Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
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.
Bull Bitcoin prioritizes the security of its users by enabling immediate self-custody of Bitcoin, thereby reducing reliance on the platform for asset storage. The platform is compliant with Canadian regulations, ensuring a secure trading environment.
Shakepay also emphasizes security, though it is somewhat vague about the specifics of its insurance policy and cold storage. However, it implements two-factor authentication and email confirmations for withdrawals, adding layers of security for its users. Shakepay is licensed as a Money Service Business (MSB) by FINTRAC, adhering to regulatory standards.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
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 Bull Bitcoin and Shakepay are compliant with Canadian regulations, with Bull Bitcoin registered with FINTRAC as a Money Services Business, ensuring adherence to legal and security standards. Shakepay's FINTRAC registration also underscores its commitment to regulatory compliance, offering Canadians a secure platform for cryptocurrency transactions.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
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.
Bull Bitcoin offers customer support via email, with a strong reputation for service quality as reflected in its Trustpilot ratings. The platform's focus on direct and secure Bitcoin transactions appeals to users looking for straightforward services without the need for extensive support.
Shakepay claims rapid response times for support inquiries, even on weekends, and maintains a dedicated support section on its website. While its Trustpilot ratings indicate some areas for improvement, the unique features and simplicity of the platform continue to attract a loyal user base.
Conclusion
While both platforms provide valuable services to the Canadian cryptocurrency community, Bull Bitcoin emerges as a strong choice for those focused solely on Bitcoin, offering a simplified, secure, and direct trading experience. Its emphasis on self-custody and the innovative integration of Bitcoin into everyday financial activities, like bill payments and payroll, provide a compelling proposition for users prioritizing control and utility over their Bitcoin.
Shakepay distinguishes itself from Bull Bitcoin by emphasizing the security of its users' assets through cold storage backed by insurance. This secure offline storage method adds a significant layer of protection, particularly valuable for risk-conscious investors. While other exchanges may offer similar features, Shakepay's focus on insured cold storage ensures users can trust that their digital currencies are safeguarded against potential breaches, making it a solid choice for those prioritizing asset security
Shakepay, with its broader cryptocurrency offerings, engaging user rewards program, and Bitcoin cashback Visa card, presents a versatile option for users looking for ease of use and additional benefits. However, the transparency and focus of Bull Bitcoin on Bitcoin transactions and security aspects give it an edge for users with those priorities.
