Security Compliance
Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.
Two-factor authentication is available to help keep your account secure.
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.
While both Netcoins and Shakepay prioritize user security, Netcoins provides more transparency. Netcoins discloses that it stores 95% of all cryptocurrency in cold storage, providing a high level of security for user assets. Shakepay, on the other hand, does not detail the percentage of assets held offline. However, it does mention an insurance policy, though the specifics of the policy are not disclosed.
Regulatory Compliance
Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.
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 Netcoins and Shakepay are registered as Money Service Businesses (MSBs) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), demonstrating compliance with Canadian federal laws and regulations. Being registered with FINTRAC ensures that these platforms implement strict measures to prevent money laundering and other illicit financial activities.
Customer support
Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.
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.
Netcoins and Shakepay both offer comprehensive customer support through email. Netcoins boasts an impressive average response time of 2 hours, while Shakepay claims to respond within a few hours, even on weekends. This commitment to customer service means that users on both platforms can expect prompt assistance whenever they encounter issues or have questions.
Conclusion
While both Netcoins and Shakepay offer solid platforms for cryptocurrency trading, Netcoins edges out as the winner in this comparison. Its transparent security measures, broader selection of cryptocurrencies, and excellent customer support make it a compelling choice for both novice and experienced traders. Though Shakepay has unique features like its "ShakingSats" referral program, Netcoins' overall offerings provide a more comprehensive and secure trading environment.
Netcoins stands out with its 24/7 uninterrupted trading availability, ensuring users can access the market anytime without delays. This is particularly useful compared to Shakepay that may experience downtime or maintenance. Additionally, Netcoins offers limit orders, which give traders more control over their buy/sell strategies—something not all platforms provide. Personalized price alerts are another feature that keeps users ahead of market shifts, offering a competitive edge when compared to exchanges with fewer notification options.
Shakepay distinguishes itself from other exchanges 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
We recommend choosing Netcoins over Shakepay for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Netcoins 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.
