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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held. Note that Kraken's client assets are not covered by CIPF, which every user must acknowledge at sign-up.
Both Shakepay and Kraken prioritize security with cold storage for the majority of digital assets, encryption of account information, and two-factor authentication. Shakepay's CIRO membership adds CIPF coverage on CAD balances, a protection Kraken does not yet offer as a restricted dealer.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets are not covered by CIPF insurance.
Both Shakepay and Kraken are registered with FINTRAC and operate under Canadian securities regulation. Shakepay holds the higher regulatory tier as a full CIRO investment dealer, while Kraken operates as a restricted dealer and is actively working toward the same status.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Shakepay's support is more personalized and faster for simple issues. Kraken's 24/7 availability is an advantage for traders who are active across time zones or outside business hours.
Conclusion
Both Shakepay and Kraken are strong, well-regulated options for Canadians, and the better choice depends on what you need.
Shakepay is the stronger pick for most beginners and Bitcoin-focused Canadians. It is one of the most regulated crypto platforms in the country as a full CIRO investment dealer, with CIPF coverage on CAD balances, free Interac deposits, zero withdrawal fees, and a product suite that has expanded meaningfully in 2025 and 2026 — the Shakepay Card, ShakingSats, interest on cash, and now bitcoin-backed loans. The two-coin limitation is a genuine constraint, but for Canadians whose main goal is accumulating BTC and ETH simply and cheaply, it is hard to beat.
Kraken is the stronger pick for Canadians who want more coins, pro-grade trading tools, or staking beyond what Shakepay offers. Funding with free Interac e-Transfer and trading on Kraken Pro is one of the most cost-effective ways to trade a wide range of assets in CAD. The main trade-off versus Shakepay is the absence of CIPF coverage, so long-term holders especially should withdraw to their own wallet regularly.
We recommend choosing Shakepay for most Canadians due to its CIRO membership, CIPF coverage, simplicity and zero withdrawal fees. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If neither Shakepay nor Kraken meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
