Shakepay vs Coinberry

Shakepay and Coinberry are two of the most well-known cryptocurrency exchanges operating in Canada. They aren’t well-known outside of the North American country due to the fact that the platforms only accept customers from Canada. That said, these crypto exchanges are able to take advantage of Canada’s technologically-advanced banking system to allow users to quickly move funds between their own bank accounts and various cryptocurrencies.

Shakepay Quick Overview

Based in Montreal, Shakepay originally launched as a solution for making cryptocurrency payments at merchants that use traditional point-of-sale (POS) systems. While an early version of this product was made available on a limited basis back in 2016, the original focus on creating a bridge between cryptocurrency and traditional payment rails was abandoned in early 2018 when their card issuer ran into issues with Visa. Now, Shakepay offers a simple platform for Canadians to gain access to Bitcoin and Ether.

 

Shakepay Exchange Logo

Shakepay

  • One of the most user-friendly exchanges
  • Licensed as an official Money Service Business in Canada
  • Incredibly fast with purchases taking minutes rather than hours
  • All assets on Shakepay are stored offline

Shakepay Pros and Cons

The Benefits PRO's
  • Instant verification process
  • Regulated as a Money Service Business in Canada
  • There are no fees on deposits or withdrawals
  • Simple, user-friendly interface for those looking to purchase their first Bitcoin or Ether
The Downside CON's
  • Custodial wallet
  • Limited cryptocurrency selection
  • Only available to users with a Canadian bank account

Coinberry Quick Overview

Coinberry is yet another Canada-based cryptocurrency exchange that is focused on simplicity and onboarding people who are new to the crypto space. While the exchange claims to charge no fees for buying and selling cryptocurrency, the true cost of using this platform is hidden in the spread between the buy and sell prices quoted on the exchange.

Coinberry Exchange Logo

Coinberry

  • Fantastic on-boarding platform for new cryptocurrency users
  • Multiple funding methods
  • Fast, simple to use and easy to deposit
  • Great option for Canadians
 

Pros & Cons

The Benefits PRO's
  • No deposit or withdrawal fees
  • Instant identity verification
  • Coinberry ATMs are available throughout Canada
  • 6 cryptocurrencies options available
The Downside CON's
  • Relatively high trading fees
  • Only available in Canada

Shakepay vs Coinberry: Comparison Table

Information Shakepay Coinberry
Headquarters Montreal, Canada Toronto, Canada
Company type Brokerage-style Exchange Brokerage-style Exchange
Fees High (0.75%) High (0.5%)
Security Medium Medium
Beginner Friendly Yes Yes
Verification required Yes Yes
Available cryptocurrencies Bitcoin and Ether Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash, and Stellar
Proprietary token No No
On-site wallet Custodial Non-custodial integration with BRD
Buy/Deposit Methods Interac e-Transfer, EFT & Wire Transfer, Bitcoin, and Ether Interac e-Transfer, Wire Transfer, Credit and Debit Cards, and Cryptocurrencies
Sell/Withdraw Methods Interac e-Transfer, EFT & Wire transfer, Bitcoin, and Ether Interac e-Transfer, Wire Transfer, and Cryptocurrencies
Year established 2015 2017
Fiat trading Yes Yes
Gold No No

Beginner Friendliness

Both Shakepay and Coinberry are targeted at individuals who are new to the cryptocurrency space. This is why you see heavy attention granted to the user interfaces found on both platforms, while the fees are a bit higher than what you would see on an exchange targeted towards traders with a bit more experience.

While both of these exchanges offer intuitive user interfaces, quick sign-up processes, and integration with Interac for fast transfers between the exchanges and users’ bank accounts, a key differentiator found between these two exchanges is that Coinberry users are able to access their accounts from the BRD mobile cryptocurrency wallet. Through this integration with BRD, users are able to hold their funds in a non-custodial manner while also gaining the ability to buy or sell their cryptocurrency holdings from within their own personal wallets.

That said, moving funds to a non-custodial wallet has its own set of tradeoffs, and beginners may be more comfortable with a custodial setup when they are first getting started in the cryptocurrency space.

Trust & Security

Neither Shakepay nor Coinberry have faced serious security incidents throughout both platforms’ entire existence. Shakepay could be given a slight edge when it comes to the likelihood of a hacker successfully attacking the platform due to the exchange’s slightly longer history; however, the level of security offered by both platforms is better viewed as mostly equal. Both platforms are also regulated by the same financial regulatory in Canada, which is the Financial Transactions and Reports Analysis Centre of Canada.

It’s worth bringing up Coinberry’s integration with the BRD wallet again when it comes to security. Users who feel comfortable looking after their own private keys can achieve a greater level of security by purchasing cryptocurrency directly from their BRD wallets.

Fees

Fees are one area where a clear cut winner between Shakepay and Coinberry can be found. Both of these exchanges use effectively the same fee structure; however, Coinberry charges a 0.50% fee, while Shakepay charges a 0.75% fee on cryptocurrency purchases. These are the only fees customers at either exchange need to worry about, as there are no deposit or withdrawal fees charged.

Sign-Up Process

The process of signing up on Shakepay and Coinberry are nearly identical. For each platform, the user only needs to share basic information: a name, date of birth, and address. Sharing these three pieces of information will enable an instant verification process. It should be noted that this instant verification method may not work for some individuals. In those cases, the user will need to provide much more documentation, such as proof of address and a government-issued ID.

Available Cryptocurrencies

Both Shakepay and Coinberry are rather limited when it comes to cryptocurrency options. At Shakepay, Bitcoin and Ether are the only two cryptocurrencies that can be bought on sold. Coinberry also offers Bitcoin and Ether, in addition to Litecoin, Ripple, Bitcoin Cash, and Stellar.

Standout Features

In terms of stand out features, Coinberry’s integration in the BRD mobile wallet must be mentioned. And it should not be overlooked. Taking ownership over one’s own private keys is the whole point of using cryptocurrency in the first place, and this feature can help new users get started with their first non-custodial wallet.

Coinberry also has a feature known as Coinberry Pay, which allows users to receive cryptocurrency payments that are instantly converted into Canadian dollars as they are processed.

Conclusion

At the end of the day, Shakepay and Coinberry are two very similar platforms. They’re both going after the same market, which is people who are looking to purchase cryptocurrency for the first time. Both platforms deliver on this goal of providing an easy-to-use platform for someone who is new to the cryptocurrency game.

If you’re someone who likes to take control of your own cryptocurrency private keys, then Coinberry may be your preferred option between these two due to the BRD integration. Coinberry will also be the only option for someone who wants to venture out of the top two cryptocurrencies ranked by market cap.

Having said that, Shakepay has been around two years longer than Coinberry, and they’ve built up a reputable brand that has become a trusted name in the cryptocurrency space during that time.

Whether you go with Shakepay or Coinberry, you’ll be able to gain access to your new cryptocurrency holdings in a matter of minutes.

About the Author

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CryptoVantage Staff