Shakepay vs Wealthsimple Crypto: fees, coins and safety

Shakepay and Wealthsimple are two of the best-known ways to buy crypto in Canada. Both are run by investment dealers, so the regulatory picture is close. The real differences are in how they charge, how many coins they list and what you can do with those coins once you own them.

Everything below comes from our two reviews, which are built from each platform’s own Canadian pages. Where one review covers a point and the other doesn’t, we say so.

The short answer

Shakepay is the narrower app. It lists Bitcoin, Ethereum and USDC, charges no fee to fund or withdraw by Interac e-Transfer, and builds its trading cost into a spread it doesn’t publish. Recurring buys carry no fee or spread.

Wealthsimple lists more than 170 coins and charges a stated 0.5% per trade. Market orders add a spread it doesn’t publish, but limit and stop orders don’t. About 40 of its coins can’t be sent out to your own wallet.

Side by side

Fees

The two platforms charge in different ways. Shakepay doesn’t show a trading fee at all. Its cost sits in the spread, the gap between its price and the market price, and it doesn’t publish how wide that gap is. The one exception is recurring buys, which Shakepay says have “zero fees or spread.”

Wealthsimple charges a flat 0.5% on each trade. On market orders it also adds a spread it doesn’t publish, though you see the final price before you confirm. Limit orders and stop orders have no spread. Orders under $100 carry a $1 surcharge, and trading in US dollars from a Canadian dollar account adds a currency exchange fee. Clients with Active Trader status pay no spread, and their fee drops below 0.5% as their 30-day volume rises.

Because neither platform publishes its spread, a straight cost comparison isn’t possible. Check the price you’re shown against the market price before you buy on either one. Our crypto fees comparison sets out what a buy costs across registered platforms.

On funding, Shakepay is clear: Interac e-Transfers in and out carry no fee from $5 to $10,000, and wires in and out carry no fee from $10,000, taking 1 to 2 working days. Wealthsimple says it doesn’t charge to process an e-Transfer and takes up to $10,000 per transfer, so funding by Interac costs nothing on either. For taking cash back out, Wealthsimple doesn’t publish an Interac withdrawal figure for crypto accounts, so Shakepay is the one with a stated no-fee withdrawal.

Coins

This is the widest gap between them. Shakepay supports Bitcoin, Ethereum and USDC. If you send it another token on the Ethereum network, it can convert it for a fee of 1.5% into Bitcoin or 2% into anything else.

Wealthsimple lists Bitcoin, Ethereum, Solana and more than 170 other coins. Its list marks about 40 of them, including BNB and Sui, as not available to withdraw, so you can only buy and sell those inside Wealthsimple. It also offers staking on some coins, including Ethereum, Solana, Cardano and Polkadot, and keeps a percentage of the rewards. Our Shakepay review doesn’t cover staking.

Safety

Both companies hold the higher of the two types of registration for crypto platforms in Canada. Shakepay Inc. is a CIRO member and investment dealer in every province and territory, with its latest decision on the regulators’ register dated 8 January 2025. It’s also registered with FINTRAC. Wealthsimple Investments Inc. is a CIRO member registered as an investment dealer and an investment fund manager, with its latest decision dated 22 December 2025. It took over from Wealthsimple Digital Assets Inc. on 1 January 2024.

On custody, Wealthsimple says more. It names three custodians, Tetra Trust Company, Coinbase Custody Trust Company and BitGo Trust Company, and says each keeps crypto in cold storage with insurance. It may hold up to 20% of client crypto in its own hot wallets, covered through Coincover in case of a hack. Shakepay works with a cold storage provider regulated by New York’s financial regulator but doesn’t name it. It holds an insurance policy on crypto in cold storage.

Neither platform’s crypto is covered by CIPF. Shakepay says CIPF protects its US dollar balances up to $1 million, but that’s cash, not crypto. Wealthsimple says crypto doesn’t qualify for CIPF or CDIC cover. The insurance both describe is private, and it doesn’t protect you from a fall in price.

Who each suits

These are fits by feature, not advice on what to buy.

Shakepay suits someone who only wants Bitcoin or Ethereum, wants to fund and withdraw by Interac without a fee, and plans to buy on a schedule, since recurring buys skip the spread. It also lets you move coins to your own wallet at no cost if you can wait about 12 hours.

Wealthsimple suits someone who wants a wider coin list, prefers a stated fee, or is happy to use limit orders to avoid the spread. If you already invest with Wealthsimple, your crypto sits in the same app. Check the coin list first if you plan to move coins to your own wallet. Our crypto apps comparison covers more apps.

Frequently asked questions

Is Shakepay or Wealthsimple safer?

Both are registered as investment dealers and are CIRO members, the higher level of oversight. Wealthsimple names its custodians and Shakepay doesn’t. Neither covers crypto under CIPF.

Which is cheaper, Shakepay or Wealthsimple?

It depends on how you buy. Shakepay’s recurring buys have no fee or spread, but its regular buys include a spread it doesn’t publish. Wealthsimple charges 0.5%, plus a spread on market orders only. With neither spread published, compare the price you’re shown each time.

Can I send crypto to my own wallet from both?

Yes, with limits. Shakepay charges nothing at normal speed and a fee for faster withdrawals. Wealthsimple passes on the network fee, and about 40 of its coins can’t be withdrawn.

Is my crypto covered by CIPF on either platform?

No. Shakepay’s CIPF cover applies to US dollar balances only. Wealthsimple says crypto doesn’t qualify for CIPF or CDIC cover.

Sources

Checked 10 November 2026. Facts come from our Shakepay review and Wealthsimple Crypto review, and the pages they cite:

• Shakepay, homepage and regulatory notice
• Shakepay, fees
• Shakepay, security
• Shakepay, Bitcoin and crypto pages
• Shakepay Help, unsupported coins and networks
• Wealthsimple, crypto
• Wealthsimple, crypto product risk disclosure
• Wealthsimple Help, what crypto buy and sell prices include
• Wealthsimple Help, available crypto
• Wealthsimple Help, withdraw crypto to an external wallet
• Wealthsimple Help, stake your crypto assets
• New Brunswick Financial and Consumer Services Commission, registered crypto asset trading platforms