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Shakepay vs. Bitcoin Well

Two Canadian ways to buy bitcoin. The difference is where your bitcoin ends up after you buy it.

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Where does your bitcoin end up?

With Shakepay, your bitcoin goes into your Shakepay account, held in their custody.

Bitcoin Well delivers every bitcoin purchase directly to a wallet you control.

Which is right for you?

Pick the one that fits your needs. Both are Canadian platforms with different strengths.

Shakepay may suit you if you want...

  • ETH, USDC and other cryptocurrencies in addition to bitcoin
  • bitcoin cashback on purchases with Shakepay Visa Prepaid Card
  • in-app rewards like shaking for free sats
  • your assets held in Shakepay's custody, with withdrawals to your own wallet upon approval

Bitcoin Well may suit you if you want...

  • the transparency of a publicly traded company
  • bitcoin delivered directly to your personal wallet on every purchase
  • private bitcoin purchases with a Lite Account & Cash Vouchers
  • your bills paid directly from your bitcoin wallet
  • Wishing Well rewards for every purchase or sale
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Shakepay vs. Bitcoin Well at a glance

Shakepay and Bitcoin Well both let Canadians buy bitcoin with Interac e-Transfer, but they’re built around different ideas.

Shakepay

An all-in-one custodial crypto account

  • Bitcoin, ether, USDC, and other coins converted on deposit
  • Market, limit and recurring orders
  • Your assets held in their custody
  • Regulated as an investment dealer
Bitcoin Well

Bitcoin delivered straight to your wallet

  • Bitcoin only, delivered by Lightning or on-chain
  • A fixed spread for purchases and sales
  • Lite Accounts for buying bitcoin privately
  • Cash purchases at 160+ Bitcoin Well ATMs

Trustpilot score

As of October 23, 2026

Shakepay suits those who want a broader crypto account and are comfortable letting a company hold their bitcoin. Bitcoin Well suits people who want each purchase delivered to their own wallet, where they control the keys.

Side-by-side comparison

How Shakepay and Bitcoin Well compare on the details that matter most when you buy bitcoin in Canada.

  • How it works

    Shakepay
    An all-in-one money and crypto account. Your bitcoin stays in your Shakepay account until you request a withdrawal.
    Bitcoin Well
    Bitcoin-only. Every purchase is delivered directly to your personal bitcoin wallet.

  • Where your bitcoin is held

    Shakepay
    Held in your Shakepay account, in their custody.
    Bitcoin Well
    In a self-custody wallet you control. Bitcoin Well doesn’t hold customer bitcoin.

  • What you can buy

    Shakepay
    Bitcoin, ether and USDC, with USDT, LINK and SHIB deposits converted automatically.
    Bitcoin Well
    Bitcoin only

  • Order types

    Shakepay
    Market, limit and recurring orders
    Bitcoin Well
    One-time buys and sells at the quoted price

  • Recurring buys

    Shakepay
    Daily, weekly, bi-weekly or monthly, with a $0 spread on qualifying CAD-funded bitcoin recurring buys from day 8
    Bitcoin Well
    Recurring Buys, each delivered straight to your wallet

  • Cost to buy

    Shakepay
    A target spread of 0.5% to 2.0%, which can rise in volatile markets.
    Bitcoin Well
    A 1.5% spread for Verified Accounts. Buying bitcoin privately with a Lite Account has a 4% spread.

  • Cost to sell

    Shakepay
    A target spread of 0.5% to 2.0%, which can rise in volatile markets.
    Bitcoin Well
    A 2.0% spread for Verified Accounts. Selling bitcoin privately with a Lite Account has a 4% spread.

  • Getting bitcoin to your wallet

    Shakepay
    You must request a withdrawal to your own wallet. Shakepay’s account agreement says it may place limits or holds on withdrawals.
    Bitcoin Well
    Every purchase is delivered to your wallet, either by Lightning or on-chain. Batched on-chain delivery is free; faster on-chain delivery may include a network fee.

  • Interac e-Transfer

    Shakepay
    Buy with Interac e-Transfer. Get paid by Interac e-Transfer when you sell.
    Bitcoin Well
    Buy with Interac e-Transfer. Get paid by Interac e-Transfer when you sell.

  • Other ways to move money

    Shakepay
    Wire transfers, direct deposit, bill payments and a prepaid Visa card
    Bitcoin Well
    Cash at 160+ Bitcoin Well ATMs, Cash Vouchers, bill payments with bitcoin, and direct deposit for larger sales

  • Identity verification

    Shakepay
    Government photo ID and a video selfie, plus a soft identity check
    Bitcoin Well
    Lite Account: only an email address is needed. Verified Account: quick verification via SumSub.

  • Regulation

    Shakepay
    CIRO member and investment dealer registered in every province and territory, and a FINTRAC-registered money services business
    Bitcoin Well
    FINTRAC-registered money services business. Publicly traded company listed on the TSX Venture Exchange.

  • Protection for your bitcoin

    Shakepay
    Cash is covered by CIPF. Crypto isn’t covered by CIPF or CDIC; custody insurance has limits.
    Bitcoin Well
    Your bitcoin is in your own wallet, so its safety depends on how you protect your keys. Bitcoin Well can’t recover lost keys.

  • Where you use it

    Shakepay
    iOS and Android apps, and the web
    Bitcoin Well
    The Bitcoin Portal web app, works on desktop, tablets and mobile

  • Support

    Shakepay
    In-app and web chat, with no phone support
    Bitcoin Well
    Help Center and email, weekdays 9 a.m. to 5 p.m. Mountain time

  • Tax records

    Shakepay
    CSV transaction history and monthly statements
    Bitcoin Well
    CSV export of your transaction activity

Where your bitcoin is held

This is the biggest difference between the two. Shakepay holds your bitcoin for you until you request a withdrawal. Bitcoin Well sends it directly to a wallet you control as part of every purchase.

Shakepay

Held for you in your Shakepay account

  • At least 80% of client crypto is in cold storage with Coinbase Custody. The rest is in hot wallets secured by Fireblocks and BitGo.
  • Shakepay’s account agreement says it may place limits or holds on withdrawals after a purchase, and that it has no obligation to tell you why a transfer is delayed or refused.
Bitcoin Well

Delivered to your own wallet

  • Every purchase is delivered to a self-custody wallet you control, by Lightning or on-chain.
  • Bitcoin Well doesn’t hold customer bitcoin after a purchase.
  • You’re responsible for your wallet, keys and seed phrase. Bitcoin Well can’t recover lost keys.
  • You’ll need a bitcoin wallet before you buy.

Shakepay takes key management off your plate, but your bitcoin depends on Shakepay and its custodians until you withdraw it. Bitcoin Well does not hold your bitcoin; it sends it directly to your wallet, so you’re in control from the start.

Fees and pricing

Both platforms charge a spread: the difference between the price you pay and a benchmark price.

Shakepay

A variable spread

  • Shakepay targets a spread of 0.5% to 2.0% over its benchmark price, depending on market conditions. In adverse conditions it can rise up to 3.5%.
  • One-time buys use the regular spread, recurring buys may qualify for a 0% spread.
Bitcoin Well

A fixed spread

  • Verified Accounts: 1.5% spread to buy, 2.0% to sell.
  • Lite Accounts: pay a 4% spread to buy or sell.
  • There are no withdrawal fees, account fees or hidden fees. Faster on-chain delivery may include a small network fee.

For one-time buys, Shakepay’s spread can land above or below Bitcoin Well’s 1.5%. For scheduled bitcoin buys, Shakepay’s $0 spread costs less, though the bitcoin stays in your Shakepay account until you withdraw it. Bitcoin Well’s Recurring Buys arrive in your own wallet every time.

Identity verification and privacy

Both platforms follow Canada’s anti-money-laundering rules, so neither is anonymous. The difference is how much you share to get started.

Shakepay

Full verification for every account

  • You photograph a government photo ID and record a video selfie.
  • Shakepay also runs a soft identity check of your name, address and date of birth against credit bureau records.
  • Security selfies can be required for sensitive actions, such as sending a withdrawal.
Bitcoin Well

Full or Lite

  • Lite Accounts need only an email address and work with Cash Vouchers.
  • Verified Accounts need to verify their identity via SumSub.
  • Bitcoin Well doesn’t sell personal information.

If you’d rather share less personal information, a Lite Account is the lighter path. Both companies ask for information when the law requires it.

Regulation and oversight

The two platforms are regulated under different regimes, and the registrations aren’t equivalent.

Shakepay

A registered investment dealer

  • Shakepay Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and a registered investment dealer in every province and territory.
  • It’s also a FINTRAC-registered money services business (#M17065696).
  • Cash held with Shakepay is covered by CIPF. Crypto isn’t.
Bitcoin Well

A registered money services business

  • Bitcoin Well Canada Ltd. is a FINTRAC-registered money services business (#M19811620) and is registered with Revenu Québec (#11314).
  • It’s registered with the Bank of Canada as a payment service provider under the Retail Payment Activities Act.
  • Its parent, Bitcoin Well Inc., is publicly traded on the TSX Venture Exchange (BTCW), so its financial statements are public.

Shakepay’s dealer registration adds securities oversight. Bitcoin Well’s public listing means its financial statements are public.

Security and track record

Security looks different when you hold your own bitcoin. Here’s what each company discloses.

Shakepay

Institutional custody, layered controls

  • Shakepay’s cold storage provider holds SOC 1 Type II and SOC 2 Type II certifications.
  • Shakepay carries insurance on cold storage, subject to its limits.
  • Accounts can use passkeys and security selfies to protect sensitive actions.
Bitcoin Well

No customer bitcoin held

  • Bitcoin you buy is delivered to your own wallet.
  • Bitcoin Well does not hold any customer bitcoin.

Frequently asked questions

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Last checked October 26, 2026 against each company’s published fees, help articles and legal documents.

Information about Shakepay and Bitcoin Well was checked against each company’s published materials on October 26, 2026 and may have changed since. Check each provider’s own site before you decide. Shakepay is a trademark of its owner. Bitcoin Well isn’t affiliated with or endorsed by Shakepay. Logos and app images belong to their owners and are shown only to identify each service.

This comparison is general information, not financial, legal or tax advice. Bitcoin’s price can be volatile.