Shakepay vs Coinsquare | Which Is The Best Canadian Exchange?
Jack Moreau
Feb 2024
8 min read
Fact checked
Shakepay vs Coinsquare: In this comparison we dive into the pros and cons of both exchanges to help you make the best decision. From examining KYC requirements and country availability to analysing product offerings and trading fees, we leave no stone unturned. Keep reading to determine which exchange aligns best with your trading and investing preferences!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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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 Coinsquare are two popular Canadian cryptocurrency exchanges that cater to the needs of Canadian citizens. While both exchanges provide a platform for buying and selling cryptocurrencies, they have different features and offerings that set them apart.
Shakepay, founded in 2015, is a Montreal-based technology company that aims to provide financial applications for building wealth. With over 1 million Canadians served, Shakepay has established itself as a beginner-friendly exchange with a focus on simplicity to buy and sell only Bitcoin (BTC) and Ethereum (ETH).
Shakepay exchange
The platform is registered as a Money Services Business (MSB) in Canada and holds licenses from FINTRAC and Revenu Québec. One of the key strengths of Shakepay is its user-friendly interface, making it easy for beginners to navigate the platform and engage in cryptocurrency trading.
Shakepay exclusively serves Canadian citizens and operates in all provinces and territories. This localized approach ensures compliance with Canadian regulatory requirements.
Shakepay also offers an app for both Android and iOS devices, providing users with the flexibility to trade on the go. The app has been downloaded over 100,000 times and has received positive ratings from users.
Shakepay app
Coinsquare is also a Canadian cryptocurrency exchange founded in 2014 and is registered and based in Ontario, Canada. Coinsquare positions itself as a secure, regulated, and 100% Canadian-owned exchange.
Coinsquare exchange
While Shakepay caters to beginner traders, Coinsquare is suitable for those with more trading experience. Coinsquare's platform offers a clean and intuitive user interface, making it beginner-friendly like Shakepay.
However, it provides a more comprehensive range of features and advanced trading options. Coinsquare supports over 40 cryptocurrencies, including Bitcoin and Ethereum, along with a select number of altcoins.
Coinsquare app
The exchange has an estimated user base of over 500,000 registered users and similar to Shakepay, Coinsquare offers an app for Android and iOS devices which has been downloaded over 50,000 times.
Shakepay vs Coinsquare KYC Requirements
When it comes to signup and KYC requirements, Shakepay and Coinsquare have different signup processes. Signing up for Shakepay is a easy and requires only a few simple steps. Users need to select a username, enter their email address, and create a password.
Once the email address is verified, users are required to provide a Canadian phone number and verify it as well. This ensures that only Canadian citizens can use the platform.
Shakepay KYC requirements
After completing these steps the account is opened and users can proceed to complete the KYC process. KYC, or Know Your Customer, is mandatory on Shakepay. In order to access all the services offered by Shakepay, users must have a verified account.
The KYC verification process involves providing personal information, submitting a valid government ID, and confirming Canadian citizenship. Unfortunately, for users who are not Canadian citizens, completing the KYC process is not possible, and they will not be able to use Shakepay's services.
The signup process on Coinsquare is a bit more involved compared to Shakepay. Users are required to provide their email, create a password, and indicate their country of residence. Once the account has been created, users are immediately prompted to complete the KYC process before accessing their account.
Coinsquare KYC requirements
Similar to Shakepay, KYC is mandatory for all users on Coinsquare. In fact, it's not even possible to sign up for the exchange without first completing the verification process.
To complete the KYC process on Coinsquare, users must provide personal information such as their full name, address, a valid government ID, and even a selfie.
Once the documents have been uploaded, Coinsquare can verify users in a matter of minutes, assuming all the information is correct. It's important to note that only Canadian residents can use the Coinsquare platform, and users who are not Canadian residents will not be able to pass the KYC process.
Shakepay vs Coinsquare Crypto Products
Shakepay and Coinsquare are both Canadian cryptocurrency exchanges that cater to beginner crypto investors. However, there are notable differences between the two in terms of product offerings.
Shakepay is designed to be a simple and user-friendly exchange for Canadian users. It supports only two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), and offers a basic buy and sell functionality.
Shakepay buy and sell crypto
Shakepay does not have an orderbook and focuses on providing a straightforward experience for users looking to buy Bitcoin or Ethereum with Canadian dollars (CAD). The user interface is beginner-friendly and easy to navigate, making it a suitable option for those new to the cryptocurrency market.
Shakepay interface
However, most users will find the limited cryptocurrency selection and functionality to be too restrictive.
On the other hand, Coinsquare offers users the ability to buy and sell a slightly wider range of cryptocurrencies. With Coinsquare, users have access to over 40 cryptocurrencies that can be purchased via the spot exchange or with a credit card.
Coinsquare spot trading
However, Coinsquare's product offering is limited compared to other exchanges. It primarily focuses on spot trading, allowing users to buy and sell cryptocurrencies, but does not provide leverage trading, futures, or other advanced trading options.
Coinsquare cryptocurrencies
The user experience on Coinsquare is relatively average, with an interface that is easy to use for beginners but lacks standout features or advanced functionalities.
In terms of liquidity, Coinsquare has lower spot trading volumes compared to larger exchanges, with volumes ranging between $20 to $40 million on a daily basis.
Overall, Shakepay and Coinsquare both appeal to users who are new to cryptocurrencies and prioritize simplicity in their trading experience.
When it comes to trading fees, Shakepay and Coinsquare offer slightly different approaches. Shakepay is not your typical exchange where customers buy and sell cryptocurrencies with other customers.
Instead, Shakepay operates more like a local retail store that buys and sells cryptocurrencies directly. And how do they make money you ask? Well, Shakepay earns its commission by taking a percentage of the spread between the buy and sell prices. Now, this spread fee can be quite steep, reaching up to 2%!
On the other hand, we have Coinsquare. When it comes to trading fees, Coinsquare takes a slightly different approach. On their platform, they offer two different types of trading fees.
For spot trades, which is essentially when you buy or sell cryptocurrencies, Coinsquare charges a fee that starts at 0.5% for both makers and takers.
Coinsquare spot trading fees
Now, this fee can vary depending on the volume of your trades. But here's the good news - Coinsquare does offer rebates for traders who exceed $10,000 in trading volume during a 30-day period. So, if you're a high-volume trader, this could be a nice perk.
However, if you're using Coinsquare for trading swaps, which is when you trade one cryptocurrency for another, the fees can be even higher. In this case, Coinsquare takes a portion of the spread, which means you'll be paying a bit more compared to spot trading.
When it comes to deposit methods, Shakepay and Coinsquare offer different options for their users.
On Shakepay, Canadians have the convenience of depositing CAD into their accounts using either Interac e-Transfer or Wire Transfer. Both of these deposit methods are free of charge, allowing users to add funds to their accounts without incurring any fees.
Shakepay fiat deposits
Interac e-Transfer deposits are processed almost instantly, with the funds arriving within minutes. On the other hand, Wire Transfers may take up to 2 business days for the funds to be credited to the Shakepay account.
Additionally, Shakepay also allows users to deposit Bitcoin (BTC) and Ethereum (ETH) free of charge. This provides users with the flexibility to fund their accounts using cryptocurrencies as well.
Coinsquare also supports fiat currency deposits, but only for CAD and USD. Users can deposit USD via Wire Transfer free of charge, with a processing time of 2 days. For CAD deposits, Coinsquare offers two methods, Interac e-Transfers and Wire Transfers.
Coinsquare fiat deposits
The Interac e-Transfer option is faster, allowing for quicker deposits. Similarly to Shakepay, both Interac e-Transfers and Wire Transfers on Coinsquare are free of charge.
Starting with Shakepay, users have the convenience of withdrawing their funds in either CAD through Interac e-Transfer or wire transfer.
The best part is that these withdrawal methods are completely free of charge. Interac e-Transfer is a swift and instantaneous option with a maximum limit of $10,000, while wire transfers have no upper limit but take 1-2 working days to arrive.
Shakepay fiat withdrawals
Additionally, Shakepay covers the fees for Bitcoin and Ethereum withdrawals, making it even more appealing for users.
On the other hand, Coinsquare offers a range of options for withdrawing USD or CAD (Canadian Dollars) funds. For USD, the only available option is wire transfer, ensuring secure and efficient transactions.
When it comes to CAD withdrawals, users can choose between Interac e-Transfer, bank withdrawal, or wire transfer. Interac e-Transfer is completely free, while bank and wire withdrawals have a 1.5% fee attached.
Coinsquare also allows users to withdraw certain cryptocurrencies, with fees varying depending on the blockchain used. For instance, Bitcoin and Ethereum withdrawals incur fees of 0.00025 BTC and 0.003 ETH, respectively.
However, Coinsquare offers fee-free withdrawals for Litecoin, XRP, and Stellar, making it a cost-effective choice for users looking to withdraw these specific cryptocurrencies.
In conclusion, both Shakepay and Coinsquare are popular Canadian cryptocurrency exchanges that cater to the needs of Canadian citizens.
Shakepay is known for its simplicity and beginner-friendly features, making it a great option for those new to crypto who just want to buy and sell BTC & ETH. On the other hand, Coinsquare offers a wider range of 16 cryptocurrencies which is a bit more varied than Shakepay.
In terms of user-friendliness, Shakepay takes the lead with its intuitive interface and focus on simplicity. It is designed to be easy to navigate for beginners and offers a mobile app for convenient trading on the go. Coinsquare also offers a user-friendly interface but provides more advanced features such as spot trading.
When it comes to signup processes and KYC requirements, both Shakepay and Coinsquare requires Canadian citizenship and verifies users through personal information and government ID. Users who are not Canadian residents will not be able to pass the KYC process of either exchange.
As for trading fees, Shakepay charges a commission based on the spread between the buy and sell prices, which can be up to 2%. Coinsquare charges a variety of fees depending on the type of trade, ranging from 0.5% for spot trades to potentially higher fees for swaps.
Shakepay allows deposits in CAD through Interac e-Transfer or Wire Transfer, while Coinsquare supports CAD and USD deposits through Interac e-Transfers, Wire Transfers.
While Coinsquare is the more versatile exchange by offering more cryptocurrencies, spot trading and even lower fees, ultimately both Shakepay and Coinsquare are very limited and expensive exchanges.
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.
