Coinsquare vs Shakepay: Fees
One of the most important factors when comparing exchanges is the fees that they charge. Coinsquare charges trading fees of 0.2% on all transactions, while Shakepay doesn't charge its users any fees whatsoever to trade on their platform.
Deposit and withdrawal fees are also important to consider. Both Coinsquare and Shakepay charge no fees when depositing or withdrawing Canadian Dollars (CAD).
Security and Licensing
Another important factor to consider when choosing an exchange is security. Coinsquare is registered with FINTRAC and has implemented multiple layers of security, including 2-factor authentication and a cold storage system for the majority of its digital assets. Shakepay also uses 2-factor authentication and stores all digital assets in cold storage.
In terms of licensing, Coinsquare is a Money Service Business (MSB) registered with FINTRAC, while Shakepay is a Registered Investment Dealer (RID) with the Canadian Securities Administrators (CSA).
Supported Cryptocurrencies
Coinsquare supports trading for a wide range of cryptocurrencies, they are Bitcoin, Ethereum, Bitcoin ABC, Litecoin, Dogecoin, Dash, Ripple, Ethereum Classic & Stellar. Shakepay supports a more limited number of cryptocurrencies, they are Ethereum & Bitcoin.
Deposit methods for Canadian Dollars (CAD)
When it comes to depositing Canadian dollars into your account, Coinsquare offers a variety of options, including bank transfer, debit card and Interac e-Transfer. Shakepay currently only offers bank transfer as a deposit method.
Customer Support
Both Coinsquare and Shakepay offer customer support through email and telephone. Coinsquare is one of the few cryptocurrency exchanges that offer a Live Support feature on their platform. They can be reached via email at support@coinsquare.com.
For users who need assistance regarding the Shakepay card, they can be reached via phone at 1-855-574-2539.
Coinsquare vs Shakepay: Final Verdict
In summary, when comparing Coinsquare vs Shakepay, Coinsquare comes out as the clear winner. It has a wider range of supported cryptocurrencies, more deposit and withdrawal options than Shakepay and offer Live Support on their platform. It's also registered with FINTRAC and has implemented multiple layers of security, making it a safer choice for Canadians.
For a comprehensive review of Coinsquare, please visit our Coinsquare Canada Review page.
