Security Compliance
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
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.
Security stands paramount in the crypto world. Bitcoin Well has etched a reputation for its advanced security features, ranging from multi-factor authentication to cold storage solutions. Continuous monitoring further amplifies its commitment to safeguarding user assets. Shakepay, while asserting its security through an insurance policy for digital assets, falls a tad short by not explicitly detailing the percentage of assets held in cold storage. Nonetheless, it incorporates other protective measures such as two-factor authentication, FaceID, and biometrics.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
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.
Navigating the Canadian regulatory waters, both Bitcoin Well and Shakepay adhere to federal standards. Bitcoin Well's commitment to transparency and regulatory adherence has solidified its reputation. Similarly, Shakepay's licensing as a Money Service Business (MSB) by FINTRAC ensures its operations align with Canadian regulations, thereby ensuring user trades are always within legal confines.
Customer support
Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
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 [email protected]. 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.
When glitches arise, timely and effective support is crucial. Bitcoin Well prides itself on its responsive support team, always on standby to assist users with varied queries. Shakepay isn't far behind, boasting an efficient support system evidenced by their claim of responding to support tickets within hours, even on weekends. Both platforms, thus, guarantee a user experience that extends beyond just trading.
Conclusion
Both Bitcoin Well and Shakepay shine in their unique ways in the Canadian crypto exchange landscape. Shakepay, with its beginner-friendly platform and innovative features, definitely offers a fresh perspective to crypto trading. However, Bitcoin Well emerges as the winner. Its unwavering commitment to security, seamless trading experience across devices, and stringent adherence to Canadian regulations make it a slightly more attractive choice for those prioritizing safety and compliance in 2024.
Bitcoin Well stands out from Shakepay with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
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 Bitcoin Well over Shakepay for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitcoin Well 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.
