Shakepay vs. Kraken: What Works Better For Canadians in 2024

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.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

Both Shakepay and Kraken prioritize security. Shakepay follows regulatory guidelines as a licensed Money Service Business (MSB) and ensures compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Kraken, as one of the largest exchanges globally, employs robust security measures such as cold storage for the majority of digital assets, encryption of account information, and bug bounty programs. Both exchanges offer two-factor authentication for added security.

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. 

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Shakepay is fully compliant with Canadian regulations and is licensed as an MSB, adhering to guidelines set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). On the other hand, Kraken operates globally and complies with regulatory requirements in various jurisdictions. While Kraken provides services to Canadians, it is worth noting that certain services may not be available in specific regions due to local regulations.

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. 

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

Both Shakepay and Kraken offer customer support options. Shakepay provides customer support through email and live chat during business hours. Kraken offers 24/7 live chat and email support, along with a comprehensive help center containing troubleshooting articles. Additionally, Kraken offers phone support in the USA, UK, and European Union.

Conclusion

Both Shakepay and Kraken have their strengths and cater to different user preferences. Shakepay excels in its user-friendly interface, simplicity, and compliance with Canadian regulations. It is an excellent choice for beginners and users looking for a seamless experience. On the other hand, Kraken offers a wide range of cryptocurrencies, advanced trading features, and strong security measures. It is suitable for more experienced traders seeking a diverse range of trading options. Considering Shakepay's compliance, user-friendliness, and focus on the Canadian market, Shakepay emerges as the winner for Canadian users.

We recommend choosing Shakepay over Kraken 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 Kraken 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.