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.
Gate.io is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges. Gate.io utilizes hot and cold storage to keep customer funds safe. On its website, Gate.io says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulations. They can block your account at any time.
Both Shakepay and Gate.io prioritize security. Shakepay holds customer assets in cold storage, offers two-factor authentication, and is fully regulated in Canada. Gate.io is also regarded as a reputable exchange, with a focus on security measures such as hot and cold storage. However, Gate.io's disallowed countries list and potential account blocking raise concerns.
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.
Gate.io is not compliant crypto exchange in Canada.
Shakepay is fully compliant in Canada and operates under Canadian regulations. It is registered as a Money Service Business with FINTRAC, ensuring compliance with federal laws. Gate.io, on the other hand, is not recommended for Canadian users as it is listed as a disallowed country, and there is a possibility of account blocking.
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.
There is a helpful help centre and blog on the Gate.io website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, Gate.io has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond.
Shakepay is known for its responsive customer support, with prompt ticket responses and live chat available. Gate.io, however, has received negative reviews regarding customer support, with complaints about slow or unresponsive service and withdrawal issues.
Conclusion
Both Shakepay and Gate.io have their strengths and weaknesses. However, considering the limitations and potential risks associated with Gate.io for Canadian users, Shakepay emerges as the preferred option. Shakepay offers a user-friendly experience, strong compliance with Canadian regulations, excellent customer support, and a focus on the Canadian market.
When comparing Gate.io to other exchanges, it’s important to note that Gate.io supports a vast range of over 2,600 cryptocurrencies, making it one of the most versatile platforms. It also provides financial products like staking, crypto loans, and Web3 services, including NFTs and decentralized finance (DeFi). However, unlike some exchanges, CAD support for bank transfers is still unavailable. While Gate.io offers advanced trading options, it's not the most beginner-friendly platform. Mobile app reviews are mixed, with user experiences ranging from positive to critical.
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 Shakepay over Gate.io 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 Gate.io 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.
