Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
Shakepay hold users’ funds in cold storage, though they do not publicize the percentage. Shakepay has existed since 2015, and so far, never has been hacked.
Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details.
Shakepay also offers two-factor authentication (2FA) for their customers, so you can be sure no one else is accessing your account. With Shakepay, you will also need to confirm via email when withdrawing funds. If you set up 2FA for your email account, you can be pretty sure no unauthorized person is withdrawing funds from your account.
Bitget prioritizes user security with two-factor authentication, email alerts for unusual activity, and an anti-phishing feature. Furthermore, they have emergency insurance coverage up to $300 million to ensure user assets are safeguarded. Shakepay also underscores security, but its lack of clarity regarding offline storage and specifics of its insurance policy raises eyebrows. However, it does offer two-factor authentication, FaceID, and biometrics to fortify account access.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Shakepay is regulated as a Money Service Business (MSB) by FINTRAC. Shakepay is based in Montreal and is allowed to operate in every Canadian province.
Both exchanges abide by Canada's federal regulations concerning digital assets. Shakepay is explicitly licensed as a Money Service Business (MSB) by FINTRAC and observes all requisite regulations, positioning itself as one of Canada's most compliant exchanges. While Bitget's compliance in Canada is inferred from its broad user base and operations, precise details regarding its licensure are not distinctly mentioned.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
Shakepay offers chat support, helpful FAQs and access to customer support via their website.
Shakepay claims it has “customer service that cares.” It offers a useful support section on its website that can answer some of the most common questions and you can contact support via email at help@shakepay.com. Shakepay claims that support tickets can be answered within hours, even on weekends. We reached out to the support team via email to see how quickly they would respond. We received a reply the next day, less than 24 hours later.
Bitget's support, as reflected by its 1,8-star rating on Trustpilot, leaves room for improvement, with numerous users finding it lacking. Shakepay, conversely, emphasizes its customer-centric approach, offering prompt email support, even on weekends. However, its 1.9-star rating on Trustpilot indicates a disparity between user expectations and the support they receive.
Conclusion
Both Bitget and Shakepay bring valuable offerings to Canada's crypto table. Shakepay, with its ease of use and unique features like "ShakingSats", is well-suited for beginners. However, when evaluating the breadth of features, advanced trading tools, altcoin variety, and the overall platform robustness, Bitget emerges as the preferable choice for 2024.
We recommend choosing Bitget over Shakepay for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor Shakepay meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
