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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
While Shakepay mentions an insurance policy for digital assets, it fails to provide detailed information about the policy or the percentage of assets held in cold storage. This lack of transparency might raise some security concerns.
Bitvo appears to have a more robust security infrastructure, holding 95% to 100% of digital assets in cold storage and maintaining multi-layered firewall protection. This detailed approach to security could inspire more confidence in users.
Regulatory Compliance
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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Both Shakepay and Bitvo are registered as Money Service Businesses in Canada and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. These federal regulations provide a framework for monitoring and reporting certain financial activities to detect and deter money laundering or other forms of terrorist financing activities.
Customer support
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Shakepay provides an email support system with a response time of less than 24 hours, even on weekends. However, reviews on Trustpilot indicate dissatisfaction with the level of support received.
Bitvo stands out with a 24/7 support system including live chat, email, and notably, phone support. This comprehensive approach to customer service can be a significant advantage for Bitvo.
Conclusion
While both Shakepay and Bitvo are reputable platforms with their strengths, Shakepay emerges as the winner in this comparison. Despite a few transparency issues concerning security measures, Shakepay's high app ratings, unique features such as the "ShakingSats" program and a crypto Visa card, and its clear focus on user-friendliness make it a more appealing choice for beginners venturing into cryptocurrency trading.
We recommend choosing Shakepay over Bitvo for your cryptocurrency trading needs. By opting for Shakepay through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Shakepay nor Bitvo 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.
