Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
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.
Uphold uses advanced security protocols to protect users' assets, including two-factor authentication (2FA) and encryption. Additionally, all funds held in Uphold wallets are fully insured against hacking and theft. Shakepay also places a high emphasis on security. It requires users to confirm transactions via email and enables users to set up 2FA, FaceID, and biometrics for extra protection. However, details about its cold storage and insurance policy aren't transparent, which might raise concerns for some users.
Regulatory Compliance
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
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.
As a licensed Money Service Business, Shakepay is fully regulated in Canada. The platform's focus on transparency and compliance demonstrates its commitment to secure operations and customer protection. Uphold is also committed to compliance and regulation in the jurisdictions where it operates.
Customer support
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
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.
Both platforms provide strong customer support. Shakepay has a comprehensive support section on its website, and users can reach out to support via email. The platform promises to respond within hours, even on weekends. Uphold provides 24/7 support and aims to respond to customer queries within a few hours. It also offers a comprehensive FAQ section that helps address common issues.
Conclusion
Both exchanges provide solid services, but Uphold stands out for its more extensive support of various assets and more transparent security measures. Furthermore, its global presence and versatility in asset support make it a more comprehensive platform. Thus, while Shakepay has unique benefits for Canadian users, Uphold wins for its more inclusive and transparent offerings.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
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 Uphold over Shakepay for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
