Security Compliance
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.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
While Shakepay mentions an insurance policy for digital assets, it fails to provide detailed information about the policy or the percentage of assets held in cold storage. This lack of transparency might raise some security concerns.
Bitvo appears to have a more robust security infrastructure, holding 95% to 100% of digital assets in cold storage and maintaining multi-layered firewall protection. This detailed approach to security could inspire more confidence in users.
Regulatory Compliance
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.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Both Shakepay and Bitvo are registered as Money Service Businesses in Canada and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. These federal regulations provide a framework for monitoring and reporting certain financial activities to detect and deter money laundering or other forms of terrorist financing activities.
Customer 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.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Shakepay provides an email support system with a response time of less than 24 hours, even on weekends. However, reviews on Trustpilot indicate dissatisfaction with the level of support received.
Bitvo stands out with a 24/7 support system including live chat, email, and notably, phone support. This comprehensive approach to customer service can be a significant advantage for Bitvo.
Conclusion
While both Shakepay and Bitvo are reputable platforms with their strengths, Shakepay emerges as the winner in this comparison. Despite a few transparency issues concerning security measures, Shakepay's high app ratings, unique features such as the "ShakingSats" program and a crypto Visa card, and its clear focus on user-friendliness make it a more appealing choice for beginners venturing into cryptocurrency trading.
We recommend choosing Shakepay over Bitvo 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 Bitvo 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.
