Shakepay vs Coinbase: What’s the Best Option in 2022?

In the digital era, online trade is no longer a novel concept. Thus, the newbies are overwhelmed by the abundance of internet trading options.

So, are you interested in investing but unsure where to begin?

With the help of my Shakepay vs Coinbase review, I’ve reduced your choices to the top two contenders.

Let’s begin!

Pros and Cons

ShakepayVisit Site

shakepay-vs-coinbase-review

Pros:

  • Instant account cash out
  • Commission-free trading
  • Helpful customer support
  • Referral program rewards
  • Beginner-friendly interface
  • Secure digital currency storage

Cons:

  • Can only trade in Bitcoin and Ethereum
  • Not available outside Canada
  • Lack of advanced trading tools

CoinbaseVisit Site

shakepay-vs-coinbase-review


Pros:

  • Wide range of crypto assets 
  • Available in 100+ countries
  • Informative tips and tutorials
  • Consistent market updates
  • Opportunities to earn free crypto
  • Advanced Trade option

Cons:

  • Complex account verification process
  • Complicated fee structure
  • Suspended in Hawaii

Highlights

 

Feature Shakepay Coinbase
Minimum deposit $5 $50
Accepted cryptocurrencies Bitcoin, Ethereum 100+ currencies
Commission Fee None Variable
Free withdrawals Yes No
Bonus Yes Yes
Access to financial advisors No Yes
Customer support Chat support Phone/Email/Chat support

Shakepay VS Coinbase: Overview

 

Shakepay‘s modest Montreal beginnings in 2015 have become a full-fledged digital currency exchange available in Canada. With over 1.000.000 happy customers to prove it, the company has now slowly but surely paved its way to the top.

Canadians who want to buy Bitcoin and Ethereum without hassle are Shakepay’s target audience. It’s one of the easiest ways to do so in the country, and that’s precisely why it has gained such popularity.

But when it comes to the pioneers in the digital currencies industry, it is undoubtedly the Coinbase trading platform. It was founded way back in 2012, at a time when Bitcoin was still a new and somewhat mysterious concept. Today, it has surpassed 98 million users and upwards of 4.900 employees, quickly cementing its position as a top player.

As such, Coinbase is intended for a more comprehensive trading experience. It offers a wide range of features, advanced tools, and a diverse range of cryptocurrencies. It makes it the ideal choice for those who want to get serious about digital currency trading.

Shakepay vs Coinbase: 2022 Comparison

There are a few distinct features that set these two trading platforms apart. What may be a deal-breaker for some may not be an issue for others. So let’s look at what makes each of them unique and thus help you decide.

Number of Coins

It is a category where Coinbase quickly takes the lead. While Shakepay only supports Bitcoin and Ethereum, Coinbase has a long list of digital assets available for trade. It includes popular coins such as Bitcoin Cash, Litecoin, and even less-known ones like Stellar and Algorand.

On the other hand, Shakepay’s focus on Bitcoin and Ethereum may be just what you need if you’re looking for a more straightforward platform. Its beginner-friendly interface is perfect for those who are just getting started with online trading.

Funding Options

Both platforms offer multiple funding options, although Coinbase funding is slightly more limited.
It offers Debit or PayPal cards as the two options but doesn’t support credit or pre-paid cards as eligible funding methods. If you’ve already linked a credit card to your account, your bank may charge extra fees for your purchases.

Conversely, on Shakepay, you can fund your account with wire and electronic transfers or choose the classic Bitcoin or Ethereum option. You can even Shakepay a friend directly if you want to, which is a pretty neat feature. In other words, you can send or receive cash or crypto using your Shaketag instantly and free of charge.

Recurring Buys

Both platforms offer automated daily, weekly, or monthly purchases. It is a great way to dollar-cost your way into a favourable position without having to put in the work every single time.

Shakepay and Coinbase allow you to select your preferred currency and schedule. However, the Coinbase app is a bit more convenient and easier to navigate in this department. Once you’ve set things up, the rest is automatic.

Beginner Trading

Novice traders usually stick to simple asset trading and avoid more complicated options. It is where Shakepay shines, as it has only two currencies available.

When it comes to Coinbase, the platform offers a broader range of options. While it can be confusing for beginners, experienced traders will find it helpful. 

Advanced Trading

The advanced trading option is the most significant difference in our Coinbase vs Shakepay comparison. 

Besides the vast selection of digital assets, Coinbase has the upper hand regarding advanced trade options. It includes insightful market charts and data that can help you make more informed decisions.

Unfortunately, Shakepay does not offer such a feature. The basic purchase and sell options are sufficient for those who stick to it.

Staking

This feature allows users to earn rewards for holding on or ‘locking’ their cryptocurrency assets in a wallet for a specific time. Staking is like earning interest on your digital currency. So, it’s a great way to grow your investment passively.

But, despite what many consider a crucial advantage, Shakepay lacks staking options. The platform encourages users not to hold their assets on Shakepay for long periods, as it’s a security risk.

Conversely, Coinbase allows you to earn staking rewards on your assets, including a 5.75% APY. The more currencies you have locked up, your rewards will be greater.

Lending and Borrowing

If you’re looking to take out a loan with your cryptocurrency as collateral, Coinbase has you covered. It doesn’t matter if you need the cash to cover unexpected expenses or want to take advantage of a lucrative opportunity. You can get your hands on extra funds quickly and easily.

Moreover, it offers a flexible payment schedule so you can tailor the loan to your needs. It takes off the pressure and allows you to focus on generating profits.

On the contrary, Shakepay does not offer any lending or borrowing services. So if this feature is important to you, Coinbase might be a better option.

Other Rewards

Coinbase Earn offers you to earn crypto by watching Coinbase educational tutorials. After each tutorial, you’ll receive a simple quiz testing your knowledge. So, you will receive crypto in Coinbase for every quiz you complete.

On the other hand, the Shakepay SecretSats program contains a list of steps for you to complete. So, you’d be eligible for additional rewards upon their completion.

Crypto Credit Card

By getting a Shakepay or Coinbase account, you’re setting yourself up for extra bonuses on select purchases. 

The Shakepay version allows you to earn 1% in free Bitcoin and an additional 1% on the first $5.000 you spend at any Visa merchant worldwide.

The Coinbase card is only available in the US now, with plans to expand to other markets in the future. Users can earn 1% back on Bitcoin purchases and 4% on ALGO purchases.

Margin Trading

While Coinbase only recently shut down its margin trading feature, Shakepay has never offered this service to its users. For those unfamiliar, this form of trading lets you trade with borrowed money, which can amplify your profits or losses.

It’s risky, but some investors are willing to take the chance to make bigger gains. Unfortunately, you’ll have to dig a little deeper if you’re one of those people. Neither Coinbase nor Shakepay offer margin trading.

Futures

This type of trading allows you to speculate on the future price of an asset by buying or selling contracts. You can sell the contract for a profit if the cost goes up. However, if it falls, you’ll be stuck with the losses.

Since it’s not available on either Coinbase or Shakepay, you’ll have to find a different exchange if you want to get involved in futures trading.

OTC Trading

Shakepay offers a dedicated OTC trading desk to access through the app. It is a great way to get around high fees and the time-consuming process of going through an exchange. Essentially, you’re trading directly with another person rather than through a third party.

Coinbase has also jumped on the OTC desk and offers similar services. The OTC desk provides prices of trades outside of Coinbase Custody. Moreover, it allows 24-hour delayed settlements for eligible clients. You can also use its brokerage services to buy large amounts of cryptocurrency without paying a hefty fee.

Native Token

Given that Coinbase is one of the most popular exchanges in the world, it’s no surprise that it has its token. The USDC is a stablecoin pegged to the US dollar, allowing you to redeem 1 USD coin for US$1.00. So, you can use USDC to store value or make purchases without worrying about volatility.

When it comes to Shakepay, such luxuries do not exist. Whether it will change in the future remains to be seen.

Referral Program

With Shakepay, you and the referred party will each receive $30 in your accounts. It will happen when your friend buys $100 worth of Bitcoin or Ethereum. The funds are within 5 business days of the new user completing their purchase.

Conversely, Coinbase offers the same terms and conditions. But the only difference is the variable bonus. The exact amount may differ depending on the country you’re located in and the specific time frame.

Fees and Rates

One positive aspect you may encounter in any Shakepay review is that it’s an entirely commission-free service. It means no additional charges for buying or selling crypto and other transactions you make on the platform.

Here is a detailed table on every payment method on Shakepay and its fees.

Method Fees Minimum Deposit Maximum Deposit Processing Time
Interac e-Transfer Free  $5 $10.000 In minutes
Wire Transfer Free  $10.000 None 1-2 working days
Bitcoin Free  None None 2 confirmations
(~ 20 min.) 
Ethereum Free  None  None 60 confirmations
(~ 20 min.)
Shakepay a Friend Free  None $999 Instant

 

So, there might be a slight difference between the buy and sell price due to the spread. For instance, if the buy price of a particular asset is $12.900 and the selling price is $12.650, then the $250 difference is the spread. It is how Shakepay makes its money to cover all relevant costs and maintain a platform in working order.

When it comes to the Coinbase fees, it gets tricky. The whole structure is complicated to follow, even if you’re an experienced trader. It charges a flat 1% fee on all eligible cryptocurrency transactions. It includes buys, sells, as well as conversions.

Regarding trading fees, the maker-taker model is generally applied. The maker is the one who provides liquidity to the market by placing a limit order below the current ask price or above the current bid price. The taker, on the other hand, is the person who takes liquidity from the market by placing any order that is executed against a maker’s limit order.

So, let’s take a look at the detailed table below!

Price Tier Maker’s Fee Taker’s Fee
$0 – 10K 0.60% 0.40%
$10K – 50K 0.40% 0.25%
$50K – 100K 0.25% 0.15%
$100K – 1M 0.20% 0.10%
$1M – 20M 0.18% 0.08%
$20M – 100M 0.15% 0.05%
$100M – 300M 0.10% 0.02%
$300M – 500M 0.08% 0.00%
$500M+ 0.05% 0.00%

 

Any additional Coinbase fees are calculated at the time of the transaction and are determined by various factors, including your location, the order size and the specific market conditions. So, it’s challenging to calculate your charges before the trade is finished.

Application Requirements

There are no special requirements to use Coinbase. You may open an account and begin trading immediately. On the other hand, Shakepay is available in Canada only. You have to be a permanent resident or citizen of the country to open an account.

You have to be at least 18 years of age to use either platform and not be prevented from using the services under the laws of your country. Moreover, you will be asked to provide documentation confirming your identity and residency. A valid ID card or passport is the usual go-to for all users.

Ease of Use and Customer Support

Given the limited functionality of Shakepay, it’s safe to say that it’s much easier to use than Coinbase. The interface is straightforward, and even complete beginners should have no problem navigating the platform and conducting trades. All the relevant information is displayed clearly and concisely.

At the other end of the spectrum, the Coinbase website is as complex as its pricing tree. A lot is going on, and it can be overwhelming for those new to crypto trading. Fees aren’t readily displayed, and you’ll have to research how much you’ll pay for each transaction.

As for customer support, Coinbase seems to be miles ahead of Shakepay. It has a dedicated support team available 24/7 to answer any questions you may have. You can reach them through live chat, email or phone whenever you need assistance.

The Shakepay customer support team is only available through live chat. You can browse through their FAQ or blog section if you want to try and find an answer on your own.

Reviewlution Advice

It comes down to what you want in a crypto trading platform. If you’re based in Canada and are only interested in buying and selling Bitcoin, then Shakepay is a good option. It’s easy to use and has a commission-free policy.

But if you’re looking for a more comprehensive trading experience, Coinbase is worth considering. It supports a broader range of cryptocurrencies and offers many more features. The fees are mostly under wraps, but that’s the case with most exchanges.

Finishing Thoughts

The internet trading industry is rapidly expanding, and new platforms are continuously appearing. Each uses different tactics to try and attract new users and outshine the competition.

Make sure you carefully weigh your options before committing to a particular service. In the case of Coinbase and Shakepay, consider which features appeal to you the most to help you figure out the best option for you.

FAQ

Is Shakepay trustworthy?

Absolutely. It’s supported by FINTRAC and Revenu Quebec and takes all the necessary steps to protect user data.

Is there anything better than Coinbase?

It depends on what you’re looking for. Some people consider Coinbase the best option, while others prefer similar websites, such as Kraken and Binance.

Can you send Bitcoin through Shakepay?

Yes, you can. As mentioned in the Shakepay vs Coinbase comparison above, you can send cryptocurrency to any wallet or exchange that accepts Bitcoin. All you need is the recipient’s address.

Does Shakepay work with Coinbase?

While both platforms allow you to buy and sell Bitcoin, they’re not directly linked. You’ll have to transfer your cryptocurrency from one exchange to another if you want to trade on both platforms.

ABOUT AUTHOR

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.

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