforward, allowing users to buy and sell cryptocurrencies with just a few clicks.
Shakepay vs. Coinbase Comparison
Now that we’ve looked at each platform individually let’s compare them side-by-side in terms of fees, funding options, supported currencies, and other features.
Trading Platforms
Both Coinbase and Shakepay offer user-friendly trading platforms. However, Coinbase’s platform is more advanced and offers more features than Shakepay.
For example, Coinbase offers a “Convert” feature that allows users to convert one cryptocurrency to another without creating a new order. Coinbase also provides “Post-trade reporting” that gives users an overview of their trade activity. Unfortunately, Shakepay does not offer these features.
Coinbase’s platform is better suited for more experienced traders who need access to advanced features and tools. Shakepay’s platform is more suitable for beginner traders who just want to buy and sell cryptocurrencies without all the bells and whistles.
Fees
Now, let’s see the difference between Coinbase and Shakepay regarding fees. Coinbase charges a flat fee of 1% on all cryptocurrency purchases and sales.
Shakepay is a commission-free exchange, meaning it doesn’t charge any fees for buying or selling cryptocurrencies. Instead, it generates revenue by charging a small spread on the traded cryptocurrencies. A spread is a price difference between short (buy) and long (sell) positions.
When you compare Shakepay and Coinbase, you’ll notice that Coinbase can be more expensive for those frequently buying and selling cryptocurrencies, while Shakepay has the potential to be cheaper if you’re holding onto your cryptocurrencies for a long time.
Supported Currencies
Supported currencies are one of the first things you should consider when choosing a crypto exchange. While Coinbase supports all popular cryptocurrencies, Shakepay only allows trading in a handful of them. To be precise, Shakepay only supports Bitcoin and Ethereum.
So, if you want to trade altcoins and are considering Coinbase vs. Shakepay, Coinbase might be the better choice. However, if you only want to trade Bitcoin and Ethereum, Shakepay is an excellent commission-free solution.
Funding Options
Both Coinbase and Shakepay offer a variety of funding options. However, Shakepay offers a few more options for Canadian customers.
Shakepay supports Interac e-Transfer, wire transfer, Bitcoin, and Ethereum. All deposits and withdrawals are free, and the processing times are fast.
For Interac e-Transfer, the processing time is instant. With wire transfers, it takes one to two business days for the funds to arrive in your account. As for cryptocurrency deposits, they will usually appear in your account within minutes.
In addition to all the previously mentioned methods, there’s also the option to “Shakepay a friend.” This is a great feature if you want to quickly send someone money via the app and avoid going through the hassle of setting up a wire transfer.
One of the few differences between Shakepay and Coinbase is that Coinbase supports debit cards and PayPal. If you want to use a debit card to purchase cryptocurrency, you can do so on Coinbase. And if you wish to sell your digital assets, you can do it via PayPal. All the transactions with these funding methods are free of charge and instant.
Unfortunately, these are the only two methods Canadian customers can use on Coinbase. So, if you’re looking for more funding options, Shakepay is the better choice.
Crypto Card
If you want to use your cryptocurrency for everyday purchases, you can do so with a crypto debit card. One of Coinbase’s pros is that it supports the use of such a card. It’s available to residents of the United States and allows them to spend their digital assets anywhere that accepts Visa cards. And any time they use it to purchase something, they get rewarded.
You can earn 1% back in BTC every time you pay with USDC and 4% back in ALGO every time you purchase with USD. Unfortunately, the Coinbase card isn’t available outside the US, which is one of Coinbase’s disadvantages. Those living in Canada need to look elsewhere for a crypto debit card.
As we previously mentioned, Shakepay has a crypto Visa card available to Canadian residents. With the Shakepay card, you can spend your Bitcoin and Ethereum anywhere that accepts Visa.
Plus, you can get amazing Bitcoin rewards whenever you use the card. Also, you’ll earn an additional 1% on the first $5,000 spent. So, if you live in Canada and you’re looking for a crypto debit card, Shakepay is the better choice.
Security
To have Shakepay and Coinbase compared, we also need to mention security. Both of these exchanges are reliable and have implemented strong security measures to protect their customers’ funds.
Coinbase and Shakepay use what is known as “cold storage” for the majority of their digital holdings. This means all the crypto is stored offline, in a secure location, making it much less vulnerable to hacking attempts.
In addition to cold storage, both exchanges offer two-factor authentication as an extra layer of security. In order to log in to your account, you’ll need to enter your password and a code that is sent to your phone.
So, in terms of security, Coinbase vs. Shakepay compare similarly. You can be sure that your funds will be safe no matter which exchange you choose.
Customer Support
Both Coinbase and Shakepay offer excellent customer support. They have a dedicated team of customer service representatives who are always ready to help.
Coinbase has a comprehensive FAQ section on its website that covers all the most common questions and issues. In addition, it also offers 24/7 live chat support for all its customers. If you need immediate assistance, you’ll be glad to know there is round-the-clock phone support for international customers, so you can always reach someone.
Shakepay also has a comprehensive FAQ section that covers all the most common questions and issues. In addition, it offers email and live chat support to all its customers. Sadly, there is no phone support available, which is one of Shakepay’s few disadvantages that can be a deal-breaker for some.
Conclusion
So, which platform is better? It largely depends on what you’re looking for. If you want a platform with more funding options and lower fees, Shakepay is the way to go. However, if you’re looking for a platform with more currency options and advanced features, Coinbase is the better choice.
Ultimately, both platforms are great choices for different reasons. It’s important to do your research to figure out which one is the best fit for you.
FAQ
Is Shakepay legal in Canada?
Yes, Shakepay is legal in Canada. It is registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Revenu Québec and complies with all Canadian laws and regulations. You can rest assured your funds are safe whenever you use Shakepay.
Can I buy Dogecoin with Shakepay?
Unfortunately, one of Shakepay’s cons is that it only supports Bitcoin and Ethereum. So, if you want to buy Dogecoin, you’ll need to use a different platform such as Coinbase, Kraken, or Binance.
How do I withdraw money from Coinbase?
Withdrawing money from Coinbase is easy. Here’s how you can do it from your web browser:
- Log into your account and select your cash balance under Assets.
- Go to the Cash out tab and click Continue.
- Pick your cash-out destination and go to Continue.
- Click on Cash out now.
If you wish to withdraw funds from your Coinbase account on your mobile app, you should follow these steps:
- Go to your Home tab, click More, and then Cash out.
- Enter the amount you wish to withdraw, choose a destination, and tap on Preview cash out.
- Finally, tap on Cash out now to complete the process.
Is Coinbase good for beginners?
Coinbase is an all-inclusive platform that offers a wide range of features and services for both beginners and experienced users. So, whether you’re just getting started in the world of crypto or are a seasoned pro, Coinbase has something to offer.
If we compare Coinbase vs. Shakepay in terms of trading experience, we would say Coinbase is more suited for experienced traders as it offers an abundance of features and options. In contrast, Shakepay is better suited for beginners as it is a more straightforward platform with fewer features.
