Security Compliance
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
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.
NDAX keeps roughly 95% of digital assets in cold storage via BitGo Trust and Tetra Trust, two institutional-grade custodians approved as part of NDAX's CIRO membership, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we appreciate since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note — an effective defence against account takeover. As a CIRO member, NDAX keeps client CAD balances in segregated accounts protected under the Canadian Investor Protection Fund (CIPF) in the event of insolvency. Crypto assets themselves are not covered by CIPF, which is worth knowing.
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 NDAX and Shakepay hold client crypto in insured cold storage, mandate two-factor authentication, segregate fiat balances, and carry CIPF coverage on CAD as CIRO-regulated investment dealers. This is one of the few comparisons in Canadian crypto where both platforms sit at exactly the same regulatory tier — security differences come down to custody details rather than structural gaps.
Regulatory Compliance
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
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.
NDAX is one of the most compliant platforms in Canada. It became a registered investment dealer and CIRO member on December 19, 2024, approved across all provinces and territories by the Canadian Securities Administrators. It is also registered with FINTRAC and the AMF, and has received CIRO approval to offer staking services, which very few Canadian platforms can claim.
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 NDAX and Shakepay are registered with FINTRAC and operate as full CIRO investment dealers — the highest regulatory tier available to a Canadian crypto platform. Both carry CIPF coverage on fiat balances, making this one of the most evenly matched regulatory comparisons in Canadian crypto.
Customer support
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds publicly to negative reviews, which speaks well of how seriously they take support.
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, and as a CIRO member it is subject to additional conduct and complaint-handling obligations.
NDAX has the edge on breadth — phone, chat and email until midnight on weekdays — and on raw response time in our testing (20 minutes). Shakepay's support is friendlier in tone and available on weekends, which matters for retail users who run into issues outside business hours.
Conclusion
This is one of the closest comparisons in Canadian crypto — two full CIRO investment dealers, both with CIPF coverage on fiat, both with free Interac deposits. The decision really comes down to what you want to trade and how you want to trade it.
NDAX is the stronger pick if you want more than just BTC and ETH. With 60+ coins all trading directly in CAD, a fixed 0.2% fee with no spread markup, staking on 12+ assets with CIRO approval, and an OTC desk for larger trades, it is the most cost-effective option for active Canadian traders who want breadth. The 20% staking commission is worth knowing, but the 0.2% flat fee is genuinely hard to beat for frequent buying and selling.
Shakepay is the stronger pick if your focus is BTC and ETH and you want the simplest, most enjoyable experience. Free crypto withdrawals with network fees covered, ShakingSats, the Shakepay Card with bitcoin cashback, interest on your CAD balance and the April 2026 bitcoin-backed loans product make it a genuinely well-rounded platform for Bitcoin accumulators. The spread is higher than NDAX's flat fee if you are trading frequently — but for regular savers making monthly purchases, the difference is small.
We recommend choosing NDAX for most Canadians who want the broadest regulated Canadian platform at the lowest flat fee. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither NDAX nor Shakepay meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
