Security Compliance
CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.
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.
CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.
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.
CoinSmart had an orderly, regulator-supervised wind-down with no customer fund losses, its accounts transferred cleanly to Bitbuy. Shakepay holds client crypto in insured cold storage, mandates 2FA and biometric login, and as a CIRO investment dealer carries CIPF coverage on CAD balances. Only Shakepay is relevant for Canadian users here.
Regulatory Compliance
CoinSmart was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from support.
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.
CoinSmart was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from support.
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.
CoinSmart was FINTRAC-registered and OSC-authorized; its successor chain ends with Bitbuy/Robinhood as of June 2026. Shakepay is registered with FINTRAC and operates as a full CIRO investment dealer with CIPF coverage on fiat — the highest regulatory tier for a BTC/ETH-focused platform in Canada, not merely "an MSB."
Customer support
There is no CoinSmart support team anymore; former users should contact Bitbuy support ([email protected]) referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.
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.
There is no CoinSmart support team anymore; former users should contact Bitbuy support referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.
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 fast, friendly support is the only relevant option for Canadians. Former CoinSmart users route through Bitbuy/Robinhood support.
Conclusion
CoinSmart is no longer an independent exchange. It merged into WonderFi in July 2023 and its client accounts moved to Bitbuy in September 2023. Bitbuy is now owned by Robinhood following the June 2026 WonderFi acquisition. If you were a CoinSmart user, log into Bitbuy with your old CoinSmart email to access your account and history. Never send crypto to an old CoinSmart deposit address. If anyone offers to recover your CoinSmart funds for a fee, it is a scam.
Shakepay is the clear choice for Canadians focused on Bitcoin and Ethereum. As a CIRO-registered investment dealer since January 2025, it holds the same regulatory tier as bank-owned brokerages, with CIPF coverage on CAD balances up to $1 million. Free Interac deposits, free crypto withdrawals with network fees covered, ShakingSats, the Shakepay Card with bitcoin cashback, interest on CAD, and bitcoin-backed loans launched in April 2026 make it a surprisingly full product suite for a two-coin platform. The spread is higher than active-trader platforms like NDAX, but for BTC and ETH buyers who prioritize simplicity and regulatory safety, Shakepay is hard to beat.
We recommend choosing Shakepay over CoinSmart for your cryptocurrency trading needs. By using our referral link, you get $10 and support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Shakepay doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
