Security Compliance
ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage.
For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account.
This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario.
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.
ByBit employs stringent security measures such as two-factor authentication, cold storage for assets, and robust encryption protocols. However, specific details about the percentage of assets held in cold storage and insurance policies are not mentioned.
Shakepay claims to have digital assets backed by an insurance policy, but the details are not provided. It is licensed as a MSB and regulated by FINTRAC in Canada, ensuring compliance. Similar to ByBit, specific details about offline storage and insurance policies are not explicitly mentioned.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
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.
The provided information does not mention specific Canadian federal organizations monitoring ByBit's compliance. However, it's important to note that ByBit faced regulatory issues with the Ontario Securities Commission (OSC) in the past, paying a fine for selling unlicensed securities in Ontario.
Shakepay is licensed as a MSB and regulated by FINTRAC in Canada. This ensures compliance with Canadian federal regulations. Shakepay is widely regarded as one of the most reliable and secure cryptocurrency exchanges in Canada.
Customer support
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.
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.
ByBit provides customer support via live chat, email, and a comprehensive help center featuring frequently asked questions. However, the available information does not provide specific details regarding the responsiveness and customer satisfaction levels of ByBit's support services.
Shakepay provides customer support through a support section on its website and email. While support tickets are claimed to be answered promptly, there have been mixed reviews and complaints about the lack of support and potential scams unrelated to Shakepay.
Conclusion
In conclusion, while both ByBit and Shakepay offer compelling features that make them strong contenders in the crypto exchange market, ByBit takes a slight lead as the winner. ByBit shines due to its advanced functionalities that cater to both beginner and experienced traders. The platform provides a robust trading infrastructure, an intuitive interface, and a wide selection of cryptocurrencies. Moreover, ByBit's 24/7 customer service, security measures, and impressive liquidity help it stand out.
Initially, we recommended choosing ByBit over Shakepay for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Shakepay.
If you find that neither ByBit 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.
