Bitbuy vs Shakepay

Bitbuy vs Shakepay Overview

Founded in 2016 by Adam Goldman and Ademar Gonzalez, Bitbuy is a Canadian cryptocurrency exchange with its headquarters in Toronto. The platform is known for its robust security measures, low trading fees, and quick account approval. It offers specialized features such as Bitbuy Pro, an advanced trading interface for seasoned traders, and Bitbuy Express, a simplified buying option for newcomers. 

Shakepay, established in 2015 by Jean Amiouny and Roy Breidi, is based in Montreal and is renowned for its user-friendly interface, zero fees, and quick account verification. Unique offerings like the Shakepay Card, a Visa card for direct crypto expenditures, and ShakingSats, a P2E (Play-To-Earn) app for earning free Bitcoin (sats), set it apart. 

Products and Services

Bitbuy provides a curated selection of 20 major cryptocurrencies for trading, focusing on quality over quantity. For institutional investors or those with substantial financial resources, it offers a dedicated OTC (Over-The-Counter) trading desk for institutional investors. The platform distinguishes itself with features like 'Bitbuy Pro Trade', designed for advanced traders seeking more complex trading options.

Shakepay supports a diverse range of over 30 digital assets for trading. It also caters to high net worth individuals and institutions with its specialized OTC desk for large transactions. Unique features like 'ShakingSats', which rewards users with Bitcoin for shaking their phone daily, and a crypto debit card for spending supported assets add extra value to the platform.

Winner: While Bitbuy focuses on a more streamlined, quality-oriented selection of cryptocurrencies and advanced trading features, Shakepay offers a broader range of assets and unique user engagement features.

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Supported Countries

Bitbuy is available to Canadian investors, and Shakepay is also tailored exclusively for the Canadian market. Both platforms concentrate their offerings to meet the unique requirements and legal guidelines of Canada.

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CAD Payment Methods

Bitbuy enables deposits in Canadian dollars via Interac e-Transfer and bank wire transfers. The platform also welcomes incoming cryptocurrency transfers for its select list of supported digital assets. 

Shakepay offers similar CAD deposit avenues, including Interac e-Transfer and wire transfer, and also accommodates cryptocurrency transfers for its own tailored list of supported assets.

Winner: Both Bitbuy and Shakepay provide closely matched Canadian Dollar (CAD) payment methods, making each platform equally user-friendly for those wishing to add funds to their accounts.

Bitbuy vs Shakepay Fees

Shakepay continues to be a strong contender in the Canadian crypto market, offering no fees for both depositing and withdrawing Canadian dollars. The platform also allows you to trade cryptocurrencies without any commission fees, so you can buy, sell, and exchange digital assets without any additional charges. The only expense you'll face is the spread, which is the gap between the purchase and sale price of a cryptocurrency; this usually hovers around 3%.

Bitbuy doesn't charge any fees for depositing or withdrawing Canadian dollars. However, it does have a trading fee that ranges from 0.1% to 0.2%, depending on the volume of the trade. The spread cost is generally between 1% and 2%, depending on the specific asset you're trading.

Winner: It's a tight race, but Bitbuy gains a slight advantage with its lower spread costs, even though it has a nominal trading fee. Both platforms excel in offering fee-friendly options for deposits, withdrawals, and trading.

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Security and Regulation

Bitbuy is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under registration number #M18755033. The platform is also in compliance with the Ontario Securities Commission (OSC). 

Shakepay is registered with FINTRAC under the registration number #M17065696 and is authorized by the Autorité des marchés financiers (AMF) in Quebec.

Winner: Both exchanges maintain robust security protocols and adhere to Canadian financial regulations. However, Bitbuy gains a slight advantage due to its compliance with the Ontario Securities Commission.

Final Thoughts

To summarize, after thoroughly evaluating Bitbuy and Shakepay, two prominent cryptocurrency exchanges in Canada, Bitbuy emerges as the superior choice for Canadian investors. While both platforms cater well to the Canadian market, it excels in crucial areas such as robust security measures, lower spread costs, and a quality-focused cryptocurrency selection. Its compliance with both FINTRAC and the Ontario Securities Commission further adds to its credibility.