Crypto.com vs. Shakepay: What Works Better For Canadians in 2024

Security Compliance

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

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.

Crypto.com is renowned for its robust security measures, with 100% of its user's cryptocurrencies stored in offline cold storage. On the other hand, Shakepay's approach to security is also commendable, though specifics about its cold storage practice or the details of its insurance policy aren't readily available. Both platforms offer two-factor authentication to secure user accounts further.

Regulatory Compliance

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

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. 

Crypto.com is fully compliant with Canadian regulations and Shakepay is licensed as a Money Service Business (MSB) by FINTRAC, making them both fully regulated in Canada. This ensures that both platforms adhere to the high standards set by Canadian federal organizations.

Customer support

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

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. 

Crypto.com offers 24/7 live chat support to its clients. Shakepay's customer support, although primarily through email, claims to answer tickets within hours, including on weekends. It's important to note, however, that some users have expressed dissatisfaction with Shakepay's customer service according to its Trustpilot reviews.

Conclusion

While both exchanges offer a good range of services, Crypto.com emerges as the more versatile choice for Canadians due to its vast offering of cryptocurrencies, advanced trading features, transparency in security practices, and reliable customer support.

We recommend choosing Crypto.com over Shakepay for your cryptocurrency trading needs. By opting for Crypto.com through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Crypto.com 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.