Security Compliance
Beaver Bitcoin is non-custodial, which puts it in the same safety category as Bull Bitcoin and Bitcoin Well rather than traditional exchanges. Because coins are delivered to your wallet immediately, the platform never accumulates customer funds that hackers could target, and there's no scenario where your bitcoin gets stuck behind a frozen withdrawal queue. The trade-off is on you: you must set up and secure your own Bitcoin wallet before your first purchase, so pick a good one and back up your seed phrase properly.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Beaver Bitcoin is fully non-custodial. Your bitcoin goes directly to your wallet on every single purchase, which means no pool of customer funds sits on the Beaver Bitcoin platform for hackers to target. The main trust factor is that Beaver successfully routes the BTC to your address — which it does as a standard on-chain transaction you can verify on the public blockchain. FINTRAC registration with full KYC adds regulatory accountability. It has operated since 2021 with no major incidents.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member since January 2025, Shakepay's CAD balances carry CIPF coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Beaver Bitcoin eliminates custodial risk entirely — your bitcoin is never on their platform. Shakepay is custodial but holds funds in insured cold storage 1:1 with approved custodians, backed by CIRO oversight and a decade-long clean track record. If self-custody is your priority, Beaver Bitcoin wins. If you prefer regulatory protection and CIPF on your fiat, Shakepay wins.
Regulatory Compliance
Beaver Bitcoin is registered as a Money Services Business with FINTRAC and applies full KYC to every customer, keeping it compliant with Canadian regulations. As a bitcoin-only, non-custodial platform, it operates in the same regulatory lane as Bull Bitcoin rather than the securities-registered dealer path taken by custodial exchanges.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
Beaver Bitcoin is registered with FINTRAC as a Money Services Business and complies with Canadian AML and KYC requirements. Full identity verification is required before purchasing. It does not offer a non-KYC option.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces.
Beaver Bitcoin is a FINTRAC-registered MSB. Shakepay is a FINTRAC-registered MSB and CIRO investment dealer with CIPF coverage on fiat — the highest regulatory tier available to a BTC/ETH-focused platform in Canada.
Customer support
Beaver's support is one of its standout features for a company its size. Reviews consistently praise the fast, human responses, and the team personally replies to feedback on Trustpilot, where the platform holds a strongly positive rating. Support runs through their help centre and email. The one recurring complaint worth noting in fairness: a small number of users report account closures during compliance reviews, which is a reality of any KYC platform but stings more when it's your DCA pipeline.
Shakepay offers chat support, helpful FAQs and email support at [email protected], with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
Beaver Bitcoin offers support via a website contact form. Being a small team, response times may be slower than larger platforms, but the service is straightforward enough that most users rarely need help.
Shakepay offers chat support, helpful FAQs and email support, with tickets typically answered within hours, even on weekends. Customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
Shakepay's multi-channel support with fast response times is the clear winner. Beaver Bitcoin's contact form is adequate for a platform where the main use case is sending an Interac e-Transfer and watching BTC arrive in your wallet.
Conclusion
Both Beaver Bitcoin and Shakepay offer a simple path to buying Bitcoin in Canada. Which one wins depends entirely on what you want from the platform.
Choose Beaver Bitcoin if you want immediate, automatic self-custody with every purchase, a fully transparent flat 1.5% fee, and a set-and-forget recurring buy that sends bitcoin straight to your hardware wallet. You are comfortable managing your own keys and don't need a mobile app or ecosystem features.
Choose Shakepay if you want a regulated exchange backed by CIRO with CIPF protection on your fiat balance, a highly rated mobile app, ShakingSats daily rewards, a Visa card with bitcoin cashback, and bitcoin-backed loans. You are happy holding your coins on the platform until you choose to withdraw.
For most Canadians who are just starting out, Shakepay's combination of regulatory safety, ecosystem features, and a polished mobile experience makes it the stronger everyday platform. For Bitcoiners who prioritise self-custody above all else, Beaver Bitcoin's non-custodial model and transparent pricing are hard to argue with.
We recommend choosing Shakepay for most Canadians, or Beaver Bitcoin if self-custody is your top priority. By using our referral links, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
