Security Compliance
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
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.
Wealthsimple Crypto uses industry-standard security measures, including encryption and cold storage for funds. Shakepay, on the other hand, is not explicit about what percentage of its assets are stored offline in cold storage, but it does claim to have an insurance policy for digital assets. Both platforms offer two-factor authentication and notifications for account activities.
Regulatory Compliance
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
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.
Wealthsimple Crypto is registered as a Restricted Dealer with the Canadian Securities Administrators, which means it's subject to Canadian securities legislation. Shakepay is licensed as a Money Service Business (MSB) by FINTRAC and is fully regulated in Canada, making it one of the most secure and safe crypto exchanges in the country.
Customer support
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
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.
Wealthsimple Crypto provides customer support through email and phone and is generally praised for its prompt and helpful responses. Shakepay offers a support section on its website for common questions, and users can contact support via email. Shakepay claims to respond to support tickets within hours, even on weekends.
Conclusion
Both Wealthsimple Crypto and Shakepay offer strong services, but Wealthsimple Crypto is our choice for the winner. Despite Shakepay's unique features, such as the "ShakingSats" referral program and crypto Visa card, Wealthsimple Crypto offers a broader range of cryptocurrencies and better clarity on its security measures. Its transparent fee structure and educational resources also make it an excellent platform for both beginners and seasoned investors.
We recommend choosing Wealthsimple Crypto over Shakepay for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
