Shakepay vs. Coinbase: Crypto Exchange Comparison
Coinbase and Shakepay are two of the most popular cryptocurrency trading platforms on the market, allowing users to purchase digital assets. But which platform is better?
In this article, we will make a comparison between Coinbase vs. Shakepay in terms of ease of use, customer service, and available securities. We will also note the pros and cons of each platform so that you can decide which one is right for you.
What Is Shakepay?
Shakepay is a Canadian fintech company based in Montreal, Quebec. The company was founded in 2015 as a platform for buying and selling Bitcoin. Shakepay has since expanded its services and added Ethereum to its list of supported assets.
Shakepay offers a prepaid Visa card you can use to spend cryptocurrency anywhere that accepts Visa. In addition to its cryptocurrency-related services, Shakepay also has a great reward program where users can earn 1% in bitcoin every time they shop with any worldwide Visa merchants.
Before we compare Shakepay and Coinbase, let’s first see what Coinbase is all about.
What Is Coinbase?
Coinbase is a US-based cryptocurrency exchange that supports Bitcoin, Ethereum, Litecoin, and other digital assets. The company was founded in 2012 and has since grown to become one of the most popular cryptocurrency exchanges in the world, with more than 98 million verified users and $256 billion in assets.
Coinbase allows users to buy and sell cryptocurrencies and store them in a wallet on the platform. It offers a number of other features, such as a built-in exchange and a payment processor.
Coinbase vs. Shakepay: Fees, Available Securities, and More
Both Coinbase and Shakepay are great, comprehensive platforms for buying and selling cryptocurrencies. However, there are some key differences between the two that you should be aware of before you decide which one to use.
Ease of Use
Both platforms offer similar services but differ in ease of use. For many users, Coinbase is the more user-friendly option. The platform has a clean and intuitive interface and offers various features that make buying and selling cryptocurrency easy.
Shakepay, on the other hand, is geared more towards experienced users. The interface is more basic and lacks some of the bells and whistles that Coinbase offers.
Supported Cryptocurrencies
The list of supported currencies is one of the major differences between Shakepay and Coinbase. Coinbase supports over 150 cryptocurrencies, while Shakepay only supports Bitcoin and Ethereum.
If you want to trade a wide variety of digital assets, Coinbase is the better option. If you’re only trading Bitcoin and Ethereum and want to do it with as little hassle as possible, Shakepay is the way to go.
Trading Fees
Trading fees are another essential factor when choosing a crypto trading platform.
Coinbase charges a flat fee of 1% for all transactions, while Shakepay charges no fees for deposits or withdrawals. Instead, it sets different prices for users to buy and sell digital currencies, also known as spread trading. This approach allows Shakepay to make money on the price difference.
Security
Additional differences between Shakepay and Coinbase can be observed regarding security. Both companies use state-of-the-art security protocols, including two-factor authentication and encrypted storage.
They also both have robust security measures in place to protect user data and funds. Coinbase keeps 98% of deposits in offline wallets, making hacking attacks unlikely, while Shakepay holds an insurance policy on all crypto stored in cold storage.
Customer Service
To have Shakepay and Coinbase compared, we need to mention their customer support teams. Both platforms offer excellent customer service and extensive FAQ pages. If you have any problems with your account, you can contact customer support through the website or the mobile app.
Coinbase offers three channels for contacting customer support. You can submit a request through the website, contact customer support via live chat, or give them a call.
Similarly, you can reach Shakepay’s customer support via email or live chat.
Bottom Line
Both Coinbase and Shakepay are great options for buying and selling cryptocurrencies. However, there is still a difference between Coinbase vs. Shakepay.
Shakepay is great for Canadians who want to buy Bitcoin and Ethereum quickly and easily. However, Coinbase offers a wider variety of features, including the ability to purchase other cryptocurrencies like Litecoin and Cardano.
Whichever platform you decide to use, be sure to carefully consider your options and choose the one that best suits your needs.
Further Reading
FAQ
Is Shakepay registered in Canada?
Shakepay is a crypto company registered in Canada and headquartered in Montreal, Quebec. One of many Shakepay advantages is that it’s one of the few crypto companies registered with FINTRAC, the Canadian financial intelligence unit, making it subject to Canadian anti-money laundering and counter-terrorism financing regulations.
As a result, Shakepay is considered a reliable and trustworthy platform for buying and selling digital currencies. If you’re looking for a simple and safe way to invest in cryptocurrency, Shakepay is definitely worth considering.
Which is better, Shakepay or Binance?
This is a difficult question to answer as it depends on your needs and preferences. If you are looking for a platform that offers a wide range of supported cryptocurrencies, Binance is the better option.
However, if you only want to trade Bitcoin and Ethereum and you’re looking for a simple and easy-to-use platform, Shakepay is the way to go. Some of Shakepay’s pros include no fees on deposits or withdrawals, excellent customer service, and a user-friendly interface.
Does Shakepay have withdrawal fees?
Shakepay does not have withdrawal fees. The same goes for deposits. You can deposit and withdraw your digital currency at any time.
The only things you should be aware of are the minimum and maximum amounts you can deposit and withdraw, as well as the processing time, which depends on the method used.
Is Shakepay a wallet or an exchange?
Shakepay is a crypto exchange for buying and selling digital currencies. Through this platform, traders can send coins to a wallet in their control and CAD to their bank accounts.
As you can see from our Shakepay vs. Coinbase review, Shakepay is not a wallet. You can store your funds on Shakepay or choose to keep them in your private wallet.
Is Coinbase safe?
Coinbase is one of the industry’s most popular and well-established crypto companies. It is a reliable and secure platform for buying and selling digital currencies. Coinbase is registered with The Financial Crimes Enforcement Network (FinCEN), the US financial intelligence unit.
With Coinbase, you can be sure that your money is safe and that you will not be scammed. The platform has a strict KYC (Know Your Customer) policy, which means you will need to verify your identity before you can use the platform.
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