Security Compliance
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
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.
NDAX prioritizes user security, maintaining the majority of their digital assets in cold storage using Ledger Vault. User funds are also kept in a segregated Canadian bank account, which adds an additional layer of security. Shakepay asserts that it has an insurance policy for its digital assets. However, it does not provide explicit details about its offline storage or the specifics of the insurance policy.
Regulatory Compliance
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX 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 NDAX and Shakepay are registered as Money Service Businesses with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration underscores their commitment to regulatory compliance and legality within Canada's financial services landscape.
Customer support
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
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.
NDAX offers customer support primarily through email, with an impressive average response time of 20 minutes. Shakepay also provides email support, typically responding to queries within 24 hours.
Conclusion
While both platforms have their merits, NDAX ultimately comes out on top for a few key reasons. It provides a wider range of cryptocurrencies, offers explicit details about its security measures, including the usage of Ledger Vault for cold storage, and provides faster customer support. While Shakepay's user-friendly interface and innovative features may be appealing to beginners, NDAX offers a more comprehensive trading experience for both new and seasoned investors.
We recommend choosing NDAX over Shakepay for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither NDAX 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.
