Once funds are deposited, users can use them to buy cryptocurrencies at the current market rate. One of the few differences between Shakepay and Coinbase is that Coinbase supports debit cards and PayPal. If you want to use a debit card to purchase cryptocurrency, you can do so on Coinbase. And if you wish to sell your digital assets, you can do it via PayPal. All the transactions with these funding methods are free of charge and instant. Shakepay is a Canadian crypto exchange that was founded in 2015.
Because of this, the effective rate of charge for each transaction is 1.75 percent, which is also often referred to as a spread fee. You may anticipate the desktop platform for Shakepay to be sleek and quite simple to comprehend on account of the fact that it is designed for novices. They are not exaggerating when they claim that there are no Shakepay costs; nonetheless, there is a difference in pricing between the purchasing and selling prices.
Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. After account verification is completed, you can add funds using Interac e-Transfer, wire transfer, or deposit crypto (Bitcoin and Ethereum). If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada.
The mobile apps offered by these two exchanges are well-designed and offer a great trading experience. Now that we have covered the fees and types of assets supported by both exchanges, let’s move on to the trading experience offered by Newton and Shakepay. Both Coinbase and Shakepay offer user-friendly trading platforms.
Newton, on the other hand, supports a much wider range of digital assets, including popular ones such as Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, and Dash. At the time of writing, there are more than 50 assets listed on Newton. Newton also does not charge any fees for deposits or withdrawals and covers the first $5 in-network fees for every withdrawal, which is one of Newton’s many pros. Traders can deposit or withdraw funds from their Shakepay accounts completely free of charge. If you want a platform with more funding options and lower fees, Shakepay is the way to go.
In this guide, we will compare these exchanges in terms of fees, currencies they support, the trading experience they provide, and other key features. We will conclude our analysis of Newton vs. Shakepay by pointing out the strongest assets of both exchanges. All in all, I think that Shakepay is a reputable, safe and user-friendly shakepay review exchange. Although they only support Bitcoin and Ethereum, the fact that they have no fees is a huge bonus. Plus, who can beat the free Bitcoin you can get every day just from shaking your phone? I would definitely recommend Shakepay to beginner traders looking for a simple and safe place to start investing in crypto.
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Specifically, if you want to trade in Litecoin, Cardano, and Dogecoin. Bitcoin and Ethereum, which are now the two most widely used cryptocurrencies, are both available for trade on Shakepay. Shakepay is an option to take into consideration whether you are trying to purchase, sell, or store any of these cryptocurrencies. As is the case with many other exchanges, Shakepay makes money off of the gap between buy and sell orders for cryptocurrencies that are made on the site. The fact that you will get a bonus for joining up with Shakepay is easily the finest perk of the deal.
- Shakepay acts as a custodian (you can keep your funds in your Shakepay wallet) unlike other non-custodial exchanges like Bull Bitcoin.
- Some users claim there is a lack of support, and others claim they were scammed by companies pretending to be Shakepay.
- At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.
- Users can add funds or deposit cryptocurrency after completing the application and verification processes.
The company plans to add more assets but has not given any specific timeline. Overall, Newton is a comprehensive cryptocurrency trading platform that boasts a wide range of features and tools for traders. Shakepay is a digital platform that allows users to buy, sell, and hold cryptocurrencies. The company was founded in 2015 and is headquartered in Montreal, Canada. Supported currencies are one of the first things you should consider when choosing a crypto exchange.
Because this is a cryptocurrency exchange platform, the primary focus is on trading digital currencies with effective rates of 1.75 percent and converting them into money. Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details. Also, it does not mention what percentage of digital assets are held offline in cold storage. We see this as a bit of a red flag as offline storage is the most secure way to store cryptocurrency. Shakepay does, however, mention that they have an insurance policy, but again, no details.
To purchase crypto, just enter the amount you wish to purchase. You will be shown a conversion and all you need to do is click the buy button. This is the major card I use for payments and I never had any issues. In comparison, Newton’s spread is 0.9%, which is a cheaper alternative. If your verification is auto-approved, you can begin depositing right away. Next, you will need to upload a government-issued ID such as your passport or driver’s licence.
One thing it has in common with Shakepay is that it does not charge a fee for trading. It is important to note that it has a price spread of up to https://forex-review.net/ 0.70%, so keep that in mind. This feature allows you to receive a small amount of free Bitcoin daily if you join Shakepay through a referral link.
A user-friendly platform is just one of Shakepay’s many advantages. The exchange also offers a Visa card with lots of great benefits. The card comes with a lucrative reward program through which you can earn 1% cashback in bitcoin to your Shakepay account whenever you shop with any Visa merchant.
In addition, Newton offers a set of tools and resources to help users make informed trading decisions. These include a newsfeed, market analysis, and educational materials. Shakepay is a commission-free exchange, meaning it doesn’t charge any fees for buying or selling cryptocurrencies. Instead, it generates revenue by charging a small spread on the traded cryptocurrencies.
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Shakepay is an exchange platform for cryptocurrency that stores crypto or transfers it to a private wallet. A small amount is kept in hot wallets to provide liquidity for daily transactions. All personal data is encrypted, and all accounts are secured with two-factor authentication (2FA).
According to Shakepay, most Bitcoin and Ethereum held by them are stored offline in cold storage wallets, in partnership with a regulated cold storage provider. My personal preference is to pay a commission fee because it feels more transparent. You know exactly what you’re paying, whether the fee is .20% or .60%.
If those coins are all you want, and you don’t need advanced order types, then Shakepay is a great choice. It offers free deposits and withdrawals including free crypto withdrawals (which exchanges rarely offer), plus, you get to have fun shaking your phone and seeing your sats stack up. In addition, Shakepay has recently released its own crypto Visa card where you can spend and earn cashback in bitcoin. They are the only Canadian crypto exchange that offers it so far. I’d say this card is the major reason why you should create an account with Shakepay. The new Shakepay launched in early 2018 throughout Canada, except Quebec for which it became available a few months later.