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.
VirgoCX offers $1 Million in crime insurance coverage with Coinbase Custody. Should the exchange be compromised, VirgoCX could potentially refund any customers’ stolen coins.
VirgoCX’s crypto assets are held in cold storage with Coinbase Custody and only a small amount are kept on the platform for trading. All fiat assets are held with their Canadian banking partner, though it is not mentioned who the partner is. However, we always recommend transferring all the funds to your own Canadian crypto wallet.
Both Shakepay and VirgoCX prioritize the security of user funds. Shakepay employs offline storage and offers two-factor authentication for added protection. VirgoCX stores crypto assets in cold storage with Coinbase Custody and provides insurance coverage for potential incidents. Both exchanges comply with Canadian regulations and conduct regular audits, maintaining a strong emphasis on 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.
VirgoCX is registered with FINTRAC and PIPEDA. Therefore, it is fully compliant in Canada. VirgoCX also has regular audits which prove that its reserves exist.
Both Shakepay and VirgoCX demonstrate full compliance with Canadian regulations. Shakepay operates as a licensed Money Service Business (MSB), ensuring adherence to the guidelines established by FINTRAC.
VirgoCX is also registered with FINTRAC.
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.
If you need help, you can contact VirgoCX’s support team via email or live chat 24/7. They also offer multi-language support. Not many exchanges offer live chat.
Shakepay and VirgoCX offer customer support to assist their users. Shakepay provides support via email and has been praised for its responsiveness. VirgoCX offers 24/7 support through email and live chat, catering to the needs of its customers.
Conclusion
Both Shakepay and VirgoCX are reputable and reliable Canadian crypto exchanges. However, Shakepay emerges as the winner due to its user-friendly interface, simplicity, and positive customer feedback. Shakepay's emphasis on security, compliance with regulations, and responsive support contribute to its superiority as a preferred choice for Canadian users.
We recommend choosing Shakepay over VirgoCX 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 VirgoCX 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.
