Shakepay vs NDAX | Which Exchange Is Best For Canadians?
Jack Moreau
Feb 2024
7 min read
Fact checked
Shakepay vs NDAX: In this comprehensive comparison, we dive into various aspects of both exchanges to assist you in making an informed decision. From examining KYC requirements and country availability to analysing product offerings, trading fees, and withdrawal fees, we leave no stone unturned. Keep reading to determine which exchange aligns best with your specific needs!
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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Shakepay and NDAX are both Canadian-based cryptocurrency exchanges that offer users the ability to buy, sell, and trade digital assets. While they have similarities in terms of their target market and services, there are also notable differences that set them apart.
Shakepay was founded in 2015 and is headquartered in Montreal, Canada. It is registered as a Money Services Business (MSB) in Canada and has served over 1 million Canadians during its 8 years in operation.
Shakepay exchange
Shakepay is exclusively available to Canadian citizens, and users outside of Canada are not able to access the exchange. The platform is beginner-friendly and focuses on providing a user-friendly experience for individuals who want to buy and sell Bitcoin and Ethereum.
Shakepay is licensed as a Money Service Business by FINTRAC and Revenu Québec, and it operates in all Canadian provinces and territories. The Shakepay exchange is available on both Android and iOS platforms, where it has been downloaded over 100,000 times.
Shakepay app
On the other hand, NDAX was founded in 2017 by Bilal Hammoud and is based in Calgary, Alberta, Canada. Similar to Shakepay, NDAX is only available in Canada and does not support users from other countries.
NDAX exchange
NDAX Exchange emphasizes compliance, security, and customer support. It provides a secure and user-friendly platform for users to buy, sell, and trade various cryptocurrencies.
NDAX is estimated to have between 250,000 to 500,000 registered users in Canada, with over 50,000 users having downloaded the app, which is available on both Android and iOS platforms.
NDAX app
NDAX offers a smaller range of cryptocurrencies compared to other exchanges, with approximately 40 digital assets available for trading, including popular coins like Bitcoin, Ethereum, XRP, and SOL.
Shakepay vs NDAX KYC Requirements
When it comes to signing up for an exchange, Shakepay and NDAX both have their own unique processes and requirements.
The Shakepay signup process is fairly straightforward. Users are first prompted to select a username, provide an email address, and create a password. Once the email address is verified, users must then provide a Canadian phone number and verify it as well.
Shakepay KYC requirements
With these steps completed, the account will be opened and users can proceed to complete the KYC (Know Your Customer) process.KYC is mandatory on Shakepay, meaning no buying or selling can occur without a verified account.
The KYC verification process requires users to provide personal information, submit a valid government ID, and be a Canadian citizen. Note that for non-Canadian citizens, completing the KYC process on Shakepay is not possible.
Moving on to NDAX, the signup process follows a similar pattern. Users are required to enter their full name, select a username, provide an email address, and create a password. Once the email address is verified, the account is officially opened, and users can proceed to the next step, which is completing the KYC process.
NDAX KYC
Just like Shakepay, KYC is mandatory on NDAX. Without completing the verification process, users cannot access the services on the platform. It's important to note that NDAX is exclusively available to Canadian citizens, and therefore, non-Canadians cannot trade on this platform.
To complete the KYC process on NDAX, Canadians must provide personal information such as their full name, date of birth, phone number, address, and a valid government ID. NDAX will then verify the information, which can take up to 1-2 business days.
Shakepay vs NDAX Crypto Products
Shakepay and NDAX are two cryptocurrency exchanges that serve the Canadian market but with different features and services.
Shakepay is designed specifically for beginner crypto investors in Canada. It offers a simple and user-friendly interface with support for only two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Shakepay buy Bitcoin
Shakepay does not have an order book, instead it offers a straightforward buy and sell functionality that allows users to purchase Bitcoin or Ethereum with Canadian dollars (CAD).
Shakepay card
The user experience on Shakepay is very beginner-friendly, making it easy for new investors to get started in the crypto market. However most users will find Shakepay's limited product offering restrictive as it only supports two cryptocurrencies.
NDAX provides a wider range of services compared to Shakepay. While it also offers spot trading for cryptocurrencies, NDAX supports a more extensive list of 40 cryptocurrencies.
NDAX spot trading
In addition to spot trading, NDAX allows users to schedule automatic purchases through recurring buys, which is ideal for users who prefer dollar-cost averaging.
NDAX interface
NDAX also offers staking services for five cryptocurrencies, including Ethereum (ETH), Graph (GRT), Polygon (MATIC), Polkadot (DOT), and Cardano (ADA). These staking services on NDAX have a high staking fee of 20% which is very steep compared to other exchanges.
NDAX staking
The user experience on NDAX is basic but it provides simplicity of use for beginners. However, more experienced users may find NDAX lacking in terms of product range and liquidity.
When it comes to trading fees, exchanges vary greatly in their offerings. Some charge a flat fee for every transaction, while others offer discounts based on trade volumes or holding specific tokens.
Shakepay, despite not being a traditional marketplace, offers its own unique fee structure. As a local retail store, they buy and sell cryptocurrencies and earn money by taking a commission of the spread between the buy and sell price.
This means that they charge a percentage of the difference between the buying and selling prices, up to 2% which is a very high fee.
On the other hand, NDAX takes a slightly different approach. They charge a flat fee of 0.2% for both buying and selling cryptocurrencies. Unlike some other exchanges, NDAX does not offer any rebates for high volume traders.
NDAX buying fees
This means that regardless of whether you are buying or selling, everyone pays the same fee. While this fee structure is not too shabby and falls in line with other exchanges such as Gate.io and Huobi, it is slightly more expensive than the likes of OKX and Binance.
Shakepay allows Canadians to deposit CAD into their accounts using two methods: Interac e-Transfer and Wire Transfer. Both of these deposit methods are free of charge for Shakepay users.
Shakepay fiat deposits
Interac e-Transfer is a convenient option as the funds arrive within minutes, while Wire Transfers may take up to 2 business days for the funds to appear in the account. Shakepay also allows users to deposit Bitcoin (BTC) and Ethereum (ETH) free of charge, providing additional flexibility for cryptocurrency enthusiasts.
On the other hand, NDAX also caters to Canadians and offers two deposit options for Canadian Dollars. Users can deposit funds via Interac e-Transfer or Wire Transfer. Similar to Shakepay, both Interac and Wire transfers are free of charge.
NDAX fiat deposits
However, the key difference lies in the processing time. Interac e-Transfers are instant, ensuring that users can quickly access their funds. Wire Transfers, on the other hand, may take up to 1 business day before the funds are available in the account.
When it comes to withdrawing funds from Shakepay, users have a couple of convenient options. Users can withdraw their AUD using either Interac e-Transfer or basic Wire transfer, and the best part is that both methods are free of charge.
If you choose to use Interac e-Transfer, you'll enjoy the benefits of instant and hassle-free transfers. However, there is a maximum limit of $10,000 for this method.
Shakepay fiat withdrawls
On the other hand, if you opt for Wire transfer, there is no upper limit, but it may take 1-2 working days for the funds to arrive in your account. In addition to fiat withdrawals, Shakepay also offers free Bitcoin and Ethereum withdrawals.
Moving on to NDAX, users have the option to withdraw their CAD or their cryptocurrencies from this exchange. For CAD withdrawals, NDAX supports EFT (Direct Bank) as the sole withdrawal method. While this method takes 1 business day to process, it ensures that your funds arrive safely.
However, it's worth noting that there is a fee of $4.99 CAD associated with this withdrawal method.On the other hand, cryptocurrency withdrawals on NDAX are almost instant, making it convenient for users to access their digital assets quickly.
The fees for cryptocurrency withdrawals vary depending on the type of cryptocurrency being withdrawn. For example, Bitcoin withdrawals come with a fee of 0.0004 BTC, Ethereum withdrawals have a fee of 0.001 ETH, Solana withdrawals require a fee of 0.01 SOL, and ERC-20 Tether withdrawals come with a fee ranging from 10-20 USDT.
In conclusion, Shakepay and NDAX are two Canadian-based cryptocurrency exchanges that offer similar services but also have notable differences.
Shakepay focuses on providing a beginner-friendly experience for Canadian citizens, with a user-friendly interface and support for only Bitcoin and Ethereum.
NDAX is also beginner friendly but offers a wider range of 40 cryptocurrencies and additional features like recurring buys and staking.
When it comes to country availability, both NDAX and Shakepay are exclusively available to Canadian citizens.
In terms of trading fees, Shakepay charges a spread fee of up to 2%, while NDAX levies a flat fee of 0.2% for every transaction. This makes NDAX the much more competitive exchanges from the point of views of fees.
Both exchanges support fiat deposits and withdrawals with CAD with good and cheap options available. Obviously NDAX supports more crypto deposits and withdrawals as they offer more cryptocurrencies than Shakepay.
Overall, the victory of this comparison goes to NDAX as they offer more cryptocurrencies, more features and lower trading fees than Shakepay which is simply too limited in it's service offering.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
