Summary: After conducting a thorough examination of Coinsquare and Shakepay, two prominent cryptocurrency exchanges in Canada, we've determined that Coinsquare is the preferred option for Canadian investors. While Shakepay offers an engaging and user-friendly experience, including the unique feature of shaking your phone to receive free Bitcoin, Coinsquare provides a fortified and reliable security framework.

Coinsquare Review
Table of Contents

Coinsquare vs Shakepay Overview

Founded in 2014 by Virgile Rostand, Coinsquare is a leading exchange headquartered in Toronto, Canada. The platform has garnered attention for its strong emphasis on security, featuring cold wallet storage and two-factor authentication. For experienced traders, Coinsquare provides a sophisticated trading dashboard, while beginners can take advantage of its QuickTrade feature for straightforward transactions.

Shakepay, launched in 2015 by Jean Amiouny and Roy Breidi, operates out of Montreal and has made a name for itself with its intuitive interface, absence of trading fees, and expedited account verification process. The platform offers unique services like the Shakepay Card, a Visa card that allows for direct spending of cryptocurrency, and ShakingSats, a Play-To-Earn application that enables users to earn free Bitcoin (sats).

Shakepay: Home Page.
Shakepay: Home Page.

Products and Services

Coinsquare offers a range of 25 cryptocurrencies, prioritizing a high-quality portfolio over a vast selection. For high-value traders and institutional investors, it provides a specialized OTC (Over-The-Counter) trading desk to facilitate large-scale transactions. The platform sets itself apart with exclusive features like 'QuickTrade', tailored for traders who desire swift and straightforward trading options.

Shakepay continues to offer a wide variety of over 30 digital assets for trading. It also accommodates high net worth individuals and institutions through its dedicated OTC desk for sizable trades. Distinctive elements like 'ShakingSats', which rewards users with Bitcoin for shaking their phone daily, and a crypto debit card for spending supported cryptocurrencies, enhance the platform's overall value.

Winner: Shakepay extends its offerings with a more diverse asset range and inventive features that engage users.

Supported Countries

Coinsquare is accessible to investors in Canada, just like Shakepay, which is also designed solely for the Canadian audience. Each platform focuses its services to align with the specific needs and regulatory frameworks of Canada and is not available to use in other countries.

CAD Payment Methods

Coinsquare allows for deposits in Canadian dollars through Interac e-Transfer and bank wire transfers. The exchange also accepts incoming transfers of specific cryptocurrencies that it supports.

Shakepay also provides options for CAD deposits, such as Interac e-Transfer and wire transfers, and is open to receiving cryptocurrency transfers for its curated list of supported digital assets.

Winner: Coinsquare and Shakepay both offer comparable Canadian Dollar (CAD) payment methods, making either platform a convenient choice for individuals looking to fund their accounts.

Coinsquare: Deposits and Withdrawals.
Coinsquare: Deposits and Withdrawals.

Coinsquare vs Shakepay Fees

Shakepay offers zero fees for both depositing and withdrawing Canadian dollars. Additionally, the platform lets you trade digital currencies without charging any commission fees. Your only cost is the spread, which is the difference between the buying and selling price of a digital asset; this typically sits around 3%.

Coinsquare also offers free deposits and withdrawals in Canadian dollars, but it does introduce a trading fee that varies from 0.1% to 0.2%, based on the trading volume. The spread expense on Coinsquare usually falls between 1% and 2%, contingent on the particular asset you're dealing with.

Winner: It's a close call, but Coinsquare takes the lead due to its more favorable spreads despite having a small trading fee. Both platforms provide cost-effective solutions for deposits, withdrawals, and digital asset trading.

Security and Regulation

Coinsquare is a recognized Money Services Business (MSB) and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under registration number #M16372541. Additionally, it has received approval from the Ontario Securities Commission (OSC).

Shakepay also holds a FINTRAC registration, identified by the number #M17065696, and has authorization from Quebec's Autorité des marchés financiers (AMF).

Winner: Both platforms prioritize stringent security measures and align with Canadian financial regulations. However, Coinsquare has a slight edge due to its approval from the Ontario Securities Commission.

Coinsquare: Security.
Coinsquare: Security.

Final Thoughts

To conclude, after a comprehensive analysis of Coinsquare and Shakepay, two leading cryptocurrency exchanges in Canada, Coinsquare emerges as the more favorable option for Canadian investors. 

While Shakepay brings innovation and user engagement to the table with features like ShakingSats and a crypto debit card, Coinsquare excels in providing a robust security framework, including cold wallet storage and two-factor authentication. Both platforms offer a range of payment methods in Canadian dollars and are compliant with Canadian financial regulations.