Security Compliance
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition doesn't change these protections, since Robinhood stepped into Canada's existing regulatory structure rather than around it. As always, crypto itself isn't covered by CIPF, so long-term holdings belong in your own wallet.
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.
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition, completed June 1, 2026, doesn't change these protections — Robinhood stepped into Canada's existing regulatory structure rather than around it. Crypto assets aren't covered by CIPF, so long-term holdings belong in your own wallet.
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. Full details of Shakepay's security and custody arrangements are published at shakepay.com/security and are subject to ongoing CIRO oversight. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Both Bitbuy and Shakepay hold client crypto in insured cold storage, mandate two-factor authentication, and are subject to CIRO oversight. Shakepay's CIPF coverage on CAD balances gives it a slight institutional edge for users holding significant fiat on the platform.
Regulatory Compliance
Bitbuy's regulatory pedigree is among the best in Canada: it was the country's first registered crypto marketplace back in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi group's registered dealer. In June 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, making Bitbuy part of a Nasdaq-listed company while keeping all Canadian registrations in place. The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
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.
Bitbuy's regulatory pedigree is among the best in Canada. It was the country's first registered crypto marketplace in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi/Robinhood group's registered dealer structure. On June 1, 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, bringing Bitbuy under Robinhood's international operations while keeping all Canadian registrations intact.
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.
Both Shakepay and Bitbuy are registered with FINTRAC and operate under Canadian securities regulation. Shakepay holds the higher regulatory tier as a full CIRO investment dealer with CIPF coverage on fiat, while Bitbuy operates under CIRO oversight through the Robinhood/WonderFi group's registered dealer structure. Both are allowed to operate in every Canadian province and territory.
Customer support
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues, which is a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should also watch their inbox for Robinhood migration communications and review new terms carefully before accepting them.
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.
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues — a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should watch their inbox closely for Robinhood migration communications and review any new terms carefully before accepting them.
Shakepay offers chat support, helpful FAQs and email support, 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.
Shakepay's faster turnaround and friendlier reviews give it the edge on support quality. For users going through the Robinhood migration or with complex account questions, Bitbuy's email-only model can be a friction point.
Conclusion
Both Shakepay and Bitbuy offer Canadians a well-regulated, beginner-friendly way to purchase cryptocurrency, and neither is a wrong choice. The decision comes down to what you need.
Shakepay is the stronger pick for Canadians focused on BTC and ETH who want the simplest experience and the strongest individual regulatory protection. As a full CIRO investment dealer since January 2025, Shakepay holds CIPF coverage on CAD balances up to $1 million, a tier Bitbuy does not yet match. Add free crypto withdrawals with network fees covered, ShakingSats, the Shakepay Card with bitcoin cashback, interest on CAD, and now bitcoin-backed loans, and it is genuinely hard to beat for Bitcoin and Ethereum buyers.
Bitbuy is the stronger pick for Canadians who want access to more coins, staking across nine assets, an OTC desk, and the long-term product roadmap that comes with Robinhood's backing. The near-term trade-off is migration uncertainty — new fees, a new interface and new terms are coming, and users should read those communications carefully. The 39% staking cut is also worth factoring in if staking yields are a priority.
We recommend choosing Shakepay for most Canadians due to its CIRO investment dealer status, CIPF coverage, zero withdrawal fees and beginner-friendly experience. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither Bitbuy nor Shakepay meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
