Security Compliance
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.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Both exchanges emphasize security, but they differ in their methods. Shakepay claims insurance coverage for digital assets but does not detail the percentage held offline in cold storage. In contrast, BitMEX employs a multilevel security system, with multisignature addresses and all storage being kept offline. BitMEX has had no major security breaches, emphasizing its robust security measures.
Regulatory Compliance
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.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Shakepay, licensed as a Money Service Business (MSB) by FINTRAC, is fully regulated in Canada, making it a secure choice for Canadian residents. On the other hand, BitMEX, due to regulatory issues, does not offer its services to residents of Ontario and Quebec, limiting its accessibility within Canada.
Customer support
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.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Shakepay is known for its responsive customer service, responding within hours, even on weekends. BitMEX offers customer support through email with a comprehensive FAQ section on its website. However, some users might find the response times varying.
Conclusion
While both exchanges are commendable in their unique ways, the winner in this comparison is Shakepay. Its beginner-friendly interface, exclusive Bitcoin cashback Visa card, and full compliance with Canadian regulations make it an excellent choice for Canadians, especially those new to the crypto scene. Despite BitMEX's advanced trading features and strong security measures, its limited services in Canada and complexity for beginners make it a less favorable choice for Canadian users.
Shakepay distinguishes itself from BitMEX 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 Shakepay over BitMEX for your cryptocurrency trading needs. By opting for Shakepay through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Shakepay nor BitMEX 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.
