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.
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 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.
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. Bitvo had a clean security and compliance record during its operational life, with BitGo cold storage custody and an orderly wind-down with no customer fund losses. Only Shakepay is relevant for Canadian users going forward.
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.
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.
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 (June 2026, C$250M acquisition). Former Bitvo customers with account questions should contact Bitbuy/Robinhood support.
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. Bitvo was registered with FINTRAC and the CSA, enabling an orderly wind-down with no customer funds lost.
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 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.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy/Robinhood, 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's fast, friendly support is the only relevant option for Canadians. Bitvo support now routes through Bitbuy/Robinhood.
Conclusion
Bitvo no longer exists. Its client accounts were migrated to Bitbuy in November 2023, and Bitbuy itself was acquired by Robinhood in June 2026. If you were a Bitvo customer, your account is now part of the Robinhood/WonderFi group — contact Bitbuy support for any outstanding questions.
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 Bitvo 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.
