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.
By: Kyle Torpey | Jun 3, 2020 | Modified Jul 3, 2020
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.
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.
|Headquarters||Montreal, Canada||Toronto, Canada|
|Company type||Brokerage-style Exchange||Brokerage-style Exchange|
|Fees||High (0.75%)||High (0.5%)|
|Available cryptocurrencies||Bitcoin and Ether||Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash, and Stellar|
|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|
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.
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 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.
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.
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.
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.
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.