Security Compliance
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.
CoinSmart employs advanced security protocols, such as two-factor authentication (2FA), to protect user accounts. Although it doesn't provide detailed information about its cold storage practices, the exchange is registered with FINTRAC and has been granted status by the Ontario Securities Commission (OSC), ensuring a high level of regulatory compliance in Canada.
Shakepay also places a strong emphasis on security, offering multiple safety features like two-factor authentication (2FA) and biometrics. While the platform does mention an insurance policy for digital assets, it doesn't provide specific details or the percentage of assets held in cold storage.
In summary, both CoinSmart and Shakepay take the security and safety of their users and assets seriously. They both adhere to Canadian regulatory standards and implement safety features to protect user accounts.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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 CoinSmart and Shakepay are compliant with Canadian regulations. CoinSmart is registered with FINTRAC and has been granted status by the OSC. Shakepay is also licensed as an MSB by FINTRAC. These federal organizations monitor and regulate the compliance of these exchanges within the Canadian financial landscape, ensuring the security and legality of their operations.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
CoinSmart offers 24/7 customer support, including phone support, and boasts a 97% customer satisfaction rate. Shakepay, on the other hand, claims to have "customer service that cares," with support tickets answered within hours, even on weekends. Both exchanges have received positive feedback on their customer support responsiveness.
Conclusion
Both CoinSmart and Shakepay are reliable Canadian cryptocurrency exchanges with their respective advantages. However, CoinSmart emerges as the winner due to its wider range of cryptocurrencies, better transparency regarding security, and full compliance with Canadian regulations. While Shakepay offers a more highly-rated mobile app and unique features like the crypto Visa card, CoinSmart's overall offerings make it a more comprehensive choice for crypto traders in Canada.
We recommend choosing Coinsmart over Shakepay for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
