It used to be a hassle finding a reliable cryptocurrency exchange, especially as a Canadian. Now there are well over a dozen exchanges that are perfect for Canadians. What is even better is that but most are based in Canada as well! Today, we focus on two of the easiest ways to purchase Bitcoin as a beginner: Shakepay and Bitbuy.
We compare the assets available on each platform. However, there is more than just number of assets that makes a great cryptocurrency exchange. We consider fees, funding options, and more. This guide will help you make the tough decision of picking between two reputable cryptocurrency platforms. The goal is to help you save even more money for your future investments.
What is Bitbuy?
Designed specifically with new traders in mind, Bitbuy is a platform that offers a simple interface for beginners, but also includes a Pro Trader section for more advanced investors. Those of you who already know the ins and outs of crypto can still have an amazing experience with Bitbuy, as they make the entire process seamless.
Founded in 2016, this is a Canadian-based exchange that is dedicated to providing Canadians with a “convenient, dependable, and secure” option when trying to purchase Bitcoin or other assets. They offer both a desktop version and a mobile application, giving both beginners and polished crypto investors the tools they need to excel.
With over 50,000 downloads and an average rating of 3.4 stars on the Play Store, it’s clear that they are doing a great job of providing Canadians with an easy way to purchase Bitcoin and enter the crypto market.
Assets available for trade:
What is Shakepay?
Based in Montreal, Shakepay is a platform that allows users to effortlessly purchase and sell BTC or ETH as they please. They are a company that is dedicated to innovation and building financial applications that will help people build wealth even easier than before; whether you’ve just retired or you’re a college student, this application is for you.
Connecting with the digital economic ecosystem that exists because of blockchain technology doesn’t have to be rocket science. Shakepay believes that Bitcoin is the most foolproof form of money that has ever existed, and is doing whatever it can to accelerate mass adoption. They say that their mission is to “usher in a Bitcoin Golden Age”, and this is the kind of application that will help with exactly that.
After launching in 2015, Shakepay has amassed over $6B in digital currency (bought and sold), as well as 900,000 Canadian customers served. Investors such as Bogaroo, Broadhaven, and even Box1 have jumped on board and it’s a testament to how reputable this platform has become over the years.
Shakepay currently has over 100,000 downloads and an average rating of 4.7 stars on the Play Store, which is a testament to the quality of its application. Not only can you buy/sell Bitcoin on Shakepay, but you can even send crypto to your friends via Shakepay as well (in the same sense as WealthSimple Cash).
Assets Available for Trade:
- BTC (Bitcoin)
- ETH (Ethereum)
Mobile vs. Desktop Trading
Some of you are looking for a mobile application and don’t want to bother with desktop trading, but it’s something that always needs to be looked at before making a decision. Trading on your computer can be just as important as trading on the go!
Bitbuy does an amazing job of providing tools and features that can apply to all walks of life. If you’re a beginner and just want to get started with a bit, no pun intended, of Bitcoin, you can simply sign in on your desktop computer and make a quick purchase. However, when compared to Shakepay, it’s a bit obvious that Bitbuy has put more effort into its desktop trading tools.
The Pro Trader feature is one that will allow you to analyze charts, identify trends, and place the likes of Stop/Limit orders for the assets found on Bitbuy. This is much more than a simple way to purchase Bitcoin, and is typically reserved for people who truly know what they’re doing – if you’re a novice, odds are you’ll be better off sticking with the mobile application.
If your goal is to learn to trade crypto, then Bitbuy has all of the tools you need to become a successful crypto daytrader!
Shakepay is quite barebones when it comes to its desktop trading platform, but that’s okay. They are focused on adoption over anything else, and the best way to do that is through mobile applications; that doesn’t mean their desktop trading features are entirely useless though! It works a lot like the application. It doesn’t offer additional features like a Pro Trader mode. However, it’s still a great way to quickly purchase BTC hassle-free.
Much like you would on the application, you can check out your wallet balances, add funds, and buy/sell crypto at will using the Shakepay desktop application – you can also send crypto/funds to your fellow Shakepay users.
How do you know that your personal information is safe, or that you aren’t going to lose your investment if the platform ever gets hacked? These are things that exchanges have already considered, which is why both Bitbuy and Shakepay don’t cut any corners when it comes to security.
Bitbuy will hold all of your assets in cold storage. That is important. If they ever get hacked, you’re still going to have all of your cryptocurrency safely tucked away from prying eyes. They’ve stated that 95% of their total assets allocated are held in cold storage. That is by far the most secure way to store cryptocurrency. If the thieves don’t have physical access to their cold storage, there’s nothing they can do to steal your money.
Ever since launching in 2016, Bitbuy has yet to be hacked, and the cold storage (along with insured assets) means your money is always in good hands. As if that wasn’t enough, you’ll also have to go through 2FA (2-Factor Authentication) every single time you sign in to a new device.
When logging in for the first time on a phone or computer, you’ll have to supply Bitbuy with a unique code that is automatically generated and sent to your verified phone number – this is yet another layer of security that will stop hackers from gaining access to your crypto.
Much like Bitbuy, Shakepay also says that they hold their assets in cold storage. Although Bitbuy is happy to state the number of assets being held in cold storage, Shakepay has kept that number a secret. They also haven’t been hacked since opening in 2015, which is obvious proof that they’re serious about their security efforts. The website states that all of your digital assets are also insured, although it doesn’t go into any detail or mention the level of coverage.
Shakepay also makes use of 2-Factor Authentication to cut down on any fraudulent transactions, or even the potential for one to occur. If you don’t have access to the email you used to sign up and the phone number you’ve verified, you’re not going to be able to log in – you can avoid going through the 2FA process for 5-days at a time by checking the box labeled “Remember this device for 5 days” before logging in.
Is There Anything Else to Consider Before Signing Up?
Regulations and Compliance
Both Bitbuy and Shakepay are regulated and registered as an MSB (Money Service Business) by Financial Transaction and Reports Analysis Center of Canada (FINTRAC). Each company is based in Canada with Bitbuy being in Toronto, and Shakepay residing in Montreal; they are legally allowed to operate within each province.
What good are these platforms if the customer support workers haven’t got a clue what they’re doing? If you ever run into any trouble, you should be able to have confidence in the person that’s helping you – that’s exactly what this section is going to cover.
In my experience, Bitbuy is going to connect you with a live agent as soon as they can. If you have to wait and send your request through email, you can expect a response within 24-hours or so – with that being said, the verification process on Shakepay was ridiculously fast compared to Bitbuy.
The automatic verification process didn’t work, which meant I had to upload my documents manually; the review for these documents takes around 24-48 hours. The customer support team couldn’t do much for me and told me to sit tight, which was understandable, but it’s something to take note of.
The only reason I had to contact the Shakepay customer support team was for my referral bonus, and they answered my questions almost immediately. The worker was very helpful and the application/website is filled with frquently asked questions (FAQs) that will help you learn more about crypto, as well as understand the buying process.
Pros and cons: which one is best?
|More assets available than just BTC and ETH||Deposits can take a few hours at times|
|Express Trade + Pro Trade for versatility||Interac eTransfer fee is 1.5% (both ways)|
|OTD Desk available to users||Low rating on the Google Play Store|
|Digital assets secured in cold storage|
|Debit/credit, eTransfer, and wire transfer|
Shakepay is an amazing option if you’re just getting started or need a quick solution to purchasing Bitcoin (or Ethereum) on the go, but is it better than Bitbuy? Some would argue that it is, but the proof is in the pudding.
|User-friendly, great for beginners||Uses a high spread and cuts into profits|
|Funding an account takes minutes||Users do not have access to private keys|
|Transfer coins to other Shakepay users||There are only two crypto assets available|
|Referral program that offers free money!|
|Debit/credit, eTransfer, and wire transfer|
Conclusion: Bitbuy is the winner!
Bitbuy has everything you could want in a cryptocurrency exchange as a beginner, but it also has enough to entertain seasoned traders as well. The one place that Shakepay shines the most would be the fees, but that’s mainly because they use a spread and make their money that way. In a way there is a fee but they just hide it behind a spread.
I like the way Bitbuy is upfront about 95% of their assets being secured in cold storage, as well as being able to purchase more than just Bitcoin or Ethereum. If you aren’t interested in alternative assets and want to focus on Bitcoin/Ethereum, Shakepay might be the application for you.
There’s something for everybody out there, and just because Bitbuy is perfect for other people, it doesn’t mean it has to be your go-to platform. If you feel like the simplicity of Shakepay is better and prefer that, so be it!
Frequently asked questions about Bitbuy and Shakepay
Shakepay wants to focus on mass adoption and that can only be done by focusing on the two most popular cryptocurrency projects at the moment, Bitcoin and Ethereum.
Yes! Verifying your account is a necessary and important part of beginning your journey into cryptocurrency investments – these are legitimate services that need to report all of the transactions that take place.
That’s up to you – do some research and figure out which one you think is going to be the next big thing!
Holding your assets on an exchange is going to be safe (for the most part), especially on Bitbuy or Shakepay, but both of these platforms allow users to send their assets to personal wallets without any struggles.