Shakepay vs Binance | Who Has Best Trading & Lowest Fees

Shakepay, the local retail store for buying and selling cryptocurrencies, offers a unique approach to trading fees. Instead of charging a fixed fee or a percentage, Shakepay takes a commission of the spread between the buy and sell price.

While this may seem convenient for some users, especially those who are new to trading and prefer a simple buying and selling process, it's important to note that Shakepay charges a rather steep spread fee of up to 2%.

This means that users may end up paying significantly more than the market value when buying or selling cryptocurrencies through Shakepay.

Moving on to the trading fees offered by Binance, they charge a spot maker fee of 0.1% and a spot taker fee of 0.10%, which is quite competitive compared to other exchanges.

Binance also offers a range of options for users to lower their trading fees If monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.

For futures maker orders, the fee is only 0.02%, while for futures taker orders, it's 0.04%. This makes Binance a favorable choice for traders who are interested in futures markets as well.

Shakepay and Binance are both cryptocurrency exchanges that offer various deposit methods. Starting with Shakepay, Canadians have the option to deposit their Canadian Dollars (CAD) into Shakepay using either Interac e-Transfer or Wire Transfer.

Both deposit methods are free of charge, which is a great advantage. Interac e-Transfer deposits are processed almost instantly, allowing users to have their funds available within minutes.

On the other hand, Wire Transfers may take up to 2 business days for the funds to arrive in the Shakepay account. Additionally, Shakepay also allows users to deposit Bitcoin (BTC) and Ethereum (ETH) free of charge, providing more flexibility for crypto deposits.

Moving on to Binance, it supports a wide range of fiat currencies including USD, EUR, AUD, GBP, and many others. Binance offers multiple deposit methods for fiat currencies.

Users can deposit funds through bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash.

It is worth noting that deposit fees vary depending on the method chosen. If users deposit with Visa or Mastercard, they will incur a 1.8% fee. Bank transfers via SEPA come with a 1 EUR fee, and deposits made through Advcash account have a 1.5% fee

When it comes to withdrawing funds from exchanges, Shakepay and Binance offer different methods and fees for their users.

Starting with Shakepay, users have the flexibility to withdraw their funds in various ways. For those wanting to withdraw their AUD, Shakepay provides the option of using either Interac e-Transfer or basic Wire transfer, both of which are free of charge.

Interac e-Transfer offers instant transfers with a maximum limit of $10,000, while Wire transfers have no upper limit but may take 1-2 working days to arrive. Shakepay also covers the fees for Bitcoin and Ethereum withdrawals, making it convenient and cost-effective for users to retrieve their cryptocurrencies.

On the other hand, Binance offers multiple methods for withdrawing fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).

Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard. For SEPA withdrawals, there is a fixed fee of 1 EUR, while bank withdrawals with many other fiat currencies are free of charge.

In terms of cryptocurrency withdrawals, both Shakepay and Binance have different fees depending on the blockchain.

Binance charges a fee of 0.0002 BTC for Bitcoin withdrawals, 0.000768 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 6 USDT for ERC-20 USDT withdrawals.

In conclusion, Shakepay is a beginner-friendly platform exclusively available to Canadian citizens and focuses on making it easy for Canadians to buy and sell Bitcoin and Ethereum.

Binance, on the other hand, is one of the largest and most popular exchanges globally, offering a comprehensive suite of trading and financial services with a wide selection of cryptocurrencies.

Availability-wise, Shakepay is only accessible to Canadian citizens, while Binance is available in 186 countries, giving Binance a clear advantage in terms of global reach and accessibility.

In terms of user experience, Shakepay is known for its user-friendly interface, making it easy for beginners to navigate and trade cryptocurrencies. Binance, on the other hand, offers a more advanced trading platform for both retail and institutional investors, making it a preferred choice for experienced traders.

Security-wise, both exchanges prioritize the safety of user funds and comply with regulatory requirements. Shakepay is registered as a Money Services Business in Canada, ensuring compliance with Canadian regulations.

When it comes to trading fees, Shakepay charges a spread fee of up to 2% between the buy and sell price. Binance, on the other hand, offers competitive fees for spot trading of only 0.1% for makers and takers.

In terms of deposit methods, Shakepay offers free deposit options for Canadian dollars and allows free crypto deposits, catering to the needs of Canadian users. Binance, on the other hand, supports a wider range of fiat currencies and provides various deposit methods, although some of them come with associated fees.