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The easiest way to fund/send money to Coinbase in Canada is with crypto. This means you need a Canadian crypto exchange to convert your loonies and toonies into Bitcoin.
Steps to Buy Bitcoin on Shakepay and Send it to Coinbase:
- Sign up and verify your account on Shakepay and Coinbase
- Send an INTERAC e-Transfer to Shakepay
- Buy Bitcoin or Ethereum
- Send from Shakepay to Coinbase
Add Funds (Interac E-Transfer) on Shakepay
Click > Add funds > Interac e-Transfer
How long does this take?
Verifying an account on Shakepay is an easy and automated process.
Sending and receiving transfers from Shakepay has ranged from instant to 20/30 minutes for the transactions I have made.
Buy Bitcoin on Shakepay
Click > Blue button > Buy & sell > Max or enter an amount.
Keep in mind there is a minimum amount of crypto needed to send your funds from Shakepay to Coinbase.
This amount is dynamic and depends on the blockchain network (BTC/ETH).
Shakepay covers the fee of sending crypto off the exchange to your own external wallet or to another exchange to trade, etc.
Send Bitcoin From Shakepay to Coinbase
Your Shakepay exchange account should be showing your Bitcoin or Ethereum balance similar to mine in the screenshot below.
Click > Send > Blue Icon upper right corner to scan QR code.
Or paste the Bitcoin receive address in the form manually.
If you click on the asset name, Shakepay will show a price chart, ‘Recieve’ and ‘Send’ buttons and you can scroll down to see all transactions that have been made.
Receive Bitcoin on Coinbase from Shakepay
I am using the desktop website in my example.
Click > Send & Recieve
Click > Revieve
Only send Bitcoin to Bitcoin receive addresses.
Confirm the first four and last four digits of the address to confirm it is correct.
IMPORTANT: If you send a cryptocurrency to the wrong address it is usually unrecoverable.
Scan Code and the Confirm Transaction
In the Shakepay app > scan the QR code on your Coinbase dashboard.
Confirm and send the transaction.
It can take a few minutes to possibly a few hours for the Bitcoin transaction to show up in your Coinbase exchange account.
Click > My Assets to view.
Sending a small test transaction first to make sure everything is working for you is a good idea.
Send Bitcoin to Coinbase Wallet
Coinbase is unique in that it is both a cryptocurrency echage and a self-custody wallet.
Write down and secure your: Recovery Seed Phrase.
Click > Receive to send crypto to Coinbase wallet.
The “Coinbase wallet’ and the ‘Coinbase Exchange’ are different apps and totally different services. It can be confusing for beginners.
What makes a ‘Wallet’ and an ‘Exchange’ different is the: Recovery Seed phrase.
A seed phrase is 12 or 24 words that give you the keys to control, and self-custody of your cryptocurrency. Read the beginner’s guide to buying Bitcoin in Canada.
You will need this seed phrase to back up and restore your wallets.
Never share this seed phrase with anyone. Anyone with the seed phrase will have access to your crypto.
There is a saying in crypto — “Not your keys. Not your coins.”
Meaning when you have crypto on an exchange like Shakepay or Coinbase, you are trusting that they will keep those coins safe for you.
This is very risky. Exchanges can go out of business and lose user funds to hacks. The most recent example of this happening is the FTX exchange collapse.
A wallet that you have the seed phrase for gives you 100% self-custody and responsibility for your crypto.
What is the Difference between Shakepay and Coinbase?
The main difference between Shakepay vs Coinbase is:
- Shakepay is a Canadian crypto exchange. This makes it easier to fund and withdraw crypto and Canadian dollars with a Canadian bank account.
- Shakepay only buys/sells Bitcoin and Ethereum. Coinbase offers many altcoins to trade.
- Coinbase offers many more products and services than Shakepay; Coinbase Advance trading, Staking, selfy custody wallet, NFT marketplace, institutional investor services, developer, and APIs.
Does Coinbase accept Shakepay?
Yes. Bitcoin and Ethereum are open standard protocols. Crypto can easily be sent from any exchange or wallet that is compatible. Just SEND and RECEIVE.
How to Sell/ Withdraw from Coinbase to Shakepay
You will need to send Bitcoin or Ethereum from Coinbase to Shakepay.
Basically, this tutorial in reverse but the same ‘Send‘ and ‘Recieve‘ principle idea applies to all cryptocurrencies when moving funds.
Cash-out crypto on Shakepay: convert to $CAD. Deposit instantly with Interac e-Transfer. Wire transfer is also available to withdraw funds to your Bank account.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
Errors or corrections? Contact Us.
nooxli is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. Personal investment disclosure: I am long BTC & ETH. I take profits when I feel like it. I trade altcoins in hot markets. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
Seen in: Finbold, CoinMarketCap, Times Tabloid, and TheBitTimes.com
