NDAX and Shakepay are two of the better-known ways to buy crypto in Canada, and they’re built for different people. Shakepay is an app for buying Bitcoin and Ethereum with as little friction as possible. NDAX is a proper exchange, with more coins, an order book and the tools that come with one.
Here’s how they compare, and which one I’d point someone toward.
The quick comparison
| NDAX | Shakepay | |
|---|---|---|
| Best for | Active traders, altcoins | Beginners, buying BTC and ETH |
| Coins | Bitcoin, Ethereum and a range of altcoins | Mainly Bitcoin and Ethereum |
| Fees | Tiered by trading volume | Built into the spread |
| Minimum deposit | Yes | None |
| Extras | Limit orders, staking, margin, charting | Visa card with Bitcoin rewards |
| Regulation | Registered with FINTRAC | Registered with FINTRAC |
Ease of use
Shakepay is the simpler of the two by a wide margin. The app does one thing, buying and selling crypto, and it does it in a couple of taps. If you’ve never bought crypto before, it’s hard to get lost.
NDAX is still beginner-friendly for basic buys, but it’s a real exchange, so there’s more on the screen. Order types, charts and features like margin trading take a little time to learn.
Which coins you can buy
This is the biggest practical difference. Shakepay focuses on Bitcoin and Ethereum, and support for anything else is limited. NDAX lists a much wider selection, so if you want altcoins, it’s the one that can actually hold them.
Fees
NDAX charges trading fees on a tiered schedule: the more you trade, the less you pay, and the schedule is published up front. For anyone buying regularly or in size, that usually works out cheaper.
Shakepay doesn’t show a separate fee. Instead, the cost is built into the spread, the gap between the price you pay and the market price, and that spread can be wider than what you’d pay elsewhere. The Shakepay Visa card helps offset it a bit: purchases on the card earn Bitcoin back.
Security
Both platforms cover the basics: two-factor authentication and cold storage for customer crypto. NDAX keeps a significant share of holdings offline and runs regular security audits. Shakepay adds biometric login and insurance on its cold storage. Neither stands out as weaker here.
Funding your account
NDAX requires a minimum deposit and takes bank transfers and Interac e-Transfers. Shakepay has no minimum and takes bank transfers, debit and credit cards, which makes it easier to start small.
Extra features
NDAX has the tools an active trader expects: limit orders, staking, margin trading and proper charts. Shakepay sticks to everyday features: instant buys and sells, direct deposit and the Visa card for spending.
Support and regulation
Both offer support through several channels, and Shakepay in particular has a good reputation for it. Both are registered with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) and operate under Canadian rules.
Which one should you use?
Go with NDAX if you want coins beyond Bitcoin and Ethereum, trade often enough for lower fees to matter, or want limit orders and charts, and don’t mind a slightly steeper learning curve.
Go with Shakepay if you’re new to crypto, only plan to hold Bitcoin and Ethereum, like the idea of earning Bitcoin on card spending, or want to start without a minimum deposit.
If NDAX sounds like the better fit, you can sign up with my referral link and we’ll both get $10. It supports BTC, ETH, LTC, LINK, XRP, EOS, DOGE, ADA and XLM, among others.
Fees, coin lists and features change, so check the NDAX and Shakepay websites for the current details before you sign up.