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.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
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.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 Type II audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
Both Shakepay and Coinbase hold client crypto in insured cold storage, mandate two-factor authentication, and have clean hack-free records. Coinbase's SOC 2 Type II certification and public-company audit trail give it a formal transparency edge. Shakepay's CIPF coverage on CAD balances as a CIRO investment dealer gives it a meaningful institutional edge for users holding significant fiat on the platform.
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.
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
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.
Coinbase went from unregistered to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
Both Shakepay and Coinbase are registered with FINTRAC and operate under Canadian securities regulation. Shakepay holds the higher regulatory tier as a full CIRO investment dealer with CIPF coverage on fiat, while Coinbase operates as a CSA Restricted Dealer working toward the same standard.
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.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
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.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
Shakepay's faster turnaround and friendlier reviews give it the support quality edge. Coinbase's 24/7 live chat availability is the counter-advantage for users who need help outside business hours. Neither platform offers phone support in Canada.
Conclusion
Both Shakepay and Coinbase are strong, well-regulated options for Canadians, and the right choice depends on what you need.
Shakepay is the stronger pick for Canadians focused on BTC and ETH who want the simplest experience and the strongest individual regulatory protection. As a full CIRO investment dealer since January 2025, Shakepay holds CIPF coverage on CAD balances up to $1 million — a tier Coinbase does not yet match. Add free crypto withdrawals with network fees covered, ShakingSats, the Shakepay Card with bitcoin cashback, interest on CAD, and now bitcoin-backed loans launched in April 2026, and it is genuinely hard to beat for Bitcoin and Ethereum buyers.
Coinbase is the stronger pick for Canadians who want more coins (200+ vs two), the world's most recognized exchange brand, the polished simplicity of the Coinbase app, and the transparency of a publicly traded S&P 500 company with audited financials. Advanced Trade's fees are competitive for volume traders, and Coinbase One adds zero-fee trading and boosted staking rewards for regular buyers. The main caveats are high simple-interface fees (always use Advanced Trade), inconsistent support, and the Interac name-matching pitfall that trips up some new users.
We recommend choosing Shakepay for most Canadians due to its CIRO investment dealer status, CIPF coverage, zero withdrawal fees and beginner-friendly experience. 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 neither Shakepay nor Coinbase meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
