Shakepay vs Wealthsimple | Which Is The Better Exchange?
Jack Moreau
Feb 2024
8 min read
Fact checked
Shakepay vs Wealthsimple: In this comprehensive comparison, we researched various aspects of both exchanges to assist you in determining the superior option. Our analysis encompasses factors such as user KYC verification requirements, availability in different countries, range of products offered, transaction fees, deposit methods, and more. Continue reading to uncover which platform aligns best with your trading and investment preferences!
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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 Wealthsimple are both Canadian-based cryptocurrency exchanges that cater exclusively to Canadian citizens. While they share similarities in terms of their target market, they differ in certain aspects, including their offerings, user base, and available cryptocurrencies.
Shakepay was founded in 2015 by Jean Amiouny and Roy Breidi and is a Montreal-based company that provides financial applications for building wealth. It is registered as a Money Services Business (MSB) in Canada and has served over 1,000,000 Canadians during its 8 years in operation.
Shakepay exchange
Shakepay is licensed by FINTRAC and Revenu Québec and operates in all Canadian provinces and territories. The platform focuses on providing a user-friendly experience for beginner traders who want to buy and sell Bitcoin and Ethereum. Shakepay is known for its emphasis on security and regulatory compliance.
Shakepay app
Wealthsimple was founded in 2014 by Michael Katchen and Brett Huneycutt and is headquartered in Toronto, Canada. It is a Canadian-based financial services company that offers a range of investment services to customers in Canada.
Wealthsimple crypto
Wealthsimple aims to make investing easy and accessible for anyone, providing services such as robo-advisory, stocks and shares ISAs, savings accounts, and cryptocurrency trading.
It has gained popularity for its user-friendly interface, diverse range of assets and commitment to transparency. Wealthsimple supports a small range of 50 cryptocurrencies, including Bitcoin, Ethereum, Solana, and other well-known coins.
In terms of user base, Shakepay and Wealthsimple have established a significant presence in Canada. Shakepay has served over 1,000,000 Canadians while Wealthsimple has over 3 million users in the country.
Wealthsimple app
When it comes to available cryptocurrencies, Shakepay offers a more limited selection compared to Wealthsimple. Shakepay supports only Bitcoin and Ethereum, focusing on the two most popular cryptocurrencies while Wealthsimple supports a range of 50 cryptocurrencies.
Shakepay vs Wealthsimple KYC Requirements
When it comes to signing up for a cryptocurrency exchange, both Shakepay and Wealthsimple have their own unique processes and requirements.
Starting with Shakepay, the signup process is fairly straightforward. Users are required to select a username, provide an email address, and create a password.
Once the email address is verified, users must also provide a Canadian phone number and verify it. After completing these initial steps, the account will be opened, and users can proceed to complete the KYC (Know Your Customer) process.
Shakepay KYC
KYC is mandatory on Shakepay, meaning that all users must go through the verification process before they can start buying or selling cryptocurrencies. The verification process includes providing personal information, submitting a valid government ID, and confirming Canadian citizenship.
Unfortunately, if you are not a Canadian citizen, you will not be able to complete the KYC process and utilizse Shakepay's services.
Moving on to Wealthsimple, the signup process is slightly lengthier compared to Shakepay. It takes a few minutes to complete and upload all the necessary documents required for KYC.
Wealthsimple signup process
During the signup process, users are asked to provide an email, password, and select their country of residence. Similarly to Shakepay, KYC is mandatory on Wealthsimple, and users cannot access any of its services without completing the verification process.
After opening an account, users must provide additional information, such as personal details and a valid government ID. The verification process on Wealthsimple can take a couple of days to complete.
In terms of verification time, Shakepay's process is relatively quick compared to many other exchanges. Once users upload their ID and conduct a face scan, the verification is typically completed within 2 minutes.
Shakepay vs Wealthsimple Crypto Products
Shakepay and Wealthsimple are two cryptocurrency exchanges that cater to the Canadian market. Although both platforms offer access to cryptocurrencies, they differ in terms of their product range and user experience.
Shakepay is a very basic exchange designed for beginner crypto investors in Canada. It aims to provide a simple and user-friendly interface for users to buy and sell Bitcoin (BTC) and Ethereum (ETH) using Canadian dollars (CAD).
Shakepay interface
Shakepay does not offer an order book or advanced trading features, focusing instead on a straightforward buy and sell functionality. The user experience on Shakepay is very beginner-friendly, with a clean and intuitive interface.
Shakepay Buy and Sell Bitcoin
However, most users may find the lack of trading options limiting, especially if they wish to explore a wider range of cryptocurrencies or engage in more advanced trading strategies.
Shakepay card
Wealthsimple offers Canadians a broader range of products and services. In addition to fractional shares of thousands of stocks and ETFs, Wealthsimple allows users to buy and sell over 50 cryptocurrencies.
Wealthsimple cryptocurrencies
The platform supports staking for cryptocurrencies such as Ethereum and Solana, and it also offers managed investing with a management fee of 0.5%. Other features include savings accounts, 1% cashback rewards, and free and simple tax filing.
Staking on Wealthsimple
Wealthsimple has prioritised user experience, with a website that is easy to navigate and clear explanations of its products and their benefits.
Let's dive into the world of trading fees and compare Shakepay and Wealthsimple. Now, Shakepay is not your traditional exchange where you trade with other users.
Instead, they operate more like a local retail store that buys and sells cryptocurrencies. And just like any store, they earn money by taking a commission from the spread between the buy and sell price.
Here's the bad news however, their spread fee can be as high as 2%. Now, that may sound steep for basic buying and selling of cryptocurrencies, and it is!
Similar to Shakepay, Wealthsimple doesn't operate an exchange of its own. Instead, they work with other exchanges to facilitate your trades. This means that they charge a fee for their services, which can range between 1.5% and 2% per transaction.
Wealthsimple trading fees
The good news is that both Shakepay and Wealthsimple offer simplicity and convenience. If you're someone who wants to dabble in cryptocurrencies without getting overwhelmed by complex trading interfaces, these platforms are worth considering.
Having said that, there are many much better, more varied and much much cheaper exchanges to use instead of these two!
Shakepay and Wealthsimple both offer various deposit methods for fiat currencies. Let's take a closer look at the deposit methods offered by each exchange.
Shakepay allows users to deposit Canadian Dollars (CAD) into their accounts. Shakepay supports two deposit methods: Interac e-Transfer and Wire Transfer.
Both of these methods are free of charge, making it convenient for users to fund their accounts. Interac e-Transfer is a quick and instant deposit method that allows users to transfer funds within minutes.
Shakepay fiat deposit methods
On the other hand, Wire Transfer takes slightly longer, with funds arriving in up to 2 business days. Shakepay also offers the option to deposit Bitcoin (BTC) and Ethereum (ETH) free of charge, providing users with more flexibility in terms of funding their accounts.
Wealthsimple, like Shakepay, offers several deposit methods for fiat currencies. Users can deposit funds into their Wealthsimple accounts via bank transfers and credit/debit cards. Wealthsimple does not charge any fees for fiat deposits or withdrawals.
In terms of deposit methods, Wealthsimple provides more options compared to Shakepay. Users can choose to deposit funds via bank transfers, which are typically free and can be processed within a few business days.
Let's take a closer look at the withdrawal methods offered by each exchange. Starting with Shakepay, users have the option to withdraw their funds in AUD using either Interac e-Transfer or basic Wire transfer, and the best part is, these withdrawal methods are completely free of charge.
Shakepay fiat withdrawals
If you opt for Interac e-Transfer, you can enjoy the benefits of instant transfers with a maximum limit of $10,000. On the other hand, Wire transfers have no upper limit but may take 1-2 working days to arrive. Bitcoin and Ethereum withdrawals from Shakepay are also free of charge, as the platform covers the withdrawal fees for its users.
Wealthsimple offers fiat withdrawals via bank transfer to Canadian banks, making it convenient for users in Canada to access their funds. With Wealthsimple, you can withdraw your funds in CAD and the withdrawal process is smooth when using the bank transfer method.
Overall, Shakepay stands out with its free CAD withdrawals and fee-covered Bitcoin and Ethereum withdrawals, while Wealthsimple offers convenient CAD withdrawals via bank transfer.
In conclusion, Shakepay and Wealthsimple are both Canadian-based cryptocurrency exchanges that cater exclusively to Canadian citizens.
While Shakepay focuses on providing a user-friendly experience to buy and sell Bitcoin (BTC) and Ethereum (ETH), Wealthsimple offers a wider range of investment services, including cryptocurrency trading.
Both exchanges have gained popularity in Canada with Shakepay serving over 1,000,000 Canadians and Wealthsimple gaining over 3 million users.
When it comes to available cryptocurrencies, Shakepay supports only Bitcoin and Ethereum, while Wealthsimple supports a range of 50 cryptocurrencies.
When it comes to trading fees, Shakepay spread fee can be as high as 2% while Wealthsimple charges a fee for its services ranging between 1.5% and 2% per transaction.
While both exchanges prioritize simplicity and convenience, users have to pay very steep transaction fees for it!
While Wealthsimple is clearly the more versatile exchange compared to Shakepay, both exchanges suffer from a limited range of cryptocurrencies, few features and products and overall high transaction fees.
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.
